How Web3 is Helping the World

When many of us look at Web3 and crypto today, the most common depictions I see from mainstream media include a get-rich-quick space or a giant Ponzi-scheme. For Web3 to truly be adopted by society, there has to be more than this, and in a world where perception is reality, we have to change the perception of Web3.

There are many initiatives and projects that are being built right now, which are creating a positive externality to the world. Below we will only look at a few examples of DAOs that are building to combat global issues like climate change, education, creating digital public good, assisting humanitarian efforts, and many more. These projects are called ImpactDAOs: An ImpactDAO is any DAO that creates positive externalities for the world.

BanklessDAO

Bankless DAO is a decentralized community to coordinate and propagate bankless media, culture, and education. It’s goal is to drive adoption and awareness of truly bankless money systems like Ethereum, DeFi, and Bitcoin. The Bankless DAO will act as a coordination mechanism in their ecosystem to interact with other individual or entities who are passionate about the same mission. The governance token within the Bankless ecosystem is BANK.

The BANK token is a valueless token that serves to presentation participation in the bankless community. As for what participation looks like, the Bankless DAO will determine what qualifies based through a token voting mechanism.

Bankless also has their own media platform on Youtube and Spotify. Bankless has quickly become the number one media source for all Web3 enthusiast to keep up to date with all that is happening in the space. Whether you’re looking for educational content or just wanting to get your feet wet in Web3, Bankless has all the resources you’ll need.

Proof of Humanity

Proof of Humanity (PoH) is a social identity layer system on Ethereum that aims to identify everyone through a decentralized web. One of the core pillars of Web3 is the belief of decentralization and users having self sovereign identify validation. PoH can help by implementing use cases like providing universal basic income (UBI) to all on Earth.

The concept of providing everyone equal UBI was long just an ideology in distant Utopian society. In order for this to happen, individuals who are entitled to a share of UBI distribution in the form of UBI tokens will first need to verify their unique identities. You won’t need to a bank account or a crypto wallet to be entitled to be onboarded to PoH. The only requirement is for you to register as a verified human.

If this can be executed properly on a global scale, the end result will have people in developing nations like Ghana and Kenya to have the same access to financial income compared to someone in New York or London.

GitcoinDAO

Open-source software are used everyday, and it underlies the apps and services from social media, fintech, ride-hailing, cloud services, and more. Currently, there are no effective means for creators to monetize their work, and this is where Web3 comes in.

GitcoinDAO provides a platform for communities to build and fund many digital public goods.

Thus far, Gitcoin has distributed $58M through 13 Gitcoin Quadratic Funding Grant rounds. Although the majority of the projects funded are focused towards digital public goods, other projects are building to aid climate change, and peace efforts in Ukraine.

Additional Resources: How Crypto Can Fix the World by Kevin Owocki