A new entity creation workflow with revised LLC pricing and one-step community-owned DAOs
March was an intense development sprint at OtoCo with work streams on both the front-end and the smart contract side.
I. Improved user experience
On the front-end, we now created clear panels that let you select the entity for your needs, with two LLCs (Delaware and Wyoming) and an unincorporated DAO.
Our Swiss Association is set to launch at the and of April as our first non-U.S. instant onchain limited liability!
Revised LLC pricing
On the LLC side and for all onchain entities that map to a legal jurisdiction, commencing with the Delaware and Wyoming LLC and with the Swiss Association to follow, we revised our pricing and will be charging the ETH equivalent of US$49 per entity (plus gas fees).
The rationale for this is that OtoCo has to be revenue-producing for it to continue to exist as a community-owned tool. We felt 49 dollars is incredible value for an instant legal container and access to the growing number of bolt-ons for your entity from within OtoCo’s dash.
Payment itself will be in ETH so your ETH transaction activates the entity creation smart contract and an oracle will be converting the US$49 price into ETH in real-time.
DAO creation will remain free (ex transaction fees)!
One-step community-owned DAOs
In addition, we refactored our governor smart contract such that the creation of a DAO and the creation and initial allocation of your DAO’s governance token are now folded into one transaction:
What this essentially means is that you can instantly create a DAO that is controlled by a multi-sig without having to leave OtoCo.
The cost is only the gas fees and you get a commemorative NFT as proof of your DAO’s existence, similar to the NFT minted upon the creation of LLCs on OtoCo:
Have your DAO control an LLC
Once you have a multi-sig DAO, you can even transfer existing LLCs to the DAO’s multi-sig address so your real-world entity is effectively controlled by a DAO, an ever more relevant use case for DAOs who need to effectuate transactions in the real world and want to benefit from limited liability.
All you need to do is create an LLC from a single Member wallet and once created, use “Manage” in your OtoCo dash to transfer its ownership to the DAO wallet.
Another way to go about this is to first spin up an LLC (or use an existing LLC), then use the “Add Asset Wallet” plugin to your LLC and add multiple signing parties, and finally transfer the membership of the LLC via the Manage > Transfer Ownership to that newly created multi-sig wallet.
Go through flow without connecting wallet
Users can now go through all workflows without having to connect their wallet, confirming a transaction from their wallet only at the last step.
Finally, we cleaned up the sprint with various UXUI improvements, performance enhancements and bug corrections.
Oh, and one last thing: we introduced wallet identicons to make it easier to associate transactions, e.g. voting with your DAO or LLC, with a specific wallet.
II. Smart contract enhancements
In addition to the UXUI improvements above, we made a number of rather invasive - be it less visible - changes to our smart contract code.
Simplified ETH payments and overall transaction costs
We had to make changes related to how the entity creation smart contracts are initiated when users send ETH as activation payment.
We also used this opportunity to simplify general fees for OtoCo based only on Gas Spend, reducing errors.
Finally we added an oracle that converts the fixed US dollar price of our legal entity formation into ETH in realtime.
Initialization contract allows for same transaction to create multi-sig and control entity
As mentioned above, the refactored initialization smart contract now allows for the creation of a multi-signature DAO wallet, which within the same transaction is made the controller of the DAO.
At the moment of summoning your DAO, its governance token will be minted and distributed to its first members according to a % split.
At a later stage, this refactoring of the initialization contract will allow users to add plugins for their entity at creation.
Improved NFT display and functionality
Finally, we improved how your entity NFT is displayed both in the entity overview and in OtoCo’s document generation.
NFT images are now using the IPFS protocol for their path, which allows multiple services to fetch them in different ways.
Later on, users will also be able to attach public documents to their entity NFTs!
Go to OtoCo to test-drive our March changes on test net or spin-up a real world entity or DAO on the Ethereum or Polygon main net now.
> Join our official OtoCo Telegram channel to chat with users and for all updates