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On-chain raises are the future of startup funding – TechCrunch


Tech

On-chain raises are the future of startup funding – TechCrunch


Parker McCurley
Contributor

Parker McCurley is the co-founder and CEO of Decent Labs.

Web3 is owned by the VCs, Jack Dorsey says. Well, I’d argue that web3 is whatever we make it – and the VCs only own it if we allow them to. We are building web3 right now and we have the power to control where it goes and how it is funded on the way there.

If we take decentralization and autonomy seriously, there is no good reason we must follow outmoded venture capital standards. Other means exist, such as smart contract-controlled, on-chain funding, which is more intuitive for projects to utilize, more equitable, completely transparent, and more adaptable for investors and developers alike.

This is why I consider entirely on-chain methods to be the future (or at least the next great evolution) of fundraising.

The long, winding road

If web3 is set to be owned by VCs, let’s agree that Web 2.0 is already owned by billionaires, conglomerates and multinational corporations with cultural influence, political power and the largest allocations of wealth humanity has ever seen. Fine then, no use raging against the dying light – but herein lies the rub: Literally everything we do on the Internet is designed to generate more capital for them while further monopolizing their power. Every time we log on, we’re actually clocking in.

With that in mind, is it any wonder that seasoned Web 2.0 players like Jack Dorsey are cynical about the future of web3? The main thing we should all remember moving forward is that web3 stands alone – it doesn’t replace Web 2.0 – that sandbox continues to survive as-is.

Web3 will exist concurrently, independent of Web 2.0. Believe it or not, some of us look at this opportunity as an ethical imperative, and think it is necessary to iterate upon the concept of the Internet, correct the sins of the father, and perhaps begin influencing the way our society functions at its most fundamental. Rather than empowering companies, we should be empowering communities.

If we take decentralization and autonomy seriously, there is no good reason we…



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