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Searching 2019-2020 Session

The Vermont Statutes Online

 

Title 11 : Corporations, Partnerships and Associations

Chapter 025 : LIMITED LIABILITY COMPANIES

Subchapter 012 : BLOCKCHAIN-BASED LIMITED LIABILITY COMPANIES

(Cite as: 11 V.S.A. § 4171)
  • § 4171. Definitions

    As used in this section:

    (1) "Blockchain technology" has the same meaning as in 12 V.S.A. § 1913.

    (2) "Participant" means:

    (A) each person that has a partial or complete copy of the decentralized consensus ledger or database utilized by the blockchain technology, or otherwise participates in the validation processes of such ledger or database;

    (B) each person in control of any digital asset native to the blockchain technology; and

    (C) each person that makes a material contribution to the protocols.

    (3) "Protocols" means the designated regulatory model of the software that governs the rules, operations, and communication between nodes on the network utilized by the participants.

    (4) "Virtual currency" means a digital representation of value that:

    (A) is used as a medium of exchange, unit of account, or store of value; and

    (B) is not legal tender, whether or not denominated in legal tender. (Added 2017, No. 205 (Adj. Sess.), § 7.)