Augmented investment intention and attention of the individual and institutional investors in the digital world have led to an increase in the number of cryptocurrencies to trade and has increased the number of online platforms that enable trading of these cryptocurrencies all over the world.
As an effect of this, the cryptocurrency market has turned into a highly competitive battlefield. Going further, let us review more about one such but slightly different blockchain technology-based digital podium known as – ‘WINGS platform.’
About WINGS Platform
WINGS platform is an online platform based on Ethereum’s blockchain technology. WINGS is a digital platform that is characterized by incentivized forecasting programs for project governance and backing purpose. This blockchain platform is formed to facilitate and cultivate the creation and funding of Decentralized Autonomous Organizations (DAO).
DAO is an organization formed by the developers to automate decisions and facilitate cryptocurrency transactions. DAO community of organizations consist of a set of members networking with each other as per a self-enforcing open-source protocol, with Blockchains and smart contracts hereby reducing transaction costs of management at higher levels, by maintaining throughout transparency, aligning the interests of all stakeholders by the consensus rules tied to the native token and communally conducive to a mutual goal. DAO Members are not tied together by any legal entity nor by formal legal contracts.
The purpose and working of this digital platform are very straight, delineated, and simple in nature and structure. It is a blockchain platform that facilitates start-ups, companies, and entrepreneurs to propose and send their business ideas to the DAO community for assessment and validation through forecasting markets; for example, it basically aids people to forecast the evolvement of an idea in terms of such as crowd-sale funding or idea’s market adoption or expansion, etc.
There is a particular working process that is followed by WINGS platform such as – A new DAO project proposal has to be submitted to WINGS platform by the interested participating entity; then once it is submitted on the platform, they are assessed, evaluated, and projected by WINGS token holders; During this evaluation period the participating entities are allowed to send improvements to the proposal submitter through amendments and these amendments can be voted as well as ranked.
After that, whichever proposal amendments have obtained a higher amount of votes or ranks, those proposals are directly assimilated in the WINGS Platform and its reward mechanism. Thus, after successfully completing this forecasting process, the selected proposals will naturally become one of the fully activated WINGS DAO projects.
This stated activation procedure comprises of generating a new DAO project’s unique set of DAO smart contracts and digital tokens to start its backing procedure, which will enable the project to collect funds directly into its individual smart contract; Soon after completion of this backing period, the new DAO projects can start functioning according to its Smart Contract’s regulating model and rules.
Role of WINGS in DAO projects
WINGS platform is principally formed to facilitate DAO, and it also performs a vital role in DAO projects such as:
- Launching and Managing the new DAO projects.
- Maximizing the volume of resources, attention, and the marketing that the projects require and obtain to become a success.
- Obtaining assessed quality proposal for implementation.
- Its hybrid decision-making process facilitates quicker, more effective solutions for challenges encountered.
- It plays a vital role in expanding community involvement in DAO projects for ensuring optimal collection of funds by the project as per the implementation targets set in the project’s proposal.