Discover and read the best of Twitter Threads about #wyohackathon
Most recents (2)
AND IT’S OFFICIAL!! 🤠#Wyoming will recognize #DAOs as a new type of LLC, effective July 1! Thank you legislators & @GovernorGordon for building on Wyoming’s history of inventing the LLC, which all other states followed roughly a decade later. We’re doing it again! A thread👇. 1/ 
What problem does #Wyoming’s #DAO law solve? It’s the prob of joint-&-several liability for all participants in a DAO, if the DAO were ever deemed by a court to be a general partnership 😱New law handles this by applying LLC liab protections to DAOs that meet the requirements. 2/
KEY is that, unlike regular LLCs, #Wyoming Secretary of State can yank the liability protection from a DAO that commits fraud or engages illegal activities (unlike with a regular LLC). So, only use this law for valid projects & get counsel—it won’t be useful for invalid ones. 3/
Should #smartcontract code execution always be dispostive? Can code execution actually bind participants if litigation is always available? Does extrinsic goverance of #blockchains that may alter #consensus governance weaken, or strengthen a protocol? Who should care? /1
Short answer- everyone. #Developers #investors & #lawyers all need to understand #blockchain & #smartcontract governance to understand what it means to build on top of others' tech. Can you patent new art built on a blockchain? Will your software work if the underlying chain /2
upgrades its code? What if the underlying blockchain forks? How can a #smartcontract advocate for or against software changes to underlying #blockchain system functionality? Is it worth investing in a project built on a frequently shifting foundation.... /3
