DAO
Last updated
Last updated
The NFTv DAO is the decision-making tool for NFTv holders in NTFv's SocialFi Platform,. Through votes in the DAO, the community can issue grants and make changes to the ecosystem. The DAO also controls the ecosystem smart contracts.
All DAOs, or decentralized autonomous organizations, are part of a new approach to organizational management and decision making made possible by Ethereum.
Ethereum extended what’s possible with blockchains by adding the ability to decentralize the handling of data more complex than just records of token ownership. Ethereum did this by allowing people to put smart contracts on a blockchain.
A smart contract is a computer program that is run on the Ethereum blockchain. It can store both functions (bits of code that do things) and data (information). Smart contracts are often compared to vending machines. If you put in specific inputs, you get specific outputs. If I walk up to a vending machine, insert $1, and press the “orange soda” button, then I’ll get an orange soda if there’s any left in the machine. If there’s no more orange sodas, I’ll get my dollar back.
Smart contracts work the same way, people can interact with them by sending information with the expectation of receiving specific results or information. Just like the vending machine doesn’t have a little person inside handing out sodas, smart contracts are automatic (dare we say, autonomous).
