📍Interoperability and Composability can help improve the UX of many services, and solve different real-world problems.
🕸 In the case of #Web3 and public good, different actors (governments, citizens, and sustainable organisations) can participate in the ecosystem. Each component can focus on its specific role and functionality, but still contribute to the larger goal of promoting sustainable behaviours.
🤓 To refresh, in the previous post, we examined this example:
The government issues “Factory NFTs” to sustainable organisations (using renewable energy sources, reducing waste, implementing eco-friendly supply chain management, etc.). When citizens buy products or services from these companies, they receive credits (Tokens, could be NFTs) in return. These credits can then be traded in the marketplace or used for other products or services within the ecosystem.
The interaction of credits given out by companies would depend on the design of the system. For example, the credits given out by companies could be limited to use within their own network 🔒, however, that would limit two of the coolest things about web3, which are 1: Interoperability, and 2: Composability. 🗝
And these two are the stars of this post. 💥
😎 Why are they so cool?
Well, the ability of different digital assets (in our case credits) to interact - Interoperability - and the ability of them to be combined with each other - Composability - can enable us unlimited, new and more complex functionalities and use cases. ♾
Let’s look at our example:
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#Interoperability: Different credits (such as carbon offset credits, ethical consumerism credits, etc.) could be made interoperable with each other, allowing citizens to trade them in the marketplaces, to sell them for other credits, on different platforms, or even exchange them for traditional currency.
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#Composability: Combining different credits, citizens could unlock new rewards and access new benefits. A citizen might earn a credit for using public transport and another one for installing solar panels. These two credits could be combined to form a new, more valuable credit, like government tax benefits, or lower interest rates for loans.
🎯 The fact is, if implemented correctly, both of these can help the system to scale and be maintained: when new components are introduced to the ecosystem, or existing ones are modified, they will continue to work together. This ensures stability and reliability, and equally, promotes #innovation and #growth. 📈 Which would in turn improve outcomes for the public good, in our case.
🏢 I’ve mostly mentioned how credits could be used by individuals, but companies too could use their Factory NFTs to demonstrate their commitment to sustainability and to attract more environmentally conscious and ethical consumers (I’ll explore benefits for companies in another post).
Let me know what you think, I’d love to discuss this with anyone interested in the topics of web3 and/or public good. ❤️
#socialinnovation #publicgood #esg #sustainability
(Image: Created with DALL·E. Prompt: "In vast virtual world. Free Tokens, creating many new connections and compositions.")
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I’m Maša Černovšek, and I write about web3, UX and solving real-world problems. *Connect with me on LinkedIn! *