By Kevin Liu, Metis Co-Founder and Product Lead The era of independent workers For decades, holding a “full-time job” with one employer has been the norm in developed economies. Increasingly, those norms are changing. A new generation of young adults entering the global workforce, the aftermath of COVID-19, and numerous other factors have spurred accelerated […]
For decades, holding a “full-time job” with one employer has been the norm in developed economies. Increasingly, those norms are changing. A new generation of young adults entering the global workforce, the aftermath of COVID-19, and numerous other factors have spurred accelerated growth in one specific segment of the economy: independent workers.
More than one-third of U.S. workers (about 56 million total) participate in the gig economy, either as their primary or secondary jobs. Additionally, 4.33 million people in the United Kingdom were self-employed in the first months of 2021.
Beyond those raw stats, we can see the proliferation of freelancing and gig work through the emergence and rapid growth of major gig economy employers, including Uber, Lyft, Turo, Upwork, and Fiverr.
Blockchain now stands poised to take self-employed workers to the next level, with Decentralized Autonomous Organizations (DAOs) leading the way.
The future of corporations could be very different as DAOs take on legacy businesses. It’s the ultimate combination of capitalism and progressivism. Entrepreneurs that enable DAOs can make $. If the community excels at governance, everyone shares in the upside. Trustless can pay
When workers join a DAO they become part of a community, working in a distributed manner, taking on various responsibilities, and receiving rewards for their work in the form of community tokens. The number of active DAOs rocketed 660% from 2019 to 2020, according to research group DeepDAO.
Given the prevailing economic and societal trends, the massive shift from traditional work and full-time employment to freelancing, working part-time, and independent work is likely to continue, even after we’ve put the pandemic to rest. Still, a major challenge remains: how do we move forward with a more independent workforce that also honors workers’ rights?
Independent work offers three defining advantages: a high degree of autonomy; payment by task, assignment, or sales; and fluid relationships between workers and projects. But despite those tremendous perks, there are still numerous issues to address.
First, until now, independent workers have struggled to gain the rights and protections afforded to salaried employees. For example, Uber drivers have been fighting for more rights and protections for years, but have thus far made only incremental gains, such as a recent UK ruling in which drivers were upgraded to the status of “workers,” but not salaried employees. Likewise, most DAO members don’t have access to many important rights and protections either.
In the blockchain world, a second major problem arises consistently. As independent workers attempt to collaborate on development projects, they must do so with people they’ve likely never met, and often don’t know at all. The challenge of such a set is obvious. How can these independent workers, often operating anonymously and on opposite sides of the planet, build trust? How can decentralized collaborations in decentralized environments occur effectively and harmoniously, when no prior foundation of trust has been built?
A digital employment cooperative for independent workers
As a partnership committed to building a better, more just #FutureOfWork, Opolis and Metis aim to provide that foundation of trust while also giving independent workers access to vital benefits, rights, and protections. To do so, Opolis and Metis are using innovative blockchain technology, and novel DAO mechanism designs.
Opolis is a digital employment cooperative, supported by the Ethereum ecosystem, that’s designed to improve working conditions for independent workers. The inspiration behind Opolis was the vision of a more egalitarian global employment framework. Its founder envisioned a system that would bring powerful tools and infrastructure to independent workers so that they could design their work lives in a way that would suit their personal lifestyle preferences.
Using the structure of that cooperative and its $WORK token, Opolis is built as a public utility framework, so that services and technology can be delivered to anyone, anywhere, at a sustainably low cost. That framework will allow freelancers and gig workers everywhere to access the same health benefits, life and disability insurance, and other services that until now only corporate employees have been able to access. By leveling the playing yield for independent workers, Opolis is building an ownership economy for the world of Web 3.0.
Individual-centric DAOs will become the new norm
Metis will support Opolis Members from the collaboration layer to build trust, manage collaborations, and provide a robust infrastructure to backbone independent work.
The spread of independent workers around the world should make us rethink how economies work. Instead of focusing on economies from an organizational perspective, we should adopt an individual-centric point of view to address the challenges that independent workers face.
Metis sees DAOs as a flowing collective where individuals can join and quit freely to accomplish various goals, meshing perfectly with Opolis’ vision of independent workers’ rights. In order to achieve that synergy, Metis needs to set up an open, fair, transparent, immutable, and secure decentralized system to enable the flow of trust throughout the collaboration process.
In the Metis ecosystem, every individual operates as a standard “module”, but with different characteristics. Each individual user gets an NFT-based passport to record their Reputation Power, collaboration history, and other attributes that help build trust. That Reputation Power is immutable, so all users working on the Metis blockchain can judge for themselves if a person is worth collaborating with. Staking NFT passports and tokens enables the formation of trusted collaborative relationships between different users who didn’t know each other before. The NFT passport gets updated every time a collaboration ends.
Figure 1: Individuals Collaboration Example
Then, to support value creation activities, we need a robust infrastructure. Layer 1 Ethereum in its current form is not feasible for most business operations, considering its high gas costs and low transaction efficiency. A Layer 2 solution is the solution to these problems. But while other Layer 2 solutions focus primarily on lowering the cost and improving transaction speed, the key to creating optimal decentralized collaborations is to also boost scalability and functionality far beyond the status quo.
That’s where Metis Rollup truly shines. While the Metis Layer 2 solution slashes gas fees and supercharges the throughput process, it also creates a far more scalable user experience than any other L2 offers. More than that, it offers the framework to build nearly unlimited functionality. Users can perform a massive number of different tasks with Metis Rollup, from creating their yield farming to even building their own version of Uniswap. From a future of work standpoint, Metis’ ability to enable users to build their own Decentralized Autonomous Company (DAC) is a huge step forward for independent workers, or really anyone with an entrepreneurial spirit.
Finally, decentralization also means fair opportunity for everyone which means providing a platform that’s so easy to use, even total blockchain novices can perform robust tasks (such as starting their own DAC) in just a few clicks. If everyone from expert developers to total beginners can participate in the development of a decentralized economy, the ecosystem will become infinitely more versatile and healthy. Metis Middleware is designed to serve exactly this purpose.
Building for the Web 3.0 world
Opolis has already gained widespread popularity and support within the Ethereum ecosystem, with the massive success of its ETHDenver community taking its place alongside entities such as Consensys, MakerDAO, BaderDAO, and Gitcoin as Coalition Members.
The next big step for Opolis will be to promote the legislation of DAOs as part of its Colorado Cooperative framework. With blockchain and individual-centric DAOs forming a new kind of work infrastructure, a whole new Web 3.0 world will be built that will mimic the traditional workplace, but this time with independent workers becoming a more vital component of the global workforce.
Together, Opolis and Metis will give the global independent workforce the ability to reap the benefits and advantages currently available to salaried employees. More than that, this partnership will enable projects to scale rapidly and effectively within the trustless decentralized world.
With a target market of hundreds of millions of independent workers around the world, the partnership of Opolis and Metis could have massive global implications. With Opolis expanding to different countries, Metis will deploy its governance expertise to promote DAO legislation all over the world, starting with Asia and the Middle East and spreading to many more regions to come.
Together, we hope to fulfill our shared dream: to create a world in which independent workers can work freely, with a full set of rights and legal protections. The future of work will be defined by both its accessibility, and its decency.
Based on the spirit of Optimistic Rollup, Metis is building an easy-to-use, highly scalable, low-cost, and fully functional Layer 2 framework (Metis Rollup) to fully support the application and business migration from Web 2.0 to Web 3.0. Its scalable protocol supports a wide range of use cases, including yield farming, DEX trading, and powering the gig economy via dApps that offer cheap and fast micropayments.
Metis integrates the Decentralized Autonomous Company (DAC) framework within its Layer 2 infrastructure, a differentiating factor that makes it easy for any developers, builders, or community leaders to build their applications and communities. It also makes it easy to use pre-set tools to facilitate their development, manage collaboration, and enjoy the network effects of the world’s largest decentralized finance ecosystem, without the costs and bottlenecks normally associated with Ethereum. Metis’ goal is to make building dApps and DACs on its platform so easy to do, even total blockchain novices can make it happen in a matter of minutes.
The recent market fall has led to traders rushing toward sell-offs, even as Bitcoin’s price started to consolidate. The king coin’s downtrend on June 12, which led to an over 6% fall in valuation, was followed by several alts such as Binance Coin, Filecoin, and Tron’s TRX. Breaking through important support levels, these coins also faced rising selling pressure and depleting capital inflows. Their south-bound movement kept them vulnerable to additional losses going forward.
Binance Coin continued on its downtrend. After gaining over 33% just between May 31 and June 2, its valuation fell by 20% during June 7-9. Still trading in the red, the coin was priced at $337.8 at press time. After testing resistance at $365, it had fallen a further 13.2% over the past week.
Relative Strength Index or RSI dipped below the median line on June 10 to 39.8 at press time. If selling pressure continues to mount, the coin could be headed for the oversold zone. As Parabolic SAR’s dotted line hovered above the candlesticks, a downtrend for the price action could be noted.
However, according to Awesome Oscillator’s histogram, bullish momentum could be seen creeping in although it was too early to declare a positive price movement based on the indicator alone.
The support at $304 remained strong and could act as a savior if BNB continues its downward movement.
Filecoin lost 26% of its valuation during the market reduction on June 7. The coin fell through support lines at $84.5 and $75.5 and had since lost further valuation during the price fall on June 11. It was trading at $69 and saw slight gains on the four-hour chart with the emergence of a green candlestick at press time.
Chaikin Money Flow indicated that traders rushed to sell their holdings on June 12, as the capital outflows mounted way over the inflows. Selling pressure also continued to be overpowering, as Relative Strength Index continued to hover over the oversold region since June 8. The convergence of the Bollinger Bands did highlight the reduced volatility of the market and price action could be constricted going forward.
The blockchain network recently hit several milestones. Tron’s daily active users hit an all-time high of 5.26 million, while the total daily transaction count has also hit an all-time high of 6.22 million on Tuesday.
Nevertheless, Bitcoin’s retracement on June 10-11 proved to be detrimental to Tron, which fell by over 12% during this time. The coin broke through its support at $0.069 but found new support at the $0.065 mark, with the former acting as a strong resistance. The 24-hour trading volume for the coin also fell by 31% over the past day.
Bollinger Bands remained diverged during this time, indicating that market volatility was picking up. The appearance of a red line below Awesome Oscillator’s histogram suggested that bullish momentum was starting to surface on the coin’s price action. Moreover, MACD’s histogram closed in one a bullish crossover, even as the lines remained below the equilibrium and moved in alignment with one another.
Since the indicators suggest that bearish momentum is declining, TRX could defend $0.065 support from a breakdown. In case the support is broken, the coin could face a plunge of over 20% towards the next support at $0.055.
Why NFL’s Russell Okung Asked Nigeria To Adopt The Bitcoin Standard
Following El Salvador’s decision to grant Bitcoin the status of legal tender, other government officials in the region have hinted at adopting similar measures. Most of the interest seems to have a source in developing countries. Their populations have been the most benefit from Bitcoin’s open and censorship resistance network. NFL’s professional player Russell Okung […]
Following El Salvador’s decision to grant Bitcoin the status of legal tender, other government officials in the region have hinted at adopting similar measures. Most of the interest seems to have a source in developing countries. Their populations have been the most benefit from Bitcoin’s open and censorship resistance network.
Okung is of Nigerian descendant and is well-known for his pro-BTC stance. He famously used the phrase: “Paid me in Bitcoin”, as a demand to his team’s management. The professional football player has kept an eye on the situation in El Salvador and believes that “soon every nation will be faced with this decision”.
Therefore, Okung argues that it will be more beneficial for the country to be first in Africa to make BTC legal tender. In that way, Nigeria will “will enjoy significant advantages globally for generations to come”.
Similar to El Salvador, Nigeria and other countries in Africa have placed their fate in “the hands of global central bankers”. Okung believes these entities have acted for their own benefit and not those of the Nigerian people.
The NFL’s player emphasizes that the current global economic outlook calls for fast and extreme measures. Other countries, Okung claims, such as Russia, China, Kenya, and Iran use Bitcoin in some form to “circumvent U.S. sanctions” and retake more participation in the global financial system. He adds:
I’m proposing an equally aggressive approach to national Bitcoin adoption which would significantly bolster every sector of the Nigerian economy and revitalize the spirit of every Nigerian domestically and abroad.
What Countries Risk By Not Adopting Bitcoin
Nigeria has a troublesome history with the cryptocurrency. A national ban was imposed in the country, only to be removed after a couple of days when BTC’s price rose 46%. The measure caused people to panic buy BTC to protect their savings, businesses, and hedge against the situation described by Okung.
Data from Statista indicates that around $400 million are traded in cryptocurrencies in this country for 2021 alone. This suggests that the Nigerians have a lot of interest in this asset class.
The African country has seen a wave of massive protest, as a report from The Guardian claims. Nigerians have been celebrating Democracy Day and have mobilized to manifest rejection for their government’s bad governance.
The report claims that Nigeria is one of the most corrupt countries around the globe. Thus, seems logical that their citizen has high Bitcoin adoption levels. At the same time, it seems improbable that government officials will give BTC legal tender status. Still, Okung presented his arguments, he seems to understand the benefits for Nigerians and what truly it’s at stake.
(…) a delay in pursuing a national plan for bitcoin adoption will risk a scenario where Nigeria is left behind and its citizens excluded from the possibility of significant wealth creation and preservation.
At the time of writing, BTC trades at $37,464 with moderate gains in the daily chart. BTC experienced high volatility during the weekend. In order for the bulls to take control, the $40,000 resistance must be flipped into support in the short term.
Bitcoin maximalists are currently gaining from the dropping altcoin market capitalization. Another group in on that is DeFi project traders and HODLers. This weekend, the altcoin market capitalization dropped further. In the past 7 days, the altcoin market capitalization has dropped along with a drop in altcoin prices. BNB, ADA, DOGE, XRP, DOT and CRV have dropped and this has increased the accumulation, investment inflow.
Low marketcap projects have offered high returns over the past 7 days. There are several factors supporting this narrative. Increasing trade volume of DeFi projects has increased in proportion to altcoin market cap. The demand across exchanges has increased and there is an increase in the number of unique wallet addresses and TVL. This may change the narrative of DeFi to bullish.
High market cap projects may lead to the increase in demand and investment inflow proportionate to the interest of their users. The low market cap projects continue to face a correction when traders exit. The drop in altcoin market capitalization has a direct impact on DeFi users.
The diminishing altcoin market capitalization has had a direct impact on the investment inflow, the number of traders and the demand across exchanges. This is bullish for DeFi projects as the rising number of users and the metrics related to number of trades, wallets and users indicate a growing interest, investment, institutional investment inflow and growth in DeFi market capitalization.
With the rise in the number of DeFi projects, there is a surge interest from institutions. With the upcoming biggest smart contract event of the year, it is likely that DeFi projects like UNI, CAKE, SUSHI, AAVE that haven’t rallied in the past 2 weeks would rally following increasing demand and popularity, social media mentions.
When the average price chart of these projects is observed, and they are ranked in accordance to their ranking of growth in Active users, there is a strong correlation between users and market capitalization. AAVE, UNI, SUSHI have ranked the highest. Though ranking does not have a direct correlation with social volume and price, it has increased following drop in altcoin market capitalization. This builds a bullish case for DeFi in the following two weeks.
The Purpose Bitcoin ETF holdings have reached an all-time high of 19,692.149 BTCdespite the current bitcoin market decline.
The dip in the bitcoin market has not scared off Canadian investors. By considering the Purpose Bitcoin ETF re-accumulation, there is an indication that investors are buying the dip. Over the last month, Purpose’s holdings have increased by 963 BTC.
BTC is currently sitting at $36,028, a steep drop from its all-time high of $63,000. However, despite the flash crash, which brought the price down to around $30,000, the ETF has been steadily gaining over time.
Its holdings at the current price amount to around $709 million.
Purpose Bitcoin ETF success
The Purpose Bitcoin ETF launched in February 2021. It is hosted by the Canadian investment company Purpose Investments.
The company won approval for the ETF from Canada’s regulators and continues to be successful. Two days after its launch, the ETF grew its assets under management (AUM) to over $400 million.
This ETF offer investors the chance to invest directly into physically settled ether.
No signs of ETF approval from U.S.
Not only was the bitcoin ETF a first for Canada, but it was also a first for North America. It was hoped that this bold move would encourage its southern neighbor, the United States. However, this was not the case.
The U.S. is still to approve an ETF, despite the multiple applications from various parties. In addition, it appears even the success of the Canadian ETF hasn’t been able to sway regulators.
Most recently, the SEC delayed its decision on VanEck’s latest filing just hours before the deadline. This keeps it in the pile of over a dozen applications that are still in limbo.
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After working in news and lifestyle journalism, Leila decided to bring her interest in cryptocurrencies and blockchain to her day job. She now runs the Features and Opinions desk at BeinCrypto which fits perfectly with her enthusiasm for crypto’s social and political impact.