June 4, 2023

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Nothing is more synonymous with Web 2.0 than Silicon Valley. Companies like Facebook, Apple, and Google are almost the equivalent of the Bay Area and its walled innovation gardens.

However, 2021 is a turning point in the history of technology.For the first time, the concept of Web 3.0 Decentralized and community-supported technology An opportunity to upend the centralized behemoths that have dominated the internet since the late 90s.

With this possibility in mind, builders began leave Silicon Valley Explore new regions in groups and work with the crypto natives formerly known as the Outsiders.

While the future of crypto is still uncertain, today Web 3.0 holds a huge opportunity to decentralize not only in terms of the underlying technology, but also in terms of where the industry is built.

As a result, savvy political leaders from both sides of the party line are relying on their entrepreneurial sensibilities to send a very specific message to Web 3.0 innovators Their respective towns, states and countries are crypto-friendly.

To make this possible, however, this new type of entrepreneur-politician will have to operate in novel and unexpected ways. This is what it looks like.

Politicians must think and act like founders

El Salvador becomes the first country to make history in September 2021 Bitcoin fiat currency. President Nayib Bukele thinks like an entrepreneur and decides to rely on emerging technologies to solve pervasive problems Helping approximately 70% of El Salvadorans without access to traditional financial services move into the future.

While Bitcoin’s volatility and the recent market crash caused many questioning the president’s decision And its impact on its country’s economy, El Salvador’s move to accept bitcoin is a big step forward for cryptocurrencies This helped bring the concept of DeFi to the global stage.

Additionally, Miami Mayor Francis Suarez took an approach usually reserved for tech founders on twitter Interact with a community of like-minded builders and gain their support as he tries to turn Miami into a true tech hub.

So far, the mayor has created a program called Miami Coin – One city ​​token Aims to generate new community-supported revenue for local government. He’s also been instrumental in attracting top venture capital firms, and has even persuaded some of the biggest names in the game to swap the Bay Area for Miami’s beaches.

For the Web 3.0 hub to truly gain a foothold outside Silicon Valley, more politicians and leaders will have to think critically about what it takes to attract top builders and crypto companies into their jurisdictions.

Lobbying and educational efforts will aid mass adoption of diving

Although lobbying for cryptocurrencies and DeFi has only just begun, it has already begun A punch that far exceeds its weight. Compared to Pharmaceuticals, Tobacco, Securities and Investments industry that has been around for decades Cryptocurrency-enabled payouts a fairly new industry Already important.

Backed by Blockchain Association, Coinbase, Ripple and Blockchain Association are largest donors to date Growth from $540,000 $590,000 from Q1 2022 to Q2 2022 (equivalent to over 60% of total industry spending in Q2).

This support is critical for widespread cryptocurrency adoption, as well-thought-out regulations are needed to stabilize the industry and encourage more institutional participation in digital asset investments.

As such, there will be incredible support for politicians who can thoughtfully engage this nascent industry and work with Web 3.0 leaders to create a legislative environment that allows cryptocurrencies to flourish, a field that will only grow in money and money influences.

At the same time, political leaders who actively promote crypto education and exposure will have an advantage in gaining support from top Web 3.0 players.

mayor of reno Hilary Schiff Who is piloting public NFT art projects and a new program that will allow the city to publish historical registries to the blockchain Focused on providing frictionless Web 3.0 services to the people living under her jurisdiction.

By making the onboarding process easy, Mayor Schieve has a real opportunity to harness the power of crypto and create positive downstream effects for everyone in her city.

Leaders need to effectively assess the commitment of cryptocurrency holdings

While the current bear market has shaken the cryptocurrency industry and exposed many bad actors in the ecosystem, the truth is that 2021 will truly show the world how decentralized technology can revolutionize the internet as we know it.

The potential impact of encryption has yet to be fully realized. For now, however, there is still an opportunity for government officials to take advantage of this potential, and their best bet is to operate as entrepreneurs themselves, actively welcoming cryptocurrency builders into their jurisdictions and fighting for regulations that preserve the spirit of decentralization. If they don’t, top talent and revenue will inevitably go elsewhere.

Entrepreneurs-politicians still have many challenges to overcome, especially given the negative impact of the 2022 bear market, so Web 3.0 will need the support of reputable political leaders to help it fully realize.

However, if cryptocurrencies and entrepreneurial politicians can find a way to work together effectively, there is no doubt that the future of Web 3.0 will be exactly as promised The culmination of many voices working to build a more equitable and innovative future.

Simon Yu, CEO and Co-founder Storm X, is an expert in encryption and e-commerce. He previously worked at Amazon as a financial analyst intern and as a senior credit risk analyst at KeyBank. After graduating from the University of Washington in 2014, he participated in the Berkeley Blockchain Accelerator hosted by the University of California in 2020.

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