XDAO said DAOs could archive their transactions using a Telegram bot. When asked about the security and practicality of its Telegram bot-based legal framework, the XDAO spokesperson said agreements formed through the messenger work in “most jurisdictions.” However, the XDAO representative outlined its limitations, including “real estate, securities, and other matters that call for a prescribed procedure for the contract’s formation.” The spokesperson told Cointelegraph: “However, when making agreements through a Telegram bot, it is important to approach the recording of all details and specifics responsibly, as this can later facilitate dispute resolution.”The spokesperson added that the bot can store information that DAO participants consider significant.
An XDAO spokesperson told Cointelegraph that the protocol offers a standard for other “sub-entities” within its legal framework. “Basically, those sub-entities exist both in relation to each other and outside entities that had acknowledged their existence and assented to some articles of the XDAO Labs’ Constitution,” the spokesperson told Cointelegraph. XDAO added that the parties recognize Singapore, where XDAO Labs is incorporated, as the primary jurisdiction where disputes may be resolved if necessary. Signing legally-binding documents through Telegram botsThe protocol also said it could enable the signing of legally binding documents using Web3 wallets.
XDAO, a protocol based on The Open Network (TON), has enabled over 367,000 decentralized autonomous organizations (DAOs) to achieve legal status through its initiative that automates legal recognition for such organizations. In an announcement, XDAO said it had streamlined the DAO creation process to allow DAOs to achieve legal status.
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Author / Journalist: Cointelegraph by Ezra Reguerra
The story "TON-based XDAO protocol grants legal status to 367k DAOs" has 424 words across 16 sentences, which will take approximately 2 - 4 minutes for the average person to read.
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