The Function, Use, and Benefits of the CryptoDSP Non-Fungible Token
Each CryptoDSP is governed by the DSPDAO and functions as a representation of “proof of work”. Proof of work that one documented hour of home care services was provided by a care worker A.K.A. Direct Support Professional (DSP) to a senior or person with a developmental disability. The service must be documented and verified within the Optonome application using electronic visit verification which securely provides a unique location and time stamp along with other important information. The service must also be confirmed by the individual business owner with who the care worker is contracted with. Every hour that is documented by a DSP in Optonome and verified, a CryptoDSP is minted on Solana then gifted to the DSP via an airdrop who documented the service for ultimate fair distribution. The care worker then has the ability to hold the CryptoDSP or exchange it in the open market.
You may be wondering, why is the DSPDAO doing this or what purpose does this serve?
To understand “why” this is a needed solution, you must become aware (at least at a high level) of the issues plaguing the home care industry. Historically, Direct Support Professionals have a 40–60% turnover rate for many reasons but primarily due to the low wages averaging between $12-$15 per hour. Business owners cannot simply increase the rate they pay their care workers as the reimbursement rates for each state vary and often have not increased for more than 15 years. As we’re experiencing in today’s market where wages are stagnant and inflation is at a 40 year high, it places even more pressure on DSP’s to find a way to provide for their families, oftentimes resulting in alternative employment with few new DSP’s entering the field. Additionally, the population is continuing to age where 10,000 people turn 60 each day and 90% of seniors would choose to age in place with support rather than an institution. The demand for such non-medical home care services to continue helping seniors, as well as adults with developmental disabilities to age in place, will accelerate.
Many of these factors were outlined in the comprehensive report to the president in 2017 which discussed these challenges and more regarding the Direct Support Professional Crisis. With these pressures in mind, the Biden administration is attempting to pass an additional $150B in funding with the Build Back Better Act. At the time of this writing, it hasn’t passed, yet the statistics in this Reuters article remain true about the impact on the economy. Something needs to change.
Now that you have a quick overview of the urgency behind a needed solution, let’s take a closer look at the CryptoDSP’s. As mentioned, the DSP can hold the NFT to create their own collection or sell it on the open market. When a DSP sells the CryptoDSP they’ve been given, they receive the majority of the sale price. The CryptoDSP is projected to sell between $25 — $50, effectively providing a significantly higher wage. Take, for instance, a DSP works 8 hours where they’re typically earning $15 per hour which would equal $120. In contrast, the same DSP works 8 hours and they sell their CryptoDSP for $25, which would be $200 or a 33% pay increase (not including fees but the point is it’s much more than they are currently earning). As you can see the impact to the DSP can be substantial and it takes no government intervention.
OK, I get it, the CryptoDSP can help the care worker earn more but why would anyone purchase one? We have two different CryptoDPS’s, the “Genesis CryptoDSP” and “CryptoDSP”
CryptoDSP Genesis Collection
- The “Genesis CryptoDSP” is a limited number of unique NFT’s that have been hand-drawn by Dennis the first CryptoDSP artist in the DSPDAO. This collection represents the 100+ clinicians starting their home healthcare business using the Optonome app. This NFT is more valuable than the standard CryptoDSP as Genesis rewards the holder with 1 DSP Coin ($DSPC) each day for 2 years. Being that the $DSPC will be a fair launch coin with no whitelist or presale of the coin, the Genesis provides the best way to obtain early access to the $DSPC. You can read more about the $DSPC here and at the DSPexchange.
We don’t yet know the price of the $DSPC but with strong fundamentals, utility, and real-world impact, we believe the market will decide $1.00 is easily attainable.
2. “CryptoDSP’s” are a store of value and we anticipate this version of the NFT’s to sell between $25-$50 each with collections potentially being more valuable as the DSPDAO meets the home healthcare demand around the world.
3. Anyone can create a collection of CryptoDSP’s which come with rewards. For example a collection of 50 CryptoDSP’s, the holder is entitled to 1 hour of non-medical home care services each week for 104 weeks using the Optonome app. This collection can be used by the holder or gifted to a family member or friend who could use support. Here is a quick example of the value of purchasing 5 collections of CryptoNFT’s compared to purchasing non-medical home care services in the traditional way where agencies typically charge a minimum of $20 per hour.
Examples of non-medical home care services included assistance with eating, bathing and maintaining personal hygiene, dressing, toileting, and basic mobility, preparing meals, transpiration assistance, light house cleaning, laundry, shopping for essentials, and much more. As you’re reading this, you may have someone in mind who could benefit from assistance like this.
4. Those who provide governance over the DSPDAO are registered nurses, behavioral health specialists (BCBA), occupational therapists, physical therapists, and speech-language pathologists. Unlike expensive hardware to purchase in order to maintain the network value, they start their own business and use the network to become certified for more DSP services. Commitment to governance is to collect 250 CryptoDSP’s to receive complete assistance for a non-medical home care agency in their state. These individuals would become their own business owners and contributors to the DSPDAO in a very meaningful way. You can learn more here in our medium article discussing who the business owners are in the DSPDAO. Compare the cost of 250 CryptoDSP’s to the fee many non-medical franchises charge and the value is clear.
5. We are working on rewards for smaller collections such as exclusive activities, discounts, and telehealth visits. The challenges in the market are not temporary and based on the data are expected to only worsen over the years. Within the DSPDAO, the CryptoDSP’s provide a win/win opportunity for everyone involved, even local businesses. As outlined, the DSPDAO offers many benefits for the care worker in the form of earning more investment and educational opportunities with healthcare by partnering with clinicians. It’s not unreasonable to think that everyone reading this article knows someone who could benefit from non-medical home care services and ultimately benefit from collecting CryptoDSP’s. Please check out the CryptoDSP Genesis collection on SolSea and join the discussion in our Discord or download the Optonome app today and chat with friends, family, local businesses, community members, and the DSP DAO network.