As the GBA Token project advances, we thought it would be a good idea to update our community with the progress we have been making and to answer some basic questions about the project.


Why a GBA Token?

The GBA Token is an experiment to explore how an association, organization, and potentially a government could operate as a Decentralized Autonomous Organisation (DAO). Can we develop an organization that is:

  • Rules-based on a consensus mechanism?
  • Transparent enough to eliminate fraud?
  • Fair so that those who made the most contributions, received the most reward?
  • Sustainable?

To accomplish these goals, smart contracts need to be created. Smart contracts require the use of a token to move value through the organization. That is why we are creating the GBA Token.


What is the Current Status?

The project team has completed the GBA Token Whitepaper. However, as we move down the path, we recognize that we need to continuously update it and revise it as we learn new things and make minor course adjustments. The most significant challenges that we have encountered have been legal and regulatory. The uncertain nature of the regulatory environment has caused us to move forward very slowly and cautiously. The Securities and Exchange Commission (SEC) has a mission to protect consumers from fraud and unfair practices. In light of the many failed Initial Coin Offerings (ICO) last year, the SEC is taking a very conservative approach towards the classification of tokens as securities. Therefore, we are moving slowly to ensure that we continue to be compliant with all rules and regulations.

However, as we navigate the regulatory jungle, we are proceeding with some proof of concepts to better understand the technology, tokenomics, and interactions between token compensation and organizational dynamics. We have started two proof of concepts on separate technology platforms. The two platforms that we are experimenting with are Ethereum and Ardor. These two platforms have mature sets of tools and capabilities. The pilots are in the process of developing the code and working out all of the kinks in the technology. In this way, we will be able to move forward when we have received a green light from our legal advisers.


Who is involved in the project?

The project is being led by Mark Waser. Our Ethereum pilot is being developed by Joshua Armah, of GBA member company Blockchain Ecosystem Advisors and he is using a platform developed by Joel Neidig, President of GBA member company, SIMBA Chain. The Ardor pilot is being developed by Reginald Wilkerson and our Ardor Platform Liason is Elizabeth Mong. And, we have been getting great legal advice from many of our members in the GBA legal community.


How can I get involved?

GBA individual and organizational members can join the Mining & Cryptocurrency Working Group. Non-members can join the GBA or just Subscribe to our mailing list.

 

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