A DAO, in its simplest definition, is an organization governed by computer codes and programs. Therefore, it can operate autonomously without a central authority.
Using smart contracts, BYEPIX-DAO can work with outside information and execute orders based on that information, all without any human input. BYEPIX-DAO will be driven by a community of stakeholders encouraged through the EPIX mechanism.
BYEPIX-DAO’s rules and transactions are recorded transparently on the blockchain. The rules are usually determined by stakeholder votes. Bids are often used to decide on e-DAO. A bid is implemented if it is voted in favor by the majority of the stakeholders.
While conventional organizations operate with hierarchical structures and have many layers of bureaucracy, BYEPIX-DAO has no hierarchy. DAOs instead use economic mechanisms, like Byepix, and often draw on game theory so that the interests of the organization align with those of the members.
BYEPIX-DAO members are not bound by a formal contract. Instead, they are linked by network incentives based on a common goal and consensus rules. These rules are entirely transparent and embedded in the open-source software that governs the organization. Since DAOs operate across borders, they may be subject to different legal practices.
As the name suggests, BYEPIX-DAO is decentralized and autonomous. Its decentralized feature is due to the fact that the decision-making and implementation authority is not in the hands of a single unit. And, it is autonomous in that it can operate on its own