This is short post for ideas I’ve been discussing with @eagle about ways to make bank a utility token.
An unofficial medium post (though very well done, and reccod in LEGAL GUILD) listed this in its copy as a mitigator for considering a particular token a security.
The primary driver of this being Utility, that is having functionality within the system beyond holding.
[All $BANK suggestions in this post are merely demonstrative, and not meant to be accurately pegged to the value of a particular asset (merely an approximation).]
Treat the Audio Visual Department (AV Guild) as an Asset Rental Zone (ARZ)
Audio assets used for podcasts and instructional videos cost $BANK
(e.g., theme music rental 500 $BANK, Thumbnails - 250 $BANK, Custom work 1,000 $BANK)
Treat the Writers Guildas a Copy for Hire Zone (CHZ)
Copy assets such as Video Titles, log lines, instructional material, youtube descriptions well crafted, transcriptions of podcasts, or custom tweets to send across all DAO handles all cost $BANK.
(e.g. @JENetics makes a tik-tok video and wants an explanation of a term in her script, the Marketing Guild pays the Writers Guild 100 $BANK or perhaps the Making Bank podcast wants a transcription of their entire episode, either a guild or an individual hires a writer to transcribe and pays 500 $BANK)
Treat the Marketing Guildas a Promotion for Hire Zone (PHZ)
(e.g. When people in the DAO make DAO related content and want it to be piped out through a variety of marketing channels (facebook, instagram, twitter, telegram, ticktock, etc.) they could use their respective guild money to pay the marketing guild to do these promotional activities. Perhaps a sliding $BANK scale depending on asset, and its ability to conform to a various social media medium.
Treat the Design Guildas an Image Rental Zone (IRZ)
(Thumbnails, NFTs, GIFs, Photoshop work, Banners, Assets designed to spec for various media platforms, Typography work, etc., all priced out and payable for in $BANK)
And so on and so forth with other guilds, which may require more thinking: Educational Guild, Analytics guild, etc.
HOW IS THIS DIFFERENT THAN BOUNTY BOARDS?
Guild2Guild (G2G) standardized pricing mechanisms which require $BANK are not one-off bounty board tasks, and they can be standing offers by guilds offered to other guilds, also these would theoretically be payed for not by individuals but by guild seasonal distribution only.
CONCLUSION:
By generating a more clear utility use of the $BANK token, and continuing to pursue growth, expansion and governance decentralization, the DAO will establish itself on the other side of what might be deemed a security. *not legal advice
I see this being an excellent way for internal monetary velocity to add value to the underlying token. Guild to guild settlement on a monthly basis will also prevent multisig transaction fatigue
I love the idea, and 100% agree with the end results!
I hear you proposing and like the idea of different guilds working both interdependentantly on their own projects and cooperatively on projects and services.
We are working to enable that, and more in the bounty board, but taking an iterative approach to it(mvp’s). Not to say it has to be the bounty board, we could split off components and call them whatever.
We are hoping the bounty board will have multiple layers of interactions, which would enable it to be the HR layer of the DAO. An example of this may be someone having a ‘bounty’ that has funds locked up to be dispersed over the course of once a month for a year as a salary.
I could see the same applied here, where the bounty is a standing bounty by a guild, to be paid for by a guild multi sig. That along the lines of what you are thinking?
Yes, similar. But it’s not so much the Guild that needs the work done that puts up a bounty, as it is the Guild that has services to offer declares a price. e.g., 30 min Podcast transcription $1000 bank, Custom YT Thumbnail design, $800 BANK, Video background music, $1000 BANK, etc. The idea being that guilds offer services and set their own prices for other guilds to pay.
This would work in addition to and on top of people setting bounties for what they need. Point being it would create some level of standardization, and provide guilds an opportunity to set their own prices, as opposed to being at the mercy of whatever bounty someone wants to pay for something.
Yeah, there is the need to set up prices for tasks/services for each guild. Also, paying these out at the end of the season is a good practice and will avoid hundreds of small transactions and save in gas fees (hopefully)
This is very useful post! From a legal point of view, I just want to make sure that you are aware about one thing:
In the US this distinction between “utility tokens” and “securities” is usually not accepted and sometimes critizised (see for instance Shapiro).
Nevertheless, this seems the most sophisticated way of dealing with crypto and it is becoming the dominant approach in Europe.
I therefore think that such a categorization will more and more be accepted all over the world.
Good to know Eagle. I am still learning this topic, and we have not yet pegged a jurisdiction. What I know about the US is that BTC and ETH are not securities, and this is in large part because they have achieved sufficient decentralization.
Interoperating prices between guilds sounds a great way to increase efficiency. I wonder if bounty boards would still exist within guilds tho? or otherwise we need a different solution to reward contributors with more experience/expertise within guilds.
The overall idea of using guilds as rentals (like ‘consultants’) who do actual work sounds like a great idea.
Glad to hear you think this could be functional. The main idea here is not to take away from bounty boards in anyway. They can still operate completely as they do now. This would be an additional “menu” of services that Guilds could post with standard rates for things they are typically asked for. It would facilitate G2G commerce, and as per AboveAvgJoe’s comment, this scoreboard would be best settled once a month with Guild Treasury funds.
The Menu concept is something I’m pushing in Writers Guild. I want a menu where other guilds, and even other daos, can just look at our menu and see what our services cost (any offer for services subject to review, and conditional acceptance, or outright rejection).
