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Wings ICO: A governance tools for DAOs


Wings launches a crowdsale–officially a “donation campaign”–at 10pm PST, November 17th.






Matt Chwierut
Matt Chwierut
Wings will be a platform for planning, launching, and managing DAOs. Wings brings a form of futarchy (governance policy by prediction markets) to the blockchain. Holders of Wings tokens will vote on anticipated outcomes related to DAOs, including how much money will be raised in a crowdsale, which DAO projects are likely to return the most amount of money, and whether project milestones will be met. The goal is that over time, Wings will cultivate a community of expert forecasters that can provide decision-making guidance to any DAO that wants to participate.

WINGS is a decentralized platform enabling individuals and organizations to submit new proposals to the WINGS DAO community in order for the latter to discuss, review and forecast on the proposal’s success factors. –Wing’s whitepaper

Wings uses decentralized forecasting markets to guide decision-making for other projects or DAOs. The Wings DAO community (tokenholders) constitutes its own prediction market. Third parties submit proposals that include clear outcomes the Wings DAO prediction market can forecast. “Proposals” can range throughout the lifecycle of a typical DAO:

- How much will the DAO crowdsale raise?
- Which proposal submitted to the DAO is the most likely to succeed?
- What is the chance a contractor to the DAO will meet its second milestone?

This is a form of futarchy: a governance model in which policymakers propose clear outcomes and prediction markets decide which policies will perform best according to those outcomes. In this case, it’s futarchy for DAO governance.

How does it work?

Anyone holding Wings tokens can cast a prediction vote related to a proposal. A user also has a forecast rating, which is independent of their Wings token balance and changes based on how accurate their forecasts have been. The more accurate their forecasts, the more their rating will increase.

Holders of Wings tokens can also delegate their forecasting abilities to others–presumably to those with a higher forecast rating. The idea is that over time, the most accurate forecasters will emerge. Forecasters also earn rewards that are set by those who submit proposals. This could be cryptocurrency, shares in the other DAO, or a portion of profits from a given DAO project.

The result of a successful forecast (changes in forecast rating and rewards specified in the proposal) will also vary based on one’s token balance. This is meant to prevent spam and sibyl attacks e.g. someone with 10 tokens casting 10 forecast votes rather than just one.

Initially, Wings will be based on the Rootstock sidechain, though long-term, it will be compatible with other chains. The core contracts are written in Solidity–Ethereum’s smart contract language.

What is the Wings token?

The crowdsale event–officially called a “donation campaign”–will involve the Wings token. The Wings token serves as a means of participating in the prediction market (as a submitter or a forecaster) and a means of preventing spam and sybil attacks. All transactions will require a small fee, similar to Ethereum’s gas fees. Submitting a proposal will also require a listing fee, which can vary based on the proposal submitter’s forecast rating and is meant to discourage spam.

Additional Resources:

Website (register on the website to get the whitepaper): https://wings.ai/
Initial ICO announcement: https://blog.wings.ai/save-the-date-7-weeks-of-wings-dao-formation-2060c698ef3d#.hequ5jxfn
Bitcointalk discussion: https://bitcointalk.org/index.php?topic=1477055.0
Cryptorials explanation: http://cryptorials.io/how-wings-dao-aims-to-solve-the-biggest-obstacles-faced-by-decentralized-autonomous-organizations/

By Matt Chwierut on November 17, 2016
Link: https://www.smithandcrown.com/wings-ico-a-governance-tools-for-daos/

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