New York-based tech company TQ Tezos hasÂ announcedÂ Homebaseâ€”a new project that allows Tezos (XTZ) users to easily set up and interact with decentralized autonomous organizations (DAOs) to establish a community governance structure.
The price of XTZ reacted quite positively to the news, surging by over 20% today on the heels of the announcementâ€”up to $3.37, according to crypto metrics platform CoinGecko.
As the name suggests, DAOs allow various decentralized projectsâ€™ users to take an active part in the process of decision making and vote for new proposals.
Per the announcement, Homebase is built on a new smart contracts framework called BaseDAO which allows users to create and finetune DAOs that will govern resources, registries, or rules.
â€œA proposal executed by a BaseDAO can be as simple as transferring some funds to an address or, like Tezos, as complex as updating the DAO to an entirely new set of rules,â€ the post explained.
For example, a template called TreasuryDAO allows communities to manage treasuries while RegistryDAO enables governance of arbitrary smart contracts, TQ Tezos explained. The governance process comprises two stagesâ€”a proposal period and a voting period.
â€œInitially, Homebase will support the core behavior requested by users and the community: parameter selection (e.g. similar to Compound) and treasury management DAOs,â€ said the announcement, adding, â€œOver the coming weeks and months, weâ€™ll be enhancing and extending these templates for new exciting applications such as fractional ownership of NFTs and DAOs for simple off-chain vote signaling like Snapshot.â€
Tezosâ€™Â major upgrade â€œDelphiâ€Â went live last November, allowing to speed up transactions and reduce fees.
Currently, Tezos developers are also working on the next upgradeâ€”dubbed â€œEdoâ€â€”which, among other things, will introduce Zcash-like privacy features to the blockchain.
A Grayscale Tezos Trust?
In addition to the DAO announcement, rumours have been circulating about a new Grayscale Trust for Tezos.
Grayscale InvestmentsÂ is the worldâ€™s largest crypto asset manager and investment platform. It holds over $25.5 billion worth of various cryptocurrencies (mainly Bitcoin) over nine â€œtrusts.â€ Its products are some of the only regulated crypto-offerings to trade on public markets in the US.
A Tezos trust would work in a similar manner. Grayscale would hold a fixed amount of XTZ per share, and accredited investors would be able to purchase it via regulated OTC brokers in the US.