For decades, we as Black people have been setting the trends for the masses to consume and follow. In the eras of Web1 and Web2, technology companies created products that capitalized on our innovation while engaging in racist hiring practices. In 2014, Google published the racial and gender breakdown of their company. Of their 53,600 employees, only 2.4% of them were Black. The company’s 2021 report, revealed that the number had jumped to just 4.4% as the company reached 156,500 total employees.

With the emergence of Web3, it’s time for tech companies to correct their mistakes. Tech companies need to step up and provide us with the opportunity to be on the front lines of developing the technological layer that is being relied upon as more currencies fueled by blockchain technology arise. 

In order to understand Web3 and the opportunities it holds for us, it’s important to understand the fundamentals of Web1 and Web2. Web 1 started in 1989 when the first builders of the internet attempted to create a decentralized network of communication that was owned by the people who used it. Most of the webpages were read-only and looked like current-day Wikipedia, with hyperlinks and static images populating every page.

To solve the poor consumer experience, early internet companies set out to take Web1 to the next phase. With Web2, the internet became more user-friendly. People without a computer science degree or tech experience were able to ask questions and receive answers (Google and Yahoo) and meet new people (Facebook). These Web2 companies made the internet more accessible to everyone. This steered the internet to become more centralized, with user data controlled by large tech companies. 

The term “Web3” was born from the javascript library (Web3.JS) that communicates with the blockchain nodes. The goal of this phase is to combine the decentralized ideals of Web1 with the consumer-friendly user experience of Web2. 

Black people, specifically Black Americans, are proving to be early adopters of the innovations of Web3. As of 2021, 23 percent of Black Americans own cryptocurrency compared to 11 percent of White Americans and 17 percent of Latin Americans.

Exhibit 1: Evolution of the Web

One of the earliest cryptocurrency exchanges, BitMEX, was founded by a Black American, Arthur Hayes. Since 2014, BitMEX has traded trillions of dollars worth of crypto, making Hayes the youngest Black crypto billionaire in history. 

In 2020, Hayes and his co-partners were indicted by the U.S. Department of Justice for evading U.S. anti-money laundering requirements. Although BitMEX is located in Hong Kong, the company had U.S. customers and wasn’t registered in the U.S, a violation of compliance standards. In February, Hayes pled guilty to one count of violating the BSA security act and is now facing a maximum sentence of five years in prison. 

Stories like Hayes’ should not deter us from wanting to step into the Web3 space, they should inspire us to want to know more about cryptocurrency, decentralized finance, and blockchain technology.

Advantage Evans, is a masterclass course founded by leading crypto education exert, Dr. Tonya M. Evans, a Black American woman offering an easily accessible curriculum involving NFTs, crypto, and law. For anyone seeking to onboard into this space with guided practices, this is a great starting place.

If you spend a considerable amount of time on Twitter and want to enrich your timeline it would be worth it to follow Akayla Gardner. With frequent appearances and published works through Bloomberg, Akayla has risen as a credible outlet for ongoing news and information within Web3.

I also want to share resources that have been beneficial in building my theoretical and technical knowledge. Although they aren’t produced by us, they are still valuable and provide necessary additional learnings on Web3.

On a weekly basis, it is a must to tune into the Bankless podcast. The thought-provoking discussions and guests covering topics such as Ethereum, Defi, and Bitcoin offer a perspective into the bankless revolution.

Another great source of information is the podcast Unchained, by Laura Shin. Shin is an Asain American woman and her podcast has deeply insightful discussions with the leading names in crypto and blockchain.

Outside of podcasts and general masterclasses, Udemy has paid courses that lead to ownership of the underlying code that precedes the value created by Web3 applications. Achieving certifications in blockchain processes will allow us to create the residual returns that come with owning the foundation of a technology that will be a part of our society for decades even centuries to come. Once a strong base level of acumen is achieved, the ability to create your own startup, NFT project, DAO (Decentralized Autonomous Organization) within this ecosystem is within reach. Begin to connect with like minded peers through joining a discord channel or even attending one of the many blockchain/crypto conferences throughout the globe.

As we arm ourselves with the theoretical and technical knowledge to be leaders and innovators in the Web3 space, it’s important that white gatekeepers stop engaging in discriminatory and racist hiring practices. We can read these articles, we can listen to the podcasts, and attend these masterclasses. But, the true work must come from the founders of Web3, who are predominantly White. These founders need to offer mentorship opportunities to Black college students, only collaborate with other companies that have a truly diverse working force, and on a frequent basis have open discussions to analyze the efforts of diversity and inclusion within their communities. In the true merit of decentralization, this can only be true if the gatekeepers are widening the barrier to entry, with no need to lower it, as Black people have proven to be more than up for the task of creating the next wave of innovation.

We are still in the first inning of Web3, it’s not too late for us as Black people or for the founders of Web3 to step up. We all must act now.

For decades, we as Black people have been setting the trends for the masses to consume and follow. In the eras of Web1 and Web2, technology companies created products that capitalized on our innovation while engaging in racist hiring practices. In 2014, Google published the racial and gender breakdown of their company. Of their 53,600 employees, only 2.4% of them were Black. The company’s 2021 report, revealed that the number had jumped to just 4.4% as the company reached 156,500 total employees.

With the emergence of Web3, it’s time for tech companies to correct their mistakes. Tech companies need to step up and provide us with the opportunity to be on the front lines of developing the technological layer that is being relied upon as more currencies fueled by blockchain technology arise. 

In order to understand Web3 and the opportunities it holds for us, it’s important to understand the fundamentals of Web1 and Web2. Web 1 started in 1989 when the first builders of the internet attempted to create a decentralized network of communication that was owned by the people who used it. Most of the webpages were read-only and looked like current-day Wikipedia, with hyperlinks and static images populating every page.

To solve the poor consumer experience, early internet companies set out to take Web1 to the next phase. With Web2, the internet became more user-friendly. People without a computer science degree or tech experience were able to ask questions and receive answers (Google and Yahoo) and meet new people (Facebook). These Web2 companies made the internet more accessible to everyone. This steered the internet to become more centralized, with user data controlled by large tech companies. 

The term “Web3” was born from the javascript library (Web3.JS) that communicates with the blockchain nodes. The goal of this phase is to combine the decentralized ideals of Web1 with the consumer-friendly user experience of Web2. 

Black people, specifically Black Americans, are proving to be early adopters of the innovations of Web3. As of 2021, 23 percent of Black Americans own cryptocurrency compared to 11 percent of White Americans and 17 percent of Latin Americans.

Exhibit 1: Evolution of the Web

One of the earliest cryptocurrency exchanges, BitMEX, was founded by a Black American, Arthur Hayes. Since 2014, BitMEX has traded trillions of dollars worth of crypto, making Hayes the youngest Black crypto billionaire in history. 

In 2020, Hayes and his co-partners were indicted by the U.S. Department of Justice for evading U.S. anti-money laundering requirements. Although BitMEX is located in Hong Kong, the company had U.S. customers and wasn’t registered in the U.S, a violation of compliance standards. In February, Hayes pled guilty to one count of violating the BSA security act and is now facing a maximum sentence of five years in prison. 

Stories like Hayes’ should not deter us from wanting to step into the Web3 space, they should inspire us to want to know more about cryptocurrency, decentralized finance, and blockchain technology.

Advantage Evans, is a masterclass course founded by leading crypto education exert, Dr. Tonya M. Evans, a Black American woman offering an easily accessible curriculum involving NFTs, crypto, and law. For anyone seeking to onboard into this space with guided practices, this is a great starting place.

If you spend a considerable amount of time on Twitter and want to enrich your timeline it would be worth it to follow Akayla Gardner. With frequent appearances and published works through Bloomberg, Akayla has risen as a credible outlet for ongoing news and information within Web3.

I also want to share resources that have been beneficial in building my theoretical and technical knowledge. Although they aren’t produced by us, they are still valuable and provide necessary additional learnings on Web3.

On a weekly basis, it is a must to tune into the Bankless podcast. The thought-provoking discussions and guests covering topics such as Ethereum, Defi, and Bitcoin offer a perspective into the bankless revolution.

Another great source of information is the podcast Unchained, by Laura Shin. Shin is an Asain American woman and her podcast has deeply insightful discussions with the leading names in crypto and blockchain.

Outside of podcasts and general masterclasses, Udemy has paid courses that lead to ownership of the underlying code that precedes the value created by Web3 applications. Achieving certifications in blockchain processes will allow us to create the residual returns that come with owning the foundation of a technology that will be a part of our society for decades even centuries to come. Once a strong base level of acumen is achieved, the ability to create your own startup, NFT project, DAO (Decentralized Autonomous Organization) within this ecosystem is within reach. Begin to connect with like minded peers through joining a discord channel or even attending one of the many blockchain/crypto conferences throughout the globe.

As we arm ourselves with the theoretical and technical knowledge to be leaders and innovators in the Web3 space, it’s important that white gatekeepers stop engaging in discriminatory and racist hiring practices. We can read these articles, we can listen to the podcasts, and attend these masterclasses. But, the true work must come from the founders of Web3, who are predominantly White. These founders need to offer mentorship opportunities to Black college students, only collaborate with other companies that have a truly diverse working force, and on a frequent basis have open discussions to analyze the efforts of diversity and inclusion within their communities. In the true merit of decentralization, this can only be true if the gatekeepers are widening the barrier to entry, with no need to lower it, as Black people have proven to be more than up for the task of creating the next wave of innovation.

We are still in the first inning of Web3, it’s not too late for us as Black people or for the founders of Web3 to step up. We all must act now.