Make Web3 Great Again!

I have talked a lot about all the wild stuff that I have seen in the decade that I have spent building in web3.

Now, with this the advent of the new year, it is time to make crypto great again.

How do we do it?

Then again, folks who have come looking at this title because of its eerie similarity with the topic on which Vitalik wrote – turn around. This will not be that deep.

What can we do from our end as entrepreneurs and builders to make web3 great again?

This is my take  :

  1. Go back to the basics – really. Stop jumping from one bandwagon to another- from crypto, icos, nfts, then ml and ai. Go back to the basics. Why are you in web3? What problem are you solving?
  2. Weigh your way forward – are you planning on creating an infrastructure solution? If yes, then do you have the resources to do so? What is your USP? Are you building a utility product? How are you handling customer acquisition? There are no right or wrong answers – just your capacity to persevere and be consistent with clarity.
  3. Make a plan of action and stick to it – this sounds simple but actually is the secret sauce. As a founder – the onus is on you. You can get up and while away time or you can take action. Actions are what bring momentum to your work life. Make a plan, keep it simple, and go after it every day, like your life depends on it – because it does.
  4. How are you making money? If you answer that you will raise money then you have failed already. I cannot put it more simply. Your business should be generating revenue from day 1. Not profitable- just revenue. Have a clear revenue model. Take actions to further the plan.
  5. How much time are you ready to devote to it? I have seen way too many ideas die a gradual death because founders have their feet in two boats and none reach the shore. I have made a similar mistake too.
  6. Stop taking a token-first approach – do web3 apps require a token? Yes. Do they all need a native token from the get-go? No. It is easy to get carried away and think that you need a native token right away – tokenomics is an entire job and it will take a lot from you. Be conscientious, get help from folks who have designed it before- if you must.

Now that you have decided on the basics, which are mostly akin to the ones in web2, albeit the 6th does not figure there until an IPO.

Now we move on the macro –

  1. Think about the usability or user interface when it comes to your platform. Platform onboarding is tedious and the experience is bad in web3, multiple steps and whatnot. Make it simple. Use wallet abstraction if you have to or social logins – if you must – but KISS.
  2. Think about scale. Just after your MVP – how will you keep the transactions or micro-actions keep happening on the platform with speed and efficiency?
  3. Give interoperability a thought – multiple chains, zk, parallel EVMs, and whatnot. What are you building on and how are you keeping it aligned to the multi-chain verse that we are in right now?
  4. Build something that is true to this of decentralization, build something censor-resistant, truly decentralized.  Start from the first principles of why you got started with web3.
  5. Do a double down on the educational initiatives that you are taking on – it is imperative as builders of the space that we go out of our way to speak about web3, decentralization and the importance of the technology.
  6. Tom Tom security and being auditable- it is important for web3, to keep your smart contracts auditable, and keep security at the helm.
  7. Be transparent with your community, do right by them, talk to them, inform them, excite them, and involve them- not in superficial, airdrops ways but an actual community that is excited about your solution, your platform, and get them involved in the features that you are building.

To revitalize Web3, it’s essential to blend foundational business principles with the unique aspects of the decentralized web. This involves a balanced approach to building platforms that are user-friendly, scalable, secure, and truly decentralized. Success in Web3 not only demands innovative technology but also a commitment to education, community engagement, and transparent, ethical practices.

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