A company called DAO has raised more than $107 million in crowdfunding efforts, and has done so without a chief executive, reports The Wall Street Journal.
DAO stands for Decentralized Autonomous Organization, and the company runs entirely based on computer code. "Every operating detail, from governance to day-to-day operations to payment schedules, is laid out in the code that runs the company. There are no incorporation papers, board of directors or CEO," reports WSJ.
The company is collecting currency on the Ethereum platform, a similar platform to bitcoin that also uses digital currency. When someone invests in an "ether," 100 DAO "tokens" are created, which function like currency, according to the report.
Stephen Tual, who is with the startup that wrote DAO's code, expects the company to raise close to $20 million. DAO plans to use the money to fund startups that are building applications on the Ethereum platform, according to the report.
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