What is DAO?
The Data Access Object, in short form the DAO, is an object that provides an abstract interface for any type of database or storage mechanism. Certain functions are provided, regardless of which storage mechanism is used, and do not necessarily conform to this storage mechanism.
This design pattern is applicable to a variety of programming languages and to most software that stores information and databases. Traditionally, however, this template is associated with applications on the Java Enterprise Edition platform that interact with relational databases through the JDBC interface.
The Data Access Object, a decentralized autonomous organization, is an interesting project in the form of a smart contract from Ethereum, which is essentially a kind of venture capital fund for investors.
The project started with the largest crowdfunding campaign to date, in which more than 20,000 people have invested over 12 million ether coins and now have the right to control the direction of the Data Access Object.
These are essentially the investors, who now have the right to vote, thanks to their DAO tokens, and therefore, decide for which projects the DAO provides funds, in the form of ethers.
The total number of Data Access Object tokens is over 1,172,000,000 (one billion one hundred seventy-two million). After the first crowdfunding period is over, no tokens will be issued.
Although the DAO crowdfunding campaign has raised over $160 million in ETH coins and can be considered a very successful business, there is still controversy surrounding the whole concept.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.