The Vermont Statutes Online
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
NOTE: The online version of the Vermont Statutes does NOT yet include the actions of the 2023 legislative session. The 2023 updates should be available by the end of October.
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.)