How to create your own Web 3 product - Crypto in Plain English – Episode 16 - by cryptohunt.it

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.

Today: Together, we are creating our own fictional Web 3 product

An example teaches more than a thousand words! So – let’s say you decided to create a new social network called BetterBook, and it will be Web 3, decentralized and inclusive. How would that look like?

First, you’ll likely create your own token, which will do two things: It’ll give people an ownership stake in BetterBook, and they also get the right to vote on what you should build or change.

Then you’ll set out to build the initial product and attract a whopping 1000 people in the first few days. Things are going well and you give them tokens for joining early.

Someone in the user community then has the idea to give tokens to everyone who invites new users - clever! They submit their proposal visible for everyone and the token holders can vote to implement it.

A few months later it turns out: That was an amazing idea. BetterBook has millions of users now, all have some sort of ownership in the company, and the token started trading and gaining value. Now users are actually making money by growing the community. People buy BetterBook tokens to become part of setting the direction. Users who don’t agree sell, keeping the power in balance.

And that’s how you would build a Web 3 product - one that works for everyone, not just the company itself and has the potential to outlast Web 2 companies.

And tomorrow: We’ll take a deeper look at the dark side of crypto: Energy Consumption and Environmental Impact.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.