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One of the most anticipated moments of an initial coin offering (ICO) event is the listing of its token on a cryptocurrency exchange for trading with other crypto assets. DAOstack has announced the listing of its native token GEN, on one of the newest crypto exchanges Liquid, to begin trading on October 9, with BTC, ETH, and QASH trading pairs.
Decentralized Autonomous Organizations (DAOs) are self-organized entities on the blockchain without a central entity to control or dictate the actions of operations of the blockchain. Developments and decisions are achieved through collective and systemic programming. DAOstacks uses layered smart contracts on the Ethereum blockchain to follow through with a chain of commands and parameters that have no central authority. It comprises of agencies, different entities built upon these smart contracts.
The DAOstack blockchain project is designed to be an operating system for collective intelligence, which is expected to scale up innovative and collective human decision-making process for decentralized organizations.
The native utility token for the DAOstack platform, GEN, is an essential component of the system which will be used to power the system and ensure its full operations. The GEN will serve as a link between other DAOs and will ensure the prediction processing and a filter model for proposals across the networks of DAOs on the DAOstack platform.
GEN has been adopted by DAOstack’s first decentralized application Alchemy, and currently runs on the Ethereum mainnet. More projects are currently leveraging this decentralized governance model. The GEN will allow users to access expert attention both within and outside the DAO and will also be a currency for rewarding contributors.
Leveraging on the successes of Ethereum’s network features, GEN will be to the DAOstack as Ether is to the Ethereum network. DAOstack has shown its excitement about the listing of the GEN token on the Liquid exchange and hopes that this is an important step out of many in ensuring that DAO systems grow into a full potential. Matan Field, DAOstack architect, and CEO have made it clear that:
“In the same way that ether is gas for the collective attention of computers, the GEN token is gas for the collective attention of human beings.”
The Liquid exchange was formed by consolidating two exchanges Quoinex and Qryptos owned by the same fintech company Quoine, and has quite the achievement since it was established in 2014. The exchange boasts of over $50 billion USD in transactions conducted on the exchange platform in just over a year. More so, ICOs have used the native token for the cryptocurrency exchange QASH, to raise a cumulative of $100 million USD.
The mother company Quoine is a global fintech company that has also received support from the Japan Financial Services Agency being the first cryptocurrency exchange that was officially licensed by the Agency. Services provided by the exchange include cryptocurrency trading, margin trading, and lending.
To learn more about DAOstack visit the website, read the whitepaper and follow DAOstack on Twitter.