This proposal outlines the dapp idea timeRex based on the experiments I’ve been working on for representing an hour of time as a token.
Recently there have been several experiments with using tokens to represent individuals’ time. I’ve been selling tokens that represent 1 hour of development work from me, since last year. I think this is a great way to get people using their crypto and new people to ecosystem to understand that tokens and cryptocurrencies have value because they understand that their time intrinsically has value. I’m also interested in creating more ways for people to earn their first crypto, and see easy ways to do so as the best onboarding processes.
Supporting development of this project will result in a dapp which has:
- Automated launching with a simple token contact factory, similar to daohaus
- Personal profiles that display previous projects (via github or something?), have a buy token option, and list of times their time token has been redeemed.
- Learning resources and documentation on trust, why tokens have value, and how newcomers to crypto can start earning ETH
- No marketplace but I’m imagining more of a craiglist jobs board where payments are handled by individuals outside the dapp
One step towards building better DAOs is tokenizing our time and building markets where people are paid more fairly by tokenizing individuals’ labour. There are lots of great projects out there working to build the DAOs of the future. But the DAOs will need to access & hire lots of different types of people. Developers, Marketers, Copy Writers, Researchers, etc… The best way to pay those workers instantly, and tie their work directly to a market governed by supply and demand, is to tokenize workers’ time. This way their pay rate is fairly set by the market, developers and marketers can auto-magically swap services, and DAOs can purchase a number of hours in advanced. This will hopefully result in some interesting things like:
- My time can be staked, if I spend hours planning a meetup or workshop I can ask each attendee to stake 10 of my minutes on coming.
- My time can be sent as a gift to someone else.
- People can secure some of my time doing development work before they know what they need me to work on exactly, so I won’t get busy with other projects.
- My time can be traded for other assets, or even someone else’s time
- My time is limited, and as the year goes on and tokens are redeemed or stored, the scarcity of my time may cause price fluctuations.
It will be easier for DAOs to track and use human capital when it is tokenized. Also it could be a fun way to onboard people and make it easier for individuals new to crypto to earn their first ETH!
Sustainability & business model
Instead of stealing a percentage of tokens like token launching platforms usually do. I would rather just do it for free and charge for some kind of badges that you can give people you work with or trust (see Gitcoin Kudos). No marketplace for different tokens because moderating it seems like a horrible job. But perhaps companies or organizations can sponsor job postings here.
A $2000 grant and a request that everyone tokenize an hour of their time once it launches.
Finished basic landing page and general vibe for front end. A few css bugs to fix. Working on contract factory next.