Building DAOs: PlannerDAO and LearnDAO | Ep. 1
We, at Interaxis, have been part of the founding teams with two decentralized autonomous organizations (DAOs). These are community-driven organizations with specific goals. They’re not like normal companies. In fact, we think DAOs are the companies of the future. We’re building these DAOs to change the way education is conducted, information is disseminated, and rewards are shared.
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, and to help anyone who’s looking to build a DAO, maybe we can learn from each other.
PlannerDAO: A DAO for financial advisors
Our first DAO is PlannerDAO, a DAO built by financial advisors, for financial advisors. The goal of this DAO is to bring together financial advisors, those familiar and unfamiliar with crypto. In PlannerDAO, advisors chat, help, and network with each other. This can be by sharing educational material like courses or webinars, best practices, common technology, or just networking. Through the DAO, advisors build their network and the DAO’s network.
Challenge: Dealing with unfamiliarity
The main challenge we’re facing with PlannerDAO is one of unfamiliarity. These financial advisors, while proficient in their financial domain (be it portfolio management, retirement planning, real estate management, etc.) are new to the crypto world. Getting advisors to sign up, chat, and engage with other members at the get-go is one thing. However, DAOs require consistent working, and engagement is another. This creates brand awareness and social capital for the DAO.
Financial advisors are not immediately keen to continue contributing beyond initiation. This is understandable because advisors have full-time jobs, families, and other things in their life. To contribute to an open community that is not immediately revenue-generating, and seems like a charity does not provide value to them, right off the bat.
Tokens and value
Speaking of value; in a DAO, value is attributed through tokens. PlannerDAO is going to issue tokens to advisors. Tokens will be issued by being an advisor on PlannerDAO, engaging with the community, and increasing the social capital within the DAO. These tokens will represent governance value within the community.
With PlannerDAO, the difficult part is communicating to advisors the future potential of these tokens. There is a struggle between “Yes, I want to help [for free]” versus “Why should I keep devoting time to this [for free]?” Advisors can contribute to the DAO because of the community’s future potential securitized into the token.
Ideas within the DAO can help push them in this direction. For example, we at Interaxis, have contributed the Certified Digital Asset Advisor (CDAA) designation to PlannerDAO. The CDAA designation includes a digital assets course for financial advisors. PlannerDAO will determine the direction of the CDAA designation. In this case, it’s not the course creators (Interaxis) who will determine how the designation plays out, but the members of the DAO. That’s the power of a decentralized organization.
LearnDAO: A DAO for crypto learning
Our second DAO is LearnDAO, a DAO for decentralized education. The goal of this DAO is to provide free education on all things crypto, DeFi, digital assets, NFTs, and more. Another objective of this DAO is to increase the adoption of blockchain technology.
The idea for this came because we, at Interaxis, have crypto content and courses for investors. We have over 130 videos on Youtube, a course for retail investors, and countless educational threads on crypto. And we decided to pool our content and the content of other crypto educators into one DAO. We also know several people from the non-crypto space that are looking to learn about crypto. So, we decided to connect the learners with the creators through a DAO, hence LearnDAO.
We initially reached out to like-minded people in the crypto space to see if they’re interested in the idea. This then went to Telegram, and now we have our own Discord server, with channels for outreach, operations, and tokenomics.
Challenge: Deciding the direction
LearnDAO is comprised of those familiar with crypto. So, getting across the point of education-on-the-blockchain isn’t proving to be a difficult task. What is a challenge is determining LearnDAO’s mission and vision. This isn’t a traditional DAO with funding with the objective to buy NFTs. This is a long-term project to create a protocol for decentralized education that happens to be managed and run by a DAO.
As members of the DAO are crypto natives, getting them onboard with tokenomics isn’t difficult. But we’re still figuring out a way to deal with tokenomics. We don’t want to issue 100 million tokens for governance with no vesting period. Creating content and rewarding creators, which comes first? This is something we’re still deciding.
Other questions we’re discussing are – When do we apply for grants, and raise funds? How much time and effort are we going to put in until the token accrues value?
Looking ahead: DAOs mobilize ideas through communities
DAOs are how companies of the future will operate. It starts with an idea, which is bounced off like-minded people until a community is formed. If the community agrees on the potential, they immediately jump in and start working without an immediate incentive. The idea is, at some point when the project is funded, and tokens are issued, people will be rewarded.
Traditional companies follow a different path. Founders start with ideas and self-fund the project, or ask friends and family members. Once funds are arranged, initial hiring begins, and then as things take off, subsequent funding rounds ensue. With DAOs, people are already there, work is already being done, tokens are already issued, and the vision is intact. Once the proof-of-concept is confirmed, either through use cases or funding, the idea is mobilized. That’s the power of DAOs, and we’re learning it first hand.
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.
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Learn about crypto investing: https://www.interaxisacademy.com/
Get Certified as a Digital Asset Advisor: https://www.certifieddigital.org/
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Website – https://www.interaxis.io/