Gnosis, an Ethereum-based platform that makes it easy to bet on other events and calculations, has revealed plans to create its own decentralized independent organization, or DAO, called GnosisDAO.

“This will lead to a gradual decentralization of Gnosis as a project that uses a local government structure supported by their privileged economy, and that makes governance the next valuable Internet,” Cointelegraph said in a public statement Monday.

In addition to the Forecast Markets package, Gnosis has a multi-signed digital asset storage platform based on Ethereum. GnosisDAO includes Gnosis Forecast Markets and multi-signature portfolio management.

Basically, DAO’s ecosystems automatically manage based on a set of rules. The system is operated by several investors who vote on rule changes and other aspects subject to certain controls.

Details of the statement from GnosisDAO:

“Prediction markets will be created with the new Gnosis Safe Multisig, originally funded with 1,000 ETH and 20,000 GNO from Gnosis Treasury. Finally, GnosisDAO should have effective control over 150K ETH and 8 million GNOs. In doing so, Gnosis has an important role to play in the decentralization of technology and product management teams in the web3 ecosystem.
The manifesto explains that Gnosis built its DAO around the concepts of the philosophical school known as Futarchy. Robin Hanson, an associate professor at George Mason University, proposed this concept as an alternative government structure.

“At Futarake, we vote for values, but we trust faith,” Hanson said in a statement to Futarchi. Elected representatives will formally define and administer the post-real dimension of national wealth, while market speculators will determine the policies they expect to raise national wealth.

Source: CoinTelegraph