The Deep Work Token (DEEP) is a governance token intended to manage the Deep Work DAO. The Deep Work DAO is under construction by the Deep Work Foundation and Deep Work Studio Limited. We're currently using an internal database and 'bonus scheme' to keep track of everyone building the DAO.
This means Deep Work will transition to a DAO and design studio collective. With everyone that inputs into the success and creation receiving a share of the value and rewards. The intention is distribute something similar to startup equity beyond founders, employees and investors. Whilst creating the organisation of the future.
The goal is to create a successful design studio, but rather than a traditional exit (e.g. selling the business or going public) we will 'exit to the community'.
Start distributing 10% of Deep Work's profits into a pool. Token* holders can claim into the pool according to their proportion of tokens.
*For V1, there is no ERC-20 or blockchain token. We're using an internal database to calculate a 'bonus scheme' and all claims are payable on invoice from team or community members. We've designed as such to start distributing profits without the legal consideration of a token. More on legal later...
Team and community members claim tokens for any work done in the system. Token amounts per task or skill are adjusted as we adapt and gain feedback on the economics and incentive mechanisms we want to encourage.
The latest token amounts that can be claimed can be viewed here: Token Items Spreadsheet. To claim, follow the Typeform link above and follow the instructions.
There's is a public list of all claims made viewable here: Deep Token Claims Database
Airdrop and previous claims: We've included all the data from the Airdrop and any claims made in the previous system. Any ERC-20 token is current unused and does no have any value/representation. We expect this will change in the future as we merge the two systems - subject to a full legal review.
1) Deep Work allocates 10% of the previous months profits to a "profit pool".
2) Community disputes any token claims:
At the end of each month, we'll publish the full list of claims on Discord.
Anyone can raise an objection via Discord.
In V1 founders Charlie and Andrej will accept/reject any claims/disputes (this will become more decentralised in the future).
3) Publish amounts claimable:
Team and community members can claim from the profit pool by [tokens held] / [all tokens distributed] = [claimable %] .
4) Profits are claimed by sending an invoice to Deep Work Studio Limited, this will be paid at the end of the month like regular invoices.
Invoices musts be denoted in DAI and will be paid to an Ethereum address in x-DAI on the x-DAI network.
5) If any profits remain unclaimed at the end of the month, they roll over into the next month.
In V1 - we'll publish a summary each month for financial transparency.
All the above will be published in Discord each month.
Instructions for founders:
[Last day of the month] Prepare monthly financials and calculate the months profits.
Add any client claims to the claims list.
Publish all claims list (https://docs.google.com/spreadsheets/d/1ujPd61HQwsrRmLzLub2WhF8ZN2ZRBg2f4Th2OXyTvvU/edit#gid=18932213) and the size of the 10% profit pool on Discord.
Allow five days for disputes.
Send the amounts claimable on Discord.
Collect invoices to be paid at the end of the month.
Pay on x-Dai at the end of the month.
Using the learnings from V1, and the data, alongside the internal system we'll distribute a governance ERC-20 token on x-DAI. We'll start using elements of V1 voting on-chain. The internal system will remain and be used to calculate the 'bonus scheme'.
Deep Work will create the DAO legal structure and we'll take the learnings from V1 and V2 to create a fully tokenised system. We expect at this point we'll have (all or some of the following) liquidity for the token, an interface and a tool for distributing profits (such as Colony's reputation system or using a Balancer pool) .
In this case, the DAO will invoice Deep Work Studio Limited for the profit pool.
Increase the profit share in incremental steps. E.g. 20% of profits, 50%, 80%. Until...
This could already happen at any stage from V1 subject to review or community vote.
Deep Work Studio Limited operates to pay the team and operational costs and 100% of profits go to the DAO.
Remove Deep Work Studio Limited so clients pay directly to the DAO.
In the future, Deep Work DAO is made a collective with a series of products. Each product has its own skill tree so it can scale infinitely. There can be an infinite amount of skill trees.
This means, the collective can scale in two ways:
More clients customers for each product (unlimited due to the skill tree)
More skill trees (unlimited can be added to the organisation)
In order to do so, the future token mechanism will enable anyone who creates a skill tree (by sharing their skill) to earn a significant amount of tokens. They then earn more tokens each time the collective books a client for that product. This means they receive a return on their investment and are encouraged to leverage Deep Work's system and brand rather than build their own freelance gig or company.
The view is to create a protocol for highly skilled creative work, benefiting all the collective shareholders.
Anybody who works in Deep Work as an expert, collaborator or community member and Deep Work's clients is helping to build this future. Therefore, we'll use any mechanism to work out future tokens so we can 'exit to the community' that builds Deep Work.