Web3: Unlocking Gender Equality by ensuring Women's participation

By Iyanuoluwa Adenle | May 28, 2022

Web 3.0 is the new internet. It was built using decentralized technologies like blockchain and crypto which have begun to impact the way we live, work, and play by simplifying our financial and digital lives. 

Blockchain is the technology behind cryptocurrencies like Bitcoin and Ether. The blockchain is a digital ledger that stores information in blocks that cannot be altered once they are recorded. This means that transactions are secure and transparent because every pair of parties can see exactly what happened and when it happened. 

Web3 enables people to interact directly with one another without having to rely on expensive middlemen like banks or other financial institutions. It signifies a new generation of blockchain technology, decentralized finance, data ownership, and no third-party overcharges. 

Web 3.0 is also driving new conversations centred around non-fungible tokens (NFTs). This means that anyone can now create their cryptocurrency and community. The Web3 revolution is being fueled by a new generation of tech enthusiasts who are forming decentralized autonomous organizations centred around large communities of crypto supporters. Web3 opens up countless spaces to explore and develop - from decentralized social media platforms to the transformation of gaming.

Web3 has endless applications for diverse users, and this is the reason for web3's fast rise and continued interest. Decentralized finance (DeFi) has opened the door to many other uses for crypto as well: from helping content creators through Patreon to sending funds across borders, crypto can offer solutions for users in all areas of their lives. It is private, secure, and untraceable, and because of its anonymity, it is not subject to the same limitations on investment that women face in some countries. 

Even though Web3 is not designed to keep anyone out, it is no secret that the community is heavily dominated by men. According to Forbes’ 2022 Billionaires List, all 19 billionaires and crypto tycoons are men. Web3 was designed to level the playing field for everyone, regardless of gender, race, age or socioeconomic status. This means that cases of gender wage gaps should cease to exist. Studies have shown that the gender gap in the crypto universe will not only stunt the growth of the entire industry and it will undermine the promise of Web3 going mainstream. 

For Web3 to succeed there needs to be an equal representation of both men and women involved in its development process. From investors looking for new opportunities or developers trying out new ideas - all genders are vital for this industry’s growth.

In 2021, a CNBC survey revealed that only 1 in 10 people in the U.S. currently invest in crypto, and regardless of the racial/ethnic group more men were more likely to invest in crypto than women In fact, things are looking up, and 2021 was a defining year for women investors. From crypto trading app Robinhood, which reported a 369% increase in its female users, to Cardify reporting that women made up more than 15% of total cryptocurrency deposits - a significant increase from their study the year before -  it is apparent that women are increasingly cognizant of crypto’s potential as a tool for financial empowerment.

Some women have made their mark in Web3 and are now creating communities to get more women to join. Some of these communities are BFF, a community for women that are curious about crypto, and Black Women Blockchain Council, a community for black women in the crypto space. There are also women-focused NFT communities like Boss Beauties, WomenRise, and Crypto Coven creating opportunities for more women to join the community and succeed.

An equal and diverse representation of men and women in the crypto industry is crucial to achieving its full potential. The financial inclusion of women is key to enhancing economic stability for disadvantaged communities by helping these communities increase household income, improve food security, or manage their assets. 

The crypto industry has plenty of room for improvement when it comes to representing women. More women should be encouraged to expand their horizons in the crypto sector. If this continues, it sets a positive precedent for the industry and allows it to reach its potential and achieve sustainable growth.

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