Will Tennessee become the next tech hub for Web3 entrepreneurs?

theguardian.com:

When you think about Tennessee, you’re more likely to be thinking country music, barbecue and bourbon than crypto, blockchain and Web3. The state legislature has plans to change that.

Tennessee just passed a bill that could help it become a leader in states providing a home to entrepreneurs who want to set up a unique kind of company that uses the blockchain to automate its decision-making. It’s called a DAO.

More of that in a moment. First, a few definitions.

The “blockchain” is a distributed database that is shared among the nodes of a computer network and stores its information in a digital format and in such a way that changes can be made only once approvals from multiple parties are made in “the chain”. The blockchain is the foundation for cryptocurrencies like bitcoin and ethereum, which use the unique identifiers of the blockchain to create their value. It’s all part of the new, distributed iteration of the internet, called web 3.0 or Web3.

DAOs are another thing that’s grown from all of this: A DAO, or decentralized autonomous organization, is formed on the blockchain by multiple parties and, like other blockchain transactions, requires all decisions to be authorized by those members before actions can be taken.

One example of a DAO is BeetsDAO, a company that aims to support projects in music, gaming and art. The organization pooled its members’ funds but, because it’s a DAO, no purchases can be made unless all the members democratically approve its transactions. A DAO has no leader. All of its moves are collective – and usually automated – driven by “smart” contracts that follow previously agreed-upon rules and are powered on the blockchain. Rules cannot be edited without people noticing – it’s transparent and