First of all, what do we actually mean when we say blockchain organization? And, yes, for you eagle-eyed readers, why haven't we been saying company?
You probably already know that blockchain technology is just that, a technology. It is only as useful as a support to create things people can use. However, it does present several possibilities that have wrought — and promise to continue to bring — major changes to how people interact.
Namely it created new structures of ownership, which leads us to the second question. Web2 businesses follow a more traditional model. Currently, having an actual say in a Web2 company is typically a closed system. Only people already entrenched in the business through extreme wealth and connections are often up for real leadership roles.
So, when investing is now open to everyone online — like when you buy a token — all this information is transparent, and the means to accessing this investment is decentralized, the shareholders, and subsequently, decision makers change.
Clearly, a standard, hierarchical business structure was not designed to take on so many shareholders. This leads to many blockchain projects not being companies in the standard understanding of that term. They might not have a clear board or centralized leadership. Essentially, they, like blockchain technology, strive to be decentralized.
So, to break it down simply, blockchain projects are different from Web2 companies in several key ways.
Yes, I know that everyone and their mother in the blockchain space is screaming about governance. But, it really matters. One of the key differences between Web2 and Web3, is that Web2 still operates in a strict hierarchy. But in Web3, the market to buy into governance is often open.
Now, not every project has governance tokens, but the decentralized ones do. And, every project will have a different structure to manage workflows and make sure things still get done. In blockchain, this can still be centralized, take a more hybrid approach — with decentralized voting and a more centralized core team to execute — or be fully decentralized and community-sourced.
In Web2, goals are often fairly clear: build a path to make money. In Web3, this isn't necessarily different. But, community is also king here (see governance). So, often the goals are more around how to build, engage, and in turn, transfer some of the ownership (in decision making and work) to that community.
Well, that depends. What do you want to do?
But, obviously, if you are looking to enter the space, it means there is more opportunity to jump in. Buy the governance tokens, and you can start getting involved (make sure to check their governance structure, though, and if there is a minimum buy-in to make a proposal). This is even more true for DAOs, which often are looking for community contributors, even if you don't have governance tokens.
For this reason, finding a DAO that you like, joining the community, and starting to contribute can be a great way to test your Web3 chops.
But, this also has larger implications based on your job. Working in this industry requires new competencies to be able to target, reach out to, and effectively work with these organizations and new structures.
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