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How Do You Incorporate an Entirely Digital Corporation?
This paper describes what attorneys need to know about incorporating companies that rely heavily – if not exclusively – on blockchains. Because technology is central to this topic, references will be provided for a brief introduction to: cryptocurrencies, blockchains (which is the underlying technology to cryptocurrencies), smart contracts, and distributed autonomous organizations. Finally, this paper will discuss the peculiar requirements for incorporating a blockchain-based company.
How Do You Incorporate an Entirely Digital Corporation?
This paper describes what attorneys need to know about incorporating companies that rely heavily – if not exclusively – on blockchains. Because technology is central to this topic, references will be provided for a brief introduction to: cryptocurrencies, blockchains (which is the underlying technology to cryptocurrencies), smart contracts, and distributed autonomous organizations. Finally, this paper will discuss the peculiar requirements for incorporating a blockchain-based company.
Beyond a Reasonable DAOubt: Tennessee's Limited Liability Statute for Decentralized Autonomous Organizations (DAOS)
On 20 April 2022, Tennessee became the second state in the United States to create a specialized business entity for decentralized autonomous organizations (DAOs), an emerging collaborative management structure for legal entities using blockchain technology.
The Future of DAOs is Powered by AI
Samantha Marin, “The Future of DAOs is Powered by AI” (Aragon Blog, January 19, 2023)
The Convergence of Artificial Intelligence and Distributed Autonomous Organizations: (Auto)Generating New Legal Issues
Artificial intelligence is all about decision-making. We use ChatGPT to let the computer decide what we want to say, or how we want to say it. We use other forms of AI to handle sometimes complex tasks without human intervention in a dynamic fashion that accommodates a given situation. Currently, however, DAOs employ “static” decision-making because the smart contracts (code) that makes up the DAO is immutably set on the blockchain, and thus the DAOs decision-making is intended to be determinative. This notion that DAOs are deterministic is an underlying assumption made by investors and legislatures when selecting or devising corporate forms for DAOs. However, technologically, there is nothing to prevent the combination of DAOs with AI, but that combination makes the DAO indeterminate and thus that combination calls into question the underlying assumptions implicit in current statutes.