PAI3 Organizational Structure
Last updated
Last updated
PAI3 has a triple-entity structure: 1) a token-issuance entity, 2) a governance entity, and 3) research & development company.The governance entity is registered and operates in Wyoming as a DUNA organization, benefiting from strong regulations for decentralized autonomous organizations (DAO) including legal protection for community members.The token entity operates in the British Virgin Island with clear regulations for digital asset issuance. Research and development will be performed by a development company based in Hong Kong.
PAI3 is being set up as a Wyoming-based DUNA (Decentralized Unincorporated Nonprofit Association), a legal framework created under the Wyoming Decentralized Unincorporated Nonprofit Association Act. The DUNA legislation is effective from July 1, 2024
DUNA legislation provides legal recognition for PAI3 as a decentralized autonomous organization (DAO) that operates as a nonprofit entity.The DUNA framework allows PAI3 to engage in various activities, such as acquiring property including tokens, and entering contracts, while ensuring that it operates within a decentralized governance structure.
"All agreements and any amendment or restatement of those agreements, including any DUNA agreements, consensus formation algorithms, smart contracts or enacted governance proposals, that govern the purpose or operation of the DUNA and the rights and obligations of members and administrators, whether contained in a record, implied from the nonprofit association's established practices, or both." This means that PAI3 can assert that "smart contract is the contract" without needing a plain-language equivalent contract.
Nonprofit Structure: PAI3 can engage in profit-making activities, and all proceeds must be directed back to achieving nonprofit purposes.
Decentralized Governance: PAI3 governance is based on decentralized principles, including token-based memberships, with no central management or ownership.
Legal Protections: PAI3 DUNAs have liability protections for all its members, like those of traditional nonprofit organizations, shielding members from personal liability in case of legal actions against the organization
You can read more about DUNA: