A 40-acre plot west of Clark will be the new home of a blockchain community.
While the newly created CityDAO may on its surface not look like a single-family residence or vacation rental from the road, what ownership means means a lot more to the decentralized financial movement.
Inspiration for the project came from Wyoming’s Decentralized Autonomous Organizations Act, which was enacted on July 1. The law made Wyoming the first state to legally recognize decentralized autonomous organizations as limited liability companies.
Shortly after this death, CityDAO was set in motion with a Twitter Publish directed by Scott Fitsimones, founder of a startup from San Francisco. Fitsimones is the unofficial founder of the city and its “first citizen”.
“This is the first time that a real world asset has existed on a blockchain,” Fitsimones said.
The organization is a Wyoming registered business known as CityDAO LLC.
DAOs are a blockchain-based cooperative owned collectively by its members, with rules defined and executed through code. DAOs replace centralized management structures with a more democratic approach where decisions are only voted on by investor shareholders. It’s designed to be the opposite of a real estate trust, Fitsimones said.
Fitsimones said “a few thousand” of these shareholders have already signed up.
“This is the craziest thing I have ever seen happen,” he said. “It’s a plan to build an entire city from scratch. “
The 40-acre land is accessed by Hail Basin Road west of Clark and has a well. A glance at the city bulletin board did not show much concern for the infertile soil or the steep nature of the plot, but more pride in co-owning a plot that was purchased entirely through crowdfunding. .
“We acquired it to test the waters,” Fitsimones said, stressing that the community will care about conservation and likely won’t have more than one structure on site. No buildings currently exist on the vacant zoned residential land.
“We know that the idea of 100 new neighbors might scare people off,” he said.
Fitsimones, who said he visited the area in late summer, said the community originally preferred to move to the Jackson area, but found it too expensive. Similar considerations and conclusions were made about Kanye West’s $ 11 million ranch for sale south of Cody.
He said the proximity to the Yellowstone Regional Airport, Shoshone National Forest and Yellowstone National Park sealed the deal.
A basic form of citizenship can be purchased for the equivalent of $ 1,000, giving the citizen access to a community bulletin board, voting rights, and the ability to settle on land as a resident. first and founder ”. Additional rights are extended to those who invest more in the community to reach the level of “Founding Citizen”.
DAOs are built on blockchain technology, a set of codes that traditionally functions as a public ledger of all transactions taking place on digital monetary systems, known as any government decentralized cryptocurrency financial units. . The blockchain will determine how things work on a particular infrastructure, much like a road with stop signs and speed limits. City DAO will be based on the Ethereum cryptocurrency.
Cryptocurrency uses this distributed ledger to track the exchange of money, but can also be used in many other ways, similar to a centralized intermediary like a bank, utility company, real estate deed. or a governing body would follow and apply a ledger.
What the community will do physically is still unclear, but Fisimones said it would be more of a long-term investment asset for its residents. CityDAO’s website claims it will “build the future of real estate,” “find adjacent communities and share the city’s gospel,” determine appropriate uses of its land, “make wet memes” and determine how to build “more sustainable communities.”
Fitsimones said the land was purchased for “around $ 100,000”. The land had previously been listed online for $ 125,000 and its registered owners are Keith and Jenni Kirschbaum of Rigby, Idaho. The deal for the land that the community calls “Plot 0” was officially closed on October 29, but the Park County assessor’s office still has no record of this transaction. In the city bulletin board, a user made reference to a holding company that physically owns the property.