The decentralized autonomous organization (DAO) dOrg based on the DAOstack framework registered dOrg LLC in Vermont, USA. This was the first precedent in the United States, according to law firm Gravel & Shea.
According to the company, the blockchain-based limited liability company (BBLLC) has a legal status, which allows it to enter into agreements and protect the interests of participants in accordance with applicable law.
Note that a DAO is a company in which the centralized leadership and hierarchy is replaced by a smart contract. Decisions in such organizations are made by voting by the participants, which provides consensus.
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.
Law professor, Vermont Law School and special counsel, Gravel & Shea
dOrg believes that they have made the first step in integrating the DAO format into the existing economy.
Some time ago, Moloch DAO attracted 1000 ETH from Vitalik Buterin, Joseph Lubin, start-up ConsenSys and non-profit organization Ethereum Foundation.