Decentralized Autonomous Organization
The acronym DAO (Decentralized autonomous organization) is for an organization whose activity and executive power are obtained and managed through codified rules using smart contracts. For this reason, transparency, traceability and democracy are the main features of this organization. Both DAO financial transactions and the program rules are stored in a blockchain-type database.
A Decentralized Autonomous Organization is defined as the ability of a blockchain technology to provide a digital and secure ledger, which keeps track of financial interactions, fights against forgery using a trusted "timestamp" and stores all information in a decentralized way.
Theca DAO is a community-run, community-governed protocol. Proposals are presented by Theca Council Members (maximum 9 members). If the proposal is supported by at least two other Council Members it will pass to the vote of the entire Council, or it will be voted by all the holders who have a minimum amount of THECA defined within the rules of the DAO program. The actions that can be voted on will be:
- Proposals for changes
- Use of resources such as wallets and assets
- Treasury revenue allocations and distribution
- Protocol and app fees
- Proposals for the operation of the Theca Dapp
- New ways of voting