Permissionless prediction market platform Gnosis have announced GnosisDAO.
The organisation will manage a massive 150k ETH ($90.5m today) and 8m of the projects total 10m GNO supply ($537m), vested to the treasury over an 8 year period.
They wrote an excellent and detailed announcement blog outlining their vision, so I’ll just provide a tl;dr and some further thoughts.
Gnosis have spent the last five years building up to this. They’ve constructed not just their own platform but also supported:
Reality.eth, a crowd-sourced oracle;
Kleros, a dispute resolution layer;
xDai, an Ethereum sidechain designed for fast and inexpensive transactions;
OpenEthereum, the fast, light, and robust client for Ethereum
DXdao organization, a successful proof-of-concept project to enable decentralized finance projects to exit to community governance.
With this infrastructure established the platform is ready to launch fully.
How will it work?
Unlike other projects following a path of progressive decentralisation Gnosis will be fully decentralised from the beginning.
Working with DXdao Gnosis say they’ve seen an engaged decentralised community flourish.
“The DXdao validated our hypotheses that communities are ready to develop, govern, and grow the software they use, and that a governance token can be successfully leveraged to support a decentralized organization.”
They are moving forwards with a proposal for a 5% GNO airdrop to all active GnosisDAO participants.
There are two other proposals, for a governance token for Gnosis Safe and V2.
The announcement provides a list of further resources:
Conclusion
It’s hard to fully grasp just how huge this is. This is seriously big news for our nascent space, and I’m optimistic the protocol will achieve its goal of allowing the entire community to share the project’s success.
I haven’t been actively involved in the project since researching in 2016, but I’ll be catching up now and reporting back.
Get involved by joining the project’s discord.