A decentralized autonomous organization (DAO) is a group of people and resources dedicated to the achievement of a common goal, utilizing decentralized mechanisms made possible by cryptocurrency and blockchain technology.
DAOs exist on, and are governed through, the internet. They may or may not have a traditional legal entity associated with them. Governance is enforced through technology and smart contracts, as opposed to traditional intermediaries like banks, legal institutions, and nation states.
The effectiveness of blockchain technology potentially allows for the trustless implementation of an organization, where open-source code and token-based governance determine the allocation of resources.
Put simply, a DAO is an internet community with a shared "bank account" (where the bank is actually a blockchain, like Ethereum). Decisions to transact with this bank account are made democratically by its members.
A smart contract is a chunk of code hosted on a blockchain that allows for the implementation of smart contracts (often referred to as a smart chain) that defines specific transactions and data operations, making them available to users of that chain.
Smart contracts allow for numerous applications, one of which is the creation and commercialization of art. Exploring this application is the main subject of Fingerprints DAO's activities.
In crypto, a token typically refers to a unit of account defined and tracked by a specific smart contract. There are many smart contract standards that facilitate the implementation of tokens, with ERC-20, ERC-721, and ERC-1145 being the most popular ones in the Ethereum ecosystem.
A non-fungible token (NFT) is a token used to represent unique assets that are not directly interchangeable, in contrast to fungible tokens used to represent assets like currencies, shares, or commodities.
NFTs are often used to represent and store artworks and collectibles. Well-known examples include Autoglyphs, Cryptopunks, and Bored Ape Yacht Club.
There are many marketplaces which allow collectors to safely buy and sell their NFTs in a trust-minimized manner. Examples include Opensea and Foundation.
In order to access private communications channels, visit the #join-here channel of the Fingerprints Discord and follow the steps provided by Collab.Land. If there are any issues authenticating your $PRINTS, contact the Fingerprints moderators for assistance.