“We have a dream that one day the Blockchain industry, the technology we all love and believe in, the technology that is and will continue to change the world makes good on the weakest of us.” DAO Labs statement conveys that it tries to make the little man thrive. Bitcoin was introduced as a means to even the odds after the housing bubble in the US took a toll of 8 million jobs with 6 million people left homeless living in cars. Losing their houses in the process before swapping over to the EU recession and from there creating impacts we still feel today globally.
For a long time now, users on various crypto projects have called for a true distribution of rewards. But bigger chunks of rewards from crypto projects are most likely to go to the venture capital firms that invested in the projects and do virtually nothing. But VC firms are not the only participants in the growth of a project. Regular small or retail users form the bulk of participants and real value in most projects.
The system has brought discontent as many users find that they don’t earn any rewards or are under-compensated for their time and efforts spent in building a project. But that is about to change with the launch of a new platform that will give users the right chance to earn appropriate rewards. DAO Labs has announced the launch of its Social Mining platform where users can partake in projects and earn rewards for their time and activities.
Features of DAO Labs
DAO Labs said that the features of its Social Mining SaaS are geared towards making it easy for decentralized jobs to be created and accessed without the overbearing presence of venture capitalists. DAO Labs deemed the following features necessary to be launched in 2022:
Initial Labor Offering (ILO)
DAO Lab’s ILO will give users an opportunity to get first dibs on rewards in return for their dedicated support and advancement of the projects that they are involved in. The rewards will be calculated using the time that they spent on the project and their generated Social Mining achievements. The ILO has a protocol for tracking and calculating the time that users contribute to a project and then factors in the rewards that they earn.
Reserve Agreement for Future Token (RAFT)
DAO Labs’s RAFT is a protocol for rewarding the users showing the most engagement with the best compensation. The terms of the rewards are written into the protocol to achieve true decentralization. The best thing about RAFT is that it rewards users by factoring in the hours that they spend on a project or the points that they earn from social mining.
DAO Labs Social Mining
Raising funds for noble projects is sometimes difficult because venture capitalists are after easy gains and eye a quick pump and dump. According to DAO Labs, it has become increasingly tough for developers with good projects to see ludicrous projects getting massive investments when they only need a fraction of those sums to launch. But with DAO Labs Social Mining, creators may not have to worry anymore.
The DAOverse platform provides the project participants with a project pool feature that they can fund by themselves. This ensures that the majority of funding and rewards are kept within the community and not received or given to some venture capital firm. The Social Mining feature also provides for community members to engage in the marketing of the coin instead of spending the bulk of investments on marketing agencies. As of writing this article, Avalanche (AVAX) is among the 10 top 100 coins that adopted DAO Labs’ Social Mining.
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