Wyoming recently recognized a new legal entity called a DAO LLC, or a decentralized algorithmic organization, which can be managed by an algorithm. The Wyoming law is largely silent on the legal requirements for the algorithm manager and its design, features, or policies. Any suggestion?
Certainly, Wyoming is explicit about allowing a DAO LLC and allows it to be managed by an algorithm. However, the statute is largely silent about the technical requirements for the algorithm that manages the DAO.
Sincerely, I am totally ignorant and tendentially irked about all this-
The reason for my irritation is the adulteration of the term "algorithm".
What the hell are supposed to be "algorithmic organizations", be they "centralized" or "decentralized" and what are the "algorithmic legal entities".
It all smacks of politics, so why do I see such rubbish here?
An algorithmic legal entity or organization is a newly recognized type of legal entity (a legal person with the right to sue, be sued, and own property) that can be managed by an algorithm (software). It is essentially an automated legal entity.
While Wyoming has certainly “jumped the gun“ by allowing it, they seem to be motivated by political or even economic positioning to attract decentralized businesses (think cryptocurrencies and smart contracts). I do see potential application, for example, if someone wanted to created an Uber or Airbnb but without human management.
What concerns me, among other things, is the lack of guidance on how that software is supposed to work.
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