Decentralized Autonomous Organization (DAO)
DAOs are open source blockchain protocols governed by a set of rules, embedded in smart contracts that are created by its elected members who can automatically execute certain actions without the need for intermediaries. A DAO can be defined as a protocol with the intended goal of securing a basket of digital assets while allowing the contributors to that basket to have direct governance rights over that basket. The governance rights allow contributors to vote to approve or deny proposals.