In as much as you’d like to interface with the legal system of a country (probably useful for you, so you are not fully liable), you’ll need to incorporate a paired LLC/LTD. Who will be the director and have control over this entity? How will you make sure this entity also makes decisions in a decentralised way? Will you also make sure only accredited investors are buying your tokens/NFTS? If not, will you also register your offering with the SEC so that retail investors can rest assured they are not part of an unregistered offering they might be sued for later on?
I’ve not seen any ‘DAO’ coherently answer this questions, in as much I see DAOs failing under their own terms and have a hard time taking these ideas seriously.
These are very important questions and this exactly why I need people in on this with me because I really do not have all the answers but I have many ideas and I need other ideas and points of view while setting it all up.
But hopefully my next update will provide answers and shed more light on how it is meant to work.
The fact that there are roadblocks shouldn’t be a reason to not try at all.
Many DAOs have failed in one way or the other but there have also been some spectacular successes and the space is evolving rapidly, it all boils down to the execution and handling. It wont be an easy task but it is definitely not impossible.
In as much as you’d like to interface with the legal system of a country (probably useful for you, so you are not fully liable), you’ll need to incorporate a paired LLC/LTD. Who will be the director and have control over this entity? How will you make sure this entity also makes decisions in a decentralised way?
Will you also make sure only accredited investors are buying your tokens/NFTS? If not, will you also register your offering with the SEC so that retail investors can rest assured they are not part of an unregistered offering they might be sued for later on?
I’ve not seen any ‘DAO’ coherently answer this questions, in as much I see DAOs failing under their own terms and have a hard time taking these ideas seriously.
These are very important questions and this exactly why I need people in on this with me because I really do not have all the answers but I have many ideas and I need other ideas and points of view while setting it all up.
But hopefully my next update will provide answers and shed more light on how it is meant to work.
The fact that there are roadblocks shouldn’t be a reason to not try at all.
Many DAOs have failed in one way or the other but there have also been some spectacular successes and the space is evolving rapidly, it all boils down to the execution and handling. It wont be an easy task but it is definitely not impossible.