Building DAOs: PlannerDAO and LearnDAO | Ep. 3
All our progress on both DAOs, the learnings, and failures, will be documented on our blog, YouTube, and Twitter. We’re doing this to understand what works and what doesn’t. If you’re interested in starting your own DAO, our perspective will be of help.
LearnDAO: Observe and build
In LearnDAO, we’ve already broken into three guilds – tokenomics, operations, and outreach. This past week, we had someone who told us about the Token Engineering Commons (TEC). The TEC is a Gitcoin funded organization building an open-source project for community resources funded through a tokenomics system. This fits perfectly with the LearnDAO model we’re building.
To understand more about this, we observed TEC’s Discord channel. One observation is how the TEC (and other DAOs) work when organizing meetings. Think of this as a ‘tree and branch approach.’ The collective unit i.e. the tree has one overarching meeting, and each brand i.e. subsidiaries or guilds have their own meeting as well. Each branch will have its respective tasks to complete with specific deadlines. As these tasks are completed, and they’re pieced together, the DAO is a step closer to achieving its goals.
As mentioned earlier this sounds similar to a traditional company setup. The key difference is in the motivation of members. In a DAO, members jump in, find what they’re good at, and immediately start working. There’s no incentive or threat from the top down. This decreases the external motivation and increases internal motivation. Each member contributes with their ideas, expertise, despite their position in the DAO.
Observing other organizations like TEC, Friends with Benefits, The Sandbox, etc. helps us figure out what LearnDAO’s tokenomics should be.
Questions to ask
- How are people going to earn the LEARN token?
- Should we reward content curators and creators?
- How should we prioritize between curators and creators?
These are important questions that we’re discussing and looking for outside perspective as well. However, our immediate priority is LearnDAO’s education model. We’re still working out the kinks of this model. Once confirmed, this model can propel us to grant or venture capital-type funding. This will help get a lot of things moving.
If you are interested in this idea or know someone who is, reach out!
PlannerDAO: Building with platforms
Over the PlannerDAO, the DAO for financial advisors venturing into crypto. As mentioned last time, we’ve moved the Certified Digital Asset Advisor (CDAA) course under PlannerDAO. But this is just a part of PlannerDAO. There’s so much more.
We’re figuring out how other members of PlannerDAO can create helpful content for financial advisors. This will help drive not only the CDAA course but other courses as well. As more and more people drive the collective resources of the DAO forward, the value of the DAO and the tokens rise. These will create additional revenue streams for the DAO.
One of the key learnings of PlannerDAO is the structure of the organization. In order to understand this, here’s the roadmap (with tools) that led us to where we are today.
- Chatting: This started out with a few financial advisors just chatting on Mighty Networks
- Meetings: Constructive, engaging meetings with fellow advisors on Zoom
- Organization: Voting and a system to track allocation of funds on Colony
- Treasury: Management, custody, and transactionality of funds on Gnosis
- Logic: We require decisions based on logic for which we’re looking at Snapshot and Tally
These are platforms that make the job of building a DAO easier. But it’s incumbent on the members to use these platforms to run DAOs and create value. That’s what we’re figuring out by integrating these platforms into PlannerDAO’s operations.
Breakthrough: PLAN’S first use case
As PlannerDAO is a DAO of and for financial advisors, one of the goals is for financial advisors to help other financial advisors. This is in the form of a request for plan (or RFP). In an RFP, a financial advisor (unfamiliar with crypto) requested a crypto-conversant financial advisor to do a particular job. What’s more, the payment for this job will be in PLAN tokens. This is the first real-world use case of PlannerDAO’s tokens!
PlannerDAO created value for both parties, facilitated interaction, and it will facilitate the transaction.
Learnings: Understanding DAOs’ processes
Our key learning from this week is understanding processes and the differences between them. On one hand, we have processes that are creative which require humans at the center of them. However, on the other hand, there are processes that can be automated with minimal human intervention. These need to be differentiated especially in DAOs where incentives and feedback are delayed.
We’re also learning how to bring a random group of people together to create value. More than this, how to actually get this group of people to consistently function in an efficient and effective way. The very definition of what’s valuable and what isn’t is different in a DAO. Here’s to learning a lot more!