1 — What’s a blockchain?
A blockchain is a linked list of transactions stored on a network of computers.
Blockchains are:
- Decentralized: Transactions are on a network of computers.
- Immutable: Transactions cannot be changed once committed.
- Open: Transactions can be viewed by anyone.
2 — What’s a smart contract?
Smart contracts lay out the terms of an agreement or deal, but they do it using code instead of working through an intermediary like a bank or lawyer. Smart contracts make it possible to securely automate and decentralize virtually any kind of deal or transaction, no matter how complex. By running on a blockchain like NEAR, they offer security, reliability, and accessibility anywhere in the world.
3 — What’s a DAO?
DAOs are self-organized groups that form around common purposes. Membership, decision making, and funding are coordinated in public on a tamper-proof. Decisions like distributing funds, and adding members happen through an intuitive and transparent voting process. Funds are held in a treasury and are always distributed through a community-defined process. Who votes and how it works can be precisely configured to meet a community’s preferred operating style.
