We interviewed the Otoco team to learn more about how they enable users to spin up a real-world Limited Liability Company (LLC) in Delaware and Wyoming using their Ethereum wallet.
What is Otoco and what does it hope to accomplish for Web3?
Otoco is a tool that lets users instantly spin-up a Delaware or Wyoming limited liability company (LLC) using their Ethereum or Polygon wallet. Otoco seeks to be the key onchain tool used for corporate services.
What are the differentiating features of Otoco and how does it differ from other projects with a similar mission?
Otoco gives users the ability to spin up real world legal entities that can be controlled by a wallet. That wallet can even be a multisig which opens up possibilities for DAOs to control a legal entity for which to operate out of with limited liability.
For non-crypto natives, what does Otoco plan to bring to the user experience of crypto, and what will be its main applications?
Otoco will allow you to easily create a legal entity in a streamlined process. Its useful for all Web3 users including investors, entrepreneurs, and creatives.
Can you introduce your team to the readers? What relevant experience do they have and what projects have inspired them in their designs?
Otoco was developed by the same team behind Otonomos. Otonomos has the strongest track record for setting up entities for large Web3 foundations and firms. Past clients include Ethereum Foundation, Maker Foundation, Uniswap, ClimaDAO, and many more.
How did you achieve your funding requirements? Was it from an exclusive token sale or private funding? When was it?
We raised money from the Otoco community in late 2021 and early 2022.
What parts of the Otoco roadmap is the team most excited for?
We are most excited for the Dapp store.
Where do you see Otoco in 5 years? What does it look like when Otoco is mass-adopted?
In 5 years we see Otoco as the primary vehicle for entity formation on Ethereum. A mass-adopted Otoco involves a Dapp store with a wide selection of quality Dapps.
How does the Otoco architecture differ from similar projects?
Otoco is purely onchain, the fastest, and the easiest.
How can Otoco accelerate the adoption of on-chain entities? What has been holding it back until now?
We will be accelerating adoption by adding new entity types, increasing availability of Dapps in the store and investing in growth and community. We have been testing the waters until now with different UX features. Now that we have decided on what works best we are ready to rumble.
Does Otoco liaise with the US government to register these entities?
At the present time only for the master llc. All of the series llcs are documented on Ethereum and inherit their status from the master.
What is the primary use case of the Otoco token?
The primary use case is for purchasing Dapps, voting, and perks.
What is unique about the tokenomics of Otoco? What incentive mechanism does it have?
The tokenomics are unique in the sense that new tokens are minted when there are purchases in the Dapp store. This aligns incentives so that there are more rewards when more people buy. This maximizes revenue for the project.
Why should users stake OTOCO and what benefits should they expect outside of normal staking rewards?
The primary benefit is the staking rewards. Users should stake to earn a high APY and participate in a revolutionary project.
Are there any exciting updates, announcements, or partnerships coming up in the immediate future that you can disclose today?
We will be releasing our Dapp store later this year. We are also adding new entity types.
Where is the best place for the community to interact with you?
Why is Staking Rewards the best integration for your project?
We believe it is the best venue to build awareness of mining campaigns due to having the largest user base.