What if compulsive gamblers take over? This is the funny idea of this cryptocurrency
A truly “safe” project – After having developed its prediction market, Gnosis wishes to decentralize its governance with the creation of GnosisDAO. Although the phenomenon is common, the governance proposed by GnosisDAO has several particularities.
A new token: SAFE
Gnosis is one of the surviving projects of the ICO era. Launched in 2015, the project raised $ 298 million in April 2017 through its ICO .
After having developed its prediction market for several years, Gnosis now wishes to decentralize its governance with the creation of GnosisDAO .
When it is launched, the DAO introduces 3 proposals :
The creation of a model for Gnosis Improvement Proposals (GIP);
The creation of a governance token, the SAFE ;
The distribution of a unique reward to the first DAO participants.
What are the differences with other governance systems?
Although this decentralization proposal seems to be relatively similar to those that we have encountered in turn with Compound, Balancer or Uniswap, it has some specificities .
Indeed, the governance of the protocol will be highly linked to its prediction market . So, governance follows a model called futarchy , created by Robin Hanson. This model thus proposes that each vote be tested on prediction markets , to deduce in advance which would be the best choices to be made for the protocol.
“People can influence [a vote] (…). When a new proposal is on the table, people can already signal whether they would buy or sell the token (GNO) if the proposal were implemented. This is in fact the most direct way to ask the market for feedback on a proposal . „
Martin Köppelmann, CEO de Gnosis
Even so, the first implementation of futarchy will be a more flexible version, which will tend to solidify into the protocol as DAO grows.