Legal framework

Pragmatically speaking, the legal framework is an assembly of legal entities that form the legal Interface between an OVN and traditional institutions, i.e. that allow the network to operate within the current economy.

The legal framework can also be understood as the assemble of the legal theory and laws on which are based the operations of an OVN.

See also Legal structure

Main ideas

The OVN is a open network with its own specific Governance, IT infrastructure and methodologies of work - see more on Organizational structure. The Bitcoin network is an OVN. No one owns the Bitcoin network, its form of property is nondominium. No one in particular controls the Bitcoin network, the trust that people put in it is directly linked to the impossibility for a minority to control the network. The network is not a transferable entity, it cannot be bought or sold. The network is open (permissionless), i.e. anyone can join it at will, without any restriction. Despite all these strange characteristics, it is capable of providing a stable and highly secure service to society, at global scale.

Open networks are not yet recognized as legitimate organizations by modern institutions. They are not illegal entities, they simply don't exist on government forms, there is no legal language written specifically for them. This will most probably change in the future - see more on the 4th Sector initiative. In some countries though, the legal status of open networks is covered by the law on associations. This is the case of Canada and the rest of the Common Wealth countries. In that sense, we can say for example that Sensorica exists legally in Canada as a non-registered association.

Legal structures are built at the periphery of the network to create bridges with the current system. Examples are : Exchange firm (takes on legal liability of products commercialized by the OVN and acts as and interface with the market), Custodian (a trust that absorbs legal liability for use, usually a non-for-profit that holds and administers assets like lab space, equipment, tools, consumable materials, grants and funds, the brand, etc.)...

Agreement templates

Since its inception in February 2011 Sensorica has sought to bridge with the traditional world. See the history of Sensorica's interfaces with traditional and the evolution of these interfaces. Sensorica's Goverannce page contains links to templates of agreements that have been successfully used in these relations.

Other topics

A Securities Law Framework for Blockchain Tokens