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- Andre Cronje has solved a more significant issue of payrolls for automated organizations and DAOs
- The latest products work on a simple premise
- It is expected that the product will attract more developers with its solutions
Andre Cronje, the Yearn Finance developer, the DeFi aggregator, has introduced a payroll solution. In traditional institutions, managing the payroll is a burdensome task. It concerns how the payrolls are managed in an autonomous organization like DAO, which doesn’t have any Human Resource department. Following the concerns, the Yearn Finance developer came up with a new product, Coordinape, on Wednesday. The project allows such autonomous organizations to allocate funds automatically and reward them.
Andre Cronje has solved the issues of organizations/DAO’s
According to Andre Cronje, he designed Coordinape while working on the Yearn Finance DAO. He also mentioned that at first Yearn DAO adopted governance weighted salary. In such a system, the grants were based on the platform’s monthly contributions. However, later the DeFi aggregator developer’s discovery didn’t scale well due to the requirements of active management, voting, and approvals.
Andre stated that such products are his favorite because they originate from a personal need. Still, such products can be generalized to help any other autonomous organization that is struggling with similar problems.
How does the latest payroll solution operate?
Following the concept behind Coordinape, it is observed that the product operates on a simple premise. Over the past months, the members selected the interacting team members, allocating points to them. According to Andre Cronje, the method creates a contributor graph that measures the members with the most interactions and allocations.
Later by the end of the month, the contributors will be able to claim their rewards based on the points they received. It is known that the process is done via Sybil-resistant social graphs, which is an attack-proof model. However, Social Graphs are nothing new, as they are also used by Facebook and Amazon.
Coordinape will help attract more developers
Without contracts or HR, the negotiation for salary, incentivizing, and rewarding someone is a complex issue. However, with the new product of Andre Cronje, the developers can get their rewards on particular topics, which can attract more developers. Moreover, if ever DAO’s are rival to institutions, then the solutions are vital to such problems. The product is yet closed source, but after it starts running, everyone will be able to register and contribute.
