Web3 platform Coordinape — which aids Decentralised Autonomous Organisations (DAOs) in their management and resource distribution to working contributors — recently launched a decentralised remuneration system called CoVaults.
CoVaults are self-custody smart contracts that allows teams to use any ERC-20 token to fund and pay contributors on-chain.
Prior to the launch of Covaults, Coordinape users were only able to decide on team compensation via Coordinape’s “Gift Circle.” Once the compensation was determined, the other person had to distribute Gift Circle’s results in a comma-separated value (CSV) file, and disburse the funds through a different platform.
With the help of Covaults, this minimizes the time consumed on administrative operations, as Coordinape users are able to smoothly execute rewards for contributors on-chain automatically, in addition to deciding compensation.
CoVaults also organizes salaries for employees, recurring grants, and even a universal basic income for digital industries.
CoVaults will be another “nice Lego”, or a basic tool to “to work in these new distributed decentralized and self-sovereign ways,” according to Coordinape’s product manager, Spyder Monkee.
Additionally, by creating a Yearn-backed vault with DAI or USDC stablecoins, users can choose to receive a yield on their DAO’s compensation treasury.
The addition of CoVaults allows businesses to flourish in this nascent digital setting, where “new kinds of fluid forms of work can blossom online”, according to Don Mosites, co-founder of Coordinape-operated decentralized open-source software AirSwap.
