The news about the next phase of internet connectivity is no longer news. Platforms have been rising to ensure the semantic web, or as it is fondly called, Web 3.0, is the next wave. Although adoption is going as expected, there are some issues of concern. One of these issues is that Web 3.0 is following the path of crypto to be generally perceived as a boys club. With the general narrative running around this, it is only a matter o time before we see it come to pass. This article will look at the narrative and how it affects not just women’s inclusion in crypto but the general promise of an open leveling ground for people of all races and colors to get involved in web 3.0.
Before you go further in this article, you might want to check our recent article on Chainlink price prediction, 2022. It will show you an in-depth bull and bear thesis on Chainlink and what to expect moving forward.
Web 3.0 was not designed to segregate or remove a particular sect but as Noah’s boat that can accommodate people from all nooks and crannies. The success depends on its general adoption, and the more people get into it, the better for the ecosystem.
According to an investor and advisor to web 3.0 companies, Nikki Farb, her first introduction to cryptocurrencies came in 2013 at a mini get-together in Austin. The invitation was to discuss existing and new technologies, and at that time, bitcoin was trading at around $35 per BTC.
In her words, none of the people in that gathering knew anything about cryptocurrencies. It made it an interesting non-argumentative discourse when an invited speaker started explaining blockchain technology and how bitcoin will change the course of the world. It was unsurprising that she was the only woman in that meeting that day, and although the knowledge base before the meeting was very low, they got so convinced that some of them proceeded to buy bitcoin. For Nikki, though, many factors cumulated in her not buying at that time, and she went on to buy at $841 per BTC later that same year. Although she had missed out on a fast 2,800% profit, looking back at her decision, it is safe to say ‘better late than never.’ With Bitcoin hovering around the $40,000 mark at the time of this writing, her decision is one that many of us would have loved to have.
Nikki has explained severally that she is grateful for that one encounter in the Austin room. She could have been somewhere else but coincidentally got in on the next phase of finance early. Is it too late for anyone to join now? Many analysts will tell you it’s not, and Nikki sides with them all. The industry is just beginning, and in a few years, you will either blame yourself for not starting or appreciate starting, albeit late.
The same can be said for Web 3.0 also. The best way to describe the benefit of Web # is that it prioritizes participation over speculation. As explained by a member of the ConstitutionDAO, a popular decentralized autonomous organization that tried to buy a copy of the US constitution from a Sotheby Auction, the moment people feel more involved in a community, more like stakeholders, rather than an unnecessary bit in the grand scheme, they will feel more connected and responsible for the success of the project. He pleaded for Web 3.0 projects to explore the wide range of human interests rather than coagulate around crypto projects alone.
Web 3.0 and gender inclusiveness
Why is web 3.0 tagged as the boys club? Let’s take a look at history and see how our innate human nature decided what would become of a revolutionary financial asset.
After the 2007/08 housing crash, optimism was at the lowest in the United States. It is normal since a lot of people ran into debts and mortgages they would never have imagined in a lifetime. A year after that, in 2009, bitcoin block number 1 went live. Men known to be very interested in risk ventured into it, while women preferred to get back on their feet. With governments and media calling bitcoin a speculative investment used by drug peddlers to avoid taxes, emotions got the better of women, and many didn’t get in early. For men, many of them did not also buy, but the few that did either did so as a form of rebellion against the government for their role in the just concluded crash, a recommendation from a friend, or just as a way to throw money around. That wild guess paid off when the crypto started rising, other tokens joined, and the public started seeing its use case in fast and affordable cross-border transactions.
We now see a trend between how both genders approach cryptocurrency and traditional investments like stocks and bonds. 40% of men own stocks compared to just 24% of women that do, and the crypto trend is looking worse, with three-quarters of crypto ownerships being men and a quarter being women.
So, what does this mean for the future of cryptocurrency? It’s hard to say. But it is clear that more work needs to be done in order to get women interested in and comfortable with investing in digital currencies. Perhaps one way to do this is by increasing education around cryptocurrencies. At Redot.com, we believe that everyone should have a chance to participate in the global economy, and we want to help make that happen. If you’re looking for a safe place to trade your cryptocurrency, look no further than our website.