Glossary - ChicksX

Decentralized Autonomous Cooperative (DAC) is a blockchain-based organization with no central authority, managed by smart contracts and member participation.

A Decentralized Autonomous Cooperative (DAC) is an organization governed by smart contracts on a blockchain, eliminating the need for a central authority. Members participate in decision-making through consensus mechanisms, ensuring transparency and equality. DACs enable efficient resource allocation and collaborative efforts among participants, leveraging the security and immutability of blockchain technology. This structure fosters decentralized governance and collective ownership, making DACs adaptable and resilient. They are designed to operate autonomously, with rules and processes encoded into the blockchain, facilitating trust and cooperation among stakeholders in a digital ecosystem.