CityDAO is building the city of the future on the ethereum blockchain by tokenizing land, rights, and governance.
Wyoming's new LLC DAO law allows DAOs to be recognized as legal entities by state institutions like courts, granting legitimacy to asset ownership through the DAO..
Why put land on chain?
The CityDAO governance token will be used to make decisions about policies in the city. We would like to err on the side of freedom of the landholder when in doubt.
Proposed powers of CityDAO
Land wholly owned by one owner may be used as the owner sees fit as long as it does not violate laws or CityDAO policies.
Holders of land that is fractionally owned by many parties may wish to agree upon a way to use the land. Several uses have been proposed, such as farming, fishing, camping, camping rentals, cryptocurrency mining in shipping containers, and wind or other power generation. Ultimately, the owners of the parcel may vote to establish and fund a use for the land, considering factors like climate, feasibility, and infrastructure.
Land parcels will be ERC-721 tokens (also known as NFTs). CityDAO will decide initial pricing and boundaries.
Certain parcels may be fractionally owned by issuing ERC-20 tokens, which has the benefit of offering affordability to smaller investors.