Exciting project OpenLaw has announced "The LAO", what they are calling the "DAO Mark II" - Decentralised Autonomous Organisations are a fascinating concept, born from early deployments of smart contracts and (for the nerdy like me) born from the theory that companies/organisations are at heart a nexus of contracts, automate the contracts and in theory you don't need people to be the middlemen as a company, you can let the participants all work together.
Sounds like a Co-Operative right? But a highly automated one.
The amazing background dancing cat and neon lights are very cool, but I'm not sure they are *quite* consistent with the notion of a legally compliant fundraising platform. It's US only at this stage, but it stands to reason this could be adapted for Australia as well...
Artificial Lawyer interviewed OpenLaw's Aaron Wright who said:
‘The DAO’ was the first great experiment with fundraising on blockchain technology, but it wasn’t done in the right way.
It ran into technical and legal issues. Now, with OpenLaw and some advances with smart contract development, we have the tools to create a ‘DAO’ in a way that complies with US law. Much like how Coinbase and other exchanges legitimized the trading of digital assets, we believe we can help individuals set up DAOs that comply with US law.
If we’re successful with the LAO and other experiments, we will have virtualized venture funding, providing ready access to capital to founders around the globe.
Sign up for notifications of the LAO here.