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?
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.
How Will it Work?
1 billion GBA Tokens will be created. Each month some of them will be released for distribution. The Tokens will be distributed to GBA members that have posted content on the GBA website that is liked by fellow GBA members. The GBA will not sell the Tokens. However, the GBA will accept sovereign currency or GBA Tokens for membership, training, events, and other product and services.
When anyone (member or not) wants to purchase a membership, training, event tickets or anything else, they can acquire the Tokens from a GBA member that has been awarded Tokens at any price determined by the Token holder. GBA will always redeem the Tokens at the rate of 1 USD = 1 GBA Token. However, if a GBA member wants to sell their tokens at a discounted price, they may do that.
What is the Current Status?
The current version of the GBA Token Whitepaper (v2.B) is available for review. Please feel free to provide your feedback and comments on our Public Document
Comment Form. We are planning several weeks of review. Once we receive and address all of the comments, we will forward it the GBA Leadership Team for Review
Who is involved in the project?
The project is being led by the GBA CTO, Mark Waser. The GBA Token is a multi-blockchain technology. The blockchain will have nodes that will connect to various blockchains. The interfaces will be developed by Joshua Armah (Ethereum), Reginald Wilkerson (Ardor), and Mark Waser (Steem). Other blockchain interfaces will be developed as time goes on.