DAO Labs To Launch Social Mining Project Governance Token In 2022

CryptoMode DAO Labs

DAO Labs has announced a Statement to widen the initiative to support the people that are putting a lot of effort and time into building projects. Research shows that Venture Capitalists are unjustly benefiting more than loyal community members. DAO Labs released a statement to this end expressing their plans.

DAO Labs Statement

DAO Labs tasked itself with creating jobs for the new generation of workers and allowing everyone, no matter their status, an opportunity to become shareholders based on how much time and effort they dedicate.

Social Mining will work with the support of several grant programs. DAO Labs aims to lift up those who are usually at the bottom of the ladder and involved in manual contributions, essentially making things happen but only get a small fraction compared to the Venture Capitalist. DAO Labs believes that the men in the trenches that add more value should get the bulk of gains.

They say the unfair treatment of users working hard at creating value alienates individuals with the potential to build good projects. The statement said this system is killing the cryptocurrency industry, leading to the proliferation of coins with few use cases. DAO Labs say they want to stimulate the rejuvenation and growth in the cryptocurrency industry starting a merit based stage of growth. To this end, DAO Labs has proposed the following:

1st – The Initial Labour Offering – ILO

DAO Labs will place users first in line for rewards for their loyalty to the project, time spent working on it, and the points they earn from Social Mining. These factors will influence future payments and token distribution. The Social Mining SaaS automatically records time spent on the project and interaction with the platform to decide payments.

2nd – The RAFT

The more traction a user gets on the platform, the better the terms he or she will receive. The terms will be recorded in a RAFT, a Reserve Agreement for Future Token. So people will be able to leverage their abilities and plan their interactions on the platform. Rights to future payouts will be determined according to time spent and points earned over the platform.

3rd – Social Mining

Good cryptocurrency projects will always raise funds easily, Malte Christensen, DAO Lab’s CEO said in their statement. They believe layer 2 projects, on average, do not need more than $1 million to run. However, they say there is now a proliferation of projects with no value standing around $100 million valuations. DAO Labs has had enough of corporate investors reaping all the dividends; they are building a structure backed by a strong community, where the community will play a role in every facet, including marketing.

Many big-name coins by market cap support the Social Mining project. The most notable of these coins is the Avalanche. Avalanche’s token AVAX was built on the Social Mining SaaS solution. DAO Labs will oversee Social Mining with its team of experts who have worked on DAO Maker, NEM, QTUM, CELO, TRON and other notable projects.

DAO Labs has set many objectives for the second quarter of 2022. Main goals include DAO Labs Social Mining, QTUM Social Mining, WAX Social Mining and Polygon Social Mining which will launch periodically after the DAOverse, DAO Lab’s very own Social Mining Solution. 

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