What they can give and take from the internet’s next phase. Web3 is the latest incarnation of the internet, now rapidly arriving. Web3 is unlocking how people use and shape the internet. This in turn is unlocking how people can use it to relate better with each other, more equitably, directly and democratically.
While technological innovation has predominantly attracted, and been dominated by, men, its effects ultimately touch us all. But in a rapidly changing world, the gender disparity that applies to those involved with Web3 could be much less severe, and there are good reasons why. According to entrenched generalizations, men have historically been more interested in technology than women, and women more interested in people and relationships compared to men. Or so it goes. With Web3, it’s clear that the underpinning new technology is simply about unlocking new relationships between people. With this being the case, there’s no reason that the old stereotypes can’t for once work in favour of a greater role for women. This new phase is not just a dry new phase of technological innovation. It’s a revolution in human relationships.
What is Web3?
Essentially, Web3 continues the trend of heightening connectivity between individuals, flattening hierarchies and removing centres of control. When the internet first arrived – what we might now call Web1 – it heralded its own revolution in connectivity. However, it was largely a static space, offering web pages that could only be read. Web2 introduced a more two-way process via blogs, Wikis and social media. We also saw the rise of Big Tech, corporations birthed from an “anarchistic” internet landscape, each becoming great centres of power. Google, Amazon, Microsoft, Apple, and Meta (formerly Facebook) arose. Concerns have only grown around questions of data handling, content moderation and censorship.
Web3 is expected to address these issues directly. Enabled by blockchain technology, Web3 aims at decentralisation and a more open, transparent and secure ecosystem, where users have greater control over their data and digital identities. Web3 is distributed among a global network of nodes, rather than mediated by central bodies like Google and Apple. This enables greater trust, security, and privacy, providing also the foundation to build decentralised applications. This can include banks and other financial companies, part of what’s known as decentralised finance (DeFi). DeFi is improving on traditional finance, providing the usual established services, but allied to greater transparency, security, interoperability and programmability.
Cryptocurrency is a crucial component of Web3 infrastructure, enabling the creation of trustless digital economies. Non-fungible tokens (NFTs) also play a part, playing a role in Web3’s maturing digital economies and in its operations, such as in identity and access management. Another component of Web3 is the decentralised autonomous organisation (DAO).. DAOs are highly secure, transparent and democratic, and predicted to become the de facto organizational structure in Web3.
Women’s vital role and opportunities
Despite the “techiness” of Web3, the truly inspiring thing about it is its scope for pioneering new forms of human organisation. Web3 heralds a better world, where a fairer financial system can be created, increased user privacy blends with greater transparency for power, and where concepts of ownership and community can be transformed. But despite Web3’s potential, the industry presently lacks diversity. Looking at the tech space more broadly, a massive gender gap can be seen, with women making up about 25% of workers in the sector. A study by Boston Consulting Group and People of Crypto Lab, found that just 13 per cent of Web3 founding teams included one woman or more. The study revealed that all-male founding teams raise nearly four times as much as all-female teams.
This is not just to women’s cost. Women can bring a distinctly different flavour to problem-solving and their underrepresentation speaks of huge unrealised potential. Research shows that diverse teams are better at innovation and problem-solving. A study by the Peterson Institute for International Economics found that companies with at least 30% of women in leadership positions had a 6% higher net profit margin than companies with none.
Part of the gender disparity in tech is due to girls opting not to study STEM subjects. According to UK data from PwC, a quarter of female students cite male domination as a reason a career in technology is off-putting. While there are many female founders – such as Canva’s Melanie Perkins, and Jessica Livingston, a founding partner of the venture firm Y Combinator – PwC’s report identified that only 22% of students can name a famous female in tech, though 66% could name a famous male.
It seems that better PR regarding female success can act as a positive feedback loop. Female representation on investment teams is also vital to this effort. VC firms with women partners are more than twice as likely to invest in women-led enterprises and more than three times more likely to invest in enterprises with women CEOs, according to a 2021 report.
Mentorship is one area that seems key in fostering women’s careers in such areas of tech as Web3. According to a report by Dell, 67% of women rate mentors as highly important for advancing their careers, yet 63% say they have never had one. There are only a couple of organisations in the space seeking to provide a similar role across the industry, via a podcast, online resources and in-person events.
Conclusion
Establishing a Web3 with diverse investors, developers and other pioneers is not only a moral necessity but interwoven with its success. If the aforementioned generalisation about women’s strengths around relationships is true, women are positioned to thrive even better than men in this new phase. As we have seen in higher education, with its growing gap between men and women in college completion rates, and also in the number of female entrants to medical school surpassing males in recent years, Web3 looks well placed to become another levelling playing field and venue for female success.
Credits:
Web3 expert & model: Valeriya Minaeva
Photography: Evgenii Brizhanov
Stylist: Angelika Bambi
MUA: Elina Ismagilova