What are Sustainable* Values in Web3?
* We strongly wish that Web3, DAOs and Metaverses will be developed and managed by means of carbon-neutral native blockchains of fourth generation and, will integrate Sustainable IoT and AI.
Web3, the revolutionary new phase for the internet, a decentralized, transparent internet without intermediaries which brings Value back to its users. Three technologies, IoT, AI, and Blockchain together form internet’s Digital Twin: Web3. (Read this article for more knowledge about Web3)
Since the purpose of Web3 is to bring the value back to its users, you need to know what Sustainable Values are in a decentralized world and how they differ from the values we have today. This is essential to understand the capability and impact of Web3.
What are Sustainable Values in a decentralized world?
To explain the Value and its Sustainability, we need to start from the Metaverse point of view. In a Metaverse, for a DAO (Decentralized Autonomous Organization, see this article for more knowledge), where a collective of Members is operating together towards a shared purpose and goal, it is essential that each Member is contributing to the DAO, otherwise, the DAO has no need for them. The way Members can contribute is through sharing, in a sustainable way, the Value(s) which they own.
Examples of Sustainable Values in a DAO
- Reliability of data
- Sustainable production
- Sure identities
If you want to own and use a Sustainable Value (say: the Reliability of data), within a DAO, then you will have to join that DAO holding and owning that Value, if any. But holding and owning the funding Value of DAO it’s not enough: one has to bring its own Value and share it within the trusted ecosystem, thus enriching the Value of the DAO itself!
Let’s say that you are joining the DAO of “Reliable Data” as Founding Value, because the Value you bring along with yourself is the one of “Sure Identities” (say you have developed a technology which univocally certifies the identity of humans), and you rightfully feel as a stakeholder of the DAO established on such a Value.
Joining a DAO not only means accessing limitless knowledge, competences, technologies and resources, but also contributing to the DAO’s growth with your own Value(s)! In the example mentioned before, it is evident that holding the Value of a Sure Identity, either of a human or of a thing, enables the generation of reliable data…
The monetary system built upon traditional money is representing underlying values in transactions. Do you want safety? Then you can buy it with money in various forms. But in the Metaverse and Web3, the underlying Values must be sustainable and will be owned and exchanged directly, even with other different ones, also in a sustainable way.
How will this work?
At first, all those Entities (Living & Things) wanting to generate sustainable value, pillar to their activity, have to gather and identify such a common Value. This can be done by collectively observing the reality and the problems that limit it. Furthermore, it is needed by the Entities, to reflect and brainstorm on what is, possible or not possible, to do to provide solutions to those problems.
Solutions can be achieved by means of the materialization of Intangible Values, provided by the technologies to develop and to share with the ecosystem, which transform those problems into opportunities for the community. Blockchain-based technologies will be used to design trusted applications to achieve the materialization of Intangible Values, both fungible and non-fungible.
Once all Entities agree on the common Value to ground, say: sustainable healthcare, the relative DAO needs to be established in order to Issue the Value itself. This action is made possible by technologies that enable the creation and exchange of Values within such a trust-based ecosystem generated by those holding them. To possess and share Values favors their wider adoption by people, things, and Metaverses, therefore letting Trust and Values grow in our lives.
The picture above was taken directly from the brainstorming session leading up to this article.
Tokenization of Sustainable Values
We know this is a subject that could be hard to understand, therefore we are now giving you a practical example of how a Sustainable Value can be founded and shared in the Metaverse.
- These Entities (People & Things), wanting to generate sustainable value, come together to collectively observe reality and the problems that limit it. In Web3, problems are solved by allowing the widest possible adoption of values. These are expressed, materialized and made exchangeable thanks to the reliable and sustainable technologies of the Web3 (blockchain, IoT and AI), within an ecosystem of like-minded Entities.
- Adopting a shared Sustainable Value and, at the same time, wanting to found it, allows the spontaneous birth of a Decentralized Autonomous Organization, governed by its Founding Value by its Founding Members: Sustainable Healthcare, as an example. The Founding Members, in this case, should be any stakeholder in the Healthcare Ecosystem.
- The above considerations can be applied to any type of Sustainable Value, identified in its intangible nature.
- Those owning and sharing the value of Sustainable Healthcare (the Founders & Members of the DAO), jointly find a solution to any problem arising in their trusted ecosystem (a.k.a. DAO): from the Ethics of the DAO to technological development roadmaps and Treasury. A Sustainable DAO must have a Governance in place: both for the sustainability of the DAO itself and, its Treasury!
- The DAO is then legally established and, as first task, will work to provide the white paper describing by means of which technologies the intangible value of Sustainable Healthcare will turn into a, fungible and/or non-fungible, Digital Asset.
- Other aspects of the Sustainable Value “trapped” into a Digital Asset to be described within the withe paper, among others, are: its Governance, the Governance of its Treasury (a.k.a. “Tokenomics”), and its technological development plans.
- The DAO itself becomes then the Issuer of the Sustainable Healthcare Value, turned, with the help of sustainable technology, into a Digital Asset via a programmable and automatized legally binding agreement between two or more Parties (a.k.a. “Token Smart Contract”).
- Private Sales of the Sustainable Healthcare Value will be organized within the Ecosystem, Stakeholders, and related Industries. These initial and private sales of the Value (seed and private), happen at the lowest possible price of the Digital Asset, for those wanting to hold it before it goes public.
- Those funds the Issuer will privately get from the acquisition of the Sustainable Healthcare Value by those Stakeholders wanting to own it, will be used to establish the DAO, write the related white paper, create and validate the token Smart Contract, secure the initial expenses of the DAO and then develop those Applications for the DAO, as described in the evolving editions of the white paper.
- An important and final aspect to consider, when reading the white paper promoting a Sustainable Value trapped into a Digital Asset, is which technology will be available for the DAO Members (=Sustainable Digital Asset Owners), at Token Generation Event (TGE).
This whole process goes under the name of: Tokenization of Sustainable Values.
Once those Entities gathered by the shared Value of Sustainable Healthcare have tokenized and issued it within the DAO, they can now share it, not only within the DAO, but also within its representation: the Metaverse.
Founded in 2019, Chainplug is leading the Web3 evolution, by means of the 3 founding technologies of the Metaverse (Blockchain, Internet of Things, and Artificial Intelligence). At Chainplug we have realized a hybrid blockchain Platform-as-a-Service to create and manage Web3 Trusted Organizations, Businesses, and Ecosystems. In a safe and transparent environment, provided by Blockchain Technology, Chainplug’s mission is to enable the rapid, intuitive, and convenient adoption of the technologies by both Organizations, Companies, and Ecosystems, to provide a safer and quicker, and more sustainable adoption of Web3 and the Metaverse.