Ether-powered Market Platform Disclosed Details Of Self-developed DAO

By Emily Rys | November 25, 2020

Gnosis – an Ether-powered platform that supports events betting and other metrics – reportedly disclosed details regarding its initiatives to roll out its own decentralized autonomous organization (DAO). 

Specifically, dubbed “GnosisDAO”, the new DAO will reportedly feature the effect of “progressively decentralizing Gnosis as a project using a native governance framework”, operating using their token economy, “bringing governance to the coming internet of value”. 

Apart from its prediction markets wing, Gnosis reportedly also comes with a crypto asset storage platform, built on the Ethereum, featuring a multisignature, making Gnosis having both prediction markets and its multisig wallet operation.

Essentially, DAOs apply an automated manner to their operation, with a set of rules involved. Several invested entities will take care of the system’s governance, voting on rule changes and other aspects, with certain checks and balances in place.

“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 is to have effective control over 150K ETH and 8 Million GNO. In doing so, Gnosis intends to play a key role in the decentralization of technical and governance layers for products in the web3 ecosystem.” GnosisDAO reportedly specified. 

Gnosis reportedly designed its DAO with concepts deprived from a school of thoughts, generally perceived as Futarchy – developed by Robin Hanson, an associate professor at George Mason University, as a different solution for government framework.

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