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What is a decentralized autonomous organization (English for decentralized organization)?

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What is a decentralized autonomous organization? Blockchain is a decentralized

What is a decentralized autonomous organization (English for decentralized organization)?

What is a decentralized autonomous organization? Blockchain is a decentralized distributed database with features such as data storage, peer-to-peer transmission, and tamper resistance. It ensures the irreversibility of information through consensus mechanisms and encryption algorithms.

In the Bitcoin network, public keys can be used for verification, and other nodes can also verify transactions through this method. These numbers are recorded and stored in their own ledgers. However, due to the impossibility of achieving complete openness, transparency, and traceability as proven by computer science theory, it cannot guarantee that users can correctly view all blocks or any other important information.

The smart contracts in the Ethereum network are also an open-source protocol managed by a code or legal organization (DEOS). It allows developers to deploy smart contracts to permissionless applications. However, due to the characteristics of blockchain technology, the project must also be approved by external auditing parties before it can take effect, making it vulnerable to hacking and other potential security threats.

In a sense, blockchain is a trustless data structure that provides a decentralized environment for the internet, making data possible and allowing people to access data more conveniently and obtain results of various events. (Medium)

How does a decentralized autonomous organization work? Simply put, a cryptographic system can automate all human-involved transactions and concentrate them on a single person, such as voting, governance, and other activities. Blockchain technology enables this workflow: first, someone needs to decide who is responsible for making decisions. Second, we need enough time for others to oversee you. Finally, you can control whether each person’s decisions are carried out as planned or adjust the rules according to your wishes, etc. So, when you run a set of applications, you don’t need to know who has what power. If someone wants to control their business, they can choose which part of the work they like.

English for decentralized organization

According to ethnews, recently an article about decentralized organizations introduced the four most commonly used English terms for decentralized organizations on Ethereum. This article mainly introduces these terms and how they apply to applications in many key areas of the blockchain and Web3 field. Some of these terms are defined as “smart contracts,” often referring to the way of creating a protocol and interacting it with other smart contracts; some are called tokens or NFTs, such as Metamask, DuneAnalytics, Gitcoin, etc.

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