First legally registered DAO was created by the developer group dOrg which says for itself that is a ‘’blockchain development shop.’’ The group registered the first legally established Decentralized Autonomous Organization under U.S law and we read more about it in the latest cryptocurrency news today.
The idea behind the first legally registered DAO was to set a standard for other DAOs in the future. The cooperative set up a Vermont-based company named dOrg LLC. This project marks an interesting milestone since DAOs can be opened without permission and beyond borders by anyone that has the needed know-how. Now, dOrg’s goal is to find a way for the future in which the DAOs can become official legal entities which also suggests that these bodies may be plugging right in the mainstream business circle.
In order to actualize the initiative, the developers’ group members consulted with Oliver Goodenough who is a special counsel to one of the top law firms in Vermont-Gravel and Shea. Goodenough who also works as a Law School professor in Vermont has noted that the dOrg DAO seems to be the first of its kind:
“dOrg asked us to help design a DAO legal wrapper after discovering the potential of BBLLCs. We believe that dOrg is now the first legal entity that directly references blockchain code as its source of governance. Its material operations and ownership interests are managed entirely on-chain.”
The dOrg group also noted that the BBLLC registration process should become much easier:
“We want to make what we just did accessible to anyone in the world. Ultimately, the process of configuring and deploying a legally registered DAO will be as easy as creating a social media account.”
The ConsenSys-backed ‘’smart legal contracts’’ as previously explained in the coming altcoin news, project OpenLaw proposed a new Ethereum dapp called Incomshare.me which helps students to tokenize income share contracts and to take participation in secondary markets with them. The contracts help the students commit negotiated portions of future salaries. The Incomeshare.me platform uses the ethereum blockchain to host these contracts. OpenLaw community member Josh Ma noted
“As this alternative model for funding higher-education becomes more popular, enabling a secondary market would accelerate its adoption by providing liquidity and opportunities to mitigate risk, both attractive qualities for investors.”
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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