On July 1, the American CryptoFed DAO became the first legally recognized DAO within the United States. DAOs are now considered by Wyoming to be limited liability companies that carry similar characteristics and responsibilities. The Wyoming Decentralized Autonomous Organization Supplement
The main target audience of the EOS platform is decentralized applications (dApps). DApps are basically internet or mobile apps like YouTube, Facebook, and Gmail. But instead of having a central control point, it is decentralized!
For more on DApps, check out my guide here!
Ethereum is currently stuck at 15 transactions per second. EOS, on the other hand, raises the bar for transactions per second, targeting millions. This makes EOS both the most scalable blockchain in the industry and capable of handling any real-world application.
Did you know that there are 52,000 Facebook likes per second? Each “Like” creates a separate data flow that must be performed in the system. If EOS achieves these scalability goals, it becomes a great choice for an app like Facebook.
In July 2018, at the time of writing, EOS has successfully reached 1000 EOS transactions per second. The team did this during the testing period three months ago. Although it already provides a better service than Ethereum in this regard, it is still far from its main goal.
What about fees? According to the EOS white paper, there will be NO fees when sending and receiving money! The network is able to do this because it can earn newly created EOS coins by helping people confirm transactions (we will return to this in the next section).
The EOS white paper states that blockchain can confirm a transaction 99.9% in just 0.25 seconds and validate 100% after 1 second!
If EOS can achieve its goals in the near future and can perform millions of transactions for free, there will be no blockchain to compete in the industry.
I think main problem of the business world is that they rely on hierarchy and most of the companies are built on this, but world is changing and movements like this will put a stop to social order of companies.
This decision of Wyoming will bring a new system that build on the idea of unity, it is much safer and it reduces both the stress and pressure on coworkers, as well as the customers. Besides decentralization takes the power of authority, and spreads it to everywhere. I think in that sense the blockchain technology will make everything more manageable.
Speaking of EOS, I recently started to make my transfers by using EOS chain. I discovered the power of EOS thanks to you and other members of this community who informs us about its technology. I also want to accumulate some EOS on my portfolio (just waiting for the right moment :p). Therefore, it is no coincidence that they initiated this decision on EOS chain.
Imagine a vending machine that not only takes money from you and delivers food, but also uses that money to order products. This machine also buys cleaning services and pays its own rent. In fact, as you deposit money into the machine, you and other users have a say in what the machine will order and how often it will be cleaned. There is no manager, all these operations are written in the code.
This is more or less how the Decentralized Autonomous Organization called DAO works. The idea of such a governance model has been circulating in the cryptocurrency community ever since Bitcoin eliminated the middleman in financial transactions. Similarly, the main idea of DAO is to establish a company or organization that can function without hierarchical management.
So what does a DAO need to be fully functional? First, some rules to follow. These rules are encoded into smart contracts, which are a type of computer program, and while they exist autonomously on the internet, they simultaneously require people for jobs that they cannot do on their own.
Once the rules are set, the DAO enters the funding process. This is very important for two reasons. First, the DAO must have an internal feature; tokens that can be spent by the organization or rewarded for certain activities. Second, by investing in the DAO, the user gains voting rights with the ability to influence how it works.
Once the funding process is over and the DAO is ready, it becomes completely autonomous, completely independent of its creators and everyone else. They are open source, meaning their code is publicly viewable. More importantly, all rules and financial transactions are recorded on the blockchain. This makes DAOs completely transparent, immutable, and honest.
Once the DAO becomes operational, where and how the funds will be used is decided unanimously. Anyone who buys a stake in the DAO can make proposals for their future. To prevent the network from flooding with offers, a monetary deposit may be required.
Thus, shareholders vote on the proposal. To take any action, the majority must agree. It can vary between DAOs, as can be written in the percentage code required to reach the majority.
Basically, DAOs allow people to exchange money with each other from all over the world. It can be an investment, a charitable donation, fundraising, borrowing, etc., without any middleman. A potential issue with the voting system cannot be fixed without a majority vote if a vulnerability is discovered in the startup code. Until the vote takes place, malicious programmers can exploit the vulnerability in the code.
Dapps, or decentralized applications, are unstoppable applications that run on smart contracts and run on the Ethereum blockchain. Its main difference from ordinary applications is that Dapps are completely autonomous; they don't need middlemen to work and they are not censored. In an other saying; they establish a direct connection between a service and a user. With this, users have full control over the data and information they share.
DAOs are also a very ambitious type of decentralized application. As explained in the Ethereum whitepaper, they fall into the 'other' category, which includes voting and governance systems. The other two types of Dapps are money management apps and apps where money is involved but other parts (insurance, property, etc.) are also required.
In this context, with Wyoming
We may see a way where merchants will have more options to accept payments.
It is clear that the EOS blockchain is user-friendly and more useful than other blockchains, and is increasingly becoming everyone's favourite.
My final thoughts
I think that the steps taken by countries on smart contracts today will greatly affect the future.
I congratulate and support the countries that have taken these steps.
I hope it will become widespread in a short time and we can see these examples in our own countries.
As John Drechny said, "Wyoming paves the way for legal certainty in the crypto space"
According to Ethereum, EOS is a new blockchain project.
But the team's goals are big.
The main target audience of the EOS platform is decentralized applications (dApps). DApps are basically internet or mobile apps like YouTube, Facebook and Gmail. But instead of having a central control point, it has a decentralized structure!
Ethereum is currently stuck at 15 transactions per second. EOS, on the other hand, raises the bar for transactions per second, targeting millions. This makes EOS both the most scalable blockchain in the industry and capable of handling any real-world application.
If EOS continues and develops in the same direction, it will definitely be in a better position than ETH.
Ultimately, I think technology will determine the winner. Over the years we will be able to monitor how both blockchains are performing and decide accordingly.
Using the DAO structure and increasing its usability means getting one step closer to decentralized money systems. I hope the states will pave the way by giving more concessions to these structures.
For example, in the article he stated that the foreign minister would not issue certificates to foreign DAOs. But Blockchain technology is a world technology. The 'A' state does not belong to the states like the 'B' state, but the people of the world. That's why I hope foreign DAOs are also granted privileges.
“Our digital currency enables municipalities, merchants and consumers to make digital transactions without incurring transaction fees,” said Marian Orr, CEO of the American CryptoFed DAO and former mayor of Wyoming.
“As a former mayor, I can tell you that these costs are increasing rapidly. This means cities and their constituents will no longer lose money through transaction fees, and more revenue will be provided to municipalities without raising taxes.”
enter DAO
The move followed Wyoming becoming the first state to pass legislation recognizing DAOs as a distinct limited liability company (LLC), effective July 1, 2021.
DAOs, for the inexperienced, are a form of organization that relies on systems, smart contracts, and technologically enforced rules to keep an operation running smoothly without the need for a central body to guide new Decisions again.
This makes it a member- or community-driven company that, in theory, does not operate on the whims and fantasies of its top executives, but instead rewards contributors for their direct work as the DAO achieves its community-driven goals.
The American CryptoFed DAO will be governed by management tokens issued in accordance with the token definition described in Token Safe Harbor Proposal 2.0, outlined by SEC Commissioner Hester Peirce.
Rules are set by consensus of governance token holders and are not influenced by a central government, and transaction records are stored in a transparent and immutable manner on a designated blockchain.
Meanwhile, Orr's "CEO" title isn't going to last forever. “Over time, my role as CEO will disappear because all management token holders will vote on governance issues without the influence of an executive team,” he said. All eyes are on how this is progressing.
EOS works really hard, and that's just one of the reasons why we should choose EOS, EOS is cheap, innovative and has the potential to be better in the future, which makes me trust EOS.
We should use the DAO structure and increase decentralized monetary systems. Now it has a legal basis, which gives me hope.
EOS is a better option than ETH is many Points if its :
• Price Perspective
• Charge's on Transactions
• EOS having much more potential in Future
There was a time when ETH too started with 1-3$ But now we can see ETH growing fast cause of it brought something extra in the Crypto World and same is EOS which is yet underrated and i believe EOS will rise big soon
That's it. Blockchain also benefits to the end. I like it when people take advantage of blockchain. So it's noticeable.
Using the eos network instead of a network like Eth is also a great courage. They may have had some reactions. I'm sure it's enough to meet the needs of the eos network.
It only takes one pioneer to inspire others to follow. This move by Wyoming will certainly lead to more advances in the crypto field in the rest of the United States and eventually the whole world.
Startups starting to operate as DAOs need a legal framework that allows them to interact not just within the closed world of a blockchain network, but the physical world, the world of traditional financial instruments, and intellectual property. This is the American CryptoFed DAO, which uses the EOS blockchain. The DAO law also solidifies Wyoming's reputation as a crypto-friendly state. Wyoming was the first state in the US to issue a state statute for crypto banks last year. The state already has two licensed crypto banks: Kraken and Avanti.
Choosing an EOS-based project as America's first DAO can be controversial. Last year, a class action lawsuit was filed by EOS investors alleging that the blockchain is “highly centralized and lagging behind other blockchains currently in use.” EOS developers had to pay $27 million as part of the lawsuit last month.
Perhaps the new law can be seen as a kind of bridge between traditional business and the many blockchain projects trying to decentralize control. I think from now on we will hear a series of news about the development of EOS, we are starting slowly.
WHY EOS?
The main target audience of the EOS platform is decentralized applications (dApps). DApps are basically internet or mobile apps like YouTube, Facebook, and Gmail. But instead of having a central control point, it is decentralized!
For more on DApps, check out my guide here!
Ethereum is currently stuck at 15 transactions per second. EOS, on the other hand, raises the bar for transactions per second, targeting millions. This makes EOS both the most scalable blockchain in the industry and capable of handling any real-world application.
Did you know that there are 52,000 Facebook likes per second? Each “Like” creates a separate data flow that must be performed in the system. If EOS achieves these scalability goals, it becomes a great choice for an app like Facebook.
In July 2018, at the time of writing, EOS has successfully reached 1000 EOS transactions per second. The team did this during the testing period three months ago. Although it already provides a better service than Ethereum in this regard, it is still far from its main goal.
What about fees? According to the EOS white paper, there will be NO fees when sending and receiving money! The network is able to do this because it can earn newly created EOS coins by helping people confirm transactions (we will return to this in the next section).
The EOS white paper states that blockchain can confirm a transaction 99.9% in just 0.25 seconds and validate 100% after 1 second!
If EOS can achieve its goals in the near future and can perform millions of transactions for free, there will be no blockchain to compete in the industry.
I think main problem of the business world is that they rely on hierarchy and most of the companies are built on this, but world is changing and movements like this will put a stop to social order of companies.
This decision of Wyoming will bring a new system that build on the idea of unity, it is much safer and it reduces both the stress and pressure on coworkers, as well as the customers. Besides decentralization takes the power of authority, and spreads it to everywhere. I think in that sense the blockchain technology will make everything more manageable.
Speaking of EOS, I recently started to make my transfers by using EOS chain. I discovered the power of EOS thanks to you and other members of this community who informs us about its technology. I also want to accumulate some EOS on my portfolio (just waiting for the right moment :p). Therefore, it is no coincidence that they initiated this decision on EOS chain.
Thanks for the article!
Imagine a vending machine that not only takes money from you and delivers food, but also uses that money to order products. This machine also buys cleaning services and pays its own rent. In fact, as you deposit money into the machine, you and other users have a say in what the machine will order and how often it will be cleaned. There is no manager, all these operations are written in the code.
This is more or less how the Decentralized Autonomous Organization called DAO works. The idea of such a governance model has been circulating in the cryptocurrency community ever since Bitcoin eliminated the middleman in financial transactions. Similarly, the main idea of DAO is to establish a company or organization that can function without hierarchical management.
So what does a DAO need to be fully functional? First, some rules to follow. These rules are encoded into smart contracts, which are a type of computer program, and while they exist autonomously on the internet, they simultaneously require people for jobs that they cannot do on their own.
Once the rules are set, the DAO enters the funding process. This is very important for two reasons. First, the DAO must have an internal feature; tokens that can be spent by the organization or rewarded for certain activities. Second, by investing in the DAO, the user gains voting rights with the ability to influence how it works.
Once the funding process is over and the DAO is ready, it becomes completely autonomous, completely independent of its creators and everyone else. They are open source, meaning their code is publicly viewable. More importantly, all rules and financial transactions are recorded on the blockchain. This makes DAOs completely transparent, immutable, and honest.
Once the DAO becomes operational, where and how the funds will be used is decided unanimously. Anyone who buys a stake in the DAO can make proposals for their future. To prevent the network from flooding with offers, a monetary deposit may be required.
Thus, shareholders vote on the proposal. To take any action, the majority must agree. It can vary between DAOs, as can be written in the percentage code required to reach the majority.
Basically, DAOs allow people to exchange money with each other from all over the world. It can be an investment, a charitable donation, fundraising, borrowing, etc., without any middleman. A potential issue with the voting system cannot be fixed without a majority vote if a vulnerability is discovered in the startup code. Until the vote takes place, malicious programmers can exploit the vulnerability in the code.
Dapps, or decentralized applications, are unstoppable applications that run on smart contracts and run on the Ethereum blockchain. Its main difference from ordinary applications is that Dapps are completely autonomous; they don't need middlemen to work and they are not censored. In an other saying; they establish a direct connection between a service and a user. With this, users have full control over the data and information they share.
DAOs are also a very ambitious type of decentralized application. As explained in the Ethereum whitepaper, they fall into the 'other' category, which includes voting and governance systems. The other two types of Dapps are money management apps and apps where money is involved but other parts (insurance, property, etc.) are also required.
In this context, with Wyoming
We may see a way where merchants will have more options to accept payments.
It is clear that the EOS blockchain is user-friendly and more useful than other blockchains, and is increasingly becoming everyone's favourite.
My final thoughts
I think that the steps taken by countries on smart contracts today will greatly affect the future.
I congratulate and support the countries that have taken these steps.
I hope it will become widespread in a short time and we can see these examples in our own countries.
As John Drechny said, "Wyoming paves the way for legal certainty in the crypto space"
Thanks for the article.
According to Ethereum, EOS is a new blockchain project.
But the team's goals are big.
The main target audience of the EOS platform is decentralized applications (dApps). DApps are basically internet or mobile apps like YouTube, Facebook and Gmail. But instead of having a central control point, it has a decentralized structure!
Ethereum is currently stuck at 15 transactions per second. EOS, on the other hand, raises the bar for transactions per second, targeting millions. This makes EOS both the most scalable blockchain in the industry and capable of handling any real-world application.
If EOS continues and develops in the same direction, it will definitely be in a better position than ETH.
Ultimately, I think technology will determine the winner. Over the years we will be able to monitor how both blockchains are performing and decide accordingly.
Thanks for the article
Using the DAO structure and increasing its usability means getting one step closer to decentralized money systems. I hope the states will pave the way by giving more concessions to these structures.
For example, in the article he stated that the foreign minister would not issue certificates to foreign DAOs. But Blockchain technology is a world technology. The 'A' state does not belong to the states like the 'B' state, but the people of the world. That's why I hope foreign DAOs are also granted privileges.
Thanks for the article and information Marco.
It is promising for us that Wyoming follows and implements innovations.
Why eos :etherium may be a very well-known network, but people choose whichever is best for them.
eos ; cheaper faster and innovative. we read a lot of articles about eos on this site guys it works like crazy
I am very happy that blockchain has been integrated into our lives
Thank you for reading
Thanks for the update Marco. "EOS over Ethereum" Yes!
“Our digital currency enables municipalities, merchants and consumers to make digital transactions without incurring transaction fees,” said Marian Orr, CEO of the American CryptoFed DAO and former mayor of Wyoming.
“As a former mayor, I can tell you that these costs are increasing rapidly. This means cities and their constituents will no longer lose money through transaction fees, and more revenue will be provided to municipalities without raising taxes.”
enter DAO
The move followed Wyoming becoming the first state to pass legislation recognizing DAOs as a distinct limited liability company (LLC), effective July 1, 2021.
DAOs, for the inexperienced, are a form of organization that relies on systems, smart contracts, and technologically enforced rules to keep an operation running smoothly without the need for a central body to guide new Decisions again.
This makes it a member- or community-driven company that, in theory, does not operate on the whims and fantasies of its top executives, but instead rewards contributors for their direct work as the DAO achieves its community-driven goals.
The American CryptoFed DAO will be governed by management tokens issued in accordance with the token definition described in Token Safe Harbor Proposal 2.0, outlined by SEC Commissioner Hester Peirce.
Rules are set by consensus of governance token holders and are not influenced by a central government, and transaction records are stored in a transparent and immutable manner on a designated blockchain.
Meanwhile, Orr's "CEO" title isn't going to last forever. “Over time, my role as CEO will disappear because all management token holders will vote on governance issues without the influence of an executive team,” he said. All eyes are on how this is progressing.
Now researching housing in Wyoming
dApps are changing my life every day.
EOS works really hard, and that's just one of the reasons why we should choose EOS, EOS is cheap, innovative and has the potential to be better in the future, which makes me trust EOS.
We should use the DAO structure and increase decentralized monetary systems. Now it has a legal basis, which gives me hope.
EOS is working really hard and deserves more.
Thanks for the article.
EOS is a better option than ETH is many Points if its :
• Price Perspective
• Charge's on Transactions
• EOS having much more potential in Future
There was a time when ETH too started with 1-3$ But now we can see ETH growing fast cause of it brought something extra in the Crypto World and same is EOS which is yet underrated and i believe EOS will rise big soon
Mark my words !!
Thanks for a great Article Marco ❤️
That's it. Blockchain also benefits to the end. I like it when people take advantage of blockchain. So it's noticeable.
Using the eos network instead of a network like Eth is also a great courage. They may have had some reactions. I'm sure it's enough to meet the needs of the eos network.
Thanks for the nice post. Good reading
It only takes one pioneer to inspire others to follow. This move by Wyoming will certainly lead to more advances in the crypto field in the rest of the United States and eventually the whole world.
Startups starting to operate as DAOs need a legal framework that allows them to interact not just within the closed world of a blockchain network, but the physical world, the world of traditional financial instruments, and intellectual property. This is the American CryptoFed DAO, which uses the EOS blockchain. The DAO law also solidifies Wyoming's reputation as a crypto-friendly state. Wyoming was the first state in the US to issue a state statute for crypto banks last year. The state already has two licensed crypto banks: Kraken and Avanti.
Choosing an EOS-based project as America's first DAO can be controversial. Last year, a class action lawsuit was filed by EOS investors alleging that the blockchain is “highly centralized and lagging behind other blockchains currently in use.” EOS developers had to pay $27 million as part of the lawsuit last month.
Perhaps the new law can be seen as a kind of bridge between traditional business and the many blockchain projects trying to decentralize control. I think from now on we will hear a series of news about the development of EOS, we are starting slowly.
Thank you for the article.
The DAO management model is inevitable for the world of the future.
now that it has a legal basis, it should be reason enough for people and companies to adopt it.
EOS is a successful chain that deserves to stand out at this point.
it will cause more people to adopt and trust eos.
and EOS deserves it.
I think the best part of the news is that there is a legal infrastructure that we can refer to.
Thanks for the great article.