A DAO, also known as a decentralized autonomous organization, is a digital entity that is governed by its participants with no centralized management authority. The community makes decisions based on a proposal voting format, where a majority of voters decides whether a proposal is accepted or rejected. All the underlying processes of a DAO are enacted by the blockchain, thus ensuring full transparency, execution and immutability of results. DAOs also have native treasuries and other modules that are accessible via approval by a majority of votes.