How NotCentralised plays its role in fostering innovation in Australia’s thriving Web3 ecosystem
Reproduced from original article on NotCentralised blog: https://medium.com/notcentralised/the-power-of-community-8f0a86264b50
I. Introduction
Web3 and its importance in shaping the future of finance and technology.
As the Web3 ecosystem continues to grow and evolve, community building and ecosystem development are becoming increasingly important. At NotCentralised, we believe that Web3 has the power to transform the way we live, work, and interact with the world around us and we are working to foster collaboration and innovation within the Australian Web3 community. In the following sections, we will explore the role that community building plays in shaping the future of Web3, and how NotCentralised is contributing to this important work.
The term “Web3” refers to the next generation of the internet, one that is decentralised, secure, and built on blockchain technology. Unlike Web 2.0, which is dominated by centralised platforms such as Facebook and Google, Web3 is designed to be more open and transparent, with control distributed across a network of users rather than a single entity.
The potential applications of Web3 are vast and varied, with many experts predicting that it will revolutionise the way we think about finance, technology, and online interaction. With its focus on decentralisation, security, and trust, Web3 has the potential to eliminate intermediaries, reduce fraud and corruption, and enable more efficient and secure transactions.
The role of community in driving innovation and growth in the Web3 ecosystem.
Community is an essential component of the Web3 ecosystem, providing a fertile ground for innovation and growth. At NotCentralised, we recognise the critical role that community plays in driving the development of Web3 technologies and building a more decentralised future.
One of the most significant benefits of community is the opportunity it provides for collaboration and knowledge-sharing. In the fast-moving Web3 space, where new technologies and use cases are emerging on a regular basis, it’s essential to have a network of peers who can share their insights and expertise. By collaborating with others in the community, we can learn from each other’s experiences and accelerate the pace of innovation.
Another key role of community is to provide a supportive environment for experimentation and exploration. The Web3 ecosystem is still in its early stages, and there is much to be discovered and explored. By working together as a community, we can experiment with new use cases and applications and test the boundaries of what’s possible with Web3 technologies.
Finally, community is essential for driving adoption of Web3 technologies. As much as we may believe in the potential of blockchain and other Web3 tools, the reality is that mainstream adoption will only happen if we can demonstrate real-world use cases and show people how these technologies can improve their lives.
In short, community is an essential ingredient for success in the Web3 space. By working together to build a strong, supportive, and collaborative network, we can drive innovation, experimentation, and adoption, and help to create a more decentralised future for all.
II. The Australian DeFi Association
NotCentralised role in founding the Australian DeFi Association and fostering collaboration and innovation in the local Web3 community
NotCentralised is proud to have played a key role in founding the Australian DeFi Association, a not-for-profit organisation dedicated to fostering collaboration and innovation in the local Web3 community. Through this initiative, we’ve been able to bring together a diverse group of individuals, including developers, entrepreneurs, investors, and academics, to share insights, best practices, and ideas about the future of finance and technology.
Our efforts in community building and ecosystem development have been instrumental in driving growth and innovation in the local Web3 space. Through our partnership with Stone & Chalk, we’ve been able to take that to the next level and establish the Web3 Innovation Centre, a hub for Web3 startups and projects to collaborate and innovate. This has helped to create a culture of experimentation and learning, as well as providing emerging Web3 startups with access to investors and customers.
The Australian DeFi Association has also played a key role in advocating for the growth and development of the local Web3 ecosystem. We’ve participated in several blockchain consultation papers and roundtables, and have been actively engaging with government and other key stakeholders to promote the benefits of Web3 and advocate for a more supportive regulatory environment.
At NotCentralised, we believe that community building and ecosystem development are critical to the success of Web3. By founding the Australian DeFi Association and fostering collaboration and innovation in the local Web3 community, we’re helping to create a more vibrant and sustainable ecosystem that can drive continued growth and innovation in the years to come.
III. Our Approach to Community Building and Ecosystem Development
Our approach to community building and ecosystem development
We believe that collaboration is at the heart of community building and ecosystem development in the Web3 space. We recognise that no single individual or organisation can achieve the full potential of Web3 technology on their own. Therefore, we have taken a proactive approach to collaboration, organising meetups, roundtable discussions, and partnerships to foster an inclusive and supportive Web3 community.
Our meetups provide a platform for like-minded individuals to connect, share their ideas and experiences, and collaborate on new projects. Through these meetups, we seek to foster a culture of openness and inclusivity, where ideas can be freely exchanged, and innovation can flourish.
Our roundtable discussions bring together government officials, industry experts, and developers to explore emerging trends and challenges in the Web3 space. By facilitating an open dialogue between these key stakeholders, we are able to identify opportunities for collaboration and innovation, as well as potential roadblocks and challenges that may need to be addressed.
Our partnerships with other key players in the Web3 space are based on a philosophy of mutual benefit and shared success. By working together, we are able to share knowledge, pool resources, and drive innovation in a collaborative and supportive way. We believe that this kind of collaborative approach is essential for building a sustainable and vibrant Web3 ecosystem that benefits everyone.
Ultimately, our approach to community building and ecosystem development is rooted in a philosophy of collaboration and partnership. We believe that by working together, we can realise the full potential of Web3 technology and drive positive change in our industry and beyond.
Examples of community building initiatives and they have contributed to the growth and vibrancy of the Australian Web3 ecosystem.
We’ve been lucky enough to participate and see some amazing collaborations happen in our time working in the web3 space in Australia. These range from events like the week long Blockchain Week run by Blockchain Australia across multiple cities last year, the continued work by Blockchain APAC to build community more globally, to the weekend of learning and showcases at the Australian Crypto Convention on the Gold Coast. There was the in-depth dive into the world of digital assets with NFT Fest in Melbourne. This year we’ve seen further strides with the growth of the web3 co-working space that is UpsideDAO in Melbourne and the efforts from our partners at Stone & Chalk who work with the Australian DeFi Associaton to bring the Web3 Innovation Centre to life.
We’re also in the midst of the NSW Government focusing on blockchain (amongst other emerging tech) with a Taskforce on Data, Digital and AI. Finally, we also see community building at the federal government level with the efforts of the RBA (Reserve Bank of Australia) and the DFCRC (Digital Finance Cooperative Research Centre) who are running a sandbox to test a CBDC. There’s also Commonwealth Treasury who’ve put together roundtable discussions to bring different views together on proposed legislation.
All of the above are examples of community building and collaboration activities that have helped to foster the web3 environment we have in Australia so far. It’s better than in some countries but it’s still got a ways to go to improve.
Thankfully, there’s plenty of folks out there who are keen to work together and make this happen so we’ll continue in our efforts to push the collaboration message along. This includes all the folks who come together that help bring Aus DeFi to life each month — the army of volunteers who helped us since the beginning all over the country from Perth (Kat Dunn) to Adelaide (Jason Findlay and Simon Amery and Wil Gikandi) to Brisbane (Matt Hooper originally and now Chris Byrnes and Sean Garvan) to Melbourne (Sensand crew including Adelaide Cochrane, James Spencer, Peter Moulton and more), to new cities like Newcastle (Jake Denny, Clint Bruin) and Canberra (Jordan Franklin). Finally, it goes back to where we started in Sydney (Liya Dashkina, Nick Bishop, Arturo Rodriguez and Mark Monfort).
IV. Lessons Learned and Future Directions
Insights and lessons learned from NotCentralised’s experience building and nurturing a strong Web3 community.
We believe that building a strong Web3 community is critical to driving innovation and growth in the space. Over the time we’ve run the assocation, we have learned many valuable lessons about what it takes to build and nurture a thriving community. Here are a few key insights that we have gained:
Community building is a long-term effort: Building a strong community takes time and effort, and it’s not something that can be achieved overnight. It requires a sustained commitment to creating value, building relationships, and fostering trust.
Collaboration is key: Collaboration is essential to building a strong community. By working together, sharing knowledge and resources, and supporting each other’s projects and initiatives, we can achieve more than we ever could on our own.
Diversity is important: A strong community is a diverse community. It’s important to foster inclusivity and to welcome people from different backgrounds, perspectives, and skillsets. This diversity brings a richness of ideas and experiences that can help drive innovation and growth.
Education is essential: Education is a critical component of community building. It’s important to educate the broader public about the potential of Web3 and to help people understand how it can benefit them. This includes both technical education (such as teaching people how to use blockchain technology) and general education (such as helping people understand the broader implications of Web3).
Consistency is important: Building a strong community requires consistent effort over time. It’s important to create a regular cadence of activities and events, such as meetups, hackathons, and online discussions, to keep the community engaged and involved.
Feedback is essential: Listening to feedback from the community is critical to building a community that is responsive to the needs and desires of its members. It’s important to actively solicit feedback and to take it into account when making decisions about community initiatives.
Communication is key: Clear and open communication is essential to building a strong community. It’s important to keep the community informed about upcoming events, initiatives, and other news, and to provide channels for feedback and discussion.
Leading by example: As a community leader, it’s important to lead by example and to embody the values that you want to see in the community. This means being transparent, honest, and respectful in all interactions with community members.
Celebrate successes: Celebrating successes, whether they are big or small, is an important part of community building. By recogniisng the achievements of community members, we can build momentum and foster a sense of pride and ownership in the community.
Stay adaptable: The Web3 space is constantly evolving, and it’s important to stay adaptable and flexible in the face of change. This means being willing to pivot and adjust course as needed, and to stay open to new ideas and approaches.
Foster a sense of ownership: Building a strong community requires a sense of ownership and investment from its members. It’s important to provide opportunities for community members to contribute and participate in decision-making, whether through volunteer work, feedback sessions, or other means.
Embrace experimentation: The Web3 space is inherently experimental, and it’s important to embrace this spirit of exploration and innovation. By trying new things and taking calculated risks, we can push the boundaries of what’s possible and discover new use cases and applications for Web3 technology.
Build relationships with stakeholders: Building a strong community also requires building relationships with key stakeholders, including regulators, policymakers, and other industry leaders. By working collaboratively with these stakeholders, we can create a more favorable regulatory and policy environment for Web3 innovation and growth.
Be patient: Building a strong community takes time, and it’s important to be patient and persistent in the face of challenges and setbacks. By staying committed to our vision and continuing to invest in community building initiatives, we can create a vibrant and sustainable Web3 ecosystem over the long term.
Have a clear mission and values: Having a clear mission and set of values is essential to building a community that is cohesive and aligned. It’s important to articulate our vision and values clearly and to use them as a guidepost for decision-making and community initiatives.
V. Conclusion / The Future
The importance of community building and ecosystem development in the Web3 space
Looking to the future, NotCentralised believes that continued community building and collaboration will be essential to driving innovation and growth in the Web3 ecosystem. Here are some potential ways in which community building and collaboration could evolve in the years to come:
Greater focus on cross-sector collaboration: As Web3 technology becomes more widely adopted, we expect to see greater collaboration between different industries and sectors. For example, we could see increased collaboration between fintech companies and traditional financial institutions, or between blockchain startups and established players in fields like logistics, healthcare, or energy.
Increased focus on environmental sustainability: As the climate crisis continues to escalate, we believe that there will be growing demand for Web3 solutions that are environmentally sustainable and energy-efficient. This could involve greater collaboration between blockchain developers and renewable energy providers, as well as more emphasis on creating sustainable business models and incentives.
Emphasis on privacy and user control: With growing concerns around data privacy and security, we expect to see a greater focus on Web3 solutions that give users more control over their data and identities. This could involve greater collaboration between developers, privacy advocates, and regulators to create new standards and best practices around privacy and security.
Greater focus on interoperability: As the Web3 ecosystem continues to grow and mature, there will be a growing need for interoperability between different platforms and networks. This could involve greater collaboration between blockchain developers and other technology companies, as well as greater investment in research and development around cross-platform interoperability.
To achieve these goals and drive continued growth and innovation in the Web3 space, we believe that collaboration will be essential. This could involve:
Building stronger partnerships between startups, corporations, and government agencies to foster greater collaboration and knowledge sharing.
Investing in more open-source projects that allow developers to collaborate and build upon each other’s work.
Developing new standards and best practices that promote greater interoperability, privacy, and security in the Web3 ecosystem.
Encouraging greater participation and diversity within the Web3 community, including outreach and education initiatives aimed at underrepresented groups.
Hosting more events and conferences that bring together Web3 stakeholders to discuss new ideas, share knowledge, and collaborate on new projects.
At NotCentralised, we remain committed to driving collaboration and community building in the Web3 ecosystem. We’ll continue to push for the improvements and goals mentioned above whether we’re wearing the NotCentralised hat or the Aus DeFi one. Either way, by working together with all the various stakeholders and other associations, we believe that we can create a more vibrant, innovative, and sustainable future for all.
About NotCentralised
NotCentralised is a pioneering web3 venture studio, dedicated to driving innovation and growth in the Web3 ecosystem. Our comprehensive suite of financial services includes capital advisory, product development, and ecosystem development. We founded the Australian DeFi Association, a not-for-profit community group that helps connect founders and enthusiasts to corporates and government. At NotCentralised, we are committed to pushing the boundaries of what is possible in Web3 and driving innovation and growth in the years to come.
See more at www.notcentralised.com