Infact, the name of this blog itself is flawed!
Web3 will revolutionize how we live and work. While I believe that some companies with centralized leadership can still thrive in this new Web3 world, those who thrived on needing someone “in between” for trustworthiness might be gone forever.
If we stretch things just a bit further, you can look at "company structure" as an intermediary among factors of production - capital and labor management- so if there are ways to coordinate these three important aspects without any help from another party then who knows what might happen? We may live in a world where all businesses exist under DAO's (decentralized autonomous organizations) and companies. Sounds crazy? In 1995, it would have been equally crazy to imagine that everything will be sold online one day, but if you look back at this prediction in 2025, you might as well wonder - why did everyone not see it coming?.
That's the mantra for any web3 project. It's all about the community, so it’s important to start building that from day one. You can't just jump into product development or marketing - your focus should be on engaging with people right away!
If you are building a Web3 “community”, please see the gold standard below:
Why Should Your Business Use Cryptocurrency?
Philosophy This is day 0. Every Web3 idea is born out of some philosophy. When you begin, there is no product or any other collateral to showcase. All you have in hand is an idea of a promised land that you want to pursue. Your step no.1 will be to well articulate the purpose of your existence. Take for example Constitution DAO where 17,000 people came together to buy an original US constitution on auction. The purpose/philosophy was simple. Or take the example of LinksDAO, a community of golf lovers that was built in weeks with one purpose - acquire a course together.
Early Community You have a beautiful mission. Now you need believers. These are people who can align with you on purpose. People who can relate with your goal and who are willing to be part of the early contributories to bring the DAO to life. While some Web2 techniques will be needed to make your purpose heard across your target audience, the largest part of growth will (should) come from organic sources. If there are true believers in your philosophy then they'll take it upon themselves to evangelize as well!
Mechanism Design You have got a purpose and a group of believers who are excited about the mission. Now the hardest part - you don’t have an employer-employee relationship with the community. The old ways of getting stuff done won’t work. You want people in your decentralized gang to voluntarily contribute towards a set of outcomes that is aligned to your purpose.
And how do you do that? - Mechanism design and incentive engineering are two of the most important aspects in creating communities. You need to think about how you can motivate members with your goals, while also rewarding them fairly for their efforts- much like games do! This may be simple things like giveaways/airdrops for bragging about the community in social media or writing a blog or developing graphical content to publish or it could be a complex architecture of multiple tasks specific to your mission.
And where do you learn the best practices of mechanism design? My answer is quite simple. All this is happening in the public! Go join some good communities and see how they are devising mechanisms or incentivising members. In the months and years to come, we will see playbooks emerging. Right now, probably this is all that we have! But that’s the fun, right? Taking the uncharted path and setting the standards.
If you are a Web3 builder looking to chat on the above, we would love to hear from you. Write to email@example.com