Web3 represents the next iteration of the World Wide Web. It’s built on blockchain technology and cryptocurrencies, and is characterised by greater decentralisation, transparency, and shared ownership. Web3 looks set to transform work as we know it. And the decentralised autonomous organisation, or DAO, is set to be the vehicle that leads the charge. As DAOs proliferate, instead of having one employer and a 40-hour workweek, we’ll likely contribute several hours a week to several DAOs. The technology-centric nature of DAOs will result in rudimentary, algorithmic work being automated, freeing contributors up to be the most creative and useful versions of themselves and allowing them to spend more time on high-value activities — the type that stimulate the flow state — and less time on monotonous, shallow tasks, reports Harvard Business Review.
Every technological revolution has transformed the way we work. The plow turned hunter-gatherers into farmers. The spinning jenny and the power loom turned farmers into factory workers. Industrial automation and computers turned factory workers into office dwellers, and then the internet fundamentally changed the way we got work done. And now, there’s a new transformation on the horizon that promises to change the way we work again: Web3.
Web3 looks set to transform work as we know it. And the decentralised autonomous organisation, or DAO, is set to be the vehicle that leads the charge.
DAOs are effectively owned and governed by people who hold a sufficient number of a DAO’s native token, which functions like a type of cryptocurrency. For example, $FWB is the native token of popular social DAO called Friends With Benefits, and people can buy, earn, or trade it. Today, there are many different permutations of DAOs as depicted in this image from crypto investor and DAO thought leader Cooper Turley, with some being more decentralised than others. DAOs run the gamut from media organisations, to venture funds and grant programs, to social networks, video games, financial and tech platforms, and philanthropic efforts. Insight Center CollectionReimagining WorkBeyond a return to “normal.”
So how exactly could DAOs change the way we work?