Crypto Project Gnosis Launches Futarchy-Based Governance Organization
Gibraltar, Gibraltar, November 23, 2020 — Gnosis, a blockchain prediction market, has announced the launch of its futarchy-based governance organization named GnosisDAO.
Created to transparently guide decisions on development, investments, and governance, the prediction market-driven collective is a major milestone in the development of modern electronic prediction markets. The project enables permissionless prediction markets by taking the form of a minimum viable futarchy network, controlled and managed by users.
Futarchy is an ideologically neutral system of governance proposed by economist Robin Hanson, wherein market speculators get to determine policies. For example, if wagers were to be placed on the question “Should the minimum wage be above $20?” the subsequent policy would reflect whichever answer received the most bets. The idea behind futarchy is that people vote values but bet beliefs.
“The launch of GnosisDAO is about tapping into public expertise, and returning power—and transparency—to the people,” said Gnosis CEO Martin Köppelmann.
Members of the Gnosis community are invited to submit their own proposals via the Gnosis Forum, with markets forming around whatever topic members deem interesting and GnosisDAO covering the funding.
“As the prediction market industry’s first futarchy-governed organization, we are immensely proud to set the standard and raise expectations around the running of such platforms going forward,” added Köppelmann.
Prediction markets have long been viewed as an alternative to traditional media in understanding sentiment around key world events. Wagers placed on betting marketing aggregators recently favored Democratic Presidential hopeful Joe Biden over incumbent President Donald Trump, with Biden subsequently claiming victory and online prediction markets have proliferated in recent years with bets placed on a variety of subjects.
The team behind Gnosis has spent years developing the technical building blocks behind other prediction markets, not least the Omen platform which saw over $1 million worth of wagers placed on the latest Presidential election.
Gnosis is one of the first companies to build on Ethereum, having been founded in 2015 by Martin Köppelmann and Stefan George as part of ConsenSys, the globally leading Ethereum venture production studio. In April 2017, Gnosis raised funds and spun out of ConsenSys to become an independent company. Gnosis offers three leading product lines (prediction markets, DEXs, multisig platform) allowing users to securely create, trade, and hold crypto assets.