Government Blockchain Association Plans to Start a GBA Token for Community Members
The International Government Blockchain Association Wants To Launch The GBA Token
Government Blockchain Association (GBA) wants to launch the GBA token. This token will incentivize positive contributions to the GBA community. While no one has attempted to introduce a token based on an association, GBA has a belief that this token could make it possible to create a self-sufficient and distributed economy.
When the GBA tokens launch, it will be used to reward GBA members, contributors, and leaders for their activities in the community. According to Forbes, if GBA succeeds, it will be the first business association to launch a digital token.
The First Of Its Kind
On the GBA website, the association says it is a US nonprofit, which connects blockchain solutions to problems in government organizations. Their goal is to promote and encourage the adoption of the blockchain in the government. GBA has thousands of active members that range from the blockchain sector and government organizations. It has 70 chapters globally.
This token will reward people when they perform an activity that has value to the community. The events include being a chapter leader, delivering presentations, publishing articles, and creating useful content. With time, public exchanges can receive the tokens, and these tokens can be paid out on services on GBA such as joining GBA, working on projects, training, and becoming a member of a public-private partnership. The aim is to reward people for positive contributions to the community.
The Four-Pronged Approach Of The Token
According to GA, the token will be an ERC23 token that runs on the Ethereum network. These tokens will not be available for release through an ICO. Instead, GBA will issue a billion tokens into the economy over ten years. These tokens are distributed using smart contracts, which are triggered by measurable metrics like community rating. GBA uses smart contracts to avoid the risk of fraud.
While the tokens can be used to incentivize good behavior, the project will use a four-pronged approach. First, they create an incentive-based economy, which is self-sufficient. The economy will make it possible for the community to flourish from positive contributions of the members.
Secondly, it is an excellent use of the blockchain, because it demonstrates how large organizations can leverage a similar incentive-powered model. Thirdly, it will enable GBA to transform and become a distributed autonomous organization. Finally, it is a great method to test the long-term of this organization, which is to use a token to fuel intergovernmental transactions.
Questions Raised About GBA Tokens
Many crypto coins in the market have low or no value. There is a concern that this token may not succeed. However, GBA has a belief that since it already has a vast membership base; it has the network and community needed for a token ecosystem.
For their ecosystem to work, Forbes reported that the user network is essential. The network will need to be large enough to generate the moment and fuel demand for the crypto token. Since the GBA tokens will incorporate in an existing system, it will exist as a utility token. The result is that it will not need to register as security.