Blockchain and cryptocurrency industry are attracting investors and young talent, but as we are celebrate International Women’s Day in 2023, it is alarming to note that women are not equally represented in the development of Web 3.
Recent data shows that a mere 13% of Web 3 founding teams have female members, and the few women present mainly hold roles in marketing and HR, with only 12% in technical positions. This implies that the upcoming platforms are being created mostly by men, and therefore may not cater to the needs of women. Additionally, this gender imbalance can result in systems that are less precise and efficient in serving women’s requirements.
A homogenous team developing Web 3 may curtail creativity and limit perspectives, thus hindering the development of Web 3.0. This can result in systems that may not cater to women’s needs, like smart contracts in decentralized finance, which could pose a challenge for women who have limited access to collateral compared to men. Therefore, having a diverse team of developers is crucial to ensure that principles are implemented equitably and fairly.
Tarusha Mittal, COO and Co-Founder, Dapps and UniFarm, said: “Creating an environment that encourages and supports women in leadership is crucial. This means breaking down systemic barriers that hinder women’s progress and providing them with the necessary resources to succeed.
“By celebrating the achievements of women leaders and striving for gender equality in all spheres of life, we can pave the way for a more inclusive and equitable society,” Tarusha added.
The underrepresentation of women in Web 3 development is a reflection of the gender disparity in the blockchain industry. Women account for only 14.5% of the blockchain industry workforce, a concerning figure when compared to the 26% of women in the broader technology sector. Despite ongoing initiatives to encourage gender diversity, the blockchain industry’s notorious male-oriented culture has failed to draw in many women.
It is not only an ethical issue, but a problem of equal opportunity that the industry is facing. The absence of diversity can limit viewpoints and imagination, which can hinder the progress of Web 3.0.
Tarusha believes that women’s unique perspectives, life experiences, and ways of thinking can offer valuable insights that drive innovative solutions to complex problems.
To develop an internet future that is inclusive of everyone, irrespective of their gender, race, or socioeconomic background, we need to take proactive measures to promote diversity and inclusivity.
Raisa Kazi, VP of Marketing at Liminal, a digital wallet infrastructure platform, said: “Investing and building wealth has always been portrayed as men’s domain. Women are primarily dependent on their male counterparts in the family or friends circle to guide them in taking investment decisions.”
“Wearing a thinking hat on investments has never been a women’s forte, and this is what society has been telling her. But this isn’t true, given the current scenarios. Women are taking charge of their financial standings as they are getting exposed to information and learnings via all the channels and opportunities that are available. Globally 21% of crypto investors are women, in fact, most finance influencers are women, and this says the time has already changed,” Raisa said.
“Women have excellent decision-making skills, the ability to hold and keep patience in difficult situations, and access risks and build for their loved ones. These innate skills come in handy while investing too,” Raisa added.
It is crucial to establish a supportive environment that encourages women to take up leadership roles. This requires dismantling systemic barriers that hinder women’s progress and providing them with the resources they need to succeed. The sector could make progress by implementing a more systematic ESG measurement and reporting system that focuses on team diversity, particularly gender diversity.
Neglecting the involvement of women in the industry could lead to missing out on groundbreaking and creative concepts that may unleash the complete potential of Web 3. Thus, it is imperative to encourage diversity and inclusivity in the industry and create educational initiatives that equip women with the necessary skills while providing a forum for them to connect and exchange ideas.