DAO Labs Statement
It became painfully obvious that Venture Capitalists are unjustly benefiting more than loyal community members. VCs receive the most favourable vesting and hefty discounts in rounds that will remain forever closed to average retail users. Unreachable to the creators, the networkers, the designers and developers. Actual value has become secondary. This toxic environment acts as a catalyst allowing for a steady influx of shady projects on the market without real product and proper vetting. This crypto waste is then being released to an uneducated/oblivious retail user base, that has to pay the bill in the end. The assumption that crypto projects need VCs to open doors is false, this industry is nothing like Silicon Valley, it’s an open world where ideas and implementation counts. Blockchain gifted us with these tools, accessible to everyone, it doesn’t need old white money to pave the way.
Dao Labs is on a mission to create jobs by building a new generation of Labour and allow everyone, no matter their status, an opportunity to become stakeholders with their individual share defined by the quality of effort and time channelled into the project. This approach has been tested and proven to work since the implementation of the AVAX Social Mining Platform back in 2019.
Social Mining is leveraging on a network of contributors bringing in their diverse skill sets to make a product successful. The community becomes the team. DAO Labs advocates for a fair distribution of value to lift those up who find themselves at the bottom of the pit, those who are involved in manual contributions in making things happen but only get a small fraction compared to the Venture Capitalists and their inbred offspring. DAO Labs believes that the users in the trenches that add more value should receive bigger dividends than VCs who do virtually nothing but harming projects by dumping their gains on the secondary market.
DAO Labs will place users first in line for rewards for their loyalty to the project, time spent working on it, and the points they earned through Social Mining. V1 can track the work hours spend by every user, user reputation determined by the quality of work and points which translate into the quantity of work for every individual contributor. These factors will influence future payments and token distribution. By implementing and constantly improving data-driven and time-tested metrics, the system effectively records time allocated to projects and interaction with the platform to decide payments.
DAO Labs strives to stimulate the rejuvenation and growth of the cryptocurrency industry through Social Mining V1 and the genesis that is Social Mining V2. The features of the Social Mining SaaS are geared towards making it easy for decentralized jobs to be created and accessed without the overbearing presence of venture capitalists. To this end, DAO Labs has proposed the following:
The Initial Labour Offering
The ILO, The Initial Labour Offering, serves as a mechanism allowing users to be fairly rewarded for their work making a project successful. This means first and foremost controlling or at least guaranteeing that projects are not overvalued. Good cryptocurrency projects will always raise funds easy. Projects utilizing existing blockchain technology, on average, do not need to raise more than $1 million to run. However, there is now a proliferation of projects with no value, standing at around $100 million valuation.
All ILO projects will have either a functioning MVP or the technology and human resources in place to ensure the product roadmap is being held in the highest regard. Delivery and real use case implementation is sacrosanct.
Last, we won’t allow any VCs. There are many reasons projects fail but VCs mark the single most evident cause of failure. Many Tier-1 exchanges already blacklist certain VCs and will not allow projects, who include them in their cap table to onboard. The reason is simple, their retail user base is the backbone of every good exchange. Once the VCs dump their gains due to unreasonable TGE or Vesting conditions, the exchange loses users and the users lose their money, which goes into the pocket of the Venture Whales who have done nothing but sabotage the product.
Users can apply for one of 10 jobs, are being validated and then assigned work. The generated contributions are worth the desired allocations if the before agreed on thresholds and ETAs are met. This means twofold:
1 ) Companies don’t have to spend budget on hiring contractors to do the work. They can effectively decentralize their tasks to the community that understands and already took a liking in their mission. The most qualified people are being selected to do the job and are being paid in allocations. It also means that influencers and KOLs, for once, can be streamlined and controlled.
2 ) Users can level up, do more jobs as their Trust Count increases and keep growing their Performance Index Score, carry it over to different projects and are thus eligible for higher yield on their desired projects’ assets once they show value to the projects and earn their acknowledgement as contributors. They become invested micro shareholders. This works with new start-ups and established top 100 Coins. The bottom-line is, if we can showcase that a user is ROI positive, meaning the user contributes more than the user costs, he/she should be eligible for higher yield than otherwise offered on the free market. This counts for influencers more than for everyone else as the amount of money they generate stands in no context to whatever compensation other contributors receive. Based on our agreements and client base we are able to offer users more than 3x on the yield they can receive as current industry standard for future ILOs and top 100 Coins.
The RAFT — Value To Equal Rewards
The more users engage in completing different tasks, the better the terms they get. The terms will be recorded in a RAFT, a Reserve Agreement for Future Token. So people will be able to leverage their abilities and plan their interactions on the platform. Rights to future pay-outs will be fixed according to time spent on the platform, reputation and points earned.
Community Structure And Outlook
DAO Labs is overseeing Social Mining as the Motor for all future ILO with its team of experts who have worked on DAO Maker, NEM, QTUM, CELO, EOS and other notable projects. DAO Lab’s own LABOR token will be the connecting link to reward contributors across top 100 coins and aspiring start-ups aiming to change the industry for the better. It will govern this new ecosystem of merit based contributions and help connect small but promising players to old established Blockchains. Their will be no deflationary use of the token and no VCs will be allowed to partake in the sale.
2022 Outlook and Milestones
Social Mining V2 will work and keep evolving with the support of several grant programs and input of our advisors from several top 100 Coins. DAO Labs has set many objectives for the first quarter of 2022. Notable milestones include the introduction of the previous mentioned enhanced multi token benefits or Collective User Performance Yield — CUPY.
21st Century Jobs, which go hand in hand with allowing users to work on multiple platforms simultaneously. Generating a positive spill over effect benefitting a) the companies and b) their user’s mobile income, which has become much more relevant during the turmoil that Covid19, negative Interest Rates and Dysfunctional World Politics have created.
The User Performance Index, which allows users to level up and climb the ladder of new decentralized merit based investment allowing users to generate more income through allocations by truly providing value to projects. This is being validated by a DAO and will be based on a group of interchanging Validators and by our modification of Quadratic Voting to follow in Vitalik Buterin’s footsteps and his Quadratic Funding.
The DAOverse V2 platform will provide the project participants with a project pool feature that they can fund by themselves. This ensures that the majority of funding and rewards are kept within the community and not received or given to some venture capital firm as these are not actively included and whales voting weight is kept small due to our Voting Metrics. Quadratic Voting will effectively influence Quadratic Funding in the breeding of Micro ILOs. The Social Mining feature also provides for community members to engage in organic marketing of these self funded assets through direct integration of all relevant Social media platforms, effectively self- monetizing everyone's Social Media Contributions instead of spending the bulk of investments on marketing agencies or KOLs.
Finally a Social Mining Mobile Application allowing for users to accelerate their work speed and Social Media contributions through a swiping mechanism that makes it easier to navigate and source valuable contributions.
We are determined to change the crypto currency industry for the better, we are neither Bitcoin maximalists nor Altcoin Shillers but instead united by our hatred for Venture Capitalist Firms and love for the community of builders and creative minds that Crypto truly is. Join us in our Mission
Future Projects to be part of this conglomerate for the people to form this Super DAO will be Polygon Social Mining, QTUM Social Mining, and WAX Social Mining. Stay tuned for these platforms and many more to launch in 2022.
