This isn’t true as it stands. Cryptocurrencies rely on its users having access to fiat currencies such as £, $ and euros. It relies on you wanting the cryptocurrency to invest in the crypto world - namely Web3 and the Ethereum blockchain.

But this isn’t the answer to our problems with today’s modern world.

We can’t fix processes that allow for human greed through establishing a same but slightly altered structure that relies on the few and relies on those who are in control to have access to fiat currencies, or to be so wealthy as to be benefiting from cryptocurrencies.

We have to make the changes ourselves. This is one reason why I like DAOs - DAOs are like accessible start-ups. Together you create something that through your own contributions to the DAOs you are rewarded for with a token which increases in value based on your work.

I believe this is the egalitarian model that many wish for the cryptocurrency world to have, but for the cryptocurrency world to pave a better future for ourselves, our children, humankind and the planet, we need to fix some things.

I believe Web3 communities are very good at making people feel welcome no matter their abilities and I believe this is something the entire world needs to learn from.

Using this as our starting point of having an open and accepting philosophy of all who we work and come into contact with, we need to make the carbon footprint of cryptocurrencies smaller. They need to be less reliant on miners who have access to fiat currencies to purchase computer hardware and computer software that allows them to mine crypto.

Mining crypto needs to not only be made more accessible, it needs to be improved. The entire world cannot depend on cryptocurrencies as the system stands, it is too slow and too energy-consuming.

And, especially when an essential skill as a miner is to solve cryptography and mathematical equations, then it siphons out most of the population in getting involved in the process of validating crypto.

I believe the way we need to fix this is by taking lessons from DAOs and how they use the contribution of their members to create something that builds value through their own work.

I’m not entirely sure what this will look like but as I continue to learn about Web3, cryptocurrencies, DAOs, metaverses and NFTs - I’m sure this vision will become clearer.

As crypto stands - I believe the ‘decentralised’ benefit is currently not so ‘decentralised’. The consumer relies on the miners and the blockchain. Either of these fails and the whole system goes down with the consumers’ crypto.

We need to find a way of protecting our assets by using technology which relies on the masses and not the few, so that when trouble strikes the problem has multiple solutions from different avenues as opposed to a handful of solutions in the hands of a few people.

If Ethereum can make a hard fork because it lost money, what else can be done to unwind the actions of others?

It’s like playing with air, which the current banking system does. We don’t want that anymore. We are sick of being made to feel penniless whilst new strategies created on the backs of people who have little money make the few more rich. We need a new system and cryptocurrencies could produce this, but only if they see manual contribution from human beings as more valid than fiat currencies.

I am a fan of improving current systems but only if it does just that - improve, innovate, invent. Not build upon existing structures just to get a slice of the pie.

The good thing is that cryptocurrencies like Ethereum do employ a permission-less, open-to-all who contribute governance. Bitcoin refers to the community when making decisions. And, even a non-profit has set up a cryptocurrency with an open source protocol so that besides the core team other people can get involved in the code of the cryptocurrency.

So, maybe we are moving in the right direction. What do you think? Is cryptocurrency the all saving investment that some people will have you believe?

You can get involved as much or as little as you like with Web3 communities, share ideas in ways that have felt impossible to even suggest previously, and be surrounded by people and content that develops you and pushes you to know more.

I am still very new to the Web3 world. I remember when it first began to pop up on my Twitter, with senior and talented artists, developers and marketers joining DAOs as opposed to conventional companies.

I was sceptical, as a lot of people are at first, about cryptocurrencies and Web3. And, it doesn’t take a lot of immersion to realise there are problems that need to be ironed out in this space.

But where there are problems there are also room for solutions and through Web3’s community culture I believe these problems won’t stay unanswered for long.

The attraction of Web3 is that you can get involved very easily in something that directly interests you or affects you. And, you’ll be surrounded by like-minded people who all have skills and talents that they bring to the table.

I think this is the most exciting part about being part of a DAO. You get to work with people who have all kinds of professional backgrounds and it is a great way to be exposed to entrepreneurial thinking, and freedom from the classical hierarchy of conventional companies.

DAOs have a lot to learn from co-ops. DAOs are organisations that aim to disrupt the current hierarchy by opening up how a company is managed. DAOs are run by its community as opposed to a selection of exclusive people such as a CEO and board members. Many people wish for this type of leadership, but feel for one reason or another that it is not possible. Maybe Web3 will finally make it happen.

I feel compared to Web2 communities, Web3 has a much more open door policy and because of that there is more opportunity to grow professionally and personally and in ways not possible before.

There is a constant stream of conversation on Twitter Spaces connected to Web3, the metaverse, cryptocurrencies and NFTs.

Once I began engaging with the space I was quickly pulled in. Mostly because Web3 communities do a very good job at creating a sense of belonging. So much so that people will pay thousands of pounds or the same value in whatever fiat currency or cryptocurrency they use to access exclusive communities.

Yet in many of these exclusive communities sometimes the only barrier is money. And while we all need to make money in this world, I do see this as one potential limitation for the Web3 world. How does the everyday person get involved?

There are hundreds, if not thousands, of communities that are accessible without spending money to join, but I do worry that just like the current Web2 communities — money means access. And this shouldn’t be the way.

I believe the amount you contribute to a DAO should dictate your access and some DAOs are organised like this. For example, if you contribute work towards a DAO you are rewarded through tokens which hold a value. Tokens can change in value and some DAOs may allow tokens to be bought with cryptocurrencies.

For the JUMP DAO, tokens are awarded based on participation within the DAO which opens further benefits such as becoming a JUMP token professional, but, initially, it is free to become a member of the DAO, you just have to meet certain criteria.

Friends With Benefits asks members to buy 75 $FWB tokens in ETH to become a member with the ability to earn more tokens by participating in the DAO.

And, the Mirror DAO, which is a publishing platform for Web3 communities, allocates its tokens based on rewards for contributions to the Mirror ecosystem.

Usually to pay for a token you have to access to cryptocurrencies, the most popular is ETH.

You can gain access to cryptocurrencies through ‘wallets’ which hold a public key to your private key account on the blockchain. Other wallets provide a sort of Web2 experience where they hold your public and private keys for you so that you can gain access to your crypto without directly using your private key.

Wallets include Coinbase, Crypto.com and Rainbow amongst many others and the Ethereum website suggests others.

You can also have a paper based wallet where you hold your wallet on paper by writing or printing out your public and private keys, this means you don’t use a third party and have direct access to your cryptocurrency. This is touted as the most trusted and reliable way of holding your money, however, I do wander if anyone as clumsy as me could easily mess it up by misplacing the paper record.

Both of these methods have their benefits and minuses. I believe Web3 is so new that DAOs and wallets will develop in time to become more user-friendly, more forgiving for misplacing private keys and less open to misuse or fat-finger errors amongst other problems.

Cryptocurrencies are tied to the Web3 world for their ability to create anonymity and trust at the same time.

Cryptocurrencies are also a way of exchanging value in a way that fiat currencies such as £ and $ often do not. For example, if you hold tokens to different DAOs. Those tokens can grow in value as each DAO grows at its own pace. Almost like an investment to which you have direct access.

This is my first attempt to put my thoughts down on what I’ve learned about Web3, cryptocurrencies and DAOs.

The last thing I want to explore is the metaverse.

I believe game artists will have valuable experience in creating the metaverse.

Because of gaming’s previous history in creating immersive worlds with graphics, music and action, I believe the world of gaming, and I say this as a non-gamer, will lead how the metaverse is designed.

And I see a unique opportunity for digital artists to expand their skillset and get involved as metaverses expand in multiple ways. From the first government to set up an embassy in the metaverse to possibly frequently holding meetings in your own company’s metaverse world without leaving your home, but fully interacting with your business partners. There are plenty of opportunities to create vastly different worlds with art.

The metaverse will be built on VR (virtual reality) and AR (augmented reality). I believe AR is much more accessible than VR as all you need is your phone and VR headsets are still expensive. Nevertheless, I do believe both hold the opportunity for artists to develop in ways not possible before, and I highly look forward to that.

I have assumed a level of knowledge of Web3, cryptocurrencies, DAOs and metaverses for this article. If you’d like more in-depth explanations of these digital worlds and features please let me know.

This article was first published on Medium, CryptoStars, you can find it here and more about the digital magazine here:

https://blog.cryptostars.is/my-first-take-on-web3-cryptocurrencies-daos-and-metaverses-e89eb4874b03#ad78-8d60aedfe993