The time deficit
There’s a clear disconnect between proficiency in a skill and the usage of time as a medium of
trade that foragers intend to fix.
If you are proficient in a certain skill and you charge a client 100EUR/Hour and you finish a
project in 10 hours. You’ll get 1000 EUR.
A similar professional could be less efficient than you and that person could charge
80EUR/Hour. Now they finish the same project in 15 hours. They receive 1200 EUR
Foragers DAO believes you should be rewarded more for being able to do tasks more efficiently rather than being paid less.
We believe this way is through a reformed bounty system.
In the current space, various peers are working on various bounties; the most available platforms in this world are gitcoin.co and hackerone. Outside of the tech focus, there are bounty systems that classify themself differently, for example, airtasker.com, fiverr.com, and upwork.com. All of these we classify as marketplaces with a reverse auction system. One creates a requirement or task and rewards the executor with the listed payment.
Systems like this have many advantages for the lister:
- Unrestricted amount of agents working on it while you only pay the one that succeeds.
- Agents bring solutions you are unaware of.
- The bounty creator doesn’t require to know the agent before they hand in the bounty.
- No need for commitments towards agents except for paying the completed bounty.
Also came the disadvantages for agents:
- Unreliable sources of income
- High competitive environment
- No “company” benefits
- Disputes about requirements
gitcoin.co has innovated and is currently leading the way in this field. They have introduced different levels of bounties and different types of bounties. Gitcoin its bounties seem to be aimed towards mainly individual contributors. With a payment system that only requires the project initiator to pay said funds after the project has been completed. Noticeably there’s a lack of bounties above $15000.
Foragers.io believes there’s a way to evolve this system towards growing the size of these bounties with SMB & Enterprise projects that aim at teams completing these bounties. With the addition of a milestone-based escrow in the shape of a smart contract, where a winning proposal gets the contract to work on.
Thus, using this system, we can fix the dilemma of needing to sell time by switching transactions and billing focus on deliverable milestones rather than hours. While also allowing teams to pick up more significant projects, which would result in a more stable source of income.