What is a DAO?
A DAO is a Distributed Autonomous Organization. DAOs are the internet version of a company or collective group working together towards a common vision.
A benefit of digital currencies is they are decentralized. This means they are not controlled by a single institution like a government or central bank but instead are divided among a variety of computers, networks, and nodes. In many cases, virtual currencies make use of this decentralized status to attain levels of stability, fairness, transparency, privacy, and security that are typically unavailable to standard currencies and their transactions. This inspired blockchain developers in 2016 to develop a type of organization that was also fully decentralized, called a Decentralized Autonomous Organization or “DAO” (pronounced “dow”).
A DAO is an organization represented by rules in the form of executable computer code that is transparent, controlled by the organization members, and not influenced by a central government or organization. A DAO's financial transaction record and program rules are maintained on a blockchain to maintain complete transparency as well as an immutable record of all historical activities, providing an excellent audit log and inspiring trust among its members and the community overall.
Additional benefits of a DAO include eliminating human error or manipulation of investor funds by placing decision-making power into the hands of an automated system and a crowdsourced process.
Put simply, a DAO is an organization controlled by the token holders as a community, and not by any one person or group, providing an honest and fair playing field for everyone involved. If you own Apollo, you are already part of the DAO and have full voting access and rights. We feel it is the ultimate expression of the intent behind blockchain and decentralized finance.
Because Apollo was designed from the ground up to be completely fair and in the control of the community, it was essential that we establish a DAO structure to ensure trust with all stakeholders including investors, token holders, and competing artists.