Section 48-250-101 - Chapter definitionsAs used in this chapter:
(1) "Decentralized organization" means a decentralized organization, organized under this chapter;(2) "Digital asset" means: (A) An electronic record in which a person has a right or interest; and(B) Does not include an underlying asset or liability unless the asset or liability is itself an electronic record;(3) "Distributed ledger technology" means a distributed ledger protocol and supporting infrastructure, including blockchain, that uses a distributed, decentralized, shared, and replicated ledger, whether it be public or private, permissioned or permissionless, and that may include the use of electronic currencies or electronic tokens as a medium of electronic exchange;(4) "Electronic," relating to technology, means having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities;(5) "Majority of the members" means the approval of more than fifty percent (50%) of participating membership interests in a vote for which a quorum of members is participating, excluding a person who dissociates from the organization as set forth in § 48-250-112;(6) "Membership interest" means: (A) A member's ownership share in a member-managed decentralized organization, which may be defined in the entity's articles of organization, smart contract, or operating agreement; or(B) A digital asset, if designated as a membership interest in the organization's articles of organization or operating agreement;(7) "Publicly available identifier" includes, but is not limited to, a URL, contract address, published whitepaper, or other similar item that is available to the public;(8) "Quorum" means a minimum requirement on the sum of membership interests participating in a vote for that vote to be valid;(9) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form; and(10) "Smart contract" means an event-driven computer program, that executes on an electronic, distributed, decentralized, shared, and replicated ledger that is used to automate transactions, including, but not limited to, transactions that: (A) Take custody over and instruct transfer of assets on that ledger;(B) Create and distribute electronic assets;(C) Synchronize information; or(D) Manage identity and user access to software applications.Added by 2022 Tenn. Acts, ch. 852, s 1, eff. 4/20/2022.