SINGAPORE--(BUSINESS WIRE)--#Cryptocurrency--ELYSIA, a blockchain project specializing in real estate tokenization and securitization, will be the first organization in Asia to be registered as a DAO LLC (Limited Liability Company) in Wyoming, USA. ELYSIA will be the second DAO LLC qualified by the US state of Wyoming and the first listed company to be registered. ELYSIA has put utmost efforts into building a decentralized system, and set the newly-established DAO LLC as an important milestone moving towards a legitimate decentralized project.
What is a DAO (Decentralized Autonomous Organization)?
DAO, Decentralized Autonomous Organization, is the most suitable organizational structure for blockchain foundations and projects. DAO is a structure in which individuals gather and autonomously make decisions such as proposals and votes by majority vote without the intervention of a specific centralized entity. Recently, many blockchain projects, including DeFi operators, have announced their efforts toward decentralization. However, it still faces challenges and scrutiny because most decisions are still made unilaterally by a centralized entity (the team or foundation that created the project), and it does not rely on decision-making process of project participants (token holders). DAOs provide the framework that can address this type of decentralized structures.
What does the establishment of ELYSIA DAO LLC mean?
Recently, DAO has been widely adopted as an organizational operation and decision-making system that can achieve a specific purpose in every industry and community, but the rights among participants in the DAO and the scope of responsibility and limits for the transaction remain unclear. In this context, the US state of Wyoming enacted and enforced a law granting the DAO the legal status of an LLC, separating and protecting the DAO's participants from the DAO's own responsibilities. As the DAO of ELYSIA was registered as a DAO LLC in Wyoming, USA, the same legal status as the LLC was recognized. Due to the nature of the ELYSIA project, which deals with both real and digital assets, legal disputes related to real assets may arise. ELYSIA DAO LLC can participate as a contracting entity and obtain legal protection.
In the future, the ELYSIA Foundation will make various efforts to establish a system where ELYSIA participants can exercise their rights and receive protection. We appreciate your interest in ELYSIA.
ELYSIA PLATFORM PTE. LTD.
Yoon Kim (CMO)