Sarson Funds, Inc.
Sarson Funds co-founder Jahon Jamali and I spent last week in Las Vegas where we attended and spoke at the Web3 Expo. The experience granted us previously unseen glimpses into the future, specifically related to how we will interact online with the growth of “Web3” applications.
Our takeaway is that changes to improve online experiences will be happening faster than expected. This a result of the explosive growth of Web3. According to our research at Sarson Funds, community groups and businesses are being birthed on Web3 at a rate of hundreds per day around the world. There are already over 300,000 thousand dApps that have been built on Ethereum alone and this number does not include the massive amount of NFT communities that are being launched daily.
These communities are being built around artists (NFTs), gaming communities, professional networks, etc. (even our own American Crypto Academy will be converted to a Web3 company in the coming weeks). Without a doubt, Lowes and Home Depot will one day be online as Web3 companies.
So, what is Web3?
Web 1.0: You visited a website to learn about products or see some data.
Web 2.0: You visited a website to buy a product or to host photos.
Web 3.0: You will visit a website that connects to your “Digital Identity”.
What’s your Digital Identity?
This could be any combination of your cryptocurrency holdings, social profiles, art collections, groups, medical records, and contracts, etc. As you add dimensions to your Digital Identity (say a new set of preferences for recording your favorite sports teams) you can take comfort knowing that this data can’t be misused or lost by a third-party tech company that’s collecting it. Your data is not stored on the application that you connected with, or even on your own computer. Despite it feeling like your Digital Identity lives in your internet browser window, it’s safely stored on dozens of independent yet coordinating blockchains.
In the same way that Bitcoin takes power away from banks and governments and returns control to its users, Web3 takes back control of our personal information from big tech companies.
With Web3, your Digital Identity is completely in your control, accessible only to you and to those applications to which you give permission. This is all made possible through the cryptography called Blockchain Technology, which is the same technology behind Bitcoin and all cryptocurrencies.
The blockchains themselves, beyond offering nearly impenetrable security, offer features geared toward specific user demands. High-speed blockchains for high-speed applications, ultra-flexible blockchains (like Ethereum) for simpler applications (like the American Crypto Academy).
Web3 will help companies better engage with customers. Let’s take the American Crypto Academy for an example. As a Web3 company, the Academy will execute any business process that a Web2 company could (selling lessons or subscriptions) but will also be able to issue digital certificates of membership level, certification level, professional vertical or other segmenting criteria as NFTs. Only holders with these NFTs will be able to access certain sections of the Academy or attend certain events. This does not need to be limited to online events only. The process also works for real life events. Already tech savvy entertainers are issuing digital tickets to their fans as NFTs.
Besides using NFTs to structure communities and manage memberships, being a Web3 company (which requires being connected to your customer’s crypto wallet) allows the reward of users with custom token giveaways and promotions, not to mention a direct channel of communication. Being a Web3 enabled allows for novel ways of building and maintaining active membership communities while delivering more value for users. In this massive tech migration, we anticipate that the blockchains involved will see high demand from developers and investors alike.
Visit us at Sarson Funds and the American Crypto Academy to continue your journey into Web3 and Cryptocurrency.
