SocialFi as a Use Case for Web3

In yesterday's Token2049 web3 equality panel organised by Sandy Carter from Unstoppable Women of Web3, she gave a quick introduction to "Why Blockchain," and shared some predictions for web3 in 2023, including (1) web3 digital identity becoming the gateway to the internet and (2) 10 million digital identities created in Asia by the end of the year. She also shared about the Wallio family crypto wallet, which was launched by Blue Studios in partnership with Unstoppable Domains a few months ago, to allow families to function like a DAO, or decentralized autonomous organization, voting on what to invest in next and managing budgets and savings goals.

The keynote speaker, Ida Mok, President of Women in Blockchain Asia, gave a powerful and persuasive speech on why the blockchain needs women. After a typhoon hit Vietnam, she observed women were the ones rebuilding homes. "Women are natural builders," she says, "And we are in touch with the needs of our community." Another story she shared was how blockchain has been harnessed in India, where women report crimes on blockchain, which links them directly to NGOs who can offer help. Because rape cases are sky high, police have a directive not to record at all when women report crimes. But women can't get the help they need if their reports aren't recorded. So the introduction of blockchain reporting offers real use case and value to women in India.

These stories speak to the potential of SocialFi, short for social finance, essentially a hybrid of social media and blockchain-based decentralized financing (DeFi). Read CoinTelegraph for a beginner's guide.