DECENTRALIZED AUTONOMOUS COOPERATIVE (DAC)

A Decentralized Autonomous Cooperative or DAC, pertains to an organization controlled by shareholders, not a central authority. It is sometimes called Decentralized Autonomous Corporation or DAC. It is represented by rules that are coded into a transparent computer program that is controlled by the members of the organizations. It is not, in any way, influenced by a central government. 

The DAO are typified through the use of blockchain technology so as to provide a secure digital ledger to track financial interactions throughout the internet. This effectively hardens it against forgery. The approach does away with the need to involve a third-party trusted by both parties involved in a transaction. 

On the blockchain, a DAO’s financial transaction record and program rules are maintained. The exact legal status of this classification of business organization is not clear.