Building DAOs: PlannerDAO and LearnDAO | Ep. 2
Here’s another update on what’s happening with the two DAOs that we’re part of – PlannerDAO and LearnDAO. Our DAOs are community-driven organizations to build better platforms for financial advisors in crypto, and learners of crypto.
All our progress on both DAOs, the highs, and the lows, will be documented on our blog, YouTube, and Twitter. We’re doing this to have perspective. This can also help those who are looking to build a DAO. Maybe we can learn from each other.
LearnDAO: Breaking into Guilds
An important part of DAOs is specialization, and members working as per their specialization. To facilitate this, it’s essential for a DAO to break up into separate guilds, each doing their part. In LearnDAO, as we’ve mentioned in our previous post, we created three guilds:
The separation of DAOs works efficiently for two sets of people within the DAOs. Firstly, the entrepreneur (or the founder) and secondly specialized members.
How DAOs help entrepreneurs
For entrepreneurs, DAOs provide the quickest and most efficient start to ideas. An idea can be created, mobilized through social platforms, members join in, and work starts immediately. What’s more, this work is based on the specialization of members. If someone is capable of programming tokens, they work on tokenomics. If a member has skills in managing the inner workings of a DAO, they’re in operations.
Since LearnDAO aims to build an education model for digital assets, educators directly work on the model, rather than engineers or management professionals. Each one’s role is based on their specialization.
This week, we saw the example in LearnDAO’s outreach channel. This is a team that looks at social media, copywriting, blogs, public relations, and more. One part of the team was creating a pitch deck for DeFi Alliance’s Accelerator Program. Another team was working on outreach strategies to build an internet presence. Each team had a separate call. They worked according to separate principles. But they all are coordinating for one cause – to simplify crypto education.
In tokenomics, the team talked about how many tokens should be minted, who receives the tokens, how long is the vesting schedule and more. We also discussed the use-cases of the tokens. However, that’s something we have to think about once the tokenomics is defined.
Each guild of LearnDAO began contributing to the organization on its own. This was completely bottom-up and not top-down. There was no hierarchical process with a single authority giving orders. Even we as founders did not dictate anything. Members are just jumping in and working without being hired and paid.
DAOs versus traditional companies
Let’s draw the comparison between a startup and a DAO based on the efficiency of operations. Both DAOs and startups begin with an idea, but then things get interesting.
In a traditional startup setup, it goes like this:
Idea → Funding (through friends and family) → Building a Minimum Viable Product → Hiring →
Building the base → Funding (Seed investing)
In a DAO, it goes like this:
Idea → Team → Guilds → Minimum Viable Product → Funding (Grants or VCs)
People are jumping into LearnDAO simply because they like the idea and they expect it to have potential. As the work is being done at no cost, there is no need for immediate funding. The DAO is broken into several guilds, each guild working to build the minimum viable product (MVP). Once the MVP is built, we will look to secure funding either through grants, or venture capitalists.
The cool thing is before we receive the first round of funding, everything is in place.
We have specialized teams working on individual things within the product.
Costs are at a minimum, as there is no hiring and everybody knows what they are working on without being authorized to.
That’s the power of a DAO and we’re witnessing it first hand.
PlannerDAO: On the brink of a Breakthrough
With PlannerDAO, most of the groundwork is completed, we’re now focusing on building products.
One of the products is the Certified Digital Asset Advisor (CDAA) course. This was started by Interaxis, but we’ve moved this under PlannerDAO. Now we’re adding more features to this course to increase its value proposition to financial advisors. This is where being in a DAO helps us. Since financial advisors are members, they can recommend features to add to the courses and products in a top-down manner, without any hierarchy.
A challenge that we’ve detailed earlier is community participation. This builds social capital within a DAO, and in turn, increases the value of the DAO and the DAO’s tokens. But we’re finding it difficult to communicate this to financial advisors who understandably are quite busy. The challenge here is finding projects that can increase value while engaging the community. This is the key for any DAO with non-crypto native members.
The Learning Experience of DAOs
DAOs are not just a one-time experience, they bring a diametric change in models. From models of learning to models of company formation and models of community participation. We believe DAOs are how entrepreneurs will get businesses started and earn in the future.
We’ll be documenting our progress on building two DAOs – PlannerDAO and LearnDAO on our YouTube channel, blog, and Twitter. Check out our socials below to keep up with the DAOs. Let us know what you think.