Focus is the key
In the last issue of the WINGS Specification Series, we have detailed DAO proposals on WINGS and how they are functioning.Identifying and launching successful DAO projects are the core goal of the WINGS platform. We aim to achieve this by enabling the community to focus on projects with the highest potential, these who have been forecasted having a successful backing. Thus WINGS strives to maximize the amount of resources, community attention and promotion that such projects receive, therefore increasing their overall chances of success.
Your reputation precedes you
Everyone on WINGS system has a public rating representing their ability to make correct forecasts. This rating influences both the direct reward that the individual receives following a successful forecast and the indirect reward received by these who have delegated their forecasting right to this individual. A higher forecast rating means that more token owners will be willing to delegate their forecasting right to this particular individual, thus in effect creating a meritocracy leading to a better decision making for the platform.The rating is gained or lost following the forecast results, as the closest the forecast is to the actual result, the more the rating will increase, and identically the farther the forecast from the result, the more the rating will decrease. There is an equilibrium point for each forecast where the rating will not change at all.
Getting people to act
The forecast ratings have a gradual decay that is being reset every time an individual does a new forecast, dropping to nil in case there are no new forecasts performed. The decay mechanism is necessary in order to encourage the token owners to actively participate in the forecasts leading to better opinions distribution and the resulting decision making.
Rewarding skillful decision making
WINGS platform uses a tangible rewards model in order to encourage the token owners to make an effort providing an educated forecast. These rewards are explicitly granted, in addition to the implicitly increasing WINGS token value due to the successful delivery of the launched projects.In the case of the project proposals, the reward can be granted based on forecasting on the proposal success, with the reward given in the new project tokens, and (optionally) in a portion of the collected funds. The closer the forecast is to the correct amount of collected funds, the larger reward will be given.
Knowledge-based leadership
By enabling participants to forecast on the project success, WINGS allows discovering the project market value. Since there is a clear incentive for reputation gain in order to maximize returns, low potential projects are clustered within lower forecasts, while high potential projects are clustered around higher forecasts. The project backers and bounty participants can then determine how much risk and effort they are willing to put when participating in the project backing and promotion.As the time passes, and some of the participants gaining higher forecast rating, a meritocracy of DAO analysts will emerge. Other participants will be able then to look forward to these DAO analysts actions as the market indicators regarding particular projects, using them to base their own decision to participate in a project as backers or as bounty participants.By putting the emphasis on reward-based decision-making, and by encouraging skillful forecasting with a public performance history, Wings brings a new exciting method for reaching fast and efficient governance for the organization of any size.
Join us
We are welcoming experts focused on solving these or similar problems for collaboration on this fascinating subjects. If interested please contact us via our Telegram, Slack and email (info[AT]wings.ai).
Repost from the WINGS blog.