Wyoming has become the first state to recognize decentralized autonomous organizations (DAOs) as LLCs – this is a huge, huge step. Remember WY was the first state to recognize the LLC structure.
From reports: “A DAO is an organization managed by rules encoded as a computer program – including automated smart contracts built on distributed ledgers such as a blockchain – rather than by a hierarchical management structure. Smart contracts used by a DAO help to automate organizational governance & decision-making, ensure compliance with the stipulated conditions, improve the consensus mechanism to involve more participation by minority shareholders, and reduce administrative time & cost for the day-to-day management of an organization. A DAO’s financial & transaction records can be maintained on a secure digital ledger to track financial interactions with tamper-proof features to prevent forgery or alterations. Members of a DAO may have the ability to maintain real-time control of their capital contributions.”
Notes one commentator: “Setting up a legally recognized DAO in the U.S. could cost hundreds of dollars instead of tens of thousands.”
Inveniam IO is the O/S for distributed data around Proof of State and Proof of Value, we will power real asset DAOs. Nicely done WY!