Four Steps to Building a More Inclusive Crypto World

Web3 promises a better tomorrow, but this can only be achieved if today’s inequalities are eliminated.

A study published by Gemini earlier in 2021 showed that cryptocurrency holders are profiled as middle-aged men around the age of 38 with an annual income of $111,000. Additionally, 74% of cryptocurrency holders are male and 71% are white. In fact, many in the Web3 community continue to preach the idea of ​​breaking the “gatekeeper theory” and building a trustless web based on cryptography that everyone can benefit from.

Web3 evangelists see market freedom as a way to achieve equality of opportunity, when in fact, on-chain market freedom just continues to benefit those who are educated, financially strong, have the risk tolerance and resources. A new crop of millionaires has been minted in the cryptocurrency space, but if the market is constructed without considering the circumstances of each participant, existing inequalities are likely to persist unless we can invest in infrastructure , to prevent this from happening.

As we continue to build out in the Web3 space, we have tremendous opportunities to uplift underserved communities and provide avenues for creating and distributing wealth. This is something we could never achieve with the current internet model. To ensure that resources actually go where they are needed and avoid persistent structural inequality, we need to find solutions in several areas: funding mechanisms, education, RAMP (a platform for buying virtual currency) and Web3 tools. Here’s what I’ve learned as a player and investor in the Web3 space.

funding mechanism

To ensure the inclusiveness of cryptocurrencies, we need to start with people of color, women and the LGBT community and increase their access to funds and capital. Fortunately, there are already proposals that have made some progress on this front: Gitcoin, which provides a way for open source projects to raise funds; UGP’s XYK Fellowship program, for a select group of individuals (5 18-24 year olds living in North America) provided financial support. Investing DAOs like Komorebi and Audacity are investing in women, non-binary and black founders in Web3.

Crowdfunding is another powerful tool for capital support. Recently, Ameer Suhayb Carter (aka SIRSU) and his gaming community BLVKHVND expanded the team into a decentralized esports community. They raised 338 ETH (~$1M) from the community through the Mirror crowdfund to achieve this vision. Other projects that have been successfully launched through crowdfunding include: Crypto Cookout, a community organization launched by SIRSU specifically to buy black CryptoPunks; Juicebox, which allows users to launch a DAO in minutes; SharkDAO, which enables Nouns NFTs (representing Nouns DAO governance) Fragmented ownership of NFTs of Power; Pencil, which focuses on funding educational opportunities.

Education/Opportunity

One difficult barrier to jumping into the cryptocurrency space is knowledge and education. The development in this field is lightning fast, and people entering this field need both a basic understanding of technology and the ability to deal with problems across disciplines.

Medha Kothari, co-founder of she256, an organization dedicated to diversifying the blockchain space through widespread educational outreach, said: “First, there is the issue of reach and awareness. Our mentoring system, community building and education The moves are all about giving more underrepresented people more access to and understanding the uses of cryptocurrencies, which also increases users at the top of the funnel.”

Education is important, but practice can produce stronger results. Rabbithole is a website that enables users to earn cryptocurrency by participating in digital economic activities and helping others, and a bridge for users at the top of the funnel to learn about Web3. Through the site’s Pathfinder program and tasks, users can learn to use different Web3 products, and can help them acquire skills that can delete and create Web3 projects, and the site has become a large and growing community of active users. Beyond that, Station and Layer3 focus on getting users into DAOs; Women in Blockchain is a community built specifically for people who self-identify as “women”.

corner overtaking

Another barrier to entry into the cryptocurrency space is financial issues. On Ethereum, gas fees are often too high for artists to issue an NFT. As a project becomes more popular, the cost of getting into its DAO also increases.

There are already a few organizations working to lower the barriers to entry for Web3: Mintfund helps BIPOC (people of color) and LGBTQIA artists release their first NFTs. The Axie Scholarship provides a new way for new players to participate in the NFT video game Axie Infinity. Fragmentation platform Party.bid and autonomous community The Well also provide an avenue for collective buying.

As more and more communities efficiently build wealth thresholds, it is hard to imagine that this problem can be solved in a short period of time. But the community can do its part by exploring ways to absorb those who cannot afford membership.

WEB3 Tools

Finally, we can make cryptocurrencies more inclusive by using Web3 tools and innovative business models, so that users and businesses outside the circle can also benefit from it. Reaching the underserved through technological means, we span geographic and economic divides, amplify the reach of Web3, ditch dominant architectural forms, and signal to others that “the whole community has a responsibility to spread and redistribute resources”. Signal.

The opportunities here are limitless. The Bail Bloc Project allows anyone to contribute computing power to mine digital assets and raise funds to bail prisoners out of jail. Corsali is a one-stop machine learning platform that provides employment data records for micro-entrepreneurs around the world, using stablecoins to provide real-time streaming payments. As Axie Infinity adopts the P2E model, in-game economic activities can be rewarded with money.

The number of Axie players recently exceeded 1.7 million, most of them from the Philippines, many of whom earn several times their annual salary by playing games. Jeff Zirlin, head of growth at Axie, said in a recent interview that it is wonderful that we are able to introduce cryptocurrency to people in traditional industries who have not had the opportunity to experience it in this way. We’re getting this technology into the hands of those who really need it.

Does everything have to be open?

DOES EVERYTHING HAVE TO BE OPEN?

The conclusion of this conversation is not that everyone should be in all communities. Reputation and labor play an important role in value creation and also determine wealth status. But now, the relationship between capitalists and labor is broken.

As builders in the Web3 space pave the way, it is imperative to prevent them from replicating the inequalities in Web2, and they must explore how to apply fairer practices at the core of their creation.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/four-steps-to-building-a-more-inclusive-crypto-world/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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