How to onboard users to Web3: Case studies by Unstoppable Domains, Phaver and others

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Epic Web3

Dec 05, 2022

Epic Monday, Web3 fren 🖖

This is Epic Web3 Newsletter — your weekly dose of actionable insights from the major Web3 experts.

Every Monday at 10 AM (WET) we take your products TO THE MOON 🚀

Wait, what’s that?

🎉 We’re bumped to announce that the Epic Web3 Summit starts TODAY!

In just two hours we’ll meet top industry experts on the first day dedicated to Go-to-Market strategies in Web3.

At Epic Web3 we’re not afraid of the crypto winter and neither are our experts. Cause they know how to survive it!

So, let’s celebrate December with a bunch of growth insights? Grab your chance to attend the EW3 Summit and meet the brightest minds:

🔥 Today’s speakers lineup (⏰ GMT):

12:00 — Building a successful MVP in Web3: challenges & lessons learned (Prashant Gami, CEO & Founder, X·enabler)
12:30 — Web3 product challenges & solutions (Gleb Fedorenko, Senior Product Manager, Superdao)
13:00 — Onboarding the masses through Web3 social: case study (Joonatan Lintala, CEO, Phaver)
13:30 — How to grow through onboarding: case study (Sajjad Rehman, Head of Europe Business, Unstoppable Domains)

P.S. Hurry up to join the Epic Web3 Summit — we start in just two hours!

JOIN RIGHT NOW

The full speakers’ line-up just to tease you more!

🧞‍♂️ Are DAOs the business structure of the future? Community Insights on the DAOs’ ecosystem.

Epic Web3 Genie is here 👋 I’m in charge of collecting insights from the Web3 community and bringing it to you. Being a magical creature myself, I love people who can do magic — especially those who know how to grow products from scratch. And Web3 is the most captivating industry to do so, don’t you think? 😉

This time I’m exploring what DAOs are at a high level, their voting system and how they can interact with traditional organizations.

This is a recap of the podcast episode where Diana Chen, ex-host of The Unstoppable Podcast, and Matthew Gould, a co-founder & CEO at Unstoppable Domains, discuss whether DAOs can ever replace traditional organizations.

Let’s dive in!

Q: Can DAOs be a legitimate replacement for traditional corporations?

Matthew: I’d say DAOs are somewhere in the middle between glorified Facebook groups and a potential replacement for corporate structures. It’s difficult to mimic a corporate structure on the blockchain now — you could end up with a traditional CEO, board of directors and shareholders. But that is a wrong framing.

DAOs are a new organizational tool for people to express their preferences, a technology that you can apply to anything (a Facebook group, a community group, the school board, and even to voting in a country). That doesn’t mean that we won’t have corporate or government DAOs. They’ll just be using this technology in order to get people’s opinions faster, and hopefully cheaper and easier.

Q: When we talk about voting, how do we apply this to a DAO structure?

This is really the crux of the problem. When you think about voting, it has several problems: strategic voting and buying votes. If any DAO has a million-dollar grant up for grabs, it could manipulate the votes or buy some votes.

But these problems could potentially be improved by blockchain technology. You have a way to verify people’s voting information using the public-private key pair where people are signing off on these transactions.

Editor’s note: To get more knowledge on the voting mechanisms in DAOs, read a helpful guide by LimeChain.

Q: How do we structure the voting for the members?

In my opinion, as the number of people inside any DAO gets larger, it brings voting problems: voting gets slower, less efficient, not enough people participating, etc.

For the DAOs that have less than 100 people, they coordinate better as people seem to be able to talk to each other on Telegram and make faster decisions.

Gitcoin, for example, is experimenting on the system where they have the amount of money that gets donated, for instance, to a certain project has this decay function where if you donate $1, it gets matched 10 to 1, and then if you donate $10, it only gets matched 2 to 1. And you donate $100, it gets matched 1 to 1.

Q: How do you see DAOs and traditional organizations interacting in the long term?

We’re already having companies incorporated as LLC (limited liability companies) in places like Wyoming* and then forming a DAO with governance structures 100% on-chain.

I think DAOs are going to be an add-on to existing systems and organizations, and, hopefully, replace current voting systems because they’re very inefficient.

* In 2021, Wyoming became the first US state to legally recognize DAOs and grant them the same legal rights as limited liability companies.

Editor’s note: To find out how DAOs and traditional organizations differ in terms of structure, funding, etc., read the article by Moralis.

P.S. Just a little off topic: today we’re welcoming Unstoppable Domains’ expert — Sajjad Rehman, Head of Europe Business. Get your chance to meet him & ask your own questions. Join the EW3 Summit 😉