In part 10, let’s talk about DAO toolings.
Tools are important but under or over tools are a disaster to DAOs. Your team will go through a process to filter the one you want to work on and add along with the one to increase its capacity.
Work in Agile
The key difference between Agile and other delivery methods is that Agile is a trial and error process while rolling out products at the same time. The most effective team is a small team size that carries out products at the initial stage.
What is a Tool
Tools can make your work efficient or they can make your work more miserable. There is a constant complaint in DAO about the lack of tooling. However, I see the Web3 space has so many tools and there are few meaningful tools that actually serve the purpose.
Every tool has a period of trial and error. Because no one will know how well the tool works in your DAO until trying it out. When you invest time into the tool, it is hard to get out and switch to another one because the investment was already exhausted. You do not want to have every single piece of operation with a tool or there is separated data scattered around in different toolboxes that creates another task to try to find where they are at.
Rather than implement every tool into the DAO process, perhaps identify key tools to test out first. During the trial and error process, team members keep seeking a better way to retain key data that can make decisions on.
No Perfect Tool
There is not a perfect tool to work for all. It depends on the team to determine a tool that can most effectively resolve key issues at the DAO. It is even better if the team can create their own tools for their own needs. There is not yet a place where people can create their own tools with open-source codes and platforms that people can share their feedback on.
Tool for Confidence Building
The key issue working in the DAO is building trust. In the decentralized space, trust cannot be easily assumed. It needs a way to validate such trust first and build on it. The tool can provide a viable way to build trust within.
For instance, Discord is commonplace for DAOs to communicate and contribute. It is also a place to build members with trust. By chatting with each other, people seek trust and delegate tasks to each other while trying to complete tasks. If trust can build and reputation can easily be valid through the process, such a tool can be an essential part of the DAO.
You will know when you have over tooling at the point you spend more time researching information rather than making progress on tasks. Over tooling is as bad as under tooling. Under tooling makes information sharing become asymmetric, but over tooling also makes information sharing become asymmetric.
The key is to find a perfect spot of tools that your DAO needs. Of course, through the trial and error process, you will rely more on the initial tools you pick and increase a few more tools to assist the initial ones.
There is no one perfect tool to work in every condition. It is a process to determine the one you want to invest in and find additional tools to work together to build trust in a decentralized space.
Stay tuned for the next part of the DAO discussion!
Check out my another article Learn How To Defi Part 4
Argentine Crypto Exchange Lemon Sheds Roughly 100 Jobs, Citing Challenging Industry Conditions
Lemon had planned to deploy almost the entire amount on its expansion in Brazil. Given the current context, its move into the South American country will be “more strategic and niche,” Cavazzoli said. The exchange put plans to expand into Chile, Colombia, Ecuador, Peru and Uruguay by the end of 2022 on the back burner.
It’s time for crypto fans to stop supporting cults of personality
Many of the centralized cryptocurrency platforms that collapsed this year had something in common: a young, outspoken and cocky leader. Each gained outsized influence not by virtue of outsized intellect or talent but because of their piles of money and large Twitter followings. And each time, misplaced trust in their abilities resulted in disastrous consequences.
If crypto wants to avoid similar catastrophes in the future, it’s time for us to rearrange our leadership priorities. We need to ditch the cults of personality.
The theater of crypto on Twitter
Before FTX collapsed, founder Sam Bankman-Fried (SBF) had garnered a reputation as one of the loudest voices in the industry. He was active in the political world and frequently commented on what was happening in Web3.
But perhaps most notable was his active involvement in a myriad of Twitter feuds and spectacles. SBF first stepped into the spotlight as the successor of SushiSwap after Chef Nomi abruptly abandoned the project — a drama that played out almost entirely on Twitter’s public stage. His ensuing Twitter antics, combined with the image of unstoppable success that FTX was broadcasting far and wide, gained him more than a million followers.
But even as SBF’s influence grew, it seemed he just couldn’t resist shitposting, regularly engaging with other Twitter users who threw stones.
Indeed, SBF’s penchant for Twitter drama played an important role in exposing FTX’s insolvency. It was his recent spat with CZ that ultimately led to the run on FTX’s deposits. His attention-grabbing antics carried on through the current ordeal, culminating in a bizarre series of cryptic tweets.
The loudest voices in the room
While SBF is the latest example of an industry figure whose highly public Twitter presence led to a highly public downfall, he certainly isn’t the first. Do Kwon and Su Zu, who were both at the center of monumental collapses earlier this year, were also notorious trolls. Do Kwon infamously sent an arrogant series of tweets just before Terra’s downfall, while Su Zhu’s infamously elusive comments during the 2021 bull run didn’t age well, either.
At our company offsite this week with all the drama happening. Debating who is the bigger villain in crypto:
a) Do Kwon – $58b loss from UST & LUNA
b) SBF – $10b missing deposits in FTX
c) Su Zhu – $3.5b loss from borrowers
d) Alex Mashinsky – $2.8b missing deposits in Celsius
— Bobby Ong (@bobbyong) November 10, 2022
But, the leaders of failed platforms aren’t the only ones guilty of social media braggadocio. Binance’s CZ, after all, was just as guilty as SBF of engaging in their public Twitter feud earlier this month. Digital Currency Group’s Barry Silbert, who has been at the center of alarm related to the FTX fallout, has also garnered a reputation as a shitposter.
There are many, many more tweeters who have used online spectacle and trolling as a means of controlling the industry conversation. Think Ben Armstrong (aka “Bitboy”) and Jim Cramer, to name just a couple more. There’s a small army of them. And, even though many are purged in each bear market, their successors are increasingly turning into powerhouses too vocal and influential to ignore in the space.
Jim Cramer said that he sold all of his crypto.
Then he blamed @APompliano for “putting him in” BlockFi.
So he… lied?
Now he’s on a crusade to blame anyone he can find for his own bad decisions, even “digital finance people,” which is literally a made up term. https://t.co/NTojFohvFQ
— The Wolf Of All Streets (@scottmelker) November 18, 2022
We need to end the cults of personality
So what’s the solution? How can we better identify this personality type and use this recognition to avoid future pain?
Instead of focusing on building cults of personality, the crypto community needs to focus on platforms and leaders building products that use web3 primitives to solve problems in a manner that’s orders of magnitude better than anything we’ve experienced before. The crypto community needs to stop listening to the loudest voices in the room and start listening to the wiser, more experienced ones — even if they are sometimes quieter. And by the same token, we need builders with experience in creating real value for users to speak up more.
Ultimately, the answer lies with us and with the people that we, as an industry, choose to lionize. We need to learn how to identify and support builders building transparent, secure, high-quality applications and decentralized applications — regardless of how many followers they have.
Corey Wilton is the co-founder and CEO of Mirai Labs, the international gaming studio behind Pegaxy. A renowned speaker and play-to-earn thought leader, he began his first company within crypto in 2018, a customer support service designed to assist cryptocurrency companies with their customer service.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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