Digitex Futures made the headlines on several occasions this year, and not always for the right reasons. Recently, the commission-free Seychelles-based futures exchange with plans to overtake BitMEX announced ambitious plans of becoming a DAO, according to CEO Adam Todd.
What Is a DAO?
A DAO, or a decentralized autonomous organization, is an organization that uses the blockchain to mitigate the need for a corporation or employee hierarchy. Instead, holders of a token in a DAO typically decide on matters of governance through voting via smart contract.
Like Bitcoin, which removes the middleman in payments, a DAO is meant to do the same for any area of business which has repetitive functions, such as paying salaries and suppliers. A DAO behaves like a company with digitally enforced rules.