DAO stands for a Decentralized Autonomous Organization. Implemented as a smart contract in a public blockchain, a DAO operates according to the programmed rules as compared to being controlled by executives in an organization. DAOs run without a central authority and all the rules of the organization are enforced by the code running in a blockchain. Furthermore, DAOs often manage their own treasury and issue tokens. The tokens issued represent the membership, voting rights, and/or ownership of the DAO. DAOs can perform similarly to traditional organizations such as corporations, cooperatives, non-profits, etc.