Wednesday, September 21 2022

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This article is an investigation into the role of women in creating Web 3.0, something that is still taking shape. We assess its fundamentals from as many aspects as possible.

Madonna entered the metaverse after being pressured by her manager Guy Oseary to invest in the Bored Ape Yacht Club. She bought monkey #4988 for 180 ETH or 4 $66,000. However, she is still in the news, pining for losing monkey #3756 (a rainbow-toothed monkey inspired by her) to a fan, as it remains valued at around $1.3 million.

The 63-year-old pop star isn’t the only celebrity to have backed Web 3.0, GWenyth Paltrow and Mila Kunis also encouraged women to invest in space.

Web 3.0 is a space where exciting new innovations are predicted. Mark Zuckerberg launched support for NFTs or non-fungible tokens, another important pillar of innovation in the Web 3.0 space. Soon, platforms like Instagram, part of Meta (formerly Facebook), will allow users to connect their digital wallets to their accounts to post an NFT minted to Ethereum, Polygon or Flow. coffee brand Starbucks provided support by announcing plans to launch a Web 3.0 rewards program.

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What is Web 3.0

Let’s take a step back and understand what Web 3.0 is and why women should be aware of its many possibilities.

It is said that Web 1.0 was a read-only Internet, which was quickly succeeded by Web 2.0. a social web with more user-generated content and interactive visuals. This would soon collapse to make way for Web 3.0, the Web world of Zuckerberg’s Metaverse dream, and this read-write and run-time Web would be very different from Web 1.0 or 2.0.

The most of Internet 3.0 has not yet been configured it is a space that is increasingly predicted to be a virtual world without any central node of control. Blockchain technology, distributed ledgers, CAD (Decentralized Autonomous Organization), Cryptocurrency, NFTs, and Metaverse are just some of the elements of Web 3.0. The platform should act as an intelligent, autonomous and open Internet powered by artificial intelligence and machine learning, like a global brain, as originally imagined by the inventor of the World Wide Web Tim Berners Lee .

In the Web 3.0 space, crypto seems to be one of the hottest aspects of investor interest. I reached out to Ashish Singhal, co-founder and CEO of one of India’s largest crypto exchanges with over 10 million users, CoinSwitch Kuber. Singhal’s journey into cryptography is fascinating. After being inspired by the 2014 Bitcoin whitepaper, he started trading crypto with childhood friends. They soon realized there was a space to simplify the process and founded the CoinSwitch platform.

Women in Crypto

While researching crypto I came across a recent CNB survey this suggested that women only made up 31% of crypto investors. I asked Singhal what the data looked like on the platform.

According to him, “CoinSwitch has grown from just over one million in January 2021 to 14 million registered users in December 2021. During this period, the platform has seen a 500% increase in signups from women and 15% of CoinSwitch users were women. the app. We also observed that Bitcoin was the most popular crypto asset among female investors, followed by DOGE, SHIB, and ETH.

Wait what? A 500% increase in the number of female investors on the platform is a very optimistic figure and far beyond my expectations. I wanted to understand what the investment sentiment is like for a female investor herself, especially when it comes to investing in crypto. So I contacted Sanchita S, a software engineer in Seattle who has invested in crypto.

“Tech is just an industry where there are disproportionately fewer women. I wasn’t a big fan of investing, but once I got into the tech industry and stocks were a big part from my pay I started investing and building a portfolio. With crypto in particular, I had learned blockchain for a few years and believed in the technology so I didn’t want to miss it. It’s fair to say there’s also a bit of FOMO involved,” Sanchita says.

“Hard” taxes

While platforms and investors feel energized by cryptos, regulators have looked at it with some skepticism. India has proposed a tough 30% tax on crypto earnings and a 1% transaction fee for all exchanges and it is not the only government to do so. Countries like France, Japan, and Austria have also imposed taxes of up to 40-50% on cryptos.

I reached out to the Crypto Council For Innovation’s Global Regulatory Director and General Counsel, Linda Jeng, who has extensive experience in financial regulation and stability within the Board of Governors of the Federal Reserve and other regulatory bodies, the Treasury Department, the Senate and the Financial Stability Board in Switzerland.

Jeng was the policy and regulatory director for the Center Consortium, the stablecoin standards organization, and the global policy manager for startup Transparent Financial Systems.

“For the industry to move forward, we need regulatory clarity. In the United States, this is a hot topic. Government policymakers are starting to move because they know other countries around the world won’t wait for the United States. The thing to keep in mind is interoperability. Cryptography is a global technology that goes beyond the borders of any one country. It’s important to make sure we don’t have of regulatory silos,” says Jeng. She gave examples of MiCA legislation in the EU and stablecoin legislation in Japan, with the exception of Dubai and Canada, as having some sort of regulation.

One of the biggest criticisms of cryptocurrency is that it would push the economic ecosystem beyond regulation as the government would no longer be able to respond with counter-cyclical policy measures and monetary policies would spin out of control. of the sovereign. One of the biggest accusations against crypto is that it will suck capital out of the real economy and into a speculative bubble.

I wanted to understand Jengtake in charge.

“I don’t have a definite opinion on this subject. It is assumed that Bitcoin and Ethereum are unregulated. They are, in fact, regulated by anti-money laundering laws. One thing to remember is that crypto was created in part to solve some of the problems with financial systems, to make them more inclusive and connected. There is a future where DECREE and crypto both exist,” says Linda.

The NFT boat

Cryptos aren’t the only hot investment in the Web 3.0 world. NFTs are rapidly emerging as another independent space and are attracting both creators and investors. Mark Zuckerberg’s sister Randy Zuckerberg actually beat him to activate an NFT trading platform. She launched a royalty-free platform called Okcoin, where female NFT creators and investors could share and invest in NFTs.

These NFTs are now at the heart of the digital bidding wars and are often traded via cryptos on digital wallets powered by blockchain technology.

Exciting online platforms like Sandmilk allow users to create their own NFTs, share them and earn them. I was quite surprised by the amount of innovation going on, especially in the area of ​​NFTs. Women in particular have participated with great enthusiasm as architects of this new digital asset in the world of Web 3.0.

I reached out to one of these designers, kimono culture expert Junko Sophie Kakizaki, who is the ambassador for Japan’s unique hand-painted Kyoto Yuzen Saris, and how she has converted this traditional craft into a digital asset as NFT.

“In Japan, a movement has started to attach NFTs not only to artworks but also to traditional crafts, temples, historical houses and traditional Japanese culture itself. I think it’s revolutionary that NFTs can reveal what has not been protected so far,” says Kakizaki.

According to her, each Kyoto Yuzen sari is an artistic masterpiece whose historical value will continue to grow in the years to come. “The sarees they produce are undeniably works of art to dress up. Each hand-painted saree fabric took four to six months to complete and went through a minimum of 12 steps by Japan’s most skilled fashion artisans. To protect these special, unique saris in the world from copying, we are the first in the kimono industry to sell products with NFT.

How is India placed

As the world catches up with the latest Web 3.0 developments, where does India stand? The government introduced taxes on crypto winnings and transactions in the last budget. It was only in this speech that the government also announced its foray into CBDC (Central Bank Digital Currency), which is currently being engineered by the Reserve Bank of India’s Innovation Center.

In her latest budget speech, Finance Minister Nirmala Sitharaman said, “Digital currency will lead to a more efficient and cheaper currency management system…Therefore it is proposed to introduce digital rupee using blockchain and other technologies to be issued by the Reserve Bank of India from 2022-2023.”

Without fundamentally challenging the FIAT monetary system and ensuring that the new digital currency harbors implicit value while being processed using blockchain technology and launching it through its innovation hub, it seems that the government has positioned itself very strategically as an active player rather than a passive one. observer of the Web 3.0 space.

We are still in the early days as CBDC regulations are still awaited, but the foresight of our policy makers is to be applauded to ensure that Brand India and the Rupee do not lose the gains from these innovations under the aegis of India’s first female finance minister.

Hope women are inspired to enthusiastically participate in building the Web 3.0 ecosystem and ensure that we build a new egalitarian virtual world.

Disclaimer: A lot of information shared here talks about investment options that are still being evaluated and under the watch of the Indian government. This is in no way an attempt to influence the investment positively or negatively, as I am not invested in this asset. It’s just an exciting exploration of something that’s still taking shape and evaluating its fundamentals in as many aspects as possible and the role of women in creating Web 3.0.

Aishwarya Sawarna Nir is a 28-year-old entrepreneur who founded and actively manages Global Beauty Secrets, a luxury beauty brand. She is also the director of Aishwarya Healthcare, a pharmaceutical company. She tweets from @aishwarya_nir

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