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) "Limited liability autonomous organization" or "LAO" means a decentralized autonomous organization;
(v) "Majority of the members," means the approval of more than fifty percent (50%) of participating membership interests in a vote for which a quorum of members is participating. 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 share in a member managed decentralized autonomous organization, which may be defined in the entity's articles of organization, smart contract or operating agreement. 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) "Quorum" means a minimum requirement on the sum of membership interests participating in a vote for that vote to be valid;
(ix) "Smart contract" means an automated transaction, as defined in W.S. 40-21-102(a)(ii), or any substantially similar analogue, which is comprised of code, script or programming language that executes the terms of an agreement and 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.