A DAO (Decentralized Autonomous Organization AKA Decentralized Autonomous Corporations) is an organization that is operated through a set of business rules operating in computer code.
"Distributed Autonomous Corporations (DACs) run without any human involvement under the control of an incorruptible set of business rules."2013 Stan Larimer
'The DAO' is a particular instance of a decentralized autonomous organization. It recently set the record for the largest crowdfunding campaign ever having reached $135 Million USD (As at 18th May 2016). It has been instantiated on the Ethereum blockchain and it's objective is to provide a new decentralized business model for organizing both commercial and non-profit enterprises. 'The DAO' will operate as a hub that disperses funds (currently in Ether, the Ethereum value token) to other startups and projects. The business rules of the organization are managed by a distributed democratic process by the backers of 'The DAO'. This process is used to help determine the future direction of the organization and which projects will actually get funded following a voting period.
During the initial creation phase where The DAO is funded via ETH, new DAO tokens are created in that moment. Each DAO token holder is granted voting rights and complete control over The DAO's digital assets proportional to the amount of DAO tokens they hold.
On 28th May 9:00AM GMT (28th May 7:00PM AEST) trading of 'The DAO' tokens on BTC Markets will be enabled. If you have tokens you are wanting to trade but don't yet have a BTC Markets account, now is the perfect time to create an account and get prepared for the opening of trade. We will be lauching two trading pairs DAO/ETH and DAO/BTC. To trade DAO tokens your first step will be to deposit them into your BTC Markets account.