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Many in the crypto community see getting to mainstream adoption as the real challenge for any blockchain project.

What’s still missing is an easier way to securely pull up private keys. And as a community we can do better on UX/UI, despite recent progress.

But we also need products that are useful for mainstream users.

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Over the last couple of years, Otonomos has been helping many in the community set up their legal entities around the world.

We felt your pain! So our new product, OtoCo, wants to be your aspirin.

With OtoCo, the process of spinning up a new entity is instant and free (during launch, and the price of a cup of coffee afterwards).

As of today, using otoco.io lets you spin up instant and free limited liability wrappers, initially a Delaware LLC.

We hid the blockchain machinery that hums in the background as much as we could. There was also quite some legal engineering involved, which you can read all about in our documentation.

As a result, all the user sees are three simple steps towards company activation:

1. Name check

Start by opening otoco.io in a Web3 browser and enter the name you want for your company to check if it is available in the jurisdiction of your choice.

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Let’s see if Buterin LLC is still available…

If it is, a next screen shows where your company will have its registered address and invites you to proceed.

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Yay! It is, so let’s use it as our new company name by clicking next.

2. Connect wallet

In a second step, you simply connect your wallet using Metamask or WalletConnect.

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The wallet you select will be the owner of the new company.

Make sure you are on main net because this is the real thing! Proceeding from here will make you, via the wallet you control, an initial Member of a real-world Delaware LLC.

To proceed, you simply sign a transaction with otoco.eth, our company assembler smart contract.

You only pay the gas price for this one transaction: there are no other costs in setting up your new LLC.

3. Instant activation

Once your transaction confirms, your new company will be legally existent.

This typically takes around 5 seconds.

Welcome to the birth of flash companies!

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Yay! Buterin LLC now exists in the real world as a Delaware LLC.

A confirmation page shows the name of the entity and where it was set up, what address controls it (i.e. the wallet you chose), and at what address the contract that holds its Operating Agreement lives.

The page also allows user to download a copy of your new entity’s operating agreement, the template of which you can find here and in our documentation.

The Need for Instant Legal Wrappers

We believe instant legal wrappers are the equivalent of shipping containers: standardized, shippable boxes that can easily be loaded with value, hold assets and store property.

Shipping containers lead to an explosion in international trade over the last decades.

Likewise, instant companies will lead to a wave of entrepreneurship in a world lacking jobs for life in which value is increasingly moving online.

OtoCo’s flash LLCs can be used to hold a single asset, for instance a patent or trademark or a domain name.

It could even be wrapped around code and hold a single smart contract to protect its creators from the legal liabilities that may result from releasing unstoppable code into the world.

Going mainstream

Eventually, as we manage to further hide blockchain and see mainstream adoption of wallets and keys, use cases will broaden.

We blogged earlier about how suitable LLCs are if you’re trading from outside the U.S. This opens the potential for flash LLCs to be used by the under-entrepreneured worldwide.

In Delaware alone, about half a million companies are formed every year, more than any other jurisdiction in the world. Some of America’s biggest and best-known companies are LLCs.

Another uses cases could be in Hollywood for instance, where we learned that every new production requires at least 7 new companies, from the actual movie funding vehicle to the entity that holds the distribution rights. All are typically LLCs.

The LLC is also the preferred vehicle for U.S. investors to ”feed” into a VC, PE or hedge fund. After onchain formation, you’ll be able to install a “fund OS” and start raising capital, without any of the birth pains of the analog world.

Towards a (d)Appstore for all your company needs

This leads us to where we plan to take OtoCo next.

In its launch version, OtoCo addresses the first-mile friction of onramping onchain organizations to the real-world legal layer.

Doers and investors alike have long wished for a “company at the push of a button”.

https://www.zipsite.net
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