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An increasing number of employees are leaving 9-5 corporate jobs to work for the DAO. While money is great, DAOs tend to fall into a legal gray area, and it can be difficult to get your foot in the door.
Royal Melbourne Institute of Technology Blockchain Innovation Hub researchers Natalia Ilyushina and Trent McDonald walk you through how to get started.
this year The dynamics of the two emerging workforce can come to a head. Twenty-one million Americans will quit their jobs in 2021 – “great resignation” Era – After an extended experience of working remotely during the COVID-19 lockdown and dissatisfaction with the conditions to re-enter their workplaces.
One Reported in 5 workers Intend to quit your job in 2022. At the same time, the peak number of members of decentralized autonomous organizations was 3.4 million at the beginning of August 2022, with more than 140,000 new members joining in July 2022 alone.
Although the “short stay” in the DAO is less than the great resignation, we may still wonder if these two trends are connected in some small way.
for one, Demographics The two groups are surprisingly similar: workers are typically between the ages of 30 and 45 and are most affected by the tech industry. Secondly, DAOs are digitally native organizations and are inherently suitable for many disaffected workers looking for new remote employment opportunities.
So, why are people migrating from working in traditional corporations to becoming digital nomads working in new settings like The DAO? Could this be your next career step?
DAO is a new form of organizational structure that provides an alternative Corporations. For workers, the key difference is the horizontal structure, where there is little formal hierarchy and no boss.
DAO offer revolutionary new employmentOwnership: A hybrid of traditional employment, freelancing and volunteering. Each member is a boss and a worker (both paid and unpaid) and is free to contribute as and where they see fit. Each member is free to choose how much time they wish to spend working, voting and participating in discussions. Furthermore, one can be a member of multiple DAOs and choose how much time and effort they give to each.
According to DeepDAO, many of the top DAO contributors are simultaneously members of dozens of DAOs, of which the largest number of contributors are currently part of it. Over 80 DAOs, In other words, employment in a DAO is flexible, discretionary, overlapping and deregulated.
DAO employment offers a lot worker flexibility Due to the digital, remote and asynchronous nature of DAO operations – in terms of their overall supply of labor, working hours and variety of tasks -.
possible today hire Working for one DAO or multiple DAOs, some earning as much as $300,000 per year in 2021. A survey of 422 DAO members conducted by Gitcoin and Bankless showed that half of the respondents were able to earn a living by working in one or more. DAO.
a long road to pay
However, remuneration rarely comes in the form of a traditional salary and is usually paid in tokens. Furthermore, the moment someone starts working for a DAO and the moment they get paid can be two completely different points in time.
Here’s what working development for a DAO typically looks like. The moment someone joins a DAO (usually by purchasing a token), they can start contributing by participating in a community forum (often on Discord) and voting (using Snapshot or something similar). At this point, however, there is a slim chance of getting paid. As someone’s reputation grows, the DAO community can reward them based on discussions and participation KPIs (usually via airdrops).
Once a member has familiarized themselves with the DAO and proven their reputation, they can begin contributing to the core DAO project. At this stage, it is usually in the form of completing a reward: a small, disconnected task. The reward is paid out and leads to further accumulation of prestige and DAO-specific skills.
Not everyone is skilled enough to work for one #DAO… just.
A DAO in its current form requires skills that not everyone has, and that’s okay. I
Lots of ideas are still being tested, and there won’t be a single way of working in a DAO, there will be many.
— ivanlozada.eth _⚙️ (@ivan7538) 6 September 2022
The next step is to secure a part-time or full-time position within the DAO. While relatively rare and hard to obtain, these jobs are very well paid. Long-term or ongoing positions such as those typically associated with the core operations of a DAO project: for example, the role of a software developer in a protocol DAO or a graphic designer role in an NFT art production DAO. If someone does not wish to have a fixed arrangement, they can continue to contribute when it is convenient, and the peer review process will decide how they remunerate the value added to the DAO.
The transition to work for the DAO is a different story – for example, an Anon dev named Squalch told Cointelegraph that he went through this entire typical lifecycle of DAO employment in just one week.
Before joining the DAO, they Built Carbon Markets trading exchanges and natural disaster insurance, worked in investment banking, and “helped create an alternative interest rate benchmark for LIBOR called Americacore, and ran an InsurTech company.”
They’ve been interested in blockchain since they first heard about bitcoin in 2009, but it wasn’t until the summer of DeFi in 2020 that they started spending every moment learning about the protocol and smart contracts.
It was still a huge leap to give up his liberal financial services job, but when he saw a job ad for Tracer DAO (now Mycelium) he saw someone creating a decentralized derivative. After interacting with the Tracer people, it is revealed that they idolized Richard Sandor, who was Squelch’s advisor.
“I jumped on a call and told them about my experience, and they asked me to be a free type consultant for the project. Within a week, they asked me to join as a full-time paid contributor. and a week later, asked me to run a core team providing services to the DAO.
Despite earning big money in his previous role, Tracer DAO Chat did not make money, and it rarely comes across as the main motivation for joining The DAO. Most say the appeal is no longer working for the boss. The absence of a hierarchical structure fosters teamwork and a sense of being part of a community. DAO contributors often refer to the fairness and transparency of the organization. They work like activist groups that work via blockchain in which each member has a say in how to reward the work of others. The community makes all the decisions.
“The collaboration-maxi nature was a welcome breath of fresh air,” Squalch says.
“It is interesting that you are connecting and collaborating with people who are passionate about the same ideas and ideals. However, the challenge is creating coordination mechanisms and incentives so that everyone can help solve these goals. working together for.”
they go on adding, “Even with the struggle of working in a DAO structure, I see them as an incredible tool for helping people bring things together full-time, part-time, and every now and then.”
Irregular hours and no job security
The benefits of decentralization and regulation also come with risks.
Work flexibility comes with a lack of job security and employment entitlements. Like rideshare drivers and other gig economy workers, who work whenever they want but often do not receive the same rights as standard full-time employees, DAO workers are not guaranteed sick, maternity and annual leave provisions.
Aaron Lane, a blockchain law expert at the RMIT Blockchain Innovation Hub, says that working for The DAO is currently in a “regulatory gray zone.” “There are established legal tests in most jurisdictions as to whether someone is treated as an employee or an independent contractor,” he says, “that organizations structured as a DAO cannot limit their liability based solely on that structure. ”
DAOs are not protected from other issues, such as workplace discrimination and harassment, but their deregulated nature does not readily allow the prosecution of those practices. After all, under which jurisdiction does the Global DAO come under?
Hustler’s guide to working $1M+ for DAO or Web3 projects.
10 DAO Commandments
— The 7 Figure Crypto Consultant (@BowTiedDAO) 3 September 2022
The lack of job security and legal framework may discourage women from joining if they are concerned about the lack of provisions for career or maternity leave as well as the overall perceived high-risk nature of the industry. There is no data yet on those issues, but it may be a factor in the lack of gender balance in the region. An unbanked survey of DAO members found seven times more men than women.
But Lane remains optimistic: “While critics may say that workplace rights are likely to be eroded under the work-for-the-DAO model, workers have a lot of power, as blockchain and crypto skills are in high demand, And this new technology may actually allow new forms of collective employment terms to emerge.”
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While DAO employment still needs to be more clearly defined, there are significant benefits, and it is only set to increase through 2022. The new employment relationship is attracting talent by providing flexibility, transparency and ownership with the potential for generous remuneration.
And some of the risks posed by the unregulated nature of DAO employment have yet to impede growth in DAO membership. How this all plays out in relation to the great resignations is still unknown, but the DAO is picking up at least some of the slack in terms of employees moving away from traditional corporations during the pandemic.
Read more: How to Bake Your Own DAO at Home with Just 5 Ingredients!
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