17-31-102. Definitions.
(a) As used in this chapter:
(i) “Blockchain” means as defined in W.S. 34-29-106(g)(i);
(ii) “Decentralized autonomous organization” means a limited liability company organized under this chapter;
(iii) “Digital asset” means as defined in W.S. 34-29-101(a)(i);
(iv) Repealed by Laws 2022, ch. 36, § 2.
(v) “Majority of the members” means more than fifty percent (50%) of the membership interests eligible to participate in a vote or any membership interests required pursuant to the decentralized autonomous organization’s articles of organization or operating agreement. A person dissociated as a member as set forth in W.S. 17-29-602 shall not be included for the purposes of calculating the majority of the members;
(vi) “Membership interest” means a member’s ownership right in a decentralized autonomous organization, which may be determined by the organization’s articles of organization or operating agreement or ascertainable from a blockchain on which the organization relies to determine a member’s ownership right. A membership interest may also be characterized as either a digital security or a digital consumer asset as defined in W.S. 34-29-101, if designated as such in the organization’s articles of organization or operating agreement;
(vii) “Open blockchain” means a blockchain as defined in W.S. 34-29-106(g)(i) that is publicly accessible and its ledger of transactions is transparent;
(viii) Repealed by Laws 2022, ch. 36, § 2.
(ix) “Smart contract” means an automated transaction, as defined in W.S. 40-21-102(a)(ii), or any substantially similar analogue, or code, script or programming language relying on a blockchain which may include taking custody of and transferring an asset, administrating membership interest votes with respect to a decentralized autonomous organization or issuing executable instructions for these actions, based on the occurrence or nonoccurrence of specified conditions.