Q.) From our community Telegram it was asked by Acheever (@Acheever): "Please, what’s the use of GEN tokens on DAOstack?"
A.) Answered by @matan [DAOstack Architect/CEO]
GEN is a skin-in-the-game token.
The GEN tokens are used for stake on predictions about the fate of proposals made in DAOs that are using the DAOstack platform.
This prediction game/market is critical for enabling a large-scale, resilient and decentralized decision-making / governance process.
From another angle, GEN is the “gas” token used to purchase human collective attention (rather than the ETH “gas” paid for computers collective attention), that is attracting predictors to screen (and stake over) proposals, and by that out-source the navigation of the collective attention to an open market for greater efficiency.
P.M (@lovemecrypto) followed up with: “@matan just to be clear - for the genesis DAO - you guys are managing funds that were raised? As in investing it” If so. Investing in what specifically? Other crypto projects?
Funding any activity that supports the DAOstack ecosystem.
Starting from small tasks in line with the DAOstack project (bug findings, small dev tasks, content writing and what not),
then to developing more components and tools that will integrate with the DAO stack (more governance modules, improving API layer, reputation systems, browsing interfaces, wallets, social identity integration, other external integrations -Slack, Trello, Github, etc)
then to developing and integrating new interfaces with the DAO stack (wether for particular DApp use cases or new interfaces for DAOs such as Alchemy),
to developing DAO projects that will be using the existing interfaces (such as Alchemy).
Anything that will support the growth of collaborate decision-making using the DAOstack platform — with GEN staking enabling all that, directly or indirectly.
Tahtapot (@pulsarx) followed up with, "[Y]ou can reveal very good software but if the token is worthless, nobody will see it."
it’s not just a good software — it’s a software, and an ecosystem of softwares, in which GEN will be used as a utility token. So far, pretty much all tokens values are increasing from pure speculation (ETH and BTC are the exception which actually have utility, and that’s exactly why they’re leading). We intend on making a real utility value for GEN, and we’re intending on making it in the near future. All the rest (which I don’t disregard) is pushing on speculation. The real thing is building products that require GEN as a real utility, and growing their adoption. We’re very committed to our backers, also at the short term, but mostly looking at the long run.