🔮 DAO: The Future of Work?
Blockchain is set to revolutionize the concept of work and companies. Here's how the world that we know is about to change forever!
Darwin’s theory states that evolution happened gradually over a period of time. But about 521 million years ago, for a brief period of time, this evolution process was fast-tracked. The Cambrian explosion led to a sudden diversification among the major animal species.
Thanks to this sudden spurt in evolution, the world was changed forever.
In the current age and time, Blockchain is seen as Cambrian Explosion 2.0.
The Internet revolutionized communications.
Decentralized Finance is set to transform finance.
NFTs are set to transform ownership of properties.
And Decentralized Autonomous Organizations (nicknamed DAOs) are set to transform the future of companies. Heck, we might not even need companies in the future!
Companies today are centralised, non-autonomous organisations, with the real power of decision making (and wealth creation) in the hands of few. While there are millions of employees working at companies like Google, Amazon, etc, they do not have a real say in how these organisations should be.
The idea that an organisation should only ultimately serve one master: the shareholder, is not sitting well with our friends in the West. Also, the workforce of the future is tech-savvy, educated and prioritises collective wisdom over the wisdom of one.
With this power of leveraging tech in the hands of the digital workforce, the perception of how an organisation should be is witnessing a major shift. And the culture of the Decentralised Autonomous Organisation is picking up.
Let’s break it down, word by word.
Decentralised v/s current centralised structures, where only a handful of stakeholders (management or larger shareholders) take all decisions.
Autonomous v/s current hierarchical structure of delegation of work.
With autonomy, a digital worker can decide what, how and when they want to work on something.
And history is proof: Whenever there has been an extreme concentration of decision-making powers, the working-class has united and lobbied with organisations to make them more human-centric, be it for more wages, lesser working hours, better working conditions, or simply the inclusion of women in the workforce. Now, with DAO, they do not need to have to convince anybody. Only take decisions collectively. Also, in a world that was not connected by the internet, it was practically impossible for workers to meet and make decisions quickly. Why? Because:
People had to meet at the same time, in the same space, and
Meeting in a specific place needed one of the most scarce resources: land
The internet brought in an era where people can meet at the same time, without being in the same physical space. You need one lesser dimension altogether to interact. It has become much easier to seek mass consensus and take collective decisions.
And that’s what Decentralised Autonomous Organisations are enabling.
Sounds like a fantasy?
ZebPay has in fact launched a female-led DAO. New members are added by majority consent, and new projects are picked if they have 60% consensus. One of the projects that the DAO has been working on is helping rural Indian women mine Bitcoins using solar power!
We picked this topic today because a brave new autonomous world is emerging: and our readers should be aware, and should be ready to welcome this new future.
Signing off, Yavantika, Garima and Shantanu. ReadOn!
We found this interesting thread on Twitter: if you are looking to explore some DAOs, can help.
Shantanu’s Musings:
Possible disruptions that the DAOs will bring-
Flat hierarchy, no boss system.
No HR processes.
Effort-based payments (no need for monitoring/scrutiny).
Complete Gigification of work.
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To add to Shantanu's Musings, when you would be able to make a choice among projects the individual responsibility will go significantly up and therefore the professional indemnity insurance will rise.
If we make insurance an integral part of the same DAO then it will revolutionize the complete decision making process and sow the seeds of a Real Perpetual Organization.