Client Fee Converter App and the Success of Decentralized Autonomous Organization (DAO) and its Community in Web3

Client Fee Converter App and the Success of Decentralized Autonomous Organization (DAO) and its Community in Web3

In this article, we are going to discuss about DAOs, DeFi, and the Fee Converter app of a DAO and how the app helps in the prosperity and advancement of the DAO community.
BrainTrust Fee Converter is a decentralized application and a smart contract of a DAO. Before understanding why we need the Fee Converter application and how does it help in the prosperity of a DAO named BrainTrust and its community, let’s understand what are they and the relationship between them.
A Decentralized Autonomous Organization (DAO) is an effective and safe way to work with like-minded people across the globe. BrainTrust is a web3 organization and a DAO community, a decentralized talent network that connects companies and specialists or job seekers.
BrainTrust is a DAO and on BrainTrust, employers can source the best scrutinized candidates within three days instead of several weeks. It charges a commission of only 10% in BTRST tokens, a crypto currency. Candidates retain 100 % earnings with no need to share even 1% out of it as a commission with any agent or agency. Candidates get unlimited opportunities to find interesting jobs that they would enjoy doing 24/7 and to work with the top MNCs, innovative companies, and startups. They also earn BTRST tokens for referring other candidates, for completing educational courses, for completing 5-star reviews, and for active participation in social life. This helps the talent or candidate to stand out when applying for a job.
The rules and goals of a DAO are governed by blockchain, a permanent record of digital information, which is not governed by any central authority. This record is a ledger of the online digital transactions such as financial, legal, insurance, sports, creative, and many other types of online transactions.
DAOs are created to take complete benefit of decentralized finance, also recognized as DeFi. Blockchain powers the DeFi financial applications and transactions. DeFi enables the DAOs to perform financial transactions without having to go through a centralized organization, such as a bank.
Connectors can invite talents and clients and receive BTRST for successful recommendations. They also receive a dynamic share in the invoice for the attracted talent after successful completion of the work.

Why do we need DAOs?
Starting an organization with someone that involves funding and money needs a lot of trust in the people you are working with. But it is difficult to trust someone you have never met and have only interacted with on the internet. If you have a DAO, the DAO needs to trust the DAO’s code that is 100% transparent and can be easily verified by anyone. There is no need to trust anyone else in the group. It facilitates and opens new opportunities for global collaboration and coordination.
DAO is a collectively owned and managed group of people who enter into a contract to reach a goal such as collecting rare NFTs. They have in-built treasuries that can be accessed only with the approval of the group. Decisions are made by proposals and voting to ensure everyone in the organization has a voice.
How does the Fee Converter app help in the growth of the DAO and its Community in Web3?
The Fee Converter app of a DAO converts the client fees into BTRST and contributes to the prosperity and growth of the community and creates a win-win situation for employers, job seekers, and the community. It is a trustless and autonomous app that powers the DAO ecosystem. The nodes of this app add part of their GSV income (dollars received by BrainTrust from companies for the services provided by candidates) into the BrainTrust economy. After a prolonged period, this stimulates growth of BTRST tokens. It also returns ownership of the BrainTrust community back to the treasury and to the community members who hold onto the BTRST for a longer time.
The Fee Converter has a significant impact on the BrainTrust economy and represents a transition to a genuine long-term and sustainable value for members who hold tokens.

How does the Fee Converter work?
When companies (for example, Logitech, Nestle, Porsche, NASA and others) publish job listings on BrainTrust, the BrainTrust community selects talented candidates who are looking for work. When they finish their job, the client pays the freelancer, and also pays 10% commission to the BrainTrust DAO community. BrainTrust sends a commission of 10% to the BrainTrust Fee Converter app in the form of USDC. The Fee Converter uses this fee to buy back BTRST tokens from the market and to return the tokens to the BTRST treasury. The BrainTrust Fee Converter is a smart contract that nodes on the BrainTrust network use to inject a part of the revenue into the BrainTrust economy.
The Fee Converter converts the USDC to BTRST using Uniswap. The DAO finances programs using these BTRST tokens for the development of the DAO community and even pays referral fees. As on March, 2022, BrainTrust has invested $ 222,977 for the growth of the BrainTrust community. These BTRST tokens are stored in the blockchain wallets of the BrainTrust treasury.
The Fee Converter is also capable of sending payments in US dollars. It monitors slippages and shows the anticipated result of client payment, including the number of BTSRT tokens to be purchased and sent to the treasury.
As the supply of BTSRT token is fixed, there are high chances of depletion of the BTSRT tokens. The Fee Converter app resolves this token depletion issue. The app has been upgraded to prevent the token depletion issue. Now, 10% of all GSV is used to purchase BTRST. And, the app now retrieves referral rewards and grants from actual client fees and pays them in paid in BTRST tokens. The referral rewards will not come from existing treasury. In this manner, the treasury will never get depleted when referral fees and grants are paid.
The app also it also generates a ripple effect, drives growth of the token value, and makes the community successful. If a proposal submitted to BrainTrust is successful, the whole community earns the rewards and benefits by supporting the BrainTrust DAO. The highly-talented freelancers tend to be loyal and stick around with BrainTrust and with their smart contracts a bit longer. The talent desires employer fees to generate more demand. Companies are happy to pay the 10 % fees because even they have a stake in the BTRST tokens.
The Fee Converter app provides an impetus and stimulates the growth of the infrastructure for decentralized and user-owned platforms.
I hope this article helps prospective employers and candidates to understand the role of the Fee Converter app in the success, growth, and prosperity of the whole Web3 based BrainTrust community and inspires more and more people to be part of this revolution.