Glossary

Accredited Investor

Accredited Investors are defined in Rule 501 of U.S. Securities and Exchange Commission (SEC) Regulation D.

DAO

DAO is shorthand for a decentralized autonomous organization. More information about decentralized organizations can be found here (opens new window).

DApp

A DApp is an online portal or other interactive software that enables direct interaction between end users and providers (e.g., connecting buyers and sellers in some marketplace, owners and stores in file storage). Learn more here (opens new window).

Digital Asset

A digital asset is any set of unique digital information—including, for example, programs, decentralized programs, isolated chunks of programming code, collections of data, e-mail or web addresses, or cryptocurrency tokens—that is capable of being stored and uniquely tracked on a computer network such as the Ethereum network, and over which a user can maintain control through that network.

Ether

Ether is the digital asset that is native to the Ethereum blockchain.

Ethereum

Ethereum is a global, open-source platform for decentralized organizations.

Operating Agreement

The rights and obligations of members of The LAO are defined in a legal document formally referred to as a Limited Liability Company Agreement or an Operating Agreement.

Rage Quitting

"Rage quitting" is a function built into The LAO's smart contracts that allows a member to take its unallocated capital contribution and leave The LAO.

Smart Contract

A smart contract is a computer program written to a blockchain which defines the various network operations that can be performed on the digital assets on a blockchain.

Subscription Agreement

When members join The LAO, they will subscribe to membership interests in The LAO represented as LAO Units.

Wallet

A wallet is software that is used to store, receive, and transfer cryptocurrencies and digital assets between parties.