I noticed while exploring this very exciting NFT space, there are many new words to learn and without the knowledge of them, you won’t get very far. It could be a bit confusing and much to see terms like KYC, HODL and more. But those terms are the building blocks to communicate with people digitally and just belong in this world.
In this upcoming blog series on my site I’ll explain in an easy peasy way what every word means and what you can do with it. In every blog you will find an explanation, handy links and a Youtube link for more information about it. Short, sweet and simple!
You can always have one place to learn about all you need to know when you start, just like me now, to come to and truly understand what every slang word means!
From A-Z, NFT Lingo explained!
What Is a DAO?
A decentralized autonomous organization, or DAO, is an organization that’s governed by code instead of leaders.
A decentralized autonomous organization, or DAO, is a blockchain-based form of organization or company that is often governed by a native crypto token. Anyone who purchases and holds these tokens gains the ability to vote on important matters directly related to the DAO. They typically use smart contracts in place of traditional corporate structures to coordinate the efforts and resources of many towards common aims. These are self-executing computer programs that carry out a particular function when certain conditions are met.
Ethereum is the second-largest cryptocurrency by market capitalization and is the largest platform for using the technology behind cryptocurrency – blockchain – for uses beyond money. The thought is that if bitcoin can do away with middlemen in online payments, can the same or comparable technology do the same for middlemen in companies? What if entire organizations could exist without a central leader or CEO running the show?
For example, Scott bought me my Decentraland name. This is similar to an ENS name. This name gives me voting power in Decentraland.