ELYSIA to Be the First in Asia That Obtains Approval as a DAO LLC in Wyoming, USA
Monday, February 07, 2022
SINGAPORE--(BUSINESS WIRE)--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.