Part I. How OtoCo Came About
OtoCo started as an online entity assembly tools that lets users spin up a real-world Limited Liability Company (LLC) in Delaware and Wyoming using their Ethereum wallet.
Back in summer 2020, we started to work on our OtoCo product with 2 goals in mind:
- 1.We wanted to compress the time and cost of forming a new legal entity;
- 2.whilst maintaining legal validity.
The demand for a "company at the push of a button" is heard quite often in entrepreneurial circles. Here are some recent calls:
Our first ideation for OtoCo dates back to a chat with Ethereum developer Ville Sundell at the 2018 Prague DEVCON conference, the annual Ethereum community get together.
We sat on the idea for a while and quickly realized that the legal engineering would be as heavy - and turned out to be heavier! - than the smart contract authoring.
In early 2019, we started the initial back and forth with US legal counsel resulting in the Master and Series LLC Operating Agreements and the respective Delaware and Wyoming Certificates of Formation.
At the same time, we commenced the first development sprints.
After a number of intense months in the midst of Covid, our LLC assembler was launched summer 2020, first in Delaware followed by Wyoming. Since, over 220 LLCs have been created through OtoCo, despite the experimetal nature of its technology.
In this first section, we talk about the legal engineering behind OtoCo and how we managed to improve on the legal formation process in both speed and cost.