A company based on blockchain has purchased 40 acres in Clark in northwest Wyoming.
The company, CityDAO, is a Decentralized Autonomous Organization (DAO). It's different from any other organization because the company's administration, bylaws and rules are encoded in a code of blockchain rather than digitally or on paper.
Jackson representative Mike Yin said this is attractive for many because instead of the CEO ruling the organization, the rules are agreed on as a group of individuals.
"And you have those rules hard-coded into the blockchain. And that way, those rules are the rules that are set in stone," explained Yin. "So it's just a different way of maintaining a company in a way that splits up the power, essentially, among the members of the organization."
Yin said the company is able to buy land in Wyoming because of a new law in the state, the Wyoming Decentralized Autonomous Organizations Law. It allows a structure for DAO's to register as limited liability companies in Wyoming.
"I think a lot of representatives in Wyoming believe that there's room for innovation in the blockchain space. I don't know if we'll all agree on what that looks like. But we want to provide the opportunity for people to try new things and innovate in Wyoming," said Yin.
Today, CityDAO is officially the first DAO to own land, using the new Wyoming DAO LLC law. This is just the beginning. pic.twitter.com/gfqIvssuc4
— CityDAO (@CityDao) November 1, 2021
In that respect, CityDAO is a perfect guinea pig. The company's Twitter account shared a short video with a flag-waving from its new Wyoming property. Its Twitter description writes "CityDAO is an experiment in decentralized land ownership, starting with a 40-acre parcel in Wyoming."
According to the Cody Enterprise, the unofficial founder and first citizen is Scott Fitsimones who is a San Francisco startup founder. Fitsimones told the enterprise they are still unsure what the company will physically do in Wyoming.
