*licks hot sauce off of thumb*
“MM...mm...these wings are SO good.” Aaron said with his mouth half full
“Aaron, you’ve eaten like 25 wings so far, relax, you're hangry…”
“MIKE YOU RELAX...LETS TAKE A VOTE ON WHO THINKS I SHOULD STOP. OH WAIT WE’RE THE ONLY TWO HERE NEVERMIND” exclaimed Aaron…
“Vote? Wings? Are you thinking what I’m thinking, Aaron?”
That’s right folks, another cringy intro for today’s review: Wings!
Let’s dig in…
Wings (ticker: WINGS)
Wtf is this shit?
Wings is a project that allows members to take part in decentralized autonomous organizations (DAO's). In other words, projects can be submitted to the DAO (much like people sending their ideas to VC firms), and DAO members (anyone holding WINGS) can vote, speculate, and support projects.
A couple of interesting aspects to the WINGS token is that it entitles investors to a share of the projects’ future profits (distributed through smart contracts) and allows investors to take part in future decisions and direction the company may take.
Now...as you think about this concept more deeply, you may ask yourself questions like…”what if lots of shitty proposals are submitted to the DAO” - “What if there is spam on both the proposals side as well as the members/TOKEN holders?”
There are mechanisms in place that will *hopefully* achieve what centralized investment firms achieve. Said differently, there are mechanisms in place that will help:
- Weed out shit proposals
- Reward good investors
- Penalize spammers and bad actors ← this is interesting, translating an idea from a centralized form to decentralized form generally actually CREATES this new problem. It is something that is much easier handled in a centralized entity (arguably). The upside to all of this, of course, is that it financially empowers the average person who can’t invest in startups….with good comes some bad. Something to think about. On a tangent now...
ANYWAYS…let’s go over some of the basic mechanisms in place.
The beauty of decentralized networks is that they create new possibilities and perspectives to reach consensus using different tools. In the DAO context, Wings emphasizes their incentives-based approach. Users who submit projects to the DAO, and members who accurately forecast a DAO project's success (or failure) to hit milestones and become profitable are rewarded.
They heavily rely on investors/members to make ‘forecasts’ on proposals - this helps both eliminate shit projects, as well as reward members who make accurate forecasts. Forecasts can be general predictions on future success if the idea is viable, when they will be profitbale or hit specific milestones, etc..
Members who forecast accurately and consistently are rewarded with WINGS...additionally, members can give tokens to highly reputable members (basically delegating) to vote on their behalf. This CAN create a bad cycle, giving few investors too much power, but let’s see how it plays out.
The more accurate a forecast, the better rating they receive, the more inaccurate a forecast, the more the member rating will decrease. Forecasting is done at particular times during forecasting rounds.
If a PROJECT proposal does not get much attention then the account can receive a decreased rating, as well as a lesser project rating. If a project is marked as spam, then the account which submitted the project will have a decreased forecasting rating as a penalty.
Lastly, we want to talk about how they handle Sybil attacks…..a Sybil attack is an attack in cyber security where a reputation system is f****d with by forging identities and spamming the rating system. Now...with forecast ratings, the number of WINGS and reputation gained or lost by each account also depends on the number of WINGS they hold...so spamming the network with minimal or no WINGS (other than paying for the network fee), will result in a negligible different in rating. Ultimately, to prevent spamming and power its smart contract’s, there will be a token fee associated with each action. To forecast or submit proposals requires a higher fee.
To reiterate, WINGS utilizes an incentive-based model to reward and penalize different users in the DAO ecosystem...in the end, the goal is to penalize bad projects, bad actors and promote good/skilled investors and projects/teams.
There are other details in the whitepaper where they discuss security measures to prevent against another DAO hack (for those who remember the DAO hack on the old Ethereum chain).
Anyways, you now should be able to visualize what it is they are going for: a reliable, trusted, p2p DAO. WINGS are used to vote on projects, submit projects, satisfy transaction fees, as well as trade on the open markets where they are listed.
Who tf is behind this shit?
The founding team is five experienced individuals (mostly from Russia-ish it seems). Their core developer is Stas Oskin, who according to his LinkedIn is based in Israel and has spent the last 15 years in a CTO role at multiple companies. His two current projects are Wings and another company called eyecam, a “cloud-based video electronics start-up”. Yes, it is spelled with a lowercase “e.”
All-in-all, mid-tier shitcoin, they have a loyal community and decent backing. The DAO niche is gaining lots of competition, let’s see how they do.
Hope you learned some shit and make sure to follow us on Twitter!
- Mike and Aaron