Gnosis, an Ethereum-based platform that makes it easy to bet on other events and calculations, has revealed plans for its own decentralized self-organization, or DAO, called GnosisDAO.
“This will lead to a gradual decentralization of Gnosis as a project that uses a local government structure supported by their privileged economy, and that provides control to the next valuable Internet,” a public statement released Monday to Cointelegraph said.
In addition to its range of market predictions, Gnosis has a multi-purpose digital asset storage platform based on Ethereum. GnosisDAO includes Gnosis Forecast Markets and Multi-Signature Portfolio Operation.
Basically, DAO launches ecosystems automatically based on a set of rules. The system is operated by several investors, and they vote on changes to the rule and other aspects subject to certain controls.
Detailed statement from GnosisDAO:
“Prediction markets will be created with the new Gnosis Safe Multisig tool, originally funded with 1,000 ETH and 20,000 GNOs from Gnosis Treasury. Finally, GnosisDAO should have effective control over 150K ETH and 8 million GNOs. In this way, Gnosis intends to play an important role in decentralizing the levels of technology and product management in the web3 ecosystem. ”
The statement explains that Gnosis built its DAO around the concepts of a mindset known as Futarchy. Robin Hanson, an associate professor at George Mason University, proposed this concept as an alternative government structure.
In a statement to In Futarak, Hanson said: “We vote for values, but we trust beliefs.” “Elected representatives will formally define and administer a post-realistic measure of national wealth, while market speculators will determine the policies they expect to raise national wealth.”