DAOs are a rapidly developing multi-billion dollar industry that can change society — so how can the WACEO help them achieve their potential?
Blockchain technology is one of those things we’re only just beginning to understand its potential — every year new applications of the tech are being developed, which have the opportunity to fundamentally change how society works.
Among these developments, there is the rise in Decentralized Autonomous Organizations, or DAOs, which are blockchain-based entities with no central management that are regulated by a set of automated enforceable rules on a public blockchain
These rules are compiled on “smart contracts” which are bits of code that can take control over assets, manage their use and generally act as if you had automated a normal contract execution.
A smart contract is comparable to a vending machine, as someone deployed it for other people to interact with it, and it controls some assets. Then, when you put money into it, you can tell it what you want, and it automatically gives you what you asked through a series of pre-agreed instructions. Now, extrapolate this concept to something more ambitious, like a bank where all services were programmed as smart contracts, controlled by the people that use them, and you can begin to see the power of this technology to change society!
In other words, contrary to all dystopian science fiction out there, the future might belong to people and their free associations, and not to some mega-corporation that just happens to grow so large as to be undefeatable.
Even at these early stages, DAOs are already a multi-billion-dollar industry managing complex transactions. The problem though is that they do not fit into any classical representation of a company.
In other words, they have no proper legal standing and face regulatory uncertainty. This is why the WACEO emerged as a non-profit organization to give them all the necessary support.
WACEO consists of a team of legal professionals and field experts who have built and developed DAOs for almost half a decade. It aims to provide a legal pathway for DAOs to operate in compliance with the appropriate regulatory frameworks.
What services does WACEO offer DAOs?
The WACEO is interested in providing any service which can enhance a DAOs’ business functionalities and legitimacy in regards to the law.
We offer two layers of services, one is provided by the Core WACEO team, and the other by the WACEO Service Providers and wider community:
- Core Services: We help DAOs structure their operations and policies to be legally compliant internationally, as well as help them resolve their internal disputes and train them to understand the everchanging blockchain landscape.
- WACEO Service Providers: These are external contractors that are part of the WACEO community, which can help with legal work, accountancy services, smart contracts, notarization, marketing, or any other business services a large organization might need.
The WACEO wants to help DAOs develop to their maximum potential, but to reach that point they require help. If they are to be considered comparable to traditional limited liability entities, they must be able to conduct business like them.
To that end, the WACEO offers a suite of services to help DAOs reach legal compliance, as well as being able to structure their operations and obligations, much in the same way as regular LLCs might.
DAOs are the future, but to get there, they need a bit of help from the WACEO!