Compliance DAO project The LAO opens 9% membership seats, plans to raise 1080ETH

The decentralized self-governing organization The LAO announced that it is officially open for investor membership applications. A total of 9% of member seats are open to the public. It plans to raise 1,080 ETH, and each member can contribute 120 ETH to get 1% of The LAO Alliance Voting rights and profits. Similar to venture funds, the funds contributed by members of The LAO Alliance will be used for startups with investment potential in the early stages. The difference is that although The LAO is a limited liability company registered in Delaware, its organization Based on the blockchain, this means that the company’s legal document work exists in smart contracts and is organized and managed by the OpenLaw system, while company members hold the tokens issued by the company and the funds are stored in the Ethereum address. Unlike most Silicon Valley funds whose decisions are made by a few general partners, any authorized US investor and anyone outside the United States can purchase LAO tokens to become members of The LAO, although the organization has 100 members. limit. Holding the LAO token has the right to vote in all major decisions, including investment decisions, and the right to obtain a corresponding share based on the proportion of tokens it holds. After sending the application, the member applicant needs to wait for 14 days to confirm whether it is approved. This is because The LAO uses Moloch v2’s smart contract to handle voting, financing and fund allocation mechanisms. The smart contract has a default 7-day voting Period and grace period.

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