Connecting the Web3 Ecosystem
Here at Hashtag Web3, we aim to bring together web3 professionals from around the world to collaborate, network, and advance the web3 space.
Our global community is made up of talented individuals across various web3 domains, including blockchain developers, VCs, crypto enthusiasts, founders, NFT artists, metaverse builders, DAO participants, and more.
Join our Web3 Discussion Group on Telegram:
Making a career in Web3
We also operate a web3 job board where members can find open roles at innovative web3 companies as well as post their own openings.
Beyond networking and job seeking, we facilitate educational initiatives, workshops, and events focused on important topics like blockchain scalability, crypto regulations, DAO governance, and the future of the open metaverse.
A shift towards Decentralized Models
- The internet is progressing from the read-only Web1 to the participatory Web2 to the decentralized Web3 based on blockchain.
- Money has transformed from physical coins to digital fiat currency to cryptocurrencies like Bitcoin that aren't controlled by central banks.
- DAOs (decentralized autonomous organizations) are being formed that operate through smart contracts on blockchains rather than top-down management.
- Social lifestyles are shifting into metaverse communities where avatars interact in virtual worlds that mirror the physical world. Reputation systems and social tokens are emerging.
- Network states have been proposed as online decentralized nations without geographic borders, where residents collectively self-govern through cryptographic democracy.
Crash Courses
Name
Slug
FAQs
The world of web3 encompasses exciting yet complex topics like cryptocurrencies, NFTs, dApps, DAOs, and the metaverse. We understand you likely have a lot of questions about the key concepts and components that are driving the evolution towards a more decentralized internet.
What is Web3?
Web3 refers to the next evolution of the internet based on decentralized blockchain technology. It aims to create an internet that is more open, secure, and user-controlled rather than dominated by a few big tech platforms. Core components of web3 can include cryptocurrencies, NFTs, decentralized apps (dApps), decentralized autonomous organizations (DAOs), and more.
What is an NFT?
A non-fungible token (NFT) is a unique digital asset that represents ownership of items like art, collectibles, even real estate. NFTs are secured on a blockchain and can be bought, sold or traded like any other asset but they have unique identification codes and metadata that distinguish them from other NFTs.
What is DeFi?
It's a financial revolution brewing on blockchain technology. Blockchains (like Ethereum) are like massive, open digital ledgers. DeFi builds on this system to create a global network of financial services that operate like computer programs and don't rely on banks or other central institutions.
Think of it as a giant financial app store.
On DeFi platforms, you can do lots of the things traditional banks let you do – and lots of things they don't:
- Lending & Borrowing: Just like a bank lends money, you can lend out your cryptocurrencies on DeFi platforms to earn interest. Or, you can borrow crypto by putting up other crypto you own as collateral – no hefty paperwork or credit checks.
- Trading: With decentralized exchanges (DEXs), you can cut out the middleman and trade cryptocurrencies directly with other users. Say goodbye to high fees and waiting for trades to be executed.
- Saving & Investing: DeFi offers new ways to earn interest on your crypto holdings without traditional savings accounts. Staking (locking up your crypto for a period) is popular within DeFi. You can also participate in "yield farming" where you provide assets to platforms to earn varying returns over time.
- Beyond Basics: Imagine derivatives, flash loans, and synthetic assets (tokens that mimic stocks, commodities, etc.) being accessible without involving brokers or financial giants. That's the exciting potential of DeFi.
Why does DeFi matter?
- Greater Accessibility: You don't need an ID card, hefty amounts of paperwork, or perfect credit to use DeFi. All it takes is an internet connection and some cryptocurrency. This increases financial inclusion on a global level.
- Transparency: Since DeFi is built on public blockchains, anyone can audit how the code works and verify transactions. This promotes a greater level of trust compared to opaque traditional systems.
- Innovation: With smart contracts, developers can create completely new types of financial services and instruments beyond the boundaries of traditional finance.
DeFi isn't without its risks ...
It's a rapidly evolving and still experimental space. There are things to keep in mind:
- Volatility: Cryptocurrency prices can swing wildly, which impacts investment risk and overall values in DeFi projects.
- Technical Complexity: The average person might find navigating DeFi interfaces and understanding advanced concepts difficult.
- Security: Hacking threats exist as technology and platforms progress. It's crucial to research projects and maintain security on your crypto wallet.
What is Tokenomics?
Tokenomics is a critical concept in understanding how cryptocurrencies and blockchain projects function. Here's a breakdown of this multi-faceted term and why it matters within the world of Web3.
Basics of Tokenomics
In essence, tokenomics is the study of the economics surrounding a cryptocurrency or a token within a blockchain project. It's a blend of "token" and "economics." Its encompasses a whole range of factors crucial to a project's success, including:
- Token supply:
- Total number of tokens in existence.
- Is there a maximum cap (making the token potentially scarce)?
- Are there mechanisms like burning that permanently remove tokens from circulation?
- Token distribution:
- How were tokens initially distributed (private sale, public sale, airdrops, etc.)?
- Are tokens vested with lockup periods for founders or developers?
- Is there an ongoing way to earn tokens (staking, providing services, etc.)?
- Token utility:
- What is the token's primary function? Is it used for:
- Governance (voting on project decisions)?
- Payment within the ecosystem?
- Accessing or unlocking specific services or features?
- Do token holders derive real benefits and value from holding the token?
- Inflationary vs. Deflationary models:
- Are there mechanisms for creating new tokens, increasing the supply over time?
- Does the project employ token burning, making tokens potentially more scarce?
Tokenomics: Connecting Incentives and Design
A token's value isn't simply driven by hype or speculation. Good tokenomics aligns the incentives of all stakeholders in a project:
- Investors: Tokenomics help investors assess the potential growth and long-term sustainability of a project. Healthy tokenomics with use-case utility and potential appreciation of value are generally attractive.
- Miners/Validators: For blockchains using Proof-of-Work or Proof-of-Stake, rewards from mining and staking are driven by tokenomics. This influences a project's security and decentralization.
- Developers: Strong tokenomics attract funding and development talent. Good distribution of tokens or earning mechanisms ensures the longevity of the project.
- Users: Ultimately, a project needs active users. The token needs to have purpose and grant a clear benefit to users to promote participation and adoption.
Why Tokenomics Matters
- Understanding a project's health: Well-designed tokenomics suggest careful planning and attention to the future success of the project. It indicates whether the team anticipates the potential value in holding the token.
- Avoiding red flags: Conversely, flawed tokenomics can point to an excessively profit-driven project or one likely to have unsustainable inflation, impacting token value and long-term appeal.
- Informed investment decisions: Tokenomics shouldn't be the sole basis for investing. That said, it's a crucial puzzle piece when combined with a project's technology, underlying concept, and team capabilities.
What is a DAO?
A DAO, or Decentralized Autonomous Organization, is a revolutionary concept that's poised to change the way we organize and collaborate. Let's break down what makes this entity unique, its applications, and the potential impact it holds.
The Nuts and Bolts
- Internet-Native Communities: At its core, a DAO is a group of people with a shared purpose, organized and coordinated through the internet. Unlike traditional organizations that rely on physical offices and legal paperwork, DAOs exist primarily as code and communities running on a blockchain.
- Governing Rules in Smart Contracts: Think of the code driving a DAO as its operating system. This code, made up of smart contracts, spells out the DAO's governing rules, how decisions are made, and how funds are managed. Smart contracts are self-executing programs that run on a blockchain, ensuring transparency and immutability of the foundational rules.
- Tokens for Voting and Ownership: In many DAOs, members hold specific tokens that act like shares in a traditional company. These tokens grant voting rights proportional to a member's holdings, making decision-making a distributed collective effort rather than being dictated by a small group of leaders. It promotes a sense of shared ownership and incentivizes positive governance participation.
How DAOs Function
- Proposals & Voting: Members submit proposals about changes to the DAO's structure, operational processes, or initiatives the DAO should undertake. Members can typically vote on these proposals directly, with voting weights often linked to their token holdings.
- Treasury Management: DAOs often hold a treasury of assets (usually cryptocurrencies) for funding project development, operations, and rewarding contributions. Rules encoded in smart contracts determine how this treasury can be used.
- Transparency & Trust: As all of the DAO's rules, transactions, and voting histories are recorded on a public blockchain, operations are auditable by anyone. This promotes accountability and reduces the potential for corruption or hidden agendas.
Why DAOs Are Exciting
- Unleashing Democratization: DAOs break down traditional power hierarchies. In theory, every member has a voice in shaping the organization's direction, providing a more egalitarian governance structure.
- Global Empowerment: The lack of geographic borders for DAOs means anyone with an internet connection can potentially join, collaborate, and contribute to global projects, transcending borders and restrictions.
- Unlocking Efficiency: Automating aspects of governance and decision-making through smart contracts offers speed and efficiency compared to cumbersome bureaucratic processes often found in traditional entities.
- Fostering Innovation: DAOs are fertile ground for experimentation in community-driven ownership models, collaboration mechanisms, funding opportunities, and incentive structures not easily possible with traditional legal constraints.
Real-World DAOs in Action
- Investment DAOs: Members pool funds and collectively vote on investment decisions in diverse cryptocurrency or web3 projects.
- Protocol DAOs: Groups governing decentralized platforms like Uniswap (a decentralized exchange) making technical updates and determining network fees.
- Creator DAOs: Communities collectively supporting artists, musicians, and creators, facilitating collaborations and new monetization avenues.
- Social DAOs: Interest-based communities with governance over event organization, content moderation, and funding initiatives aligning with the group's focus.
Challenges and Potential
While DAOs present exciting possibilities, there are hurdles to overcome:
- Technical Limitations: Blockchains remain under development, and building sophisticated DAOs may encounter scalability and complex contract design challenges.
- Security & Vulnerabilities: Smart contracts, if poorly designed, are at risk of exploits. DAO history has seen hacks and losses of funds due to coding errors.
- Regulatory Uncertainty: The legal status of DAOs is murky as governance exists via code, not traditional legal entities.
The Power to Redefine Organization
In the coming years, the DAO model will continue to mature. More diverse and refined use cases will emerge, impacting how we build communities, raise funds, manage projects and allocate resources. The potential for greater autonomy, inclusivity, and transparency in organizations made possible by DAOs could profoundly alter the fabric of global collaboration and economic models.
What programming languages are used in web3 development?
Some of the major programming languages used in blockchain and web3 development include Solidity, Go, Rust, JavaScript, TypeScript, and Python. Developers may need experience with several languages for designing smart contracts, crypto wallets, dApps, and various web3 components.
What are some examples of web3 use cases?
Example web3 use cases include creator economies and NFT marketplaces, decentralized finance apps providing crypto lending/investing, supply chain tracking via blockchain, metaverse worlds owned by users, decentralized cloud storage and social platforms, and blockchain gaming with virtual economies.
What is a crypto wallet?
A cryptocurrency wallet is software that allows individuals to store, send, and receive digital currencies like Bitcoin and Ethereum. Wallets come in different forms like mobile apps, browser extensions, hardware devices, and desktop software connected to the blockchain. Keys and addresses in wallets allow users to transact on blockchain networks.
What is the blockchain trilemma?
The blockchain trilemma refers to the challenge of achieving decentralization, security, and scalability simultaneously in blockchain systems. Many projects aim to optimize these three attributes but fully achieving all three has proven difficult so far. Tradeoffs typically occur like lower decentralization for higher throughput.
How does Web3 improve security and privacy?
- Web3 utilizes decentralized networks that don't have a single point of failure, making them less vulnerable to attacks or censorship.
- Users maintain direct control over their data and can interact with blockchain-based applications using pseudonymous identities.
What are the different types of crypto wallets?
- Hot wallets: Software wallets connected to the internet (mobile apps, browser extensions, desktop programs). Convenient but can be more vulnerable to hacks.
- Cold wallets: Hardware devices that store keys offline. Offer the most security but less user-friendly for frequent transactions.
- Paper wallets: Physical records of keys and crypto addresses, offer high security but not convenient for regular use.
How do I get started with Web3 development?
Getting started with Web3 development is an exciting journey that opens the door to building the next generation of decentralized applications. Here's a comprehensive breakdown of the essential steps to embark on your Web3 path:
1. Lay the Foundation: Building Blocks of Web3
- Blockchain Basics:
- Dive into how blockchains function: distributed ledgers, consensus mechanisms (Proof-of-Work, Proof-of-Stake), cryptography, and transaction validation.
- Explore major blockchains like Ethereum, Solana, Polygon, etc. Understanding their strengths and weaknesses is key for project choices.
- Smart Contracts:
- The heart of dApps. Grasp how these self-executing programs run on blockchains, ensuring automation, transparency, and immutability.
- Decentralization Principles:
- Web3's backbone lies in decentralization. Become familiar with distributed networks, peer-to-peer interactions, and how this promotes ownership and resilience.
2. Master the Essential Coding Skills
- Solidity: Ethereum's primary smart contract language. Its syntax is similar to JavaScript. Become a Solidity wizard to build core Web3 applications.
- JavaScript: This cornerstone of web development remains pivotal for building front-end interactions with dApps and handling blockchain interfacing.
- Web3.js/Ethers.js: JavaScript libraries provide smooth communication between user interfaces and blockchain interactions (smart contracts, wallets, etc.).
- Rust, Vyper, or Others: While Solidity dominates, learn about alternative languages used for smart contract development on various blockchains.
3. Essential Tools and Frameworks
- Remix IDE: Experiment with Solidity contracts directly in your browser. Perfect for initial testing and code learning.
- Truffle, Hardhat: Powerful frameworks for development, testing, and deployment of complex dApps with automated workflows.
- Ganache: Your local Ethereum blockchain. Develop, test, and debug applications locally in a safe environment without using actual mainnet crypto.
- MetaMask: The bridge between your browser and Web3. A crypto wallet and gateway for managing tokens and interacting with dApps on Ethereum-based networks.
- Infura, Alchemy: Cloud infrastructure providers access real blockchain nodes for scaling and simplifying complex blockchain interactions.
4. Practical Development: Project-Based Learning
- Build Something Simple: Start with basic dApps:
- Voting applications: Learn governance in action.
- Simple token creation: Grasp fundamental concepts of digital assets.
- Decentralized crowdfunding platforms: Experiment with peer-to-peer finance.
- Follow Reputable Guides & Tutorials: Platforms like CryptoZombies, Buildspace, and tutorials on popular blockchain developer websites are excellent resources.
- Contribute to Open-Source Projects: Examine existing Web3 projects to learn firsthand from skilled developers and build your portfolio.
5. Never Stop Learning: Web3 Evolves Rapidly
- Join Online Communities:
- Discord servers, Reddit threads, Twitter discussions – a treasure trove of knowledge, collaborations, and timely updates.
- Web3 Developer Conferences: Engage with industry leaders, stay updated on breakthroughs, and build your network.
Additional Tips:
- Don't Be Intimidated: Web3's initial complexities might seem overwhelming. Break down concepts into smaller chunks and practice consistently.
- Think Like a Web3 User: Keep user experience at the forefront to bridge the gap between advanced tech and practical adoption.
- Learn by Doing: Hands-on coding and building actual dApps is the fastest way to internalize core concepts.
An Extensive Repository of Web3 Reports
Subscribe to our Newsletter on Linkedin
Trusted by innovative teams and events from all around the world
Leading crypto conferences and virtual events use our promotional channels to get the word out to tens of thousands of actively engaged web3 builders, investors and users worldwide.
Prominent web3 education programs work with us to develop curriculum and content for upskilling web3 professionals at all levels, knowing our insights into industry needs and trends are unparalleled.
Daring web3 labs, incubators, and accelerators take advantage of our user base for product testing and feedback from a community passionate about advancing real-world blockchain/crypto adoption.
💬 Start a conversation about partnership with us 💬
A step towards Network State
Network states are a new form of global organization enabled by modern technology. Think of how the internet allows online communities to form - like social media groups, Reddit threads, or crypto networks. Members are bound by shared values and interests rather than nationality.
Network states are similar. They are global networks of people aligned by a common purpose or belief system. Membership is voluntary and fluid rather than rigid. Network states will co-exist with geographic nations. But they allow new freedoms and connections not limited by location. They expand your identity beyond just being a citizen of one country.
