Web3, symbols and community

If you have been paying attention to the Web 3.0 space, you should have realized that most of the projects in the space rely on strong communities.

Why on Web 3.0?

On a centralized concept (Web 2), there is usually a regulatory entity that decides whether something is True or False on a project/product. This means that there’s a single centralized company responsible for making a decision and users must trust that this entity is acting on their best interests.

Furthermore, the users do not stand to win anything whether the decision is True or False. They may identify more with one of the outcomes, but there is no personal incentive to the user. Even if a user can relate with the outcomes they never feel a sense of belonging, as deep down they are aware that their opinion is not being taken into account.

On a decentralized concept (Web 3), the story is the very different. A decentralized community is responsible for deciding the True or False, based on a voting framework defined a-priori. This means that the group of users, based on smart contracts executed on the blockchain, can vote on a particular decision. This is where the importance of a strong community kicks in.

On Web 2 the users must trust that such entity is acting on user’s best interests. That trust, on Web 3, occurs in form of a strong community. The best way for a user to trust the decisions of a group of people is to know that a group shares the same values and has incentives towards…