Web3 emerged as a response to the shortcomings of centralized institutions in ensuring security, fairness, and transparency in managing financial and social infrastructures. Built on trust-minimized distributed networks such as blockchain and oracles, Web3 employs cryptography, consensus protocols, and mechanism design to manage digital infrastructures without relying on human third parties, a concept known as "crypto facts." Beyond DeFi and NFTs, this trust-minimized digital infrastructure has also led to the development of "Decentralized Autonomous Organizations" or DAOs, which represent a new blockchain social model where independent entities collectively govern open-source infrastructures and manage assets democratically through smart contract code. The article explores DAOs in detail, beginning with a foundation of DAO basics, and delves into the advantages required for DAOs to achieve long-term success while weighing their pros and cons. DAOs are defined as decentralized and transparent organizational structures aiming for collective decision-making, leveraging blockchain smart contracts to execute decisions and allocate ownership transparently and immutably. Despite being called autonomous, DAOs require human interaction for tasks like voting and proposal discussions. Various types of DAOs include protocol, investment, career, social, and data DAOs, each with specific roles and governance structures. DAOs utilize tools like governance tokens, multisig wallets, voting contracts, and forums to operate, striving to balance decentralization with efficiency, stability with growth, and inclusivity with necessary controls against governance attacks. While DAOs provide transparency, democracy, and trust minimization, they face challenges similar to traditional governance systems, such as maintaining the balance between decentralization and efficiency, and empowering experts without marginalizing broader member participation. Overall, the future of DAOs is seen as an exciting yet nascent area, with potential for diverse design models that enhance governance transparency and trust minimization.