We study a new formal logic LD introduced by Prof. Grzegorczyk. The logic is based on so-called descriptive equivalence, corresponding to the idea of shared meaning rather than shared truth value. We construct a semantics for LD based on a new type of algebras and prove its soundness and completeness. We further show several examples of classical laws that hold for LD as well as laws that fail. Finally, we list a number of open problems. -/- .