Telos has announced that Telos Kitchen DAO LLC has purchased 35.84 acres in Laramie River Ranch, Wyoming with block rewards received from the network.
Telos is a decentralized blockchain. Telos Kitchen is a block producer on the Telos blockchain.
The property was purchased with tokens due to the new legal ‘Decentralized Autonomous Organization Amendment,” according to a statement from the company.
Telos explains that the purchase is an example of how blockchain can help commercial real estate transactions become more transparent and efficient.
Douglas Horn, Telos chief architect and whitepaper author, commented:
“Telos Kitchen DAO, LLC is blazing a new trail for American businesses to showcase how this new type of legal entity combined with Telos Decide DAO governance tools can create a real-world-ready structure for operating the ownership and management of real estate or any kind of assets. This will be viewed in the future as a watershed moment in the transformation of business to blockchain-supported models. This is an incredibly exciting time for Web3 and I expect it will soon explode into broad usage on Telos.”
Telos Kitchen DAO, LLC was formed per the Wyoming Decentralized Autonomous Organization Amendment and concurrently created Kitchen Lands DAO, LLC for the purpose of land acquisition in Wyoming.
Telos states that based on contributions from the members of the DAO, LLC, a new $LAND token will be created comprising “45 percent from a.tk and 45 percent m.tk and 10 percent from s.tk. Each $LAND token will be worth one percent interest in Kitchen Lands DAO, LLC.”
Possession of the token is said to act as the final settlement of ownership and will provide voting rights for equity members, acting as the Homeowners Association (HOA) on the blockchain.
Telos DAO LLC is said to have contracted Hancock Security, LLC, a Wyoming company to provide transactional ledger maintenance for records and mappings of all activities going forward.