Ethereum, Gnosis, DAO

Gnosis, one of Ethereum’s earliest ICOs, is spinning up a DAO that uses a novel mode of governance you’ve probably never heard of.

The newly launched GnosisDAO will allow Gnosis users to vote on platform governance and development.

Gnosis CEO Martin Köppelmann told CoinDesk the DAO’s voting proposals “can be really wide-reaching: product roadmap decisions, treasury management, starting new ventures, funding public goods. DAOs open up a large space for collaboration and experimentation.â€

One of GnosisDAO’s key marketing points is its integration with the Gnosis prediction markets. Because any protocol change will have an associated prediction market where traders are betting on its impact, Gnosis users can judge a proposal based on the market’s attitude (whether traders overall think it’s good or bad for Gnosis).

Read more: Ethereum Gas Fees Drive Gnosis-Powered Prediction Market to xDai’s Layer 2

Futarchy: Testing governance with prediction markets

This governance model, called futarchy, was formulated by George Mason University economist Robin Hanson. Futarchy proposes the efficacy of democratically elected officials or policies should be tested by prediction markets; in other words, prediction markets create a barometer for success or failure of policies, which voters can then consult to augment their decision-making.

“People can influence [a vote] with their trading decision. As a new proposal is on the table, people can already signal whether they would buy or sell the token (GNO) if the proposal was implemented. It is basically the most direct way to ask ‘the market’ for feedback on a proposal,†Köppelmann told CoinDesk.

Gnosis will bootstrap these markets using funding from Gnosis’ treasury of 150K ETH and 8 million Gnosis tokens (GNO). At launch, the Gnosis treasury will allocate 1,000 ETH and 20,000 GNO into the GnosisDAO’s prediction markets.

The DAO will launch with three proposals: one that creates a template for Gnosis Improvement Proposals (GIPs), one that establishes a governance token for the DAO called SAFE and one that distributes a one-time reward to early DAO participants.

Köppelmann told CoinDesk the votes are indeed weighted by “how many [GNO] tokens you have.†But voters can also ignore the prediction markets and vote however they want on a proposal.

Given that voters can go against the direction of the markets, GnosisDAO will be launching with a softer futarchy bent that may harden as the DAO grows.

“We are not going all in on futarchy on day 1,†Köppelmann said.

RELATED NEWS

An Ethereum and Web3-Compatible Sidechain Is Coming to Bitcoin Cash

On March 2, 2021, the average fee on the Ethereum network costs around 0.0083 ETH in gas or around $12.89 per transaction. Transaction fees of this caliber have dampened Ethereum-based decentralized finance (defi) applications and Web3 platforms. On February 23, however, crypto proponents were introduced to an alternative solution called Moeing chain. The Moeing chain […]

Xem chi tiết: An Ethereum and Web3-Compatible Sidechain Is Coming to Bitcoin Cash

Crypto Markets Regain Billions, Bitcoin Price Bounces Back 15%, Analyst Says ‘Resurgent Mood In the Air’

The price of bitcoin and a number of digital assets saw significant gains on Monday, as the entire market capitalization of the crypto economy has gained 2.4% in the last 24 hours. Bitcoin’s value passed the psychological $50k zone after hitting a low of $43,021 the day prior on Sunday. Bitcoin (BTC) touched a high […]

Xem chi tiết: Crypto Markets Regain Billions, Bitcoin Price Bounces Back 15%, Analyst Says ‘Resurgent Mood In the Air’

Investment Firm Launches the First ‘Crypto Hedge Fund’ in Spain- Plans to Expand Across Europe, Latin America

In Spain, an investment company has begun to promote what they called the “first crypto hedge fund.†The product has been registered in Malta by Avenue Investment Crypto, headed by a crypto advocate, Martin Huete. Investments Allocated Mainly in Bitcoin and Ethereum According to Infobae, the hedge fund “exclusively†targets qualified investors whose minimum investment […]

Xem chi tiết: Investment Firm Launches the First ‘Crypto Hedge Fund’ in Spain- Plans to Expand Across Europe, Latin America

Dubai Based Crypto Investment Fund to Convert $750 Million Worth of BTC Into ADA and DOT Tokens

A Dubai based crypto-based investment fund, FD7 Ventures says it will offload bitcoins worth $750 million and will use the proceeds to increase positions in Cardano and Polkadot tokens. According to FD7 Ventures, this switch to the two altcoins will help the fund to better serve the interests of investors who are looking to diversify […]

Xem chi tiết: Dubai Based Crypto Investment Fund to Convert $750 Million Worth of BTC Into ADA and DOT Tokens

Jigstack DAO Acquires Icorating.com Platform to Strengthen Its Token Launch Pad Lemonade

A decentralized finance (defi) protocol announced that it officially acquired an initial coin offering (ICO) listing platform. Jigstack, who bought icorating.com, will migrate all the platform’s assets to its Lemonade’s solution. Jigstack’ Direct Email Database on Icorating.com According to the announcement, the defi protocol, which acts as a decentralized autonomous organization (DAO), bought the website […]

Xem chi tiết: Jigstack DAO Acquires Icorating.com Platform to Strengthen Its Token Launch Pad Lemonade

Pricing Gold, Food, and Altcoins With the BTC Denominator: How to Measure an Asset’s Worth in Bitcoin

On February 21, bitcoin touched a lifetime price high at $57,844 per unit after the crypto asset’s market valuation crossed the $1 trillion zone for the first time in history the day prior. Meanwhile, a number of digital assets have seen fiat values increase as coins like litecoin, ethereum, and others gather gains against the […]

Xem chi tiết: Pricing Gold, Food, and Altcoins With the BTC Denominator: How to Measure an Asset’s Worth in Bitcoin

Binance Suspends Ethereum and ERC-20 Token Withdrawals Before Quickly Reversing Course

The rollercoaster-ride in cryptocurrency prices on Monday was accompanied by Binance’s fresh restrictions for ethereum and ERC-20 tokens. Ethereum Network Congestion Fingered as the Culprit for the Temporary Halt Through the official Binance Twitter account, one of the world’s largest cryptocurrency exchanges by volume, announced that it had “temporarily suspended withdrawals of $ETH and ethereum-based […]

Xem chi tiết: Binance Suspends Ethereum and ERC-20 Token Withdrawals Before Quickly Reversing Course

Binance Blamed for Purposely Choking Ethereum’s Network

The recent ramp higher in cryptocurrency prices has assuredly attracted its fair share of cheerleaders and detractors alike, but the reality of this climb has been a concurrent increase in network fees from rising transaction volumes. Binance is Blamed for Purposely Choking Ethereum’s Network to Drive More Users to Its Own Platform The resulting volumes […]

Xem chi tiết: Binance Blamed for Purposely Choking Ethereum’s Network

Pricing Gold, Food, and Altcoins With the BTC Denominator: How to Measure an Asset’s Worth in Bitcoin

xSigma Prepares to Launch Its Stablecoin DEX With Major Backers

Bitcoin Snaps Back After Slight Dip, Current BTC Chart ‘Is Near Identical to August 2017’

Bitcoin Snaps Back After Slight Dip, Current BTC Chart ‘Is Near Identical to August 2017’

Bitcoin Taps $48K- Traders Discuss Overheated Stats and a Possible Chinese New Year Dump

Bitcoin Price Surpasses $44k Handle, ETH Futures Launch, Tesla’s Balance Sheet BTC Praised

Bitcoin Climbs Past $40k, Analyst Expects Another Jump in BTC Value, ETH Taps New Highs

Rock Legend Gene Simmons Talks Bitcoin: Musician Believes China Is Behind the Ripple Lawsuit, Dollars Are Based on Nothing

Other Articles