Although WallStreetBets began as a grassroots movement with no formal hierarchy or leadership, it continues to shake the established financial industry.
WallStreetBets announced its intention to use blockchain technology in an application for individual market manipulation. The group went from being an offshoot of the Occupy movement on a Reddit page to a global phenomenon that seemingly happened overnight.
WSB rose to prominence after paralyzing hedge funds by briefly squeezing GameStop in a coordinated manner. Now WallStreetBets is entering the app market.
The informal group is taking a big step towards blockchain-based funding, a departure from the group’s original goal of ending dependence on corrupt financial institutions. The step is presented as their new application called WSB DApp. The official website page indicates the intention of the group to make their voice heard through the decentralized application:
“The BMS movement for financial democracy started on Reddit and has grown into a global phenomenon. This is why (we monkeys) created a decentralized app to give our community a tool to voice their opinions as retail investors. The WSB dApp solves the problem of fees and market manipulation that have only benefited centralized financial institutions over the past 100 years. “
WallStreetBets Founder Jamie Rogozinski added: “Merging blockchain technology with financial markets is the next logical step for finance – and not just for Wall Street, but other countries as well. This will lead to stronger and more democratized markets and empowering people around the world. “
Community voting platform
The website explains that the application is intended to be used as a platform for collective voting on ETP decisions. Funds will be awarded solely based on the opinions of the voters. This is made possible by the Decentralized Autonomous Organization, or DAO, and will allow any retail investor to access the FTE.
The DApp will be managed by a dedicated WSB control token. Users will be allowed to hold tokens and use them to vote on rebalancing and disclosure efforts. Signing a transaction using WSB tokens is a way of voting during predefined voting cycles.
DApp was developed as a result of collaboration of some of the big names in the WallStreetBets community with blockchain and fintech experts. The ETPs they developed have a similar function to index funds in that they provide clients with access to several different assets. The difference with FTEs is that they can operate in a completely decentralized space.
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