Park County is making cryptocurrency history as a decentralized autonomous organization becomes the first to purchase land to create a city of the future.
CityDAO is “a decentralized real-world asset ownership experience,” in their own words. According to the group’s website, they finalized the purchase of their first physical asset in Park County on Tuesday, November 6. And that’s just the beginning”.
The project was inspired by the Wyoming Act on Decentralized Autonomous Organizations. The law – passed by the Wyoming legislature in July 2021 – allows blockchain-based entities in which members vote on group leadership with tokens. However, all entities must be registered as corporations in the state.
The overall objective of CityDAO is to “build the city of the future on the Ethereum blockchain by symbolizing land, rights and governance”.
Now, CityDAO’s future utopian experience will begin in Park County, not far from Clark.
CityDAO is proudly showing off their first land acquisition: Parcel Zero, a 40 acre parcel of land west of Clark. A tweet from CityDAO’s Twitter shows their flag waving proudly behind a small mound on their property.
CityDAO is the first of these organizations to legally acquire land in Wyoming and the country. Soon Clark’s acreage will become a non-fungible token (NFT) held collectively by the DAO and its citizens. And the collective “owners” all have a say in the management of their heritage.
There is no statement on how much CityDAO paid for their piece of Clark. However, a timeline on their blog shows the DAO had $ 250,000 in “city treasury” as of August 2021.
Today, CityDAO is officially the first DAO to own land, using the new Wyoming DAO LLC law. This is just the beginning. pic.twitter.com/gfqIvssuc4
– CityDAO (@CityDao) November 1, 2021
Already, CityDAO administrators are asking their partners to make their contribution for their new asset.
Several areas of importance are presented on the DAO website.
- Navigate the intricacies of DAO law and property rights and zoning in Wyoming and Park County.
- Building the future of chain property ownership through the Solidity and Web3 platforms.
- Find adjacent communities and “share the gospel of the city”.
- Land use
- Ask members how land should be used, governed, controlled and how the design of the mechanisms should be used for the public good
- memes making
- “Nuff said – troll the nets and make wet memes.”
- Building more sustainable communities
They may not be the only group aiming for similar goals in the future. In the words of Balaji Srinivasan, a successful entrepreneur and bitcoin miner, “DAOs are now legal in Wyoming, and land is cheap there, so this is a great place to do it.” “
Nonetheless, CityDAO points out that their acquisition of Park County is not perfect.
“This package is a proof of concept package,” reads a tweet explaining the asset. “It’s not the most convenient location, nor does it have an abundance of natural resources. It has a well for water, flat land for construction and is 45 minutes from an airport.
This airport is the Yellowstone Regional Airport in Cody. And anyone who knows Clark can attest to his lack of “convenience.”
Park County will serve as a model for future efforts. CityDAO executives plan to embark on similar projects nationwide, using their Clark plot simultaneously as a flagship and “ground zero”.
Anyone can become a “citizen” of CityDAO and its part of Park County – for a high price.
There are three categories of citizenship within CityDAO – Citizen, Founding Citizen and First Citizen.
A Citizen can access Land Drops (after the First Citizens and Founding Citizens), access Citizens Discord channels, and be eligible to vote, all at a cost of 0.25 ETH. As of Tuesday, November 9, this equates to just over $ 1,200.
A founding citizen gets the same privileges, but earlier access to land drops – and there are only 50 spots available at the price of 10 ETH – $ 48,000.
Finally, there is only one First Citizen. In addition to the first access to land drops, this person will be able to name the newly acquired area in Clark. This honor sold for 6.52 ETH, surprisingly less than a founding citizen is invited to contribute.
It is not known how or when the future city of CityDAO will begin. Yet the first steps have been taken towards an uncharted frontier – the lands of Wyoming purchased and ruled by an outside cryptocurrency.
“Our hope is that CityDAO will be able to purchase land anywhere in the United States and around the world,” the CityDAO website states. “We’re starting in Wyoming because of the state’s new DAO 2021 law, which recognizes DAO governance of LLC companies. Because LLCs can own land, this creates a powerful avenue for decentralized land ownership. “