Decentralized Autonomous Organization (DAO) operations and logistics on DAOHaus :: with Alex Zub and Spencer Graham
01/18/22 • 49 min
In this episode of Ventures, my guests Alex Zub (https://twitter.com/theAlexZub), Spencer Graham (https://twitter.com/spengrah), and I talk about the details of day-to-day “DAO life” on DAOHaus (https://daohaus.club/). We talk specifically about how Raid Guild (https://www.raidguild.org/) - a services DAO - manages proposals, escrow, billing, and bridges to the traditional finance system. We also talk about short-term and long-term financial incentives for DAO founders/participants, how DAOs can quickly raise funds and manage risk/assurance/trust, and how newcomers to DAOs can/should think about how to participate to create maximum value for themselves and their communities.
Visit https://satchel.works/@wclittle/ventures-episode-80 for detailed notes and links to resources (videos, articles, etc...) mentioned.
You can watch this episode via video here.
2:38 - Background and tee-up for the conversation; Alex has a bunch of questions about Raid Guild and we figured we’d record it for everyone’s benefit.
3:20 - Alex intro / background (full-stack engineer, turned management)
5:50 - Spencer’s description: “What is a DAO?” (From “group chat w/ a bank account” to more) - plus, information about how Raid Guild splits their revenue (90% to team, 10% to treasury)
11:08 - Is there a founder of Raid Guild? How did the letting go of control happen? How did Raid Guild Start?
13:04 - Showing the dashboard of the Raid Guild DAO on DAOHaus
14:49 - When someone new joins, does that create new shares?
16:30 - Seeing the list of members in Raid Guild
17:30 - Is there such a thing as a partial rage quit? (i.e. sell part of his shares).
18:14 - What are all the types of proposals that people can propose in DAOHaus DAOs?
20:50 - Smart escrow https://smartescrow.raidguild.org/
22:25 - How does a proposal outcome get enforced / QA control?
23:02 - Guild kick (booting someone out)
23:40 - Assurance for client and service provider via escrow-type services on-chain
24:12 - Smart invoice https://smartinvoice.xyz/
26:39 - Court on-chain (LexDAO, Kleros Court, etc..)
29:20 - How to deliver a project w/ scope in tranches using Smart Invoice
31:34 - Advantage of a service DAO, Raid Guild in particular.
33:35 - Long-term economic incentives for moloch-type DAO participants.
36:55 - What are loot shares?
37:29 - If a DAO decides to allow their shares to be transferable - the peg to a specific value would go away.
40:20 - Besides pegging a token to governance, what other types of tokens are there? https://satchel.works/@wclittle/a-primer-on-blockchains-protocols-and-token-sales (Utility token, work token, etc...)
42:45 - Yeeting (easy way to raise funds for a DAO) → https://twitter.com/nowdaoit/status/1483463413464502277
44:20 - Off-chain to on-chain bridging - web3 to traditional - does Raid Guild work w/ “off-chain” customers?
46:11 - Off-chain operations for raid guild via a standard reimbursement policy
47:00 - Where can people find Alex and Spencer to continue the conversation? https://twitter.com/theAlexZub & https://twitter.com/spengrah
In this episode of Ventures, my guests Alex Zub (https://twitter.com/theAlexZub), Spencer Graham (https://twitter.com/spengrah), and I talk about the details of day-to-day “DAO life” on DAOHaus (https://daohaus.club/). We talk specifically about how Raid Guild (https://www.raidguild.org/) - a services DAO - manages proposals, escrow, billing, and bridges to the traditional finance system. We also talk about short-term and long-term financial incentives for DAO founders/participants, how DAOs can quickly raise funds and manage risk/assurance/trust, and how newcomers to DAOs can/should think about how to participate to create maximum value for themselves and their communities.
Visit https://satchel.works/@wclittle/ventures-episode-80 for detailed notes and links to resources (videos, articles, etc...) mentioned.
You can watch this episode via video here.
2:38 - Background and tee-up for the conversation; Alex has a bunch of questions about Raid Guild and we figured we’d record it for everyone’s benefit.
3:20 - Alex intro / background (full-stack engineer, turned management)
5:50 - Spencer’s description: “What is a DAO?” (From “group chat w/ a bank account” to more) - plus, information about how Raid Guild splits their revenue (90% to team, 10% to treasury)
11:08 - Is there a founder of Raid Guild? How did the letting go of control happen? How did Raid Guild Start?
13:04 - Showing the dashboard of the Raid Guild DAO on DAOHaus
14:49 - When someone new joins, does that create new shares?
16:30 - Seeing the list of members in Raid Guild
17:30 - Is there such a thing as a partial rage quit? (i.e. sell part of his shares).
18:14 - What are all the types of proposals that people can propose in DAOHaus DAOs?
20:50 - Smart escrow https://smartescrow.raidguild.org/
22:25 - How does a proposal outcome get enforced / QA control?
23:02 - Guild kick (booting someone out)
23:40 - Assurance for client and service provider via escrow-type services on-chain
24:12 - Smart invoice https://smartinvoice.xyz/
26:39 - Court on-chain (LexDAO, Kleros Court, etc..)
29:20 - How to deliver a project w/ scope in tranches using Smart Invoice
31:34 - Advantage of a service DAO, Raid Guild in particular.
33:35 - Long-term economic incentives for moloch-type DAO participants.
36:55 - What are loot shares?
37:29 - If a DAO decides to allow their shares to be transferable - the peg to a specific value would go away.
40:20 - Besides pegging a token to governance, what other types of tokens are there? https://satchel.works/@wclittle/a-primer-on-blockchains-protocols-and-token-sales (Utility token, work token, etc...)
42:45 - Yeeting (easy way to raise funds for a DAO) → https://twitter.com/nowdaoit/status/1483463413464502277
44:20 - Off-chain to on-chain bridging - web3 to traditional - does Raid Guild work w/ “off-chain” customers?
46:11 - Off-chain operations for raid guild via a standard reimbursement policy
47:00 - Where can people find Alex and Spencer to continue the conversation? https://twitter.com/theAlexZub & https://twitter.com/spengrah
Previous Episode
Leadership, trust, and identity considerations when starting a DAO vs. a traditional startup :: with Liz Sweigart, PhD
In this episode of Ventures, my guest Liz Sweigart (https://www.linkedin.com/in/lizsweigart/, PhD in Organizational Leadership) and I discuss the differences between a DAO and a traditional startup in terms of starting, organizing, and leading. We talk about trust vs. relating, identity considerations in DAO communities, positive vs. exploitative transactions of value, and qualitative vs. quantitative measurement of success. If you would like to join us as we explore starting a DAO together, check out https://www.redpilldao.xyz/ and our Discord server (https://discord.gg/PvtMZf6yws).
Visit https://satchel.works/@wclittle/ventures-episode-79 for detailed notes and links to resources (videos, articles, etc...) mentioned.
You can watch this episode via video here.
1:38 - Liz intro and background/motivation for this conversation; general commentary on risk/reward and value creation.
3:56 - Differences between starting and leading a traditionals startup vs. starting a DAO.
9:17 - What advice does Liz have for founders of DAOs, specifically for their first steps? (a question of identity; who are “we”, core values, purpose, qualitative vs. quantitative meaning, etc..)
12:47 - Identity and purpose paradigms in DAOs vs. traditional startups.
15:12 - How should founders of DAOs think about establishing trust (“transactional” doesn’t need to be negative; inspired vs. compelled; positive or exploitative; relating vs. trusting).
19:57 - How can people follow up w/ Liz? https://lizsweigart.com/ // https://www.linkedin.com/in/lizsweigart/ // https://www.redpilldao.xyz/
For additional podcasts on DAOs on this show (and articles/writing from Will), see: https://satchel.works/@wclittle/web3
Next Episode
Startup Finance & Accounting 101: A crash course for founders :: with Veronica Sagastume
In this episode of Ventures, my guest Veronica Sagastume (https://www.linkedin.com/in/veronicalsagastume/) and I talk about all-things startup finance and accounting. From the perspective of what founders need to know, this episode ended up being a crash course in the various high-level aspects of bookkeeping, accounting, controller work, fractional CFO work, tax prep, legal considerations, and finance operating suggestions. Veronica’s firm (https://www.fortifiedaccounting.com/) works with funded, early stage startups and she makes a compelling pitch for why you should seriously consider hiring a firm rather than individuals in the early stages of your funded business.
Visit https://satchel.works/@wclittle/ventures-episode-81 for detailed notes and links to resources (videos, articles, etc...) mentioned.
You can watch this episode via video here.
2:47 - Veronica introduction and background, story, and what she does now.
5:46 - What’s the “Finance 101” for startups and when should founders hire help?
11:48 - Last ~5min of conversation is worth re-listening to, but - first question - what is GAAP accounting? https://www.investopedia.com/terms/g/gaap.asp
13:45 - Will Xero or Quickbooks online help entrepreneurs with the basics of GAAP accounting?
16:14 - Suggested order of hires – Veronica suggests hiring a firm and growing into them.
19:14 - Analogy of someone doing a large remodel or construction project.
20:09 - Traction and having the cash is key so you can hire a proper finance and accounting firm.
22:38 - Lessons after 15+ years in the startup space. If you can hire a firm, do it.
23:12 - Importance of having a regular monthly meeting to go over your books. Quick lesson on the P&L (income statement), balance sheet, and statement of cash flows.
28:00 - Amazing to have a group that can get you finished books quickly after the beginning of the month.
31:50 - Coming back to the overall framework: bookkeeping, controller, accounting, “CFO stuff” - does Veronica’s firm do all this? Even tax prep?
33:52 - The role of controller. What does it look like working with Veronica’s firm from the role of the controller.
37:14 - Prepping a company for an exit strategy / data room
41:37 - Data rooms
42:40 - How Veronica’s firm builds data rooms from scratch as they go.
43:20 - How should founders think about finance best practices to be properly compliant.
46:50 - “CFO stuff”
53:03 - Tax prep strategies // what should founders be looking for to ensure their firm is doing the right things?
44:33 - Early November tax strategy meeting / how to work with the tax prep folks?
59:00 - What are the types of things that Veronica will bring in the expert accounting / legal folks?
1:00:41 - Stock options vs. RSUs? https://smartasset.com/investing/stock-options-vs-rsu
1:01:37 - Where can people find Veronica’s firm online? https://www.fortifiedaccounting.com/
1:03:28 - Smart use of Loom videos (https://www.loom.com/).
1:04:50 - About Will (https://linkedin.com/in/wclittle) and Prota Ventures (https://www.protaventures.com). Special focus on idea to pre-seed.
1:09:00 - When is the right time to talk to Fortified Accounting?
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