On-chain finance is the way of the future for startups.
- ByStartupStory | January 26, 2022
Web 2.0 already has the largest distribution of wealth that millionaires, conglomerates, cultural influences, governmental powers, and people have ever seen when web3 is set to be owned by VC. Let us assume that it is controlled by a multinational corporation. Then it’s pointless to become enraged at the dying light, but there’s a problem. Everything we do on the Internet is literally engineered to create more wealth while increasing their monopoly power.
There is no reason to adopt out-of-date venture capital rules if we take decentralization and autonomy seriously. Other options exist, such as smart contract-controlled, on-chain funding, which is easier for projects to use, more equitable, transparent, and adaptive for both investors and developers. “This is why I believe that totally on-chain fundraising methods are the future (or at the very least the next major step) of the industry.”, said TechCrunch spokesperson
Is it any surprise that seasoned Web 2.0 heavyweights like Jack Dorsey are pessimistic about the prospects of web3? The most important thing to understand moving forward is that web3 stands alone – it does not replace Web 2.0 – and that the sandbox will continue to exist in its current form.
Web3 will coexist with Web 2.0, but will not be dependent on it. Some of us, believe it or not, see this chance as an ethical obligation, and believe it is vital to iterate on the Internet’s notion, repair the father’s faults, and possibly begin affecting the way our society runs at its most fundamental level. Instead of strengthening corporations, we should focus on empowering communities.
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