LAHORE (Web Desk) – While many living in today’s fragile global economy find it hard to make ends meet despite their best efforts, there is a company in Germany that made $131 Million in a few weeks even though it has no boss, employees or office space. It is run by an automated computer program.
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.