Everything from stock trading to customer service is being handed over to algorithms, but not all automation looks the way we expect. Some of the most ambitious experiments in machine-run organizations are Decentralized Autonomous Organizations (DAOs). The largest DAOs have been around for nearly a decade, manage billions of dollars worth of funds and are now recognised as companies in some jurisdictions.
At the heart of this system are smart contracts which are just automated programs that run when certain conditions are met. They’re a bit like automated digital vending machines: if you put in the right input (money, approval, data), they instantly perform the agreed-upon action without needing a manager or middleman.
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