DOrg LLC Purports to be First Legally Valid DAO Under US Law
Cointelegraph
Published Jun 11, 2019 09:02PM ET
Updated Jun 11, 2019 09:22PM ET
DOrg LLC Purports to be First Legally Valid DAO Under US Law
Decentralized Autonomous Organization (DAO) developer cooperative dOrg has created a limited liability company (LLC) to grant its native DAO legal status, according to a report by independent law firm Gravel & Shea on June 11.
As its name implies, a DAO is a firm with no centralization or hierarchy, and is instead governed by open source digital rules on a blockchain — a smart contract — and operated publicly by users via a consensus voting mechanism.
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Written By: Cointelegraph
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