Who created DAOs?

Stan Larimer is credited with the creation of the concept of a DAC, which stands for Decentralized Autonomous Corporation. This idea was inspired by science fiction novels, reflecting a vision of a future where corporations could operate autonomously without traditional hierarchical structures.

Larimer's DAC concept envisioned a system where decision-making power was distributed among stakeholders, with rules encoded in smart contracts. This would allow for transparent and impartial governance, reducing the potential for corruption and misuse of power.

However, it was Vitalik Buterin, the creator of Ethereum, who later rebranded the DAC concept as a DAO, or Decentralized Autonomous Organization. Buterin saw the potential for DAOs to revolutionize not just corporations, but any type of organization that could benefit from decentralized governance.

A DAO operates on blockchain technology, with rules and decision-making processes encoded in smart contracts. This allows for transparency, security, and immutability, as the rules cannot be changed without the consent of all stakeholders.

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