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You know that one quote your aunt Suze has hanging in her family room?
“If you want to go fast, go alone – If you want to go far, go together”?
(You know the one — it’s written in cursive, on faux pieces of barn siding).
No, just us? Ok, well, this story is reminding us of that saying…
Almost all of Web3 is open-sourced. Meaning the coding and technical wizardry that makes the whole thing work is actually public facing.
So if you understand it, you can help build it, fix glitches or suggest new ideas (regardless of your background!)
Here’s how it tends to work:
Folks propose changes to a crypto project/platform → it gets voted on by token holders (the more tokens you hold, the more votes you get) → edits or suggestions can then be made by voters → if it gets the green light, the community gets to building.
The big news currently:
Uniswap (the world’s largest decentralized exchange) has a proposal going to vote this week, and it’s looking as though folks love what’s being pitched.
The proposal suggests that $UNI token holders who have staked their tokens and delegated their votes (aka: locked up their tokens and participated in past votes) will get a cut of Uniswap’s 0.15% trading fee.
Which doesn’t sound like much, but in the last 24hrs alone, Uniswap has collected ~$200M worth of fees.
And this might be the perfect embodiment of the Web3 ethos:
Those that have actively helped build/guide/shape the platform into what it is today, can now directly profit from the result of their efforts.
Very cool.
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