On March 9, Wyoming amended the Decentralized Autonomous Organizations (DAO) Supplement (Supplement), which permits decentralized autonomous organizations (DAOs) to incorporate and obtain legal status as limited liability companies under Wyoming’s Limited Liability Company Act.
The most distinctive modification of the Supplement concerns the minimum threshold of a DAO’s overall membership that must participate in proposal voting for a bid to be valid if passed. The Supplement now allows a DAO to establish its definition of a quorum within its articles of organization.
What does this mean for the NIM DAO model(s)?
The NIM DAO with subDAOs is all focused on creating the best environment for creative forces on the Internet. This is possible through self-executing rules encoded in smart contracts and deployed on CopyrightChain(s), enabling flat management and streamlined governance.
NIM welcomes the amendment to Wyoming’s Bill 38. It gives the NIM ecosystem better governance that is no longer dependent on all voting members to participate. NIM DAOs are very dynamic in nature, and so should the whole ecosystem be. If we wait for 50% of the voting parties to participate, we would be hampered by the same bureaucracy we are trying to avoid. Proposal voting is more efficient in a dynamic organization like NIM DAOs bound to scale in size. We do not want the members to spend time on bureaucracy. NIM DAO will indefinitely support subDAOs due to different legal frameworks and content creations.
Wyoming’s recent amendment allows NIM with subDAOs to redefine the quorum paradigm in NIMs ecosystem, fitting our mission.