
Breaking News: Wyoming’s Revolutionary DAO Bill Empowers Crypto to Overthrow Internet Giants
The Dominance of Large Tech Companies and the Need for a Technological Solution
The internet as we know it today is largely controlled by a few powerful tech companies, such as Amazon, Apple, Meta, and Google. These companies have built closed networks that dominate our online experience and prioritize their own profits. As a result, consumers are left with limited choices and are often paying exorbitant prices for goods and services.
Regulation has been suggested as a way to combat this issue, but it may not be enough. The more effective and lasting solution lies in technological advancements. Fortunately, entrepreneurs around the world are using blockchain technology to create an internet that addresses these flaws and returns to its roots as an open and accessible network.
Blockchain networks are built on a decentralized model, where anyone can contribute and participate in its growth. This stands in stark contrast to the closed networks created by corporations, which restrict access and control. With blockchain, anyone can build upon the network, just as anyone can currently utilize open networks like email and websites.
The potential of blockchain technology is vast, but it is crucial to ensure that we do not repeat the mistakes of the past. If we allow these open networks to be owned and controlled by profit-driven corporations, we will end up in the same situation we are in now. To avoid this, we need to establish a new framework for ownership and control.
Wyoming’s new legal entity structure, known as the “Decentralized Unincorporated Nonprofit Association” (DUNA), offers a solution. This structure is similar to existing legal entities but with one crucial difference – decentralization. In a DUNA, there are no officers or directors; instead, it is governed by a large and diverse group of members who are not solely focused on maximizing profits.
A DUNA can be compared to a town council, whose purpose is to protect and maintain the community’s standards and operations. Similarly, a DUNA’s purpose is to safeguard the underlying blockchain network, ensuring it remains open and free from discrimination or unfair extraction of value. It empowers its members to protect individual property rights and enable innovation and growth.
The DUNA also solves three key challenges facing the administration of blockchain networks – providing legal existence, tax-paying abilities, and limited liability. These benefits are crucial for building and operating in the United States and will not expose consumers to additional risks. In fact, they will likely access these open networks through traditional businesses, as they currently do with popular platforms like Google and Microsoft for email services.
Wyoming’s new approach also allows for the use of corporations, but with a significant difference. The underlying networks are not controlled by corporations, only the user-facing applications. This greatly reduces their ability to extract excessive profits.
The move towards decentralized internet networks may challenge our current legal system, which heavily relies on intermediary-based regulations. However, the solution is not to preserve intermediaries but to create a better system. This is where Wyoming is paving the way for the future of the internet by embracing blockchain technology and empowering individuals rather than corporations.