DAOs and WACEO

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DAO, a decentralized autonomous organization, is a digital native organization with no central management that is regulated by a set of automated enforceable rules on a public blockchain. You can think of it as a new way to organize people with a common goal.

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.

How can DAOs empower individuals?

  • DAOs can create an alternative to Uber that is run and managed by its drivers, where each one gets a vote in proportion to their revenue contribution. Individuals can compete with the sophistication of big corporations.
  • Community management, decision-making and local government, where people who live in an area can vote on policies directly, instead of relying on politicians as middlemen.
  • A bank run by its depositors - a decentralized credit union that prioritizes the wellbeing of its constituent members above property.

DAOs are already a multi-billion-dollar industry and the problem is they do not fit into any classical representation of a company. Thus, 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 DAOs for almost half a decade. It aims to provide a legal pathway for DAOs to operate in compliance with the appropriate regulatory framework.

What services does WACEO offer DAOs?

Audit

Providing legal and regulatory audits during the formation and management of blockchain projects.

Supervision

Providing supervisory support to stakeholders in the form of contracts, policies and procedures.

  • Training - Providing training and consultation to stakeholders that wish to utilize and understand decentralized finance services including asset tokenisation, DeFi, NFTs and CBDCs.
  • Arbitration - If there are any issues facing DAOs that can lead up to the court, They can be dealt with within WACEO’s dispute resolution mechanism, which also utilizes decentralized technology to be able to deal with disputes too.

All in all, DAOs are an exciting new organizational structure and the legal framework governing this space is still unclear. WACEO will provide the much-needed clarity and ultimately participate in determining the future of the blockchain industry.

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