Michael Hudson with Patrick Thompson

Patrick Thompson on Bitstocks podcast: On-chain voting system, hiring a DAO and NFTs

Gorilla DAO, the first decentralized autonomous organization built on Bitcoin, has grown rapidly since its launch. Patrick Thompson, Gorilla DAO’s community manager, joined Bitstocks podcast episode 40 to talk about its growth, the upcoming on-chain voting system, NFTs and what the future holds for the Bitcoin ecosystem in general.

Bitcoin has enabled the retail users to access tools that have for decades been limited to the institutional and enterprise users, Thompson pointed out. “A DAO is an organization that really enables that,” he told host Michael Hudson. It allows members to piggyback off the strength of other members to realize their goals.

Gorilla DAO has received massive support from the Bitcoin community, Thompson revealed. To become a member of the Gorilla DAO, one needs to purchase at least one Ape token.

“An Ape token gives you membership rights in the DAO. It also gives you voting rights. You can increase your voting rights through buying more Ape tokens. As a member you can create and vote on proposals. These proposals govern what the DAO does as an organization.”

At a time when regulators are taking a keen interest on digital currencies, Thompson clarified that the Ape token is just a utility token. “We made no promises. What you’re buying is a utility token and the utility is you get this membership right to the DAO and you also get voting rights to the DAO. That’s all you get.”

Currently, the Gorilla DAO operates through a chat room on its website, Thompson revealed. However, he has been working on an on-chain voting system.

The Gorilla DAO may pivot to other use cases, if and when the members vote to do it. These could include non-fungible tokens, a sector that has attracted strong opinions for and against. “The thing with NFTs is, I think they are still finding their feet. I don’t think we’ve seen the best use cases of them yet.”

The Gorilla DAO will be open to entrepreneurs who are looking to hire it, Thompson revealed. “You can hire the DAO. The talent is there in the DAO. I really see people who want to put their skills to use and create something but maybe they just haven’t had the opportunity.”

Aside from Gorilla DAO, Thompson delved into the progress the entire Bitcoin SV has seen in the past year. He observed that the focus is gradually shifting from an enterprise focus into a retail-based approach. “I feel like a lot of power is now in the hands of the consumer. Projects that we’ve been seeing coming out lately really empower consumers or allow consumers to play a role.”

Tokenization has also taken center stage in the Bitcoin ecosystem, Thompson observed. Currently, Run and the Simple Fabriik Protocol have been the market leaders. “I think people like Run because it gives them a lot of freedom – it’s permissionless and you can do this, that and the other with it. However, a majority of the market is on Money Button. When they released their token protocol, over 1,000 tokens were created in 24 hours.”

Thompson concluded, “It’s exciting, and challenges are coming up that we as a DAO have never had to solve before. I think that’s one of the exciting parts. We’re solving these problems that have never been put in front of us, but I know we’re going to get it done. We will find these solutions, and once that happens, I think it’s going to be a rocket ship.”

Watch the full episode below:

YouTube video

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