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Government Blockchain Association to Issue Its Own Token

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Sun, 7/10/2018 - 9:13
Government Blockchain Association to Issue Its Own Token
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Government Blockchain Association (GBA), a non-profit organization which connects industry professionals to work on Blockchain solutions for the public sector, has recently released a whitepaper of its new token. According to Forbes, this could be a stepping stone for a new tokenized ecosystem.

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Tokenizing everything

We’ve already seen tokenized tropical islands, but this is the first time when a business association launches its own token. As of now, GBA has nearly 4,000 members (both from the public and private sectors).  

This is not a fundraising effort since it doesn’t have anything in common with traditional ICOs. The white paper states that the GBA token will be used for creating a reward system inside the association. 25,000 tokens will be allocated to the community members for their different contributions (giving speeches, organizing meetings, etc.). GBA’s Gerard Dache claims that this is a good way to compensate the efforts of early members who didn’t get paid and incentivize new members as well.

A democratic approach to governing

The tokens are going to be distributed according to the community rating with the help of smart contracts, which would help to eliminate fraud and the possibility of a human error. They can be used for paying membership fees (which range from $49 to $5,000 per year) and receiving training, certifications and so on.

Traditional trade association is usually dictated by those who shell out the biggest amount of dues, which stifles the voice of all the other members. The GBA, if the experiment proves to be effective enough, could become a staple for such groups by allowing everyone to have a say in a decision-making process.

The distribution of tokens, however, definitely won’t be seamless due to legal concerns (GBA has to deal securities regulators in different jurisdictions). At the same time, Dache points to the fact that a tokenized economy won’t be embraced overnight, claiming that it’s a “decade-long experiment.”

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