While you may be overwhelmed by Google, Facebook, TikTok, all the digital ads (aka Web2), Web3 is something that you’re undoubtedly going to end up being familiar with in the coming years. It’s the tech industry’s latest buzz word, quickly gaining traction from developers and everyday users alike.
What is Web3?
In the most simplest of terms, Web3 refers to the next generation of the internet – one that is based on decentralization rather than centralization. The World Wide Web as we know it today is a platform that is owned and controlled by a select few corporations. These companies have an unprecedented amount of power and control over what we see and do online.
With Web3, that all changes. Rather than being controlled by a centralized entity, Web3 is powered by the blockchain. The blockchain is a decentralized, public ledger that records all transactions that occur on the network. This means that no single person or organization has control over the network – it is completely open and transparent. Additionally, decentralized ownership structures tend to be more resistant to censorship and other forms of control. This is because there’s o single point of failure that can be exploited.
While the concept of Web3 is still in its early stages, there are already a number of projects that are working to build the infrastructure necessary to make it a reality.
Why Community Is Key To Web3
While the structured world of the blockchain and notion of community might not seem to go hand-in-hand, they’re actually quite connected to one another when it comes Web3. Why?
Web3 revolves around the greater concept of decentralization, supporting systems in which no single party has control. It relies upon shared user consensus and agreement in order to function. It’s giving power back to the people so that we can control our data, our creations, our money and more.
This is where community comes into play.
A community can be thought of as a group of individuals with a shared interest or goal. When it comes to Web3, community is really at the heart of the movement. Because the key to making decentralization work, is having a community who agrees with the core principles and mission and comes together to support it. With Web3 it’s less about monopolies and users, and more about people coming together as a community to make decisions shift instead of a few people making decisions for the masses.
One part of Web3 community building is the concept of a DAO.
What is a DAO?
A DAO, or “Decentralized Autonomous Organization,” is a community-led entity with no central authority. It is fully autonomous and transparent: smart contracts lay the foundational rules, execute the agreed upon decisions, and at any point, proposals, voting, and even the very code itself can be publicly audited.
Ultimately, a DAO is governed entirely by its individual members who collectively make critical decisions about the future of the project, such as technical upgrades and treasury allocations.
The idea of a DAO seems idealistic, but it’s happening and would never happen in Web2. It just shows how community is central to Web3.
3 Reasons Why Web3 is Better than Web2
Web3 is an evolution of Web2 and there’s a lot of greatness created in Web2. However, I think most of us can agree that a few too little people hold far too much data and control and that it’s time to evolve focusing on ownership, security and community.
1. Mutual Ownership In Community-Driven Projects
The creator advocacy I see in Web3 is unlike Web2. Whereas in Web2 we have influencers, paid sponsorships and millions of followers to stand out, Web3 is about finding your tribe. It’s about people respecting what another person is doing and mutually serving each other. This is a breath of fresh air from Web2 in my opinion.
Whether it’s tokens, NFTs or DAOs, there’s mutual ownership in the project as a whole. And when people have a personal stake in something, they’re more likely to be invested in its success which is a win win for the business and customer.
The mutual ownership leads to increased buy-in from users, developers, and other key stakeholders. They’re more likely to put in the extra effort to help ensure that the project meets its goals because they’re invested in its success, not just using it. And ultimately, what is created is something the consumer not only wants but is helping create. In our Web2 world, companies tend to focus more on the bottom line and less on what the consumer actually needs. Rarely are corporations listening and evolving based on what the consumer is asking for and that’s the opposite in Web3.
For example, Josh and I launched our $SOA Coin and Discord community. We did this so that our community could have a stake and ownership in everything we’re creating. Our success – from financial to brand advocacy – is contingent on our coin holders and community. As we grow coin holders and holdings, the economy grows which creates not only financial rewards to our famiLEE but also business and professional opportunties.
2. Ownership of Your Audience
Rather than being controlled by a single entity, Web3 projects are typically owned and operated by the creator and community that supports them.
So right now, I have over 10K followers on LinkedIn that I’ve worked hard to capture. If LinkedIn were to go away, so do my fans. I don’t control any of the data. I don’t control what LinkedIn does and while I believe they have the best intentions, it’s still a massive corporation that reports to Wall Street.
Remember that day when Facebook and Instagram went down for 6 hours? Or what about Instagram shutting down in Russia and major influencers losing their millions of followers?Everyone freaked out because they haven’t been working on owning their audience.
This is real life. As much as I want to trust the big corporations, I’m always going to protect my famiLEE first and Web3 gives us the opportunity to own our audience and our economy. That’s why Josh and I strategically created our community in Web3 and through a creator coin. It creates the most ownership and opportunity for us long term.
3. Creative Opportunities Are Endless
Because the community has a greater say in how the project is run, they provide feedback and contribute to decision-making processes in a way that is not possible with more centralized models. When people are given the freedom to express themselves and share their ideas, they often come up with things that no one individual could have thought of on their own.
While the technology is still in its early stages, there is a lot of room for experimentation. By involving the community in the development process, we can tap into their creativity and come up with new and innovative ways to use Web3 technologies. When I worked in corporate, it could take a year to get enhancements to a blog. In Web3, you can test a new idea out with some avid fans, iterate and learn, in a matter of days!
For instance, Josh and I wanted to reward our live training coin holder level and gifted them a $SOA Coin NFT (featured above). It was quick and easy and our community loved getting some extra love from us as a thank you.
There’s also incredible NFT projects that give power to creatives and people like you me. For instance, World of Women celebrating representation, inclusivity and equal opportunities for all. They say ‘According to research published in Nov. 2021, female artists accounted for just 5% of all NFT art sales in the prior 21 months. WoW is on a mission to change this. Together, we can create opportunities for anyone around the world to be owners, creators and contributors in this new era of the web.”
Don’t be left behind
I’m not saying we should all jump into Web3 100% right now. The market is volatile and there’ still so much opportunity in Web2. For larger companies especially not tech savvy ones, it’s going to take a while. My suggestion to companies is to first educate people and have opportunities for them to get involved in projects. Then if want to create a Web3 project, test with a certain audience and specific idea without going all in.
No matter if you’re an entrepreneur or working professional, I do think you’ve got to try it out so you’re not left behind. Because to stand out and WERK your brand, you’ve gotta be ahead. We’d love to have you learn with our famiLEE and Standout Authority Community. You can learn more about it here and we’ll gift you your first $SOA Coin!
PS. We have an awesome LIVE event coming up on July 22nd featuring Amy Eliza Wong, the Silicon Valley’s go to executive coach. For our virtual group coaching and live training coin holders, they’ll get special access to ask her questions and get spot coaching!