InstaForex

July 6, 2021

Wyoming Confirms American CryptoFED Dao As World's First DAO

 The American CryptoFED Dao was finally recognized as the first Decentralized Autonomous Organization (DAO) in the United States (US), making it a legal entity in the country based on a notice by the Wyoming Secretary of State’s office on July 1st.


American CryptoFED Dao is part of Wyoming’s project toward a crypto -friendly state. Indirectly Wyoming is now the largest blockchain jurisdiction in the world based on the DAO law passed and went into effect on July 1st.


American CryptoFED Dao was developed by mobile banking solutions provider, mSHIFT.


Based on their mission, the project wants to focus on a sustainable two-token economy rather than inflation or deflationary factors.


American CryptoFED Dao works through two tokens:



Ducat - used for daily transactions and as a store of value by protecting the volatility of its price against the dollar. Resembles stablecoin but not.

Locke - government token used to stabilize Ducat.

Both tokens were launched in line with the Safe Harbor Proposal 2.0 Token rule line proposed by Securities and Exchange Commission (SEC) official Hester Peirce in April.


What is DAO?


Simply put, DAO is a decentralized autonomous organization.


Interestingly, it is one way of community management through the use of blockchain technology in voluntary decision making without a central organization organizing or being responsible in the implementation of votes or projects.