How To Make Money in a DAO
You will notice that I used the word, ‘in’ instead of ‘from’ in my title.
This was strategic. This is an essential aspect and if you understand why I used ‘in’, you will do well as you convert from the old money/work system to the new decentralized structures that are currently forming and which will disrupt nearly every facet of modern life in the future (and present, now that you're reading this on Steemit).
But getting philosophical will be saved for a different article. I want to give you practical advice now about how to make money in a DAO.
First, let’s review what a DAO is. A DAO is a decentralized autonomous organization. Technically Dan Larimer created the idea of a DAC, dentralized autonomous company before Vitalik coined the DAO expression.
“What’s a DAO?” you may ask. I will describe briefly:
A DAO has no physical borders, no central authority and no one point of failure. A DAO exists only on the internet. It is a group of people who are all connected via their computers in a peer-to-peer network. Each DAO has its own set of rules, philosophy, economy, social norms and operational code. The rules of each DAO are set by computer code, but humans are the ones who decide what code will be written, as long as a large majority are in agreement.
A DAO is more like water or air than a human-built hierarchical company. Water and air cannot be contained, neither can a DAO, unless all electricity on the earth vanished.
The rules of each DAO are in a constant state of evolution, and they are changed according to certain consensus, voting or governance structures.
Each DAO has a different governing structure, but if it is a true DAO, then no one person will dictate changes in its design. Changes come about through community outcry, if enough people are crying simultaneously. When big problems are discovered, usually some community member devises a solution, then tries to gain support for his/her solution in order to bring about that change. A perfect example of this in Steemit was when many of us were being psychologically tormented by a stalker. I was crying very loudly to get a solution crafted, and enough people agreed with me that a mute button was created for the purpose of dealing with it. If no one had raised their voice, the mute button may never have been created in Steemit.
Ok, that’s all fine and dandy, now what about the money?
The truth of the matter is that I have earned all my cryptocurrency through two different DAOs: Steemit and the Dash DAO.
The Steem blockchain distributes roughly $7,000+ (someone help...I don't know what current amount is) per day to the people who participate and contribute to it.
art credit: steem art by @tonesquare
It is a much looser DAO structure than the Dash DAO because the barrier for entry is pretty low.
It’s also a lot newer that the Dash DAO. All you have to do in order to start contributing to the Steem blockchain and earning some money is open an account on Steemit.com, make friends, upvote other people’s articles, comment on them and write blog posts. If you know how to do social media, then making money on Steemit is within your reach.
If you’re already somewhat famous, then it will be quite easy for you on Steemit. However, if you don’t currently have a big social media following, then you must either be more community-focused or outlandish. Wild people tend to do well on YouTube, Instagram, etc., because unique humans are indeed still in demand. If you’re not ostentatious, then you would be wise to learn how to be a good virtual friend, support and lift up, educate or entertain others.
Also, because Steemit is still really new, a lot of people don’t understand it very well.
You would be wise to study it, and share that knowledge with others. That’s a sure way to gain followers and make income in Steemit. There are in fact, so many different ways to earn money in Steemit, it’s mind-boggling. The amount of projects I’m now supporting, have grown recently to include: @steemgigs, @provenezuela and one, which will soon be my baby, is on the horizon: Digital Citizen Fund led by Roya Mahboob, Afghanistan’s first female tech CEO.
Having an abundance mindset is closely linked to success on that platform. Good examples: @papa-pepper, @kingscrown, @sweetsssj.
The Dash DAO gives out $1.2 million per month to people who grow the Dash network.
WHAT????????????????????????????????????????????
The Dash DAO, of which I am currently a part of is the most underrated, unknown, well-functioning DAO currently on the planet. And it has been in existence for a fairly long time, too (in cryptocurrency terms, which is evolving fast). In the span of a few months its monthly budget (for outreach, software development, marketing, etc.) went from a few hundred thousand dollars to over a million. The world seems largely unaware of this fact. You can see a list of the current proposals for the Dash DAO here: https://www.dashcentral.org/
In a nutshell:
“The cryptocurrency DASH comprises a budget system, which allows to direct funds to development, marketing or law projects by votes of masternode owners.”-Dashcentral.org
The process of submitting a proposal to the Dash DAO is undergoing some simplification, I have heard recently. Having personally gone through the highly technical proposal process, I will say that I found it to be rather difficult. But I was 100% determined and focused, so it was definitely not impossible.
I had to live chat with Charlie Shrem the first time I submitted a proposal to the Dash DAO. It was definitely a strange and futuristic experience to input command lines and then watch as an automated system spat out some computer code that I had to then enter into a different console. It was like talking to the future, one which is controlled not by humans, but by machines who are much smarter than me.
As the Dash DAO proposal process gets simplified, I will be communicating those changes. Here’s what’s ahead from dashtreasury.org, a new site dedicated to simplifying the proposal process for the Dash DAO:
“DashTreasury.org is releasing a proposal submission feature that cuts out all the technical barriers. Submitting a proposal is now as simple as writing up your proposal description and sending some coin to a QR code with a mobile wallet. Our server interfaces with the blockchain to execute all the necessary submission commands, completely eliminating all the confusing “debug console” requirements.” -Dashtreasury.org
So, if you have mad skills then stay tuned as the Dash DAO needs your talent. If you are interested, you should join the Dash forum and start building relationships now. DAOs rely on relationship building as their main infrastructure. Maybe a new term is needed now, Relationship As A Service (RAAS)?
Wow, I only covered a fraction of what I had intended to communicate. Time to start another article? The topic of DAOs has an endless amount of possibilities and considering that my most popular crypto article is How To Get Funded By A Decentralized Autonomous Organization, I figured there is a lot more to discuss and reveal about DAOs.
Stay tuned!
FYI: I am still reviewing all the dreams, and at the end of the payout window, I will select one. There were so many great entries!
Also on Saturday is Kansas City's first Summer Steem Party at 4 pm. Check previous post for details: https://steemit.com/kansascity/@stellabelle/please-comment-if-you-re-going-to-attend-the-kc-summer-steem-party-on-june-24-2017-at-4-pm
Your information is waaay outdated, I just run a simple script to collect all posts created in last 24 hours( including the ones created few seconds ago that are worth 0) and I got around 21500 posts, with total pending payout value of 213,317.22 SBD! The price of 1 SBD is around $1.49 on steemit's internal market, considering this price, steem distributed around $315,000 only in the last 24 hours. I really didn't expect amount this huge. This is outstanding!
omg, i had no idea...thanks for doing that.
no problem, but I just realised that I did not count comment payouts, just posts, so its probably much more. I'll have to do one more calculation :O. I may even write a post about it
Heres a 13 cent Full Power Upvote from me @stellabelle ;) dont worry about the outdated info, its a good thing u diid that, because now we have a seperate highlightedtop comment disussion revealing steemits TRUE distriibution of $315,000 over the last 24 hours!
Now is this refering to how much steem is given out to posters an commenters an curators everyday? because I read about a few weeks ago that there is about $137,000 a day given out in steemit, I thought it was because thats how much steem is just mined y the witness nodes, I was wrong and @neoxian corrected me, and told me how new steem isnt "mined" by a witness, witness just wtnesses transactions, but i ddidnt think transactions HAD a fee on steemit i thought transactions were free, and so how are witnesses maing money off rhe transactions? Neoxiantold me there is a set inflation rate? I just assumed the new steem that is mined by anyone , a portion goes to he rewards pool... I guess my real question is, HOW is the rwards pool filled? I googld this and here is what I found!
https://steemit.com/steem/@steemrollin/steem-where-does-the-money-come-from
hahaha a post that has YOUR comment in i from a year ago!
"Steem is similar to publicly traded company shares. The amount of Steem doubles each year so there is signficant dilution for those that hold Steem, however like many fast growing startups a rapid increase in value may outpace the dilution. Just like company shares (ie. stocks) these digital assets have value as more people use and contribute to the ecosystem. The estimated value of the total outstanding Steem assets is currently about $20 million on Coinmarketcap.com." haha now at halfa billion dollar marketcap, and i dont think the amount of steem continues to double each year....does it?
haha from your comment it seems like u got it!
I feel like that post actualy didnt answer the question! WHERE does the money from voting come from? Noone ever talks about the rward pool or what fills it? Like i STILl cant find a singe post expplaining it and that worries people! I should really make a post explaining exactly how the rwards ppool fills up because i literaly cant find the answer if i google search it and god this is frustrating! and i was TRYING to make the cimment with the answer but so far i can only GUESS that steempower somehow fills the rewards pool! right? man ima go ggoogle it againthis sucks why ist there a clear anwer to this questionyet!?!?! its very imortant for newbies! some peopel wont join untill they know its a sound system, but ok i gues the witnesses can all change the inflation rate, i thik its like oone or two percent a year now right? it doesnt doube every year anymore or does it?
nice
I love that DAO sounds like TAO.
DAO is the way.
Into a better future :)
yes i always thoughtthat too! DAO or Daoism has a spiriitual Ring to it like some sort of Ying yang Blockchain ok now that just sounds racist against chinese like Ping Pong LOL Ying yang Block Chang ca be a name for a chinese crypto currency related compay
The whole concept of decentralizing currency, trade, and development contracts is probably the greatest development since the internet itself.
However, the flip side is as much as we value the new paradigm of cryptocurrency and DAO concept, as being outside the control of normal "systems", gov control, bank control, etc you mentioned a very critical reliance it can not overcome... Water and air cannot be contained, neither can a DAO, unless all electricity on the earth vanished. So we are still chained to the system by the power grids and networks.
That will always be the one weakness in cryptocurrency. Should society have a major setback or collapse, natural or man-made, or if governments decide as a final level of control to sever these networks, the digital world will cease to exist and all its value is lost. Even if I live the free life, off-grid, solar and all - if I cannot connect to the "network" my digital currency becomes as worthless as FIAT paper money.
That's always something in the back of my mind.
Thank you for sharing your thoughts with everyone as always.
I think I followed through till the end, to think about it actually - it is quite deep. Like this could just be scratching the surface to a DAO. I mean I would go on to add it here to the comment but it would literally be a continuation to your post. Would love to see more to it from you. Keep it coming, I'm sure there's more to add. Cheers!
Heard so much about this, but no one has been as thorough in explaining it as you. I appreciate it! It is something I definitely need to look into. Happy Friday!
glad you got something out of it.
Thank you 🦄
I have to do some research about DASH now, thanks Stella!
Yes, they need someone in Venezuela to lead the Venezuelan effort I think.....
i'm certainly going to stay tuned, you have just aroused an interest in Dash DAO
great video thanks
Ahh so Dash is a DAO and its a DAC ! nice!
You should remind people how Dash was originally called Dark Coin and that should alone exlpaina lil aboiit how its "anonymous" and was one of the first too! I still have a darkcoin wallet doownloaded back when it had only been out for a few weeks! I wis i would have been able to sync the wallet and buy darkcoin now dash back then but I reember being at anairport on way to ecuador and i couldnt sync the darkcoin Qt wallet cuz it was weeks behind and i really wish i would have just dedicated my life to darkcin like SOMETHING in the back of my mind told me to do !i learned about it with my cousin who is deep in to bitcoin and has ben for years