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Gnosis, an Ethereum-based platform that facilitates betting on events and other metrics, has revealed plans for its own decentralized autonomous organization, or DAO, called GnosisDAO.
“This will have the effect of progressively decentralizing Gnosis as a project using a native governance structure fueled by their symbolic economy, bringing governance into the upcoming Internet of value,” according to a public statement sent Monday to Cointelegraph.
In addition to its prediction markets wing, Gnosis has an Ethereum-based multisignature, or multisig, digital asset storage platform. GnosisDAO involves Gnosis’ forecasting markets and its multisig portfolio operations.
DAOs essentially manage ecosystems automatically, based on a set of rules. A number of stakeholders govern the system, voting on rule changes and other aspects, with certain checks and balances in place.
GnosisDAO’s detailed statement:
“Prediction markets will be created using a new Gnosis Safe Multisig initially funded with 1,000 ETH and 20,000 GNO from the Gnosis treasury. Ultimately, GnosisDAO must have effective control over 150,000 ETH and 8 million GNO. In doing so, Gnosis intends to play a key role in decentralizing the technical and governance levels for products in the web ecosystem3 “.
Gnosis built its DAO with concepts from a school of thought known as Futarchy, the statement explains. Robin Hanson, an associate professor at George Mason University, came up with the concept as an alternative government framework.
“In ‘futarchy’, we would vote on values, but we would bet on beliefs,” Hanson said in his Futarchy manifesto. “Elected representatives would formally define and manage an a posteriori measure of national welfare, while market speculators would say what policies they expect to increase national welfare.”
