Decentralised Autonomous Organisation, a blockchain-based entity governed by smart contracts and token-holder voting.
A DAO is an organisational structure where governance decisions are executed through smart contracts and recorded on a blockchain, typically using governance tokens to allocate voting rights. Legal recognition varies: Wyoming, the Marshall Islands, and certain Swiss cantons offer specific DAO LLC frameworks. In most jurisdictions, an unincorporated DAO risks being characterised as a general partnership, exposing members to joint and several liability.