The HiveMind is a community-run research network whose mission is to bring crypto use cases to light and to fund projects demonstrating true utility via a grants program. Over time, the community will create a public library of content that will help our audience understand the true benefits and shortfalls of web3, DeFi, and the broader crypto ecosystem.
In the long term, the community’s research efforts will fuel a venture studio that will ship web3 products and tools.
Our Point of View - The Crypto Community Needs To Do Better
Last year, virtually everyone wanted exposure to BTC, ETH and maybe even a few altcoins. Yet rather than accumulating these tokens and using them for their intended purposes, most simply wanted to speculate by holding them and hoping to double their investments in the short-term. Why?
Effectively, the financial upside of crypto was mass marketed while crypto’s technical and social benefits were much less discussed. As Balaji has mentioned before, many debates surrounding web3 have operated at a 30,000 foot and 280 character level, without enough longer-form discussions about crypto’s true utility in layman’s terms.
Now, as financial markets continue tot correct and interest from the broader population dies down, much of the excess liquidity that crypto markets absorbed over the past year has already left the ecosystem.
While speculation isn't all bad and in effect acts as a force for technological development, we would argue that had more people better understood the benefits and potential of blockchain, then they might not have sold so quickly once the opportunity for short-term profits evaporated. There’s a reason why memes like these are pretty damn funny and get so much engagement.
Thus, our goal with the first iteration of The HiveMind is clear - to evaluate and articulate both the current use cases and potential of crypto technology. This will effectively onboard more builders into the space and ignite a virtuous cycle of development that benefits everyone.
A Focused Mission to Assess and Evaluate Crypto Use Cases
It is becoming more clear that crypto is money built natively for the internet age. If designed and executed well, this technology can enable more accessible financial networks with better incentives for everyone. But what exactly do these new networks look like? How do they benefit certain groups? Will there come a time where they benefit virtually everyone? Where could these new networks fall short?
The DAO’s research will be focused on answering these questions.
Season 1 of The Hive Mind
If others have learned anything with DAOs, it's that focus around one measurable objective leads to better chances of success. With that in mind, the DAO’s first project will involve the production of ten research and thought pieces that explore a core segment or theme within the crypto ecosystem. DAO members will pair up to research and analyze a topic of interest.
The Bigger Picture
At the end of the day, there is no arguing that shipping useful products is the key to crypto’s widespread adoption. But in the background, there is a need to discuss and evaluate what can be done with this new technology, so as to direct both social and financial capital towards the right problems and solutions.
On an individual level, by creating content that explores crypto utility, community members can play a role in onboarding the next users and builders to the ecosystem, while also learning a great deal and connecting with others in the process. Aside from collaborating to generate this library of content, the DAO’s network serves as a sandbox to incubate ideas, get user feedback and generate alpha.
Q&A
What does the workflow look like for season 1 of the research DAO?
Do the tokens have a buy-in price?
In exchange for a fixed share of the DAOs tokens, members will invest $100. This shouldn’t necessarily be seen as an upfront “cost” to joining the DAO, as the funds will be pooled into a shared treasury that is owned and controlled by the community.
As much as the community's primary objective is to generate content that helps our audience understand crypto use cases, the longer-term vision for the DAO will include an investing component. By starting with a very small balance, the community can begin to understand what it is like to invest a shared treasury on-chain.
Who controls the DAOs treasury?
The community does. For changes to take place (making investments, incurring expenses, etc.), they must be pre-approved by a majority of DAO members.
What will the onboarding process look like for members?
For the first season of The HiveMind, membership will be limited to between 10-20 individuals. Rather than creating a waiting list and then onboarding everyone at the same time once the member threshold has been reached, we plan to onboard members gradually. Similar but not identical to what they are doing at Nouns DAO, members will be onboarded gradually over several weeks.
How will the DAO treasury tokens be created and managed?
The DAO will rely on the Syndicate Protocol and its DApp supporting the creation and management of investment clubs. Using the Syndicate platform, members will be able to contribute funds, and track the transactions that are executed by the DAO. Members will also be able to see the value of the DAO's treasury that is attributable to them.
What will season 1 members be responsible for?
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Researching a topic of interest
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Finding a mentor within the ecosystem for feedback
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Writing, publishing and shilling your article
What sort of time commitment will this require?
Ideally, articles will be written and published between the end of September and December 31st on a periodic basis. Each DAO member will work on a topic of their liking, and at the beginning of the period, DAO members will choose an expected delivery date for their piece.
Estimated time to research, discuss, and write an article = 25-30 hours
Will DAO members have a say in how the community operates?
Of course. What you are reading right now is simply a vision for how the first iteration of the community will run. As a small group, we will test out several different ways of going about things to find an optimal approach.
What is the long-term vision for The HiveMind?
In the long-run, HiveMind will become a venture studio where members can pitch and discuss crypto projects with potential for solving real-world problems. Any ideas that show promise could be pursued by the community or a subset of the community.