About Modern Job Trade — A Day in The Life
In this post, we’re going to exemplify the everyday life of a Nomad member. A Nomad may use the network to participate in the internal market, participate in governance, or network development.
Internal free market
The free internal market is where Nomads trade their competence and services. Let’s look at some examples.
Staffing: Nomad A has secured an eight week engagement as a tech lead ($4000/week), but also requires a frontend developer ($3000/week), and a cybersecurity expert ($1000/week) to deliver the project. Nomad B is a frontend developer normally billing $2000/week and Nomad C is a cybersecurity expert billing $900/week. Both are available. Nomad A buys Nomad B for $2500/week and Nomad C for $950/week with Nomad’s split smart contract, and together they deliver the project. The client pays a total of $64.000 of which $3.200 is exchanged for tokens with Nomad’s treasury, $34.580 goes to Nomad A, $19.000 goes to B, and $7220 to C.
Auction: Let’s follow B, but adjust the case. Front-end developers are in demand. Both Nomad A and Nomad D are interested in buying B’s services. A has the same $3000/week contract, but D has a $3500/week contract.. Instead of agreeing on A’s $2500 proposal, B creates an auction with Nomad’s auction smart contract. A, D, and any member of Nomad can bid for his services. D offers $3100/week and wins the auction.
Governance
The governance process is where members make strategic decisions for the network through a voting process where votes are weighed by the member’s share of governance tokens. For smaller decisions, the network also supports off-chain governance — a process similar to that of an open source project. Let’s do some examples.
Recruitment: We’ll follow the examples from the free internal market. Right after A loses to D in B’s auction, member E proposes candidate X for membership in Nomad. X is a front-end developer. From A’s experience, Nomad needs more members like X. Other members of Nomad agree, and vote to accept X’s membership.
Treasury Fee: Member C thinks that the treasury fee of 5% is too high. He is considering conducting his business outside of Nomad. He proposes to lower the fee to 2.5%. The proposal gets a majority vote and the treasury fee is changed on-chain.
Treasury dividend: The treasury has excess capital and member B proposes to pay it out in dividends to token holders. The proposal goes through and both Nomad members and external token holders receive their share of the pie.
Network Development
Network development involves both the governance process and the internal free market. Here, the combination of the Nomad’s available capacity and capital is utilized.
First, member A proposes that Nomad develops a given product, attaching product documentation if needed. If a majority of the network agrees to the need of this product, an auction is created where members B, C, and D bid to win the project. Member D wins the project with a bid of $20.000. He completes the product and receives the $20.000 from the treasury.
Let’s look at some possible products Nomad may end up developing.
Sales Channel: Nomad launches without a sales channel. If the demand for Nomads grows, the members might find it beneficial to refer all inquiries to the same channel. This might be a simple postbox, a database where customers can bid for Nomads, or an entire marketplace. Who knows?
Smart Team Matching: an engine that simplifies the process of finding available Nomads for a given project.
Home Office Co-sharing: A marketplace where Nomads can rent and rent out their home office to other Nomads.
There are multiple examples of products freelancers may find beneficial that Nomad may end up developing. But what if a Nomad has an idea that’s not directly relevant to freelancing? Could Nomad act as an incubator? Yup. How? Let’s find out in the next post.
