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Women Taking Up Space in Web3

 Web3 is the umbrella term that supports various theories driving towards the elimination of large intermediaries on the internet. The internet we know today has evolved coming from Web1.0 known as the static web where users can only read, to Web2.0 where users can read and interact on the internet. Web2 is the mainstream internet managed by tech powerhouses such as Google, Amazon, Microsoft, Apple, and Meta. These companies serve as the intermediary connecting everyone on the internet. This seemingly kind gesture comes with a big price on it. Internet users are beginning to question how these corporations use their personal, commercial, and financial data.

The new iteration of the internet Web3.0 is expected to address some of the difficult challenges faced by this present generation of the internet such as users' trust, openness, and privacy. The general concept is that Web3 functions as a set of computer networks or protocols based on blockchain technology, which allows for the decentralization we are set to achieve with web3. The key characteristics of web3 are open-source, permission less, trustless, and ubiquity. Web3 through these characteristics theoretically preserves our data and gives us seamless assess to the internet without the fear of an intermediary breaching our private information.

 

Why Women Should Take Up Space in Web3

Over the years, women of all races, ages, and professional backgrounds are affected by draconian representation and policies in the labor workforce due to outdated and often times misogynistic views. Women have often been told not to take a professional career path or have opinions on some subject matter because 'it is not meant for women' This has led to a belief system that has been programmed into the thoughts, feeling, and memories of women about what a career should be like. These stories of women around the world facing barriers are appalling at the same time inspiring. These are stories that are universally related on so many levels, existing in different manners and forms.

 

Web3 is projected to address some challenges that widen the gender gap in the labor workforce. Still, in its early stages, it is looking to toll the same old path, not because of inherent policies but because of myths about who should be players in the space; there is a popular phrase that web3 is a 'crypto boys club'. Indeed web3 is disproportionately male-dominated. A survey carried out by CNBC shows that twice as many men as women invest in cryptocurrency (16% of men vs. 7% of women). Women in various web3 careers are demolishing barriers about what the space should look like, these incredible women are breaking free from antiquated views and proving themselves.

My case for why more women should take up space in web3 includes the following:

Financial freedom: According to Globe Newswire, the recent study report carried outby Vantage Market shows that the Web3 blockchain market is valued at $3.2billion and is expected to register a CAGR (Compound Annual Growth Rate) of41.6% to reach $23.3 billion by 2028. The exponential growth if tapped into can secure the finances of millions of women across the world. There's a misconception that women don't do well in computers and math-related fields, the truth is women do succeed in industries like this. Financial empowerment of women has a far-reaching effect on their lives, families, communities, and societies. Research shows how financially independent woman has more control over their health, and careers, and how financial freedom affects their quality of life.

 

Social justice: Web3 is building momentum to an internet that will close the gap of gender, sex, race, and age, and move towards a fairer and better internet. Equality for women is not only a matter of rearranging political, economic, and social structures. Equality requires women's full participation in making decisions about these structures, it requires women to have autonomy over their lives. Web3 is democratizing opportunities for women, it is building an entirely new social structure from scratch. The terrain it sets will ensure that women will have more representation, and voices of women from a broader array of backgrounds and cultures can be heard because Web3 is inherently equitable for users.

 

Professional and Social networking: Career networking is an under-appreciated concept. Networking, being in the right space, and meeting the right people can shape the entire trajectory of one's career. While web3 is made up of some people that are just investing, there are tonnes of others working to keep things running in the space. Web3 revolves around communities helping and evolving each other. All it takes to land a job or invest in a good project in the space may just be about belonging to a DAO that shares similar values as you do in your professional or social life. More and more projects in the Web3 space are beginning to organize IRL events where members can come together, have fun, and network.

 

Opportunities in Web3

There are a plethora of opportunities in the Web3 space, some of the popular ones are highlighted below.

Cryptocurrency

This is any form of currency that exists virtually or digitally and is backed by blockchain technology. It requires the use of cryptographic proof in validating transactions instead of trusted intermediaries and third-party entities. The crypto market is predicted to muddy up the traditional finance market and how it has been working for centuries, which involves third-party entities, mostly banks acting as guarantors of the honesty of transactions. Cryptocurrency with the help of blockchain technology is ushering the world into an era of decentralized finance. Imagine a world where you don't have to double-spend or worry about transacting across borders because transactions are validated by cryptographic proofs.

Cryptocurrency is referred to as 'digital gold' this is not far-fetched, as the cryptocurrency market since its inception to date has reached a peak of $2.9 Trillion. Cryptocurrency through the efforts of decentralized finance is providing a cheaper, accessible, and more effective way of carrying out transactions without the fear of inflation that may arise with fiat money due to government regulatory policies. DeFi is addressing these challenges by improving on areas of finances like value movement, storage of value, identity authentication, lending, funding and investments, insurance, and risk management. The effects have prompted more banks to invest in blockchain-based solutions.

 

NFTs

Non-fungible tokens (NFTs) often referred to as crypto-collectibles are a critical component of the new blockchain-based digital economy. NFTs are built using the same kind of programming as cryptocurrencies, however, this is where the similarity ends. Unlike cryptocurrencies which can be exchanged or traded for a similar value to another currency, NFTs are "non-fungible" i.e each piece is unique and do not hold the same value as another piece of NFT; therefore, cannot be exchanged or traded with each other. There are digital assets that came into existence just recently and the general concept of NFTs can be integrated beyond just artworks into any industry that wants its assets digitally tokenized.

Today NFTs have evolved and seeing more widespread adoption among developers and users alike. The Global NFT market was valued at USD 15.70Billion in 2021, and it is expected to reach a staggering USD 122.43 Billion in2028. As the internet is revolutionizing and broadening our perspective about asset ownership, NFTs are forming the foundation for a new type of economy known as the metaverse. At first glance, NFTs may scare people without a computer science degree because it is marketed with a lot of crypto jargon. The reality is that it is relatively simple to understand. The use cases now extend beyond mere tokenization to the adoption of financial NFTs at DeFi.

 

DAOs

Decentralized autonomous organizations (DAOs) are entities that have no central leadership. There are built using smart contracts on an open-source blockchain where transactions in the organization can be seen, and financial treasuries audited publicly. Membership in a DAO usually requires ownership of a digital asset that is built by and serves the purpose of the DAO. The set of rules that govern engagement in these communities is enforced by smart contracts on a blockchain. DAOs are predicted to be the business structure of the future. The number of DAO members grew from 13,000 in 2021 toa massive 1.7 million people. DAOs offer a new form of organizational structure in the digital space.

DAOs are recognized as the natural economic entity of the Web3ecosystem. There are considered a decentralized investor-directed venture capital organization. Many crypto-based businesses are built from a cross-border collaboration of many people, these businesses utilize blockchain-based smart contracts in building DAOs whose decisions making processes are governed fairly by members belonging to the DAOs. Legal recognition is beginning to gather momentum; an example of this is the US state of Wyoming recognizing DAOs legally and granting such organizations legal rights as a limited liability company. The design of DAOs strives to address challenges faced by traditional organizations.

 

Conclusion

The fascinating aspect about hopping onto the Web3 train is that you don't need to learn a new skill if you've already got one, as you have the freedom and flexibility to use your existing skill set. Technical, business and interpersonal skills are crucial to success here. And while the stereo typical tech success story is male-dominated in the traditional world, the reality is not in this part of the tech world. Like Maya Angelou said 'you only are free when you realize you belong no place-- you belong in every place. You can achieve everything you want once you acknowledge the fact that you can be everywhere you want to be, and that place includes breaking grounds in Web3.

 

 

ByteBao is a leading Web3 law firm that helps clients comply with legal, ethical, and regulatory standards relevant to the blockchain-powered Web space.

info@bytebao.io