The acronym "DAO" stands for a decentralized autonomous organization.
But what does that even mean?
What is a DAO?
Simply put, a DAO (decentralized autonomous organization) is an internet community with a shared bank account.
How does voting work in a DAO?
Voting rights in a DAO come from the ownership of tokens. For most DAOs, the standard is that one token is equivalent to one vote. These tokens can be either earned from activities or bought by contributing money to the treasury (the treasury is basically the community’s bank account, held in an ETH wallet). The more tokens you have, the more voting rights you have.