Seven essential skills you need to thrive in a DAO-powered economy

Seven essential skills you need to thrive in a DAO-powered economy

Over the past year, terms like non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), metaverse, and Web3 have become more than just buzzwords. Despite the ongoing crypto winter, development and activity are still in full steam in the Web3 space. For instance, more than 2,800 DAOs began governance activities between May and October 2022.

Proponents of decentralized technology have said that “DAOs are the future of work.” If this assertion is true, familiarizing yourself with the skills needed to thrive in the economy is essential. In a recent Twitter thread, BanklessDAO highlighted some of the top skills needed to excel in a DAO-based economy.

What is a DAO?

Short for decentralized autonomous organization, a DAO is an entity with no central leadership. It has a bottom-up structure, and decisions are made by members of the community based on a specific set of rules enforced on a blockchain.

Smart contracts are used to establish these sets of rules, and those who have a stake in the DAO (usually through the ownership of a token) are granted voting and governance rights.

Unlike traditional organizations, a DAO has no hierarchical management even though members can be elected to serve in various capacities. From charitable organizations to venture capital pools, and freelancer networks, a DAO can serve a large number of purposes.

What skills do I need to work in a DAO?

According to BanklessDAO, you’ll need seven essential skills to land a gig in a DAO or function effectively within the industry.

  1. Basic knowledge of the blockchain: DAOs draw their strength from smart contracts, and ultimately, the blockchain. It is, therefore, a no-brainer that you need to have some basic knowledge about how the blockchain works. Thankfully, there are a lot of free materials on the subject.
  2. Fast learning: The blockchain space is still very nascent and open to a lot of changes. A few years ago, ICOs were such a big deal. Last year, it was NFTs, and now the metaverse. While having a basic knowledge of the blockchain puts you ahead of most people, being a fast learner will help you stay relevant.
  3. Communication: Connection (who you know) is critical in the labor market, especially in the Web3 space. With remote working becoming the new normal, your ability to communicate effectively and interact with the members of a DAO could land you your dream job.
  4. Time management: DAOs are decentralized and without a schedule. People are rewarded for getting the job done, and as a result, you must learn to manage your time.
  5. Problem Solving: Every DAO has its peculiar problem. Your ability to solve these problems or recommend viable solutions could make you a prominent contributor.
  6. Teamwork: You’ll be interacting with people from different backgrounds and experiences. Consider yourself as part of the team and provide value whenever needed. This is the best way to stand out and gain recognition.
  7. Autonomy: You must take the initiative and be proactive. Identify the weaknesses of the DAO and spearhead efforts to solve them.

There are several skills needed to thrive in a DAO-based economy, and the skills listed are more of a generic list.

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