Oort Digital Presents Web3 Builders:

https://blog.oort.digital/oort-digital-presents-web3-builders-3734ef7d54bf

Oort Digital Presents Web3 Builders:

LOMADS

Welcome to our latest edition of “Oort Digital Hero Stories.”
This feature showcases people building innovative services, platforms, and products in the web3 space.

Today, Josh Roybal, the Head of Marketing at Oort Digital, had a call with Nishant Bhaskar, the co-founder of Lomads. Lomads is a crypto-native ERP platform that streamlines transactions and permissions. Nishant Bhaskar is a seasoned professional with over 15 years of experience in the technology industry and a strategic leader with a proven track record of driving growth and innovation in the highly competitive web3 space.

His expertise in web3 technology and blockchain is top-tier, and he has a passion for helping organizations reach their full potential in this exciting new field.

Nishant gave me a demo of his ERP product called Lomads. ERP stands for Enterprise Resource Planning. Organizations, teams, and even friends can easily align interests and work towards a common goal while tracking group activity and payments.

As we all know, managing the financial aspects when people work together is typically inefficient after a team reaches a certain size. Lomads optimizes this process and even tracks users’ activity using Soulbound tokens.

Nishant Bhaskar is an experienced innovation strategist with a background in business model development and new venture creation. He formerly consulted for Fortune 500 companies such as P&G and Intel and led the design and development of IoT and voice-enabled products at Godrej Group.

Josh Roybal (Oort Digital)
Before we talk about Lomads, I would like to hear a little bit about your background. What was your journey to end up where you are now?

Nishant Bhaskar (Lomads)
Yes, indeed. I think two things shaped what I am doing today and how I approach it. The first is my experience leading innovation and creating new opportunities.

It started with companies such as PNG and Intel exploring new opportunities. Then I was developing consumer products, such as voice-enabled devices and my own IoT devices. Then I started to think: I can do something on my own. I’ve always been a little bit more independent-minded.

I started Lomads 1.0, which was a local social community app. As we developed the product, we were doing early user testing in Paris and had lots of communities. And what we saw was, let’s say, a filmmaker’s community, a small business community, or an artist’s community; when they do something together, they pool their money informally.

The filmmakers, if they are doing a short film, would put in 100 euros each, and they would all go out and do a low-budget film.

The next paradigm is definitely value transfer, Web3, having a shared wallet, and being able to do it in a more transparent way. This is really interesting. Of course, there are collectives and cooperatives, but that’s more cumbersome. And that’s when I started exploring these concepts. And I came to have doubts. What I found here was that the landscape was very fragmented on one side, with all these small tools trying to blend together. Now I’m looking at the product. As a result of their composability, they are living with very, very small problems, so people do not complain since it is an early adopter market.

People say I’ll take a bit from this platform, and apart from this, I’ll do a little bit of coding. That works for early adopters. But if you look at it from an early majority perspective, the experience was broken. Then you started seeing the second-generation product. These products attempted to combine many things, and as a result, they became a maze of drop-down menus and this option and that option, this chain, and extremely complicated. We thought that unless you really understand design and the hierarchy of what is meaningful to users and their feelings, you won’t get it right.

A complex product can be challenging to design, as it is complex, with the physical and the user interface. How can you really simplify and orchestrate several things at the same time? And that’s what brings me to Lomads.

Nishant Bhaskar (Lomads)
You have one dashboard, where you have your different kinds of transactions and permissions and your action notifications. These are your workspaces for ongoing collaboration. You have a bounty right here in your treasury. In the Treasury, you can do simple batch transactions; just send it to wherever you want it to go. You can do recurring payments; they go for approval in the Treasury. Another method of paying is when you have milestones or KPI milestones. And for all the stakeholders you can see who participated there, you can manually add their percentages or you can split them equally, and you can just go and create the transaction for its payment. What is essentially happening in half of the utility is that you are fusing operations with finances; for example, your milestones are seamlessly fused with the payments, and you just finished validating that it is done. You finished it; it’s validated. The payment goes through okay.

Now, we come to the ideas on the token. It has several functions. Two of them are very important, though. The first one is that it allows permissions. An organization would be using several web2 and web3 tools, such as notion, GitHub, and Discord.

What you can do with Lomads is make certain workgroups or pages token-gated.

And let’s say you have ten people on your team and you want to give them edit access to, say, marketing, you’ll need to add their email address.

You don’t have to know what happens here individually. These team members must be added one by one so that no products roll across channels. In this case, all you are doing is adding them to the workspace. You add the links, whether they’re to Google Drive, Thoughts, Discord, or a voting platform, and your soulbound token handles the permissions. Now let’s talk about this feature.

We just talked about permission management and how automation really simplifies the lives of the core contributors, the key people. Now, there’s another magic to the soulbound token.

It shows that people are doing tasks, working on projects, and meeting their KPIs. The soulbond token quietly records it in the background, okay? Your soulbond token represents your work and your contribution. That’s fine. As we are still in the early stages, we haven’t provided an option for seeing it, but it’s coming, and in the next few releases, you’ll be able to see if you are a member of these three organizations and how much you’ve contributed, and all of you will be able to create your own immutable record of contributions, okay? It’s what you do.

Moreover, there is also the possibility of measuring the contribution and using that to distribute rewards and give them a voice. So, basically, what is happening is that you don’t have to just rely on your tokens, but you can use both your financial tokens, which are financial skin in the game if you’re buying an organization’s token, and your sweat equity if you are working and contributing, and you can have a formula combination of those two and give them the voting right in the organization.

These are the two things.

if you see here, now, let’s get a little bit abstract. I talked about the flow of financial tokens in the first part. You’re paying people and everything, whether it’s USDC Matic by Nonce or whatever, and the second one is about another token that enables you to capture activities that enable you to capture your sweat contributions, then a beautiful user flow involving tokenization to manage capital and employees.

The two most important resources should be managed well from one dashboard, so you can see how they are deployed and what value they are generating in order to be viable and successful. That’s all I would say.

Josh Roybal (Oort Digital)
That’s fascinating. There are many fascinating projects on the Web, and they can get very complicated at times. The ideas are often new, so people have trouble getting their heads around them. I’m also trying to figure out how to understand Lomads easily.

Nishant Bhaskar (Lomads)
Yes, I call it crypto-native ERP. For those who are familiar with ERP (enterprise resource planning), I mentioned in my last point that it is really about managing your capital and people. For capital, you handle all the transactions and commissions. One discussion we didn’t have earlier, last year, was how you make these organizations viable and self-sustaining because people can launch tokens and stuff like that, but that’s a one-off.

Operational and financial things are fused together, so you can run self-sustaining operations. You can actually measure, like, what is the value of each participant in terms of their contribution? I would say that.

It’s not a project management tool because, sometimes, when you look at it through the lens of Web2, it’s hard, okay? In that era, salaries were paid monthly, and finance was associated with operations. The salary could be different, and you could use work project management tools to do this. Now, just think about one thing: what has really changed in Web3 is the flow of capital. It has become instantaneous.

We can imagine a future where finance and operations are fused to allow you to conduct business at the speed of a heartbeat. Many people just download your board, issue an invoice, and do financial things. This is just the continuation of what was happening in Web2.

In essence, we’re asking ourselves what’s really different about Web3 compared to Web2. There was not an easy flow of capital to the extent that is possible today.

You were not able to tokenize your contributions; they were very subjective. Your managers will conduct your performance reviews, and you will receive your annual performance award. However, your bosses will be able to judge it now that it is on its way to becoming somewhat more objective, but yeah, again and again, always divide this into two parts, one that revolves around people and one that revolves around the capital. Because if you use the Souldbould Bond Token correctly, then your transactions will become permissionless, and nobody has to approve the transactions at all, basically based on your contributions and whether you are supposed to get a certain reward or if you receive other permissions. My vision is that you don’t make everything permissionless now, but that it will happen in steps, not just today.

Josh Roybal (Oort Digital)
Yeah, it makes a lot of sense. Now there are so many different tools, and they don’t integrate well with each other. I’ve used Time Doctor, Slack, Hubstaff, and many others, and they don’t seem to be very efficient.

Nishant Bhaskar (Lomads)
Definitely, and I think you have done something interesting here. I’ll check it out, and if you have links, I’ll read about it later.

There will be a lot more subjectivity and objectivity, but there won’t be as many subjective elements. Therefore, transactions are milestone- and task-based, but over and above, if something needs to be done manually, we’ll do it manually.

Initially, things are chaotic and informal, but over time, as you observe patterns, you can formalize them, and your systems improve. It’s how there is more objectivity, but not when humans are involved, and solving problems with fuzzy boundaries

It will never be possible to have a completely objective system because we are, at the end of the day, emotional beings, which makes our perception of value all subjective.

That will be there; I’m not a fool to believe that technology is God. I think that human beings are the most powerful, and by their nature, they perceive value and are the center of everything. There will be subjectivity, but it will really ease, to a very large extent, how to remove friction from operations. That’s what I’m trying to achieve.

Josh Roybal (Oort Digital)

Awesome. And what phase are you at? Is this an early development phase, or can people start to use it?

Nishant Bhaskar (Lomads)
In fact, people are using it, even if you’re just showing it to them, so what we do is take those who are interested and make them all administrators in your organization, so they can play with it.

After they grow, they can simply create their own organization, like game theory or whatever, and you can continue. You can add your existing Treasury if you’re using NASA Safe, and you can start using it immediately. As I mentioned earlier, it’s quite simple, and it’s on Polygon as well. And yeah, this is really exciting for us to spread the word about it and get more people to see it and learn about it. That’s right here.

Josh Roybal (Oort Digital)
This is really exciting because a team could really use it, but if my friends and I want to make a movie and my dad throws in some money, we can use this tool for everything we need.

Nishant Bhaskar (Lomads)
Yes, and it is done on Polygon with an interface made friendly for the user. For example, in a lot of other apps, you will see everything in the side panel, but you don’t need certain settings every day. It’s just quietly sitting in one corner. Why should it take a part of your brain? I mean, if it’s not needed, we are absolutely obsessed with that. And, on our website, we take something to heart: why listen to music when you can hear the music? It’s really not about the seven notes. It’s really about how you put them together to make music and, hear how basically your activities have beautifully tied to Soulbound tokens, which record everything and which provide all the access control as you would normally use several different software to do.

You also have access to other third-party tools as well. We are adding more and more tools right now. Discord and Notion are there, and we are adding GitHub. If a request comes, we will add Slack. But it’s really about bringing everything together in a coherent way. Knowing is what gives us satisfaction. I mean, like, it’s you; you said you were in music, and I find music inspiring. It’s one of the most evolved disciplines, and perhaps if we can learn from it, what we create will be much more beautiful.

Josh Roybal (Oort Digital)
Yeah, I think so too. I was reading a research paper saying that creating music is one of the best things you can do for your brain. It just lights up in many places. When you’re making it, I really see your point.

Nishant Bhaskar (Lomads)
I was able to answer your question out of curiosity about SBTs.

Josh Roybal (Oort Digital)
Yeah, well, you said something that I didn’t know SBTs could do, which is very fascinating. You said it can track somebody’s activity. And does that mean if I’m an employee, or if I’m doing certain tasks, it’s tracking me?

Nishant Bhaskar (Lomads)
Basically, it depends on how you are coding it. We have not coded it to track time. Actually, we have coded it to only have the tasks that were validated, because the problem was that people would say a lot of things they did when they were going for an interview, but they wouldn’t have done them. This has happened in Web3 quite often. Now that you have your SBT, you can just display that. See, I worked at Coca-Cola, and these are the things that are validated by credible people in the organization. It doesn’t track your hours, but it says that you were part of this milestone, this project, or this and that. It does that, and it’s validated.

If you have worked in four organizations, you have four SBTs, and what we are going to provide is one dashboard where you can display all four of them, and that is when people can really see what you have contributed.

Josh Roybal (Oort Digital)
Almost how on LinkedIn, can you endorse somebody? similar in a sense, but much more accurate and verifiable.

Nishant Bhaskar (Lomads)
Totally! And the thing is, as I was telling you, that if you really quantify that the person has been in the organization for a year and has contributed this much, then we consider that for their reputation, which then can be used to distribute rewards and become a factor in giving you voting weight.

You can start by saying, “Okay, this project was worth 10 reputation points.” And then you can see that we are voting on this important decision. Furthermore, the weight of your vote will be proportionate to your reputation points. The people who have been around and the people who have contributed more have more weight than somebody who just came but is making a lot of noise.

Josh Roybal (Oort Digital)
Thank you for explaining this, Nishant. We’re almost out of time, but I know there is so much more we could talk about.

Maybe you can join one of our Oort Hero Twitter Spaces events and we can get into this discussion deeper.

Nishant Bhaskar (Lomads)
Thank you! Josh, it was nice talking with you. I’ll be looking forward to joining your Twitter spaces.