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Wyoming has been in the forefront of cryptocurrency innovation and adoption in the United States, thanks to legislative achievements such as allowing users to keep their digital currencies with banks.
Beginning in July, the state recorded another milestone, legalizing American CryptoFed DAO to operate as a special type of Limited Liability company.
Specifically, according to its website, American CryptoFed DAO has been designed as a monetary system with zero inflation and deflation, and zero transaction costs.
The blockchain project consists of two related digital tokens, the Ducat, and the Locke. According to the project, the Ducat serves as a protected stablecoin (ie., a digital asset meant as a stable store of value, and not a growth vehicle).
The Locke, meanwhile, is a limited quantity token that confers voting rights for holders, and is designed to appreciate against the US dollar by the amount of inflation the US dollar experiences. This ensures the Ducat does not experience inflation. The rate of inflation is derived from the PCE price index to define the Ducat TER (Target Exchange Rate) against the US Dollar.
The American CryptoFed DAO, operates on the EOS blockchain platform. A DAO, or Decentralized Autonomous Organization, is software code that executes actions on a blockchain according to its protocols, without any intermediaries.
With the Wyoming legal authorization, the Ducat and Locke token system can be utilized in a wide array of financial and payment services.
“Wyoming is leading the way to create legal certainty in the crypto space,” said John Drechny, CEO of The Merchant Advisory Group, about the news. MAG represents the 165 biggest US merchants. “We can see a path in which merchants will have more choices for payment acceptance.”
American CryptoFed, meanwhile, said in a statement that it aims to give users more autonomy over their power, but also wants to work with banks and the Federal Reserve.
More info about the project can be found at americancryptofed.org.