During our presentation at the æternity Universe One conference, we updated on the latest developments around the project and showcased our full-stack MVP – a Wetonomy mobile app! Here’s a quick recap.
The mission of Wetonomy is to radically improve the way people collaborate at work.
To do this, we develop an open platform for creating and managing Decentralized Autonomous Organizations (DAO).
This DAO framework is like a lego constructor, it contains all the necessary structure blocks to build an organization. For example, the “Members” and “Groups” components allow you to manage permissions, thus establishing some hierarchy in an organization. And by the power of “Token Flow” blocks, users can mint and burn tokens, essentially making an organization become its own digital bank.
And it’s all held together by a Strong Force. No, really, that’s how we called our open-source framework for smart contracts. We based it on .NET so developers could take advantage of a high-level language like C# and a well-established community. We use the Tendermint engine for consensus, while also planning to implement Substrate in the future. Last, but not least, the StrongForce API comes with message forwarding and access control lists, further unlocking more customizable organizations with even more complex smart contracts and interactions.
Going for our MVP, we thought:
How cool would it be to manage your organization from your phone?
A few months later and the Wetonomy beta is really starting to take shape.
The whole thing is structured in terminals. Those terminals can plug-in and work with any smart contracts classes and interfaces. If our backend is a car, these terminals are like the driver who steers the wheel.
We have developed our first one – the Achievement terminal. Through it, members can brag about the work they’ve done for the organization. It also allows their peers to reward the achiever with tokens. The rewards execute as transactions on the blockchain.
For example, my colleague Bob has been working on implementing the “Members and Voting” functionality. Once he is done, he would announce on the app what work has been completed. And then I and the other Comrades could give part of our token allowance as rewards to Bob for the good job he’s done.
Or, if Bob is being too modest about announcing his work, I could directly reward him through the app, explaining why I feel he deserves it. Then, with just one click, other members of the Wetonomy could add-on to the reward.
In case you’re wondering what does one need this tokens for – later they are exchanged for money. Part of the organization’s income goes through smart contracts that automatically buy back some of the tokens. Furthermore, the exchange ratio of tokens-to-money doesn’t need to be 1:1. Every organization decides on its own. For example, it could be 5:1 for a fledgling startup without any cash flow, thus increasing the reward according to the risk that these tokens could never materialize as money.
And here’s a video of our presentation at the Universe One event.