2017 has been a brilliant year for cryptocurrency development so far with dozens of altcoins and crypto projects coming up. On one hand, where such massive progress gives way to physical and practical implementation of a multitude of ideas, it gives way to a myriad of choices on the other. In such a situation it often becomes difficult to decide where and where not to invest. WINGS, however, has stood out carving its own niche. From the beginning of 2017, it has always been featured as one of the top new altcoins investors should look out for. From January to June its popularity jumped up and down and has recently stabilized at a market capitalization of $56 million.
As mentioned in an article on BitcoinMagazine, “WINGS can be described as a mix between DAO, Augur, and Kickstarter, allowing project DAO governance, prediction markets for startups potential, and a decentralized crowdfunding platform. More than that, the WINGS team is building an international community in the crypto space where members can build trust while evaluating new projects and funding those they like.”
WINGS is aimed at solving the problems of traditional crowdfunding platforms while bringing innovation and opportunity through the blockchain technology. Based in Switzerland, WINGS wants to be the service provider for the necessary tools required for the creation and promotion of decentralized projects. In a nutshell, the WINGS Platform is a third generation blockchain technology crypto-token creation for decentralized application organization or DAO.
What Are DAOs?
Today’s entrepreneurs are part of a decently established interconnected global economy. And yet they face many different hurdles in establishing in truly imprinting their footsteps globally. The challenges range from adapting to language and cultural differences, establishing trust, enforcing contracts, navigating between varying regulatory regimes, having an adequate quality workforce to accessing capital assets globally.
Here, combining a decentralized blockchain with the capability of a flexible smart contracts engine it enables the public to form a new type of organization – Decentralized Autonomous Organizations (DAO). DAOs can lower costs for trust and contract enforcement, provide a global network to bridge across varying regulatory regimes, as well as provide an easier access to a global network of human and computing asset resources. This is the major player that will revolutionize the process of banking, housing, voting, music, and others that can make our lives easier and more productive.
With the recent influx of crypto-currencies ICOs (Initial Coin Offerings) many digital asset enthusiasts have their hands full. The so called DAO (Decentralized Application Organization) and Dapps (Decentralized Applications) are the main features for developing the 3rd generation of digital assets.
In an interview, Stas Oskin – WINGS Core Developer highlighted the need of properly nurturing of DAOs and believes that “Being a novel concept DAOs require a sophisticated platform in order to ensure security, intuitive participation, decision-making and execution of objectives.”
WINGS: Where DAO dreams take flight
As the WINGS whitepaper states, “WINGS is a project backing social platform with incentivized forecasting”, describing an user-experience focused system designed specifically for the curation, forecasting, backing, and governance of smart contracts controlled DAOs running on Bitcoin and other smart contracts capable blockchains.”
The WINGS platform enables anyone and everyone to create and promote DAOs with or without any previous knowledge of coding or legal frameworks. The entire platform will be based on GUI which means one doesn’t need to spend any time on the command line terminal. WINGS will enable project creators to submit proposals to the WINGS platform, and those meeting the approval of the community of WINGS users will be launched for crowdfunding by the community.
The whitepaper suggests WINGS to be a platform which:
(1) permits an easy way to create and submit new DAO proposals in order to start a DAO backing campaign
(2) utilizes swarm intelligence and incentivized decentralized forecasting for selecting DAOs with the best potential,
(3) offers a variety of initial governance systems starting with voting, continuing to the voting delegation, with the ability to make use of forecast markets for DAO decision making,
(4) leverages chat bots technology, for easy engagement, information retrieval, and forecasting,
(5) secures funds and smart contracts using the Rootstock Federation, and
(6) increases decision-making efficiency through AI-assisted DAO governance.
Swarm Intelligence: Whether a new project can fly is evaluated by the WINGS community, by leveraging the wisdom of the crowd, augmented via prediction markets – to provide risk-assessment and potential evaluation. Projects will be scored by the community according to how realistic they are to achieve, how transparent the teams are, and whether their fundraising and other goals are realistic. This is called as Swarm Intelligence.
Chat Bots: DAO participants can get contacted by their chatbot with proposal updates, casting their vote on the proposals and participating in communication with other DAO participants. All backed projects can be contacted through IM bots for better communication and control.
Rootstock Federation: RSK is a smart contract platform that adds a Turing Complete Virtual Machine — a “world computer” — to Bitcoin. The WINGS technology stack will include Ethereum, its smart contract programming language Solidity, the RSK implementation of Ethereum smart contracts as a Bitcoin sidechain, and integrate with a decentralized storage system such as IPFS or Swarm.
As Dominik Zynis, Marketing and Communications Incharge, WINGS says “No other platform so far has integrated DAO technology or used crowd intelligence based forecast markets to help potential funders and project stakeholders understand whether a project will fail or fly.”
This brilliant team led by Stas Oskin, BizDev and Core Developer, consists of:
Math Model Developer
Full Stack Developer
Senior Frontend Developer
Project & Product
Community Manager East Europe
Marketing & Communications
Stas Oskin himself has over 10 years of extensive experience in engineering, development, and management of software, cloud, healthcare, crypto-currency, social products, and services. Stas is an entrepreneur, Crypto enthusiast, and a Life hacker.
His take on WINGS involves “enabling flexible governance for DAOs. We will provide participants of any DAO using Wings the ability to choose among one of several governance models, such as peer-to-peer democracy, liquid democracy, incentivized/penalized voting and probably a simplified form of futarchy. Participants will also be able to change the governance model during a DAO’s lifetime through established voting rules.”
WINGS And Roots
Leading the Wings DAO platform is ChainLab’s CEO Sebastian Stupurac, a visionary entrepreneur who believes in Crypto and blockchain technologies can make vast advantages in a connected world. WINGS is making DAO technology accessible to entrepreneurs and companies who are looking to leverage the global reach of Bitcoin and other blockchains for project funding.
The WINGS token saw just under a $1 million worth of WINGS tokens exchanged on the BTC and ETH markets on its first day on the popular Bittrex and Liqui exchanges, showcasing the popularity of the token among the cryptocurrency and WINGS decentralized autonomous organization (DAO) community.
“WINGS wants to attract not only the backers and project creators, but also and especially those who want to get involved in projects as early adopters and opinion leaders, playing a strong role among their local constituency by providing support for projects, evangelizing, and building their local communities. Dominik Zynis noted that the WINGS team gives priority to getting people involved in supporting projects, over getting more people to start projects.”
But will WINGS fly?
We at ItsBlockchain believe that for any wise entrepreneur and investor, surely it will be a goldmine to invest on Wings platform. There is always an obvious volatility posing as a huge risk when it comes to new tokens, and WINGS has had its fair share of roller coaster ups and downs. But, it has certainly been gaining momentum and attention and is looking like a horse in the longer run.
It might still scale up and down for some time, but as more people become involved in the idea and implementation – WINGS will truly be realized for the greater purpose it plans to serve. WINGS is aimed at solving a real world financial problem and all it needs as of this moment is the dedication of people that will back as it begins its flight. To show your support for WINGS, go check out their website here.