The new survey by Web3 company, Metis, confirms crypto adoption as the world’s likely economic future and also indicates that the rapid growth of decentralized organizations is coming.
Before Metis, also Deloitte, the services, audit and consulting firm, published a report in 2014 predicting that future leaders might “reject” what business has to offer as a traditional organization.
Today, thanks to further analysis by the Web3 company, we can confirm that this is true.
Metis’ survey on decentralization and crypto adoption
Metis recently released the results of its survey on remote work and found that of the 1,112 survey participants, millennials (30-44 years old) were more likely to be employed and work remotely or in a hybrid environment than any other age group.
Thus, the survey revealed that Americans are ready for decentralization and desire more remote work options. In addition, there is a growing desire for more independence in the workplace, involvement in decision-making and flexible work schedules, and reduced interest in traditional models.
The purpose of the new Metis report is to make sure that these trends fit with the emergence of decentralized organizations, and this is what today’s leading organizations need to consider as the returning workforce brings new expectations to the workplace itself.
Specifically, the survey is based on the fact that, in recent years, the impact of Covid-19 on the way people work represents one of the most distinct and rapid changes the world has undergone since World War II.
In fact, Metis examines the public’s readiness for ongoing decentralization, work opportunities in the wake of contingencies, and the rapid shift to remote work after the COVID-19 pandemic.
It also analyzes sentiments about remote work and provides a snapshot of general public knowledge of DACs and DAOs in the Web3 space and their benefits for successful enterprise remote work arrangements. So, it seems that the world is ready for decentralization and the resulting adoption of crypto.
Traditional work and remote work: productivity is higher in the second case
Conventionally, a company’s decision-making power is concentrated at the top. However, Metis survey results reveal that US workers are twice as likely to want more influence in the governance of the organization they work for than those who do not. The transition to remote work, while successful for most organizations, has also created new discrepancies between workers and managers.
In fact, according to a research study by the Incentive Research Foundation, although one-third of managers believe their reports are more productive on-site, nearly half rated the productivity of their remote and hybrid workers higher than that of on-site workers. The same report suggests that workers valued, and were more motivated by, rewards related to quality of work, opportunities for growth, and autonomy.
Consistent with this finding, nearly 80% of survey respondents said they preferred independence with moderate supervision (45%) or required a high level of autonomy at work (34.5%). Only 5% of respondents reported that they need regular supervision from management.
Consequently, it follows that prolonged remote work has created fertile ground for the emergence of a new form of organization: decentralized and autonomous. DACs will encourage accountability and transparency and foster innovation and flexibility, which will help organizations grow.
In fact, survey results show that the majority of respondents seek all the factors that DACs provide: remote work opportunities, independence from management, and influence over the organizations in which they work.
So, the emergence of decentralized autonomous organizations, businesses and corporations presents an attractive new opportunity for organizations to better cater to potential and existing employees while streamlining their operations and bringing together a suite of different management tools on a single platform.
Decentralized Autonomous Organizations (DAO) fostering crypto adoption
“DAO” stands for Decentralized Autonomous Organization. These are integrated into the blockchain as smart contracts, NFTs and cryptocurrencies, created by one or more people, and contain the code and rules base for the management and subsequent developments of the project.
In fact, eventual changes are approved by the community according to what is established in the smart contract published in the blockchain. Participation in the DAO is generally represented through the possession of a cryptocurrency that allows the holder to vote and promote new initiatives.
In addition, majority approval greatly eliminates spam proposals that could create delays in achieving the goal. And, both the smart contract and any transactions are all public.
DAOs also have the potential to become a model for future nonprofits, for example. Companies could become sponsors of charitable and/or planet-saving initiatives, where the choices and actions to be taken would be determined by the participants. Thus, cutting-edge professional or industry organizations could adopt this system to become truly democratic and transparent.
In any case, one of the most striking and recent cases involving DAOs is that of the ConstitutionDAO. The latter is a small group of enthusiasts and friends who raised more than $40 million from a large number of users to participate in the Sotheby’s auction of one of the 13 original early copies of the US Constitution with the goal of making it available to citizens.
Unfortunately, they failed to do so, as they were beaten by an American entrepreneur who rode the wave created in the days before the auction. So, having failed the main purpose, the initiative’s proponents preferred to end this experiment by allowing contributors to withdraw their deposited cryptocurrencies.
However, the hype for the cryptocurrency named $People and also for the initiative has not waned. In fact, ConstitutionDAO’s Twitter profile continues to grow just as the cryptocurrency born with and for DAO has skyrocketed.
Crypto adoption is up 80% in G20 countries according to Laguna Labs
Laguna Labs, the maker of the inflation-linked “flatcoin,” Nuon, showed that cryptocurrency adoption in 80% of G20 countries increased in 2022, despite the market crash and due to rampant inflation.
Specifically, 16 of the G20 countries saw cryptocurrency adoption increase between 2021 and 2022. Inflation and currency devaluation are among the main reasons for the growing use of crypto.
However, as inflation in the United States remains high, stablecoins pegged to the US dollar (98% of all stablecoins) offer no real protection against inflation. Nuon flatcoin is the first inflation-linked digital asset that allows investors to protect the purchasing power of their wealth.
In particular, stablecoin adoption has grown in Latam and Nigeria. Indeed, in Latin America, stablecoins pegged to the US dollar in particular are gaining ground as local fiat currencies devalue much more than the US dollar due to rampant local inflation.
For example, in Argentina, where the year-over-year inflation rate is on track to reach 80%, more than 31% of the volume of small retail cryptocurrency transactions (<$1k) comes from the sale of stablecoins such as USDC, USDT, and USDD.
This means that as the Argentine peso devalues at devastating rates, USD-denominated stablecoins offer citizens the opportunity to somewhat protect their savings without being subject to capital controls imposed on fiat exchange by the country’s government.
In addition, the growth of DeFi allows people to earn additional interest on these stablecoins. Adoption of stablecoins is equally strong in Venezuela, where inflation is expected to reach 114% this year.
Stefan Rust, CEO of Laguna Labs, said on the subject:
“As inflation in many countries continues to spiral out of control, it’s no surprise populations across the globe are turning to stablecoins in an attempt to protect their capital. However, with a staggering 98% of stablecoins pegged to the US dollar, the users of these stablecoins must be mindful of the fact that the US is battling with inflation of its own, which still erodes their wealth every single day.”
Hence, Nuon flatcoin offers a better solution for both populations battling high inflation, such as in South America, and developed countries facing currency devaluation.
With the USD purchasing power of a Nuon currency remaining constant over time, no other financial asset to date will boast the same level of inflation protection, not only in the United States, but around the world.