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Rendering of GBA tokenGovernment Blockchain Association
If the "tokenization of everything" is really the future, then the traditional model of trade associations and groups of members will not be exempted from the interruption.
One of these groups focused on the advancement of blockchain technology in the public sector where the realms are trying to walk by creating a tokenised ecosystem to incentivize and reward the participation of its members.
In a forthcoming white paper, the Government Blockchain Association, a global umbrella group designed to connect government employees and contractors with industry professionals and service providers, is outlining its plan to release a token native to its organization. If successful, it will probably be the first time that an association of companies or a commercial group has taken this step. & Nbsp;
GBA tokens & nbsp; they will not be issued as a fund-raising mechanism as in a typical initial money supply, but will rather serve as the basic infrastructure for the group's future governance structure.
A total of one billion GBA tokens will be coined at the beginning, & nbsp; and & nbsp; 25,000 & nbsp; will be assigned per quarter over a ten-year period to members demonstrably demonstrating a value within the organization – ie speaking at events, contributing to a working group or working group, organizing conferences and meetings, content creation, etc.
"The token was created to fuel an incentive-based internal incentive ecosystem for its members" paper, which is currently available in draft format & nbsp; He asserts.
Gerard Dache, president of the GBA, further emphasized that the token scheme will serve aspirationally as a means of compensating early participants who helped build the organization without taking the salary. It would also be a mechanism to encourage & nbsp; the participation of & nbsp; future & nbsp; members & nbsp; and potentially also serve as a means of exchange for inter- and intra-governmental transactions.
Token distributions would be dictated by smart contracts and triggered by quantifiable goals and metrics, such as community assessments, to allocate tokens based on the amount of value a member contributes to the ecosystem. The process should be designed to minimize the risk of any human error, fraud or corruption.
Launched in March 2017, the GBA has approximately 4,000 members of the public and private sector in 80 cities around the world. Its mission is to convene the actors involved in the blockchain space of the public sector and provide an education on how technology can benefit governments and taxpayers.
Members earning tokens can redeem them in the association for advisory services, membership fees, access to industry-specific working groups, training courses, certifications, etc. New members wishing to join the association or participate in special projects will have the option of paying with a token purchased on an exchange, or with fiat or another cryptocurrency as bitcoins.
Democratized structure
At the very least, the proposal & nbsp; figures & nbsp; to offer & nbsp; a clear distinction from the traditional hierarchical structure of the trade associations, on the basis of which the members acquire at a certain level of membership and pay additional fees to enter the board of directors and specific working groups and task forces.
In these models, governance decisions and organizational direction are often dictated by members who have accumulated the most shares.
The GBA experiment & nbsp; it will be & nbsp; a test that, if successful, could serve as a model for other alternatives to & nbsp; traditional model, since the tokenised governance structure would give members the opportunity to vote and participate in decisions and organizational policies issues of both local and global importance.
If implemented and executed correctly, the system would serve as the foundation of a globally distributed and decentralized trade association. The ultimate goal, Dache pointed out, is to transform the GBA into a decentralized autonomous organization, under which all future decisions related to the assignment of tokens and to the direction and organizational direction will be determined. from token holders.
It works?
The logical basis of GBA is that, since it has been able to build a considerable network of associates on six continents in the last two years, it has already solved half the problem of "chicken and eggs" that often confronts companies trying to build business models. built on top of a token ecosystem.
The creation of such an ecosystem requires not only the issuing of a token, but the incubation of a network of users large enough to generate speed and sustained demand for the token. Conceptually, since the GBA token would be transmitted through an existing decentralized network, it could potentially acquire the status of "utility token", which would allow & nbsp; to be owned and traded without registration requirements.
That said, there are no simple solutions to deal with this distribution problem. A myriad of legal issues still surrounds the concept, such as how the securities regulators of multiple jurisdictions will deal with the issue of tokens.
The US Securities and Exchange Commission, for example, suggested that even airborne tokens can potentially be titles, depending on how the facts and circumstances of the case are aligned with Howey's test.
The inter-jurisdictional nature of the GBA membership base and the airdropping program will also need to be addressed, not to mention the legal issues surrounding the use and ownership of cryptocurrencies by government employees and contractors. & Nbsp;
Dache stressed that while he and his team are enthusiastic about the concept, it remains a long-term game and there is no guarantee that it will work or work.
"The GBA Token is a decade-long experiment," said Dache. "This has never been done before."
If successful, however, the experiment could prove to be a model for how post-industrial trade associations are structured, particularly because companies and customer bases are becoming increasingly connected globally.
Dache concluded:
"We know that we will learn a lot and plan to use this experiment to create new models of distributed governance, and we hope this is a great contribution to the social-economic future made possible by blockchain technology."
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Rendering of GBA tokenGovernment Blockchain Association
If the "tokenisation of everything" is really the future, then the traditional model of the trade associations and the groups of belonging will not be exempted from the interruption.
One of these groups focused on the advancement of blockchain technology in the public sector realms is trying to take the road by creating a tokenised ecosystem to incentivize and reward the participation of its members.
In a forthcoming white paper, the Government Blockchain Association, a global umbrella group designed to connect government employees and contractors with industry professionals and service providers, is outlining its plan to release a token native to its organization. If successful, it will probably be the first time that an association of companies or a business group has taken a similar step.
GBA tokens will not be issued as a fund-raising mechanism as in a typical initial coin offering, but will rather serve as the basic infrastructure for the group's future governance structure.
A total of one billion GBA tokens will be coined at the beginning and 25,000 will be assigned per quarter over a ten-year period to members demonstrating demonstrably value within the organization, for example speaking to events, contributing to a work group or task force, organizing conferences and meetings, creating content, etc.
"The token was created to fuel an incentive-driven internal incentive ecosystem for its members," says the document, which is currently available in draft form.
Gerard Dache, president of the GBA, further emphasized that the token scheme will serve aspirationally as a means of compensating early participants who helped build the organization without taking the salary. It would also be a mechanism to encourage the participation of future members and potentially also serve as a means of exchange for inter- and intra-governmental transactions.
Token distributions would be dictated by smart contracts and triggered by quantifiable goals and metrics, such as community assessments, to allocate tokens based on the amount of value a member contributes to the ecosystem. The process should be designed to minimize the risk of any human error, fraud or corruption.
Launched in March 2017, the GBA has approximately 4,000 members of the public and private sector in 80 cities around the world. Its mission is to convene the actors involved in the blockchain space of the public sector and provide an education on how technology can benefit governments and taxpayers.
Members earning tokens can redeem them in the association for advisory services, membership fees, access to industry-specific working groups, training courses, certifications, etc. New members wishing to join the association or participate in special projects will have the option of paying with a token purchased on an exchange, or with fiat or another cryptocurrency as bitcoins.
Democratized structure
At the very least, the proposal seems to offer a clear departure from the traditional hierarchical structure of the trade associations, according to which the members acquire a particular level of membership and pay additional fees to enter the board of directors and in specific work groups and tasks. force.
In these models, governance decisions and organizational direction are often dictated by members who have accumulated the most shares.
The GBA experiment will be a test that, if successful, could serve as a model for other alternatives to the traditional model, as the tokenised governance structure would give members the opportunity to vote and participate in organizational decisions and policy issues both local that global meaning.
If implemented and executed correctly, the system would serve as the foundation of a globally distributed and decentralized trade association. The ultimate goal, Dache pointed out, is to transform the GBA into a decentralized autonomous organization, under which all future decisions related to the assignment of tokens and to the direction and organizational direction will be determined. from token holders.
It works?
The logical basis of GBA is that, since it has been able to build a considerable network of associates on six continents in the last two years, it has already solved half the problem of "chicken and eggs" that often confronts companies trying to build business models. built on top of a token ecosystem.
The creation of such an ecosystem requires not only the issuing of a token, but the incubation of a network of users large enough to generate speed and sustained demand for the token. Conceptually, since the GBA token would be transmitted through an existing decentralized network, it could potentially acquire the status of "utility token", which would allow it to be owned and traded without securities registration requirements.
That said, there are no simple solutions to deal with this distribution problem. A myriad of legal issues still surrounds the concept, such as how the securities regulators of multiple jurisdictions will deal with the issue of tokens.
The US Securities and Exchange Commission, for example, has suggested that even airborne tokens can potentially be titles depending on how the facts and circumstances of the case are in line with Howey's test.
The inter-jurisdictional nature of the GBA membership base and the airdropping program will also need to be addressed, not to mention the legal issues surrounding the use and ownership of cryptocurrencies by government employees and contractors.
Dache stressed that while he and his team are enthusiastic about the concept, it remains a long-term game and there is no guarantee that it will work or work.
"The GBA Token is a decade-long experiment," said Dache. "This has never been done before."
If successful, however, the experiment could prove to be a model for how post-industrial trade associations are structured, particularly because companies and customer bases are becoming increasingly connected globally.
Dache concluded:
"We know that we will learn a lot and plan to use this experiment to create new models of distributed governance, and we hope this is a great contribution to the social-economic future made possible by blockchain technology."
