Data ownership and building communities
In the current Web2 landscape, large tech giants control users’ data and reap the rewards. Francis believes in Web3’s core mission to shift the power back to the people.
“Web3 offers this other way where users can actually be rewarded or incentivised for choosing whether they share their data, how much they share, and who they’re sharing it with,” says Francis.
Francis also highlights a significant shift from building audiences to nurturing communities in Web3. Brands are moving from just one-way speaking to their audiences, to involving them in projects and decision-making through Web3 innovations like DAOs (Decentralised Autonomous Organisations).
“Rather than a brand talking at an audience, we’re inviting communities to be involved in brands, be involved in projects, and invest in them as well,” explains Francis.
This shift to two-way dialogues and community involvement is a welcome change. Traditionally, users have become accustomed to a monologue style of communication from the businesses and platforms they engage with.
Modernising the financial system
As with many, Francis’ journey into Web3 began with cryptocurrencies. She is a strong believer in Bitcoin’s potential as a store of value, particularly in a world with low interest rates and high inflation.
She acknowledges that Bitcoin might not become a universal currency, but sees it as a store-of-value and an alternative to traditional banking systems.
“There are just so many benefits around decentralised finance (DeFi) and opportunities that are opened up to people who don’t have access to banks,” says Francis.
To put the potential impact of DeFi in context, The World Bank estimates there are still around 1.7 billion people without a bank account.
Despite the potential benefits of DeFi and the wider Web3 industry, Francis acknowledges several challenges.
Education remains a key hurdle, with many people still uneducated or misinformed about cryptocurrencies and blockchain.
“We’re all conditioned as we grow up to rely on banks and rely on institutions. So, when I’m explaining to a newbie about self-custody, it scares a lot of people,” says Francis.
Negative incidents, such as the implosion of FTX, can also cast a shadow over the industry’s reputation.
“Some of the negative things that happen that make the news, obviously they put this bad light across the whole industry—so a lot of people still see it as very scammy and risky,” explains Francis.
Evolving regulatory landscape
The regulatory landscape is evolving. In Francis’ home country of Australia, the government is among those showing interest in the space.
“There’s a lot of talk around CBDCs (Central Bank Digital Currencies) in Australia. There’s a pilot project being run that seems like it’ll be implemented soon as well … it’s definitely part of the Australian government’s conversation at the moment,” comments Francis.
Francis believes that, while regulation is necessary, it should be implemented fairly to encourage innovation rather than stifle it. She also points out that the choice of terminology can impact public perception; with terms such as “crypto” and “NFT” gaining a reputation for scams and shady practices.
The public often associates crypto with money laundering and the black market. However, research shows that illicit activity makes up less than one percent of transactions and cash is – by far – still the choice for criminals looking to cover their tracks.
In contrast to cash, blockchain transactions offer greater transparency. Digital ledgers give law enforcement agencies significantly more details regarding a transaction compared to one conducted with cash.
Solving real-world problems
Francis is generally enthusiastic about Web3 projects that solve clear real-world problems. For example, she mentions blockchain ticketing platforms as a solution to combat ticket scalping.
“I’m excited about blockchain ticketing platforms … it solves a really clear problem that we’ve had in the Web2 space for a while,” comments Francis.
“I work with content writers, I work with graphic designers… there are times when we have to hire actors or singers for events or ads and things like that, and I just think that they have such a unique skill set,” comments Francis.
“Some of them have worked on it for years or decades and I just think that they need to be correctly compensated. Blockchain is something that can help with that.”
