- Wyoming has just become the first state to legally recognize a DAO.
- As of July 4th, the country sees the American CryptoFed DAO as a legal entity.
- Other notable figures and firms approve the move.
Wyoming, the crypto-positive state has made yet another move to advocate the adoption of cryptos. The state just said that it is legally recognizing the first ever Decentralized Autonomous Organization (DAO).
In detail, the news came from the Wyoming Secretary of State. It says that the American CryptoFed DAO is now a legal entity. Hence, as of July 4, 2021, the DAO is the first of its kind to be seen by the USA.
The CEO of the American CryptoFed DAO, Marian Orr, says,
Wyoming is the leading digital assets jurisdiction in the USA, and now with this DAO law, Wyoming is arguably the top blockchain jurisdiction in the world.
To add on, Orr says that this would mean that the ability to create a ‘true’ digital money is finally within reach. All in all, this will be an acceptable option for the masses.
The chief executive of the Merchant Advisory Group (MAG), John Drechny, approves this move. The group hosts 165 of the biggest merchants in the USA. Drechny says the group will support the need for more competition within the payment acceptance market.
The American CrytoFed DAO is ecstatic to be a legal entity. More so, because the decision came just days after its foundation on July 1, 2021. Notably, the mobile banking solutions provider — mSHIFT, are the DAO’s creators.
Meanwhile, the DAO’s native algorithmic stable token — the Ducat, ensures zero-fee transactions. Also, the DAO is based on EOS and uses delegated proof-of-stake (DPoS) consensus. Finally, it offers high-speed trades on a decentralized platform.
New tokens on the network come with interest paid to Ducat holders. It also comes in the form of rewards for users. The network uses machine learning to decide on rewards and interest rates. Lastly, DAO is also home to a governance token called Locke.
Suffice to say, Wyoming had a good Fourth of July. It is no surprise, that Wyoming was the state to make this move first since its first female senator is a BTC hodler. Not to mention, the dinner between many state community leaders with Cardano Founder — Charles Hoskinson.