Daily Web3 Headlines You Need To Know
26 August #Developers #DeFi&Trading #Policy&Law
🔗 Developers
Coinbase, whose CEO called most politics a ‘distraction’, launches voter registration tool
Coinbase的首席执行官虽称政治是个“打扰”，仍推出了选民登记工具
Coinbase, a crypto exchange whose CEO previously said it doesn’t “advocate for any particular causes or candidates internally that are unrelated to our mission,” has launched a voter registration portal as part of a crypto policy education initiative…(Read More)
Web3 Workplace Platform Coordinape Launches Decentralized Compensation Tool for DAOs
Web3 Workplace平台Coordinape为推出了针对DAO的去中心化酬劳工具
Coordinape, a Web3 platform that helps decentralized autonomous organizations (DAOs) manage and distribute resources to working contributors, has launched a decentralized way to pay people. CoVaults are self-custody smart contracts that enable teams to fund and pay contributors on-chain with any ERC-20 token…(Read More)
📈 DeFi & Trading
NFT- and Metaverse-Related Cryptocurrencies Underperform as Floor Prices Sink
最低价格再次下跌，NFT和元宇宙相关加密货币的表现不佳
Cryptocurrencies related to non-fungible tokens (NFT) and the metaverse underperformed over the past week as sentiment about the NFT market remained sour. The Flow network’s FLOW token, which can be used to build NFTs and decentralized applications (dapps) such as games on the Web3 platform, slumped 20% during the past seven days. FLOW’s decline was the second largest during that period among 52 cryptocurrencies with a market cap of over $1 billion, according to crypto data and analysis firm Messari…(Read More)
Compound’s Upgraded DeFi Lending Platform Targets Security, Scalability
Compound升级后的DeFi贷款平台以安全性、可扩展性为目标
Compound has launched a new version of its decentralized finance (DeFi) lending platform, Compound v3. The limited production release reduces the number of supported tokens that can be borrowed and collateralized on the protocol, according to a Thursday blog post from the protocol’s founder…(Read More)
⚖️ Policy & Law
Singapore’s Central Bank Asks Crypto Firms to Submit Business Data: Report
报告：新加坡央行要求加密公司提交业务数据
The Monetary Authority of Singapore (MAS), the country’s central bank, has asked some digital asset firm to submit data about their business activity, Bloomberg reported, citing people with knowledge of the matter.
The central bank is set to make changes to its crypto regulation policies following the collapse of Singapore-based crypto hedge fund Three Arrows Capital and Singapore-registered Terraforms Labs and Vauld…(Read More)
A16z-backed CoinSwitch exchange raided over alleged forex law breaches
A16z所支持的CoinSwitch exchange违反外汇法
Major Indian crypto exchange CoinSwitch Kuber had five of its premises searched by anti-money laundering agents on Thursday over alleged violations of forex laws. According to an Aug. 25 report from Bloomberg, India’s Enforcement Directorate searched CoinSwitch Kuber’s offices as well as the residences of its directors and CEO Ashish Singhal…(Read More)
🔍 Learn
#DAO #x-to-earn
How do you earn now? The traditional way to make money is to ‘work-for-money’ but the future of earning will be ‘X-to-earn’. You can play, learn, create and still, work for money. This thing will not happen magically overnight, it requires new decentralized autonomous organizations (DAOs) to coordinate every party.
What is wrong with the current method?
In the fast-changing world, traditional employment method has become more and more obsolete. New occupations and ways to earn are emerging, and alternative forms of income are booming globally — influencers, contractors, creators, etc. These ways of earning don’t necessarily feel like ‘work’ but they are all examples of people earning through participating and contributing to a certain network or community.
However, all of these ‘innovative’ ways to work are still limited in number and often undervalue the workers, or with a better term, contributors when they are available. And the root cause of this is because the contributors are working in a new way, but under an old paradigm, of which most of the web2 companies continue to control the business model.
And DAO might be the solution for this.
What is DAO?
DAO, is the abbreviation for “decentralized autonomous organization”, or sometimes known as “decentralized autonomous corporation”. It is a new internet-native organization structure, in which the core functions are automated through smart contracts and made up of all kinds of contributors (as known as a DAO’s member). However, in practice, not all DAOs are decentralized or autonomous, put it in a simpler way, they are internet-based organizations that are jointly owned and controlled by their members.
Community is the key to governance in DAO. Participants can join or exit DAO by buying or selling their tokens, or in extreme cases, by forking the protocol.
DAO’s structure is inherently open and accountable. In fact, the best DAOs are those that reward participants and are the basis of an ownership economy, which is also the basis for the “X-to-earn” trend that will shape the future of work.
“X-to-earn”
- Contribute-to-earn
Usually known as a ‘bounty-hunter’ and will conduct their work upon an agreed price and duration. They are usually functional experts in certain fields such as finance, development, and design, who provide professional services to multiple DAOs.
Normally, the bounties are usually openly posted for anyone to claim and compete over, rewarding the best submissions based on the merit and value of contribution. Some bounty hunters will assemble together to form their own DAOs, which emerge to perform tasks that require ‘hard-skills’ such as software development and financial management.
2. Participate-to-earn
Internet has transformed how people work, throughout the years, consumers and participants have been adding values to the network, without getting their share of value. With DAO, almost everyone can earn by simply staying online, from using the products to participating as a user.
3. Play-to-earn
A game model that rewards players for playing and achieving achievements in games. In the traditional gaming models, it is always a one-sided transfer of value (from players to game creators or platforms), but in play-to-earn games, users are rewarded as well.
Play-to-earn is similar to a normal economy circle: players provide labour (time and effort) and capital (often means buying NFT to participate in the game) and are rewarded with fungible tokens for their achievements and progress in the game. Earning currency from games is nothing new, but instead of rewarding players with in-game currency that is restricted to in-game use, games are played to earn rewards in the form of tokens that the game distributes fungible, which can be exchanged for other crypto tokens or fiat currency.
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