2. Smart contracts are an important building block for DAOs, De-Fi, and D-apps.

4. DAOs are trust-less organizations owned and governed by community members. DAOs have smart contracts for decentralization and humans on the periphery for governance.

5. De-Fi is an emerging financial technology that uses distributed ledgers to remove middlemen from financial transactions. They are a combination of smart contracts and DAOs.

Smart contracts are pieces of code that have in them a set of criteria for a transaction to take place, and when these criteria are met, the transaction goes through without any human intervention. A smart contract has two major components, digital assets, and two or more participants.

Although D-apps, DAOs, and De-Fi are different from one another, there’s something that is at the heart of all three- smart contracts.

3. D-apps are a nexus of smart contracts backed by nodes across the spectrum. The difference between smart contracts and D-apps is that D-apps are open-ended on all fronts.

Key Takeaways 1. DAOs, De-Fi, and D-apps are completely different concepts and should not be used interchangeably in web 3.

7. D-apps and DAOs differ on one major front, i.e DAOs have internal capital while D-apps don’t. DAOs without internal capital are simply D-apps.

DAO DAOs are simply a group of people with a common interest that come together and contribute toward a shared objective. DAOs need a community of contributors that can take care of tasks like managing the tasks, onboarding new members into the DAO, assisting members in their tasks, and communicating strategies with members of the community and tak... See more