If you use Twitter or Twetch, there’s a good chance you’ve seen your timeline talking about Ape tokens, the utility token that gives you membership and voting rights in the Gorilla DAO.
The Gorilla DAO is the very first decentralized autonomous organization (DAO) created on Bitcoin SV (BSV). A DAO is a leaderless organization that is governed by its members. Members create proposals that other members vote on. If a proposal passes, the DAO will take action in-line with the proposal, typically, via smart contracts.
The Gorilla DAO is only two weeks (14 days) old, but already has a significant amount of gravity with 90170 out of 2.1 million Ape Tokens in circulation and 492.43 BSV in the Gorilla Treasury.
The Gorilla DAO is BSV's very first Decentralized Autonomous Organization.
Only 2,100,000 Ape Tokens exist–owning Ape Tokens gives you voting rights in the DAO
— Gorilla DAO (@DaoGorilla) February 23, 2021
In this article, I will take an overarching look at how the Gorilla DAO works, the Gorilla DAO’s mission, and the current products being created by the Gorilla DAO. I will also touch on what I would like to see—as a member of the Gorilla DAO—come to fruition after the initial products are up and running.
How it works
There are few instances outside of a DAO that are truly a perfect democracy—a system of government enacted by the whole population. As long as you own one Ape token, you can create and vote on proposals that decide the DAO’s future. I believe this form of governance is one of the several reasons that the DAO has caught traction and become popular; it allows anyone to play a somewhat critical role in the evolution of Bitcoin and connects them with the tools and resources needed to accomplish this.
The DAO’s mission is to create profitable products and services. The utility in the Ape Token is that it gives its owners membership and voting rights in the Gorilla DAO; however, as a member of the DAO, I would personally like to see the Ape Token have future utility beyond the utility it has as of press time.
What’s in the pipeline?
Keep in mind, the Gorilla DAO is only 14 days old, that being said, the Gorilla DAO is in its infancy. What is being created by Gorilla devs at the moment is a voting system; voting is a crucial activity that will always take place in the Gorilla DAO, so having a voting system in place that takes the number of Ape Tokens that each member holds into account (automatically) is vital.
Beyond the voting system, some Gorillas are working on automating a few of the processes that take place manually in the Gorilla DAO right now—such as token distribution. The Gorillas have also been moving toward consensus on what the Gorilla DAOs’ first far-reaching product/service will be.
oh you mean Gorilla Swap? https://t.co/FAcQ3hRx7S
— Gorilla DAO (@DaoGorilla) March 1, 2021
As soon as the Gorilla DAO voting system is up and running and the governance structure that solves the critical problem of a silverback (whale) throwing a vote, the Gorilla’s will be migrating to the RelayX wallet. After that, the opportunities are endless.
What I would like to see in the future
The DAO is leaderless, and as I’ve said before, I am only acting as its community manager until the training wheels can come off and it can run itself. In other words, until the DAO is truly autonomous.
But as a member of the DAO, there are a few things I would like to see come to fruition. As soon as the Gorilla DAO voting system is up and running, I would like to see the Gorilla DAO put its treasury to work. To me, this means putting resources toward the products and services of the future that will allow the DAO to survive forever.
I would like to see the DAO put its resources toward creating a solution that fills a crucial infrastructure gap (a lack of an essential product or service) that exists in Bitcoin.
Lastly—because I don’t want to make this too lengthy—I would like to see the DAO acquire the services that will be crucial to the DAOs future so that the DAO will be able to receive the necessary guidance and navigate the emerging blockchain and digital currency industries in a way that will allow it to thrive.
I have confidence that the DAO will find its way to all of the proposals and resources it needs to do well in the world. The Gorilla DAO is on the right track and it has unbounded potential for the success that it will achieve.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.