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TL;DR
Wyoming simply grew to become a authorized protected haven for DAOs (aka ‘communities as companies’) — which implies we could be seeing a DAO growth within the coming years.
Full Story
Let’s say you’re a part of a web-based group…
Let’s make it one thing regular like, idk, a closed group for followers of singer-songwriter Natalie Imbruglia.
No? Okay. Nice. Let’s faux its a mountain climbing membership (regular sufficient?).
Say this mountain climbing membership begins getting requests from manufacturers wanting to advertise their items to members…the group collectively decides:
“Certain, why not, we’ll take some low cost codes and a bit of money…however on that final bit — how will we disperse the funds pretty?”
One choice would to be create a Decentralized Autonomous Group (DAO), aka an automatic piggy financial institution for the group — with set guidelines, eg:
You turn into a moderator → you get rewarded with DAO tokens.
You share new trails/routes → you get rewarded with DAO tokens.
You give useful responses within the share discussion board → DAO tokens.
The concept being that these tokens reward lively members, and might be transformed into fiat money, or held / used to vote on the right way to spend the group funds (the extra tokens you maintain, the extra votes you get).
Sounds superior proper? Solely drawback is…
Authorized frameworks for DAOs are rickety at finest.
Some jurisdictions would possibly even try to take your candy lil’ mountain climbing group (or Natalie Imbruglia fan membership) to courtroom for promoting unregistered securities (aka unregistered public shares in an organization).
Right here’s the cool a part of this story:
Wyoming’s Gov. Mark Gordon simply signed a invoice into state legislation that provides to rising codes for DAOs, which have already been cleared to determine themselves as limited-liability firms there.
Translation: Wyoming simply grew to become a protected haven (or ‘oasis’ as a16z have put it) for DAOs.
We LOVE to see it.
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