TL;DR Breakdown
- Wyoming favors technological advancements in the blockchain industry.
- Following the recent historical statement, Wyoming accepted the world’s first EOS-based DAO.
- This statement has made Wyoming the only country in all seven continents to do so.
Cryptocurrency, along with blockchain tech, favors mass adoption across several countries throughout the world. Wyoming, a part of the United States, has also taken part in the rapid crypto adoption across the entire world. On the eve of the 4th of July, America’s Independence Day, Wyoming announced that it would recognize the world’s first EOS-based DAO or decentralized autonomous organization.
The EOS-based DAO known as the American CryptoFED is the world’s first payment structure that will be issuing a digital asset whose value is noninflationary. This digital asset is called Ducat, which is available for payments across all the merchants and vendors that will be a part of the payment structure.
A person purchasing something using Ducat will also be provided with gifts and returns along with a certain amount of interest on the Ducats that he or she will own.
Ducat doesn’t have a supply cap, and this makes it ideal for day-to-day payments using the EOS-based DAO. The algorithm makes Ducat a stablecoin and a ‘store of value’ like Bitcoin. EOS-based DAO, the American CryptoFED, also involves the circulation of a second token called Locke. This coin has a supply cap of around 10 trillion tokens.
EOS-based DAO, American CryptoFED’s features
Following the nod from the US state, the recognition tuned into a law on 1st July 2021. DAOs are a new breed of firms that are based on blockchain technologies like smart contracts and algorithms, working efficiently in the absence of a central governing body. This makes the entire system decentralized.
Such a payment firm doesn’t work under regulation but awards the participants based on their work.
The protocols to be followed by the firm are decided by the people or firms that hold the major token supply instead of the state’s government. Also, the transaction records will be visible to everyone who wants to access them.
Marian Smith Orr, the firm’s CEO, says that with time, her position as the CEO will fade, making the firm a true decentralized autonomous organization.
