Background
Last updated by Jamiu Idowu a year agoWhat is Grindery?
Grindery is an open source, early-stage , BinanceLabs S4 project with funding from Near, Algorand, Flow, Cronos, and Harmony. We built Grindery Nexus , a “middleware for web3” ( or call it the Zapier for web3 ) that can interact with smart contracts as well as web2 APIs. Grindery has several “legacy” products like gWork, a platform that empowers DAOs to manage contracts and payment requests from users, sub-DAOs, and other DAOs.
What is Grindery DAO?
Grindery DAO is Grindery’s own decentralized autonomous organization that has all Grindery employees and multiple sub-DAOs as members. The DAO has a transparent payment system that combines the strength of multiple technologies to produce a seamless, fully integrated, and decentralized payments process for DAO to user, user to user, DAO to sub-DAO, or any combination where a contractual relationship requires a payment.
It enables validated learning on our products, including Grindery Nexus and gWork, with a view to improving them. This proof-of-concept also gives insights into training requirements to help us build comprehensive training materials for future users of Grindery products.
Who is participating?
Grindery DAO has 30 participants and three sub-DAOs namely ILI, MTR, and ILIDE. Five participants are associated with the ILI sub-DAO, 4 participants are associated with the MTR sub-DAO, and three participants are associated with the ILIDE sub-DAO. Participants under ILI, MTR, and ILIDE submit contracts to the Grindery DAo via their respective sub-DAOs.
What problems are we trying to solve?
Use the capabilities of web3 technologies to improve traditional payout processes. The goal is not simply to replicate nor to build “the best web3 payout process” but rather to create a better payout process in general.
What does “better” mean?
Traditional payout processes are centralized and while great lengths are taken (rightly so) to provide a secure payout environment, the user experience is fraught with bureaucracy, payment processing delays along with fees and currency float imposed by the banking industry and intermediate payment platforms. The experience is burdensome for organizations and payees alike. While great strides have been made over the initial process of performing check runs and sending payment through the mail, there has been little progress in resolving the centralized nature of organizational payments, while at the same time maintaining adequate security to prevent fraudulent transactions and collusionary practices.
Web 3 presents an opportunity to do just this and we have captured that opportunity in the use case of Grindery DAO. But not only have we captured that use case, but we have tested it and proven it successful.
In Grindery DAO, we have taken the traditional payment process, and by applying the strengths of Web 3 technology, have built a decentralized payments platform that greatly decreases bureaucracy while keeping the security instact and at the same time eliminating the latency of transfer due to the inherit instantaneous nature of cryptocurrency payments.
We have taken the payment system out of the global banking system and put it entirely in the hands of the individuals and companies, where it belongs. Payments; without borders.
How it works (in a nutshell)
The Grindery payments platform combines the strength of multiple technologies to produce a seamless, fully integrated and decentralized payments process for DAO to user, user to user, DAO to DAO or any combination where a contractual relationship exists that requires a payment.
Grindery DAO was tested to prove the following use case:
Grindery DAO payment cycle to independent contractors worldwide. All payments in USDC via Gnosis safe triggered payments.
Payment is triggered by an internal control model that utilizes Gnosis safe governance rules. For example, 3 of 5 owners must approve for payment to release.
Pre-payment documentation of payment request automated to slack channel for peer and customer review. This supports the approvers process.
Appendix: Flow Diagram
