The XDAO protocol has facilitated the process for over 367,000 decentralized autonomous organizations (DAOs) to attain legal status by automating legal recognition.
Legal Recognition for DAOs
XDAO has streamlined the DAO creation process to allow them to achieve legal recognition. An XDAO spokesperson highlighted that the protocol offers a standard for other "sub-entities" within its legal framework. XDAO also designated Singapore, where XDAO Labs is incorporated, as the primary jurisdiction for dispute resolution if necessary.
Signing Documents through Telegram
The protocol enables the signing of legally binding documents using Web3 wallets. XDAO mentioned the possibility of archiving transactions via a Telegram bot. The spokesperson emphasized the importance of responsibly recording all details of agreements formed through the messenger.
Smart Contract-Based Compliance
XDAO stated that parties could establish arbitration agreements through messenger or e-signature methods like Docusign and Ethsign. Arbitration payments may involve adding an arbitrator to the DAO, allowing them to sign transactions if the parties fail to reach a consensus.
XDAO's initiative opens new avenues for DAOs in legalization and document signing, integrating modern messenger and Web3 technologies.
