TL;DR: One step towards building better DAOs is tokenizing our time and building markets where people are paid more fairly is tokenizing individuals time. You can now buy my time as token on Ethereum.
The business model for consulting agencies is mostly wage theft
Living in Washington, DC, many of my friends and folks I know in the area are consultants for the government or other large organizations. They do their work and contribute to a business or towards a goal, and take home some pay. Usually, they get about half of what the organization they’re working for actually paid to have that work done. The rest goes to Deloitte, KPMG, Booz, or what ever company is their real employer. The consulting company. Most people are fine with this, because the consulting company provides health care, organization, writes proposals, admin support, etc..
But we have proof that these services aren’t nearly as valuable as the money they are making on the backs of their employees. The proof is their total profits, and the huge margins that they make on each individual. The difference is so large, it’s unfair to workers.
The first step to creating successful autonomous organizations, where everyone is paid fairly, is to tokenize our time.
I dream of a future economy where we all make money in accordance to our contributions. Instead of a huge conglomerate making more money on our time then we do. I want to create Decentralized Autonomous Organizations (DAOs), where people are paid for the work they do and goals are reached as teams. Instead of taking money out for profits for a few people at the top, like consulting companies do, workers are just paid more, and additional funds are put towards accomplishing even more goals.
There are lots of great projects out there working to build the DAOs of the future like DAOstack and Colony. But to have successful organizations that are actually accomplishing interesting goals the DAOs will need to access & hire lots of different types of people. Developers, Marketers, Copy Writers, Researchers, etc.. The best way to pay those workers instantly, and tie their work directly to a market governed by supply and demand, is to tokenize workers’ time. This way their pay rate is fairly set by the market, developers and marketers can auto-magically swap services, and DAOs can purchase a number of hours in advanced.
Eventually I hope to see a marketplace for Hours of Time of all people. Something without huge fees being taken by sites like Fiverr or Upwork. Where DAOs can easily hire many people and get groups working toward shared goals. Today I’m launching the first version of this, but tokenizing my own time as a token on ethereum.
My Tokenized Experiment
In a given year I will spend about 3,000 hours working on projects, ideas, and inventions. Since 2016 I have been freelancing and have built projects for individuals, agencies, startups, friends, fortune 500s, indie hackers, myself, plants, and animals. My freelancing rate is generally about $85 / hour for any kind of development work, and my calendar is rapidly filling up for 2020.
I thought it would be interesting to Tokenize my time. Right now you can buy any amount of hours of my time using Ether, the native currency of the Ethereum blockchain. Owning one of these tokens will entitle you to 1 hour of my time, whenever you choose, in 2020. I will do any sort of development work, or we can have tea for an hour, or go make sandcastles together at the beach. It’s up to you if you control the tokens. Hopefully, this will enable a few interesting things to happen:
- My time can be sent as a gift to someone else.
- People can secure some of my time doing development work before they know what they need me to work on exactly, so I won’t get busy with other projects.
- My time can be traded for other assets, or even someone else’s time
- My time is limited, and as the year goes on and tokens are redeemed or stored, the scarcity of my time may cause price fluctuations.
Want to make your own time powered token? I’m using a simple ERC-20 smart contract (from Open Zeppelin) and serving liquidy with Uniswap. If you’d like help setting that up, just message me and I’d be happy to lend a hand.