§ 17-31-102 — Definitions

Wyoming § 17-31-102

• Jurisdiction: Wyoming
• Title 17: Corporations, Partnerships and Associations
• Ch. 31: DECENTRALIZED AUTONOMOUS ORGANIZATION SUPPLEMENT
• Art. 1: PROVISIONS

Text

(a) As used in this chapter:
(i) "Blockchain" means as defined in W.S. 34-29-
106(g)(i);
(ii) "Decentralized autonomous organization" means a
limited liability company organized under this chapter;
(iii) "Digital asset" means as defined in W.S. 34-29-
101(a)(i);
(iv) Repealed by Laws 2022, ch. 36, § 2.
(v) "Majority of the members" means more than fifty
percent (50%) of the membership interests eligible to
participate in a vote or any membership interests required
pursuant to the decentralized autonomous organization's articles
of organization or operating agreement. A person dissociated as
a member as set forth in W.S. 17-29-602 shall not be included
for the purposes of calculating the majority of the members;
(vi) "Membership interest" means a member's ownership
right in a decentralized autonomous organization, which may be
determined by the organization's articles of organization or
operating agreement or ascertainable from a blockchain on which
the organization relies to determine a member's ownership right.
A membership interest may also be characterized as either a
digital security or a digital consumer asset as defined in W.S.
34-29-101, if designated as such in the organization's articles
of organization or operating agreement;
(vii) "Open blockchain" means a blockchain as defined
in W.S. 34-29-106(g)(i) that is publicly accessible and its
ledger of transactions is transparent;
(viii) Repealed by Laws 2022, ch. 36, § 2.
(ix) "Smart contract" means an automated transaction,
as defined in W.S. 40-21-102(a)(ii), or any substantially
similar analogue, or code, script or programming language
relying on a blockchain which may include taking custody of and
transferring an asset, administrating membership interest votes
with respect to a decentralized autonomous organization or
issuing executable instructions for these actions, based on the
occurrence or nonoccurrence of specified conditions;
(x) "Publicly available identifier" means an address
that is available publicly and that identifies a smart contract
and may include a uniform resource locator, contract address or
other similar reference.