HomeNewscoinquora.comWyoming Paves the Way, Approves First DAO in the USA

Wyoming Paves the Way, Approves First DAO in the USA

- Advertisement -


  • 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.



Source link

- Advertisement -
profile logo 500x500
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,496FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 41,840.00
ethereum
Ethereum (ETH) $ 2,907.55
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 488.33
litecoin
Litecoin (LTC) $ 145.46
eos
EOS (EOS) $ 3.81
okb
OKB (OKB) $ 14.36
tezos
Tezos (XTZ) $ 6.02
leo-token
LEO Token (LEO) $ 2.71
cardano
Cardano (ADA) $ 2.12
monero
Monero (XMR) $ 234.47
stellar
Stellar (XLM) $ 0.2627
chainlink
Chainlink (LINK) $ 23.24
huobi-token
Huobi Token (HT) $ 7.75
tron
TRON (TRX) $ 0.085239
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 154.10
neo
NEO (NEO) $ 37.31
iota
IOTA (MIOTA) $ 1.12
nem
NEM (XEM) $ 0.140423
zcash
Zcash (ZEC) $ 106.09
maker
Maker (MKR) $ 2,322.37
paxos-standard
Pax Dollar (USDP) $ 0.993824
ethereum-classic
Ethereum Classic (ETC) $ 45.43
vechain
VeChain (VET) $ 0.08667
true-usd
TrueUSD (TUSD) $ 0.999987
ftx-token
FTX Token (FTT) $ 51.52
kucoin-shares
KuCoin Token (KCS) $ 10.36
waves
Waves (WAVES) $ 24.20