A company run by a computer, with no boss, employees or office just raised $127 million
The organization, Decentralized Autonomous Organization (DAO), basically uses cryptocurrency (an online alternate to traditional paper currency) to market and crowdfund projects. Recently, it amassed over a hundred million dollars by issuing DAO currency tokens online, which regularly increase in value after a fixed time and represent ownership of shares in the company.
DAO is a self-governing company that uses mathematical code to make its decisions, ensuring complete transparency and eliminating middle-men from all financial transactions. Within this autonomous system, token owners are shareholders of the firm and all they need to access the system is a computer with a working internet connection.
The DAO token crowd sale bagged more than $131 million in few weeks, stunning business observers around the world.
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