Autonomous decentralized organizationsThe concept of a DAO (Decentralized Organizations) was simple. It is essentially an organization that has been created from an idea and powered by developers. They automate business processes and functions by using smart contracts and other fundamental principles of blockchain. The core idea was to flatten the complex business process that various organizations are mired in and facilitate movement of assets to a very future-oriented digital interaction that needed no intermediaries — promising faster, cheaper and more transparent transaction processing.

DAOs were able to replace many intermediaries. They also acted as digital intermediaries which provide transparency, scale and authority, giving them the appearance of an organizational structure without the traditional organization constructs of groups, entities, management and charters. While the traditional centralized organizational structure is being challenged, the key organizational elements that remain are fueling a new economic revolution that is giving birth to a new creator economy and bringing artists, lawyers, developers and creators together from all around the globe to create ideas and monetize them at global scale in permissionless crypto economic systems built upon blockchain and Web3 technologies — and essentially defining the future of work.