Definition ∞ A Skill-Based Economy refers to an economic system where an individual’s value and compensation are primarily determined by their specific abilities, knowledge, and expertise, rather than traditional credentials or job titles. In the digital realm, this often manifests through platforms that connect individuals with specialized skills to projects or tasks, frequently leveraging decentralized networks for validation and payment. It prioritizes practical competence and verifiable contributions. This model can democratize access to opportunities.
Context ∞ Crypto news frequently discusses the emergence of skill-based economies within decentralized autonomous organizations, or DAOs, and Web3 platforms. Reports often highlight how blockchain technology can facilitate transparent credentialing, reputation systems, and direct compensation for specific tasks or contributions. The potential for these models to alter traditional employment structures and create new forms of digital labor is a recurring theme.
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