Fresh out of the studio, Joyce Yang, Jin Kang and Daniel Kim from Global Coin Research discuss the Global Coin Research DAO and its investment focus in Web3. We start with the vision and mission of the GCR DAO and then move into an in-depth conversation on web3 discussing the varying valuations of web3 companies, the choice of blockchains by web3 startups and where this is all moving towards at this instant of time.
"I want GCR to build its brand verbally from the founders that we support. And we don't even ever have to promote ourselves at any point, it's that founders are able to recognize our value- add, or introduce us to projects and identify our unique position, that we can support them in ways that VCs or crypto investors cannot do. It's something that I think will really speak to the hard work that we do without ever having to promote ourselves." - Joyce Yang
Here are the links and show notes for this episode:
- To start the conversation, introducing Joyce, Jin Kang and Daniel from Global Coin Research DAO (@GlobalCoinRsrch, Discord)
- Joyce Yang (@JoyceInNYC, Linkedin), Community, Global Coin Research
- Jin Kang (@TheJinKang , Linkedin), Deal Lead, Global Coin Research
- Daniel Kim (@mikleinad, Linkedin), Building, Global Coin Research
Global Coin Research and Web3 101
- We know Joyce from our previous conversations and it has been two years back, and to start with Joyce, what is Global Coin Research and as far as I understand that it’s now a DAO? Can you talk about the mission and vision of DAO [Joyce]
- Jin and Daniel, it’s your first time on the show, do you want to give a short introduction of yourselves and your background and how did you both end up with GCR and what you are doing there? [Jin & Dan]
- To baseline our listeners, can each one of you give your point of view about what web3 is? [Everyone]
- Can you offer some quick explanations of the following terms: DeFi, NFTs, Zero Knowledge proofs, Rollups, layer 2, on ramp and off ramp?
- Joyce: DeFi, NFTs
- Jin: Zero-Knowledge proof / rollup
- Dan: Layer 2, on ramp, off ramp
- What is the major difference between web2 and web3 companies? [Dan]
- What are the key applications of Web3, for example, DeFi, NFTs or blockchain protocols? [Jin]
- Which are the areas of Web3 do GCR invest into? [Joyce, Jin]
- Given that GCR has been investing into Web3 (or formerly we call it Crypto a few years back), what are the most interesting investments you have made? [Everyone]
- [Discussion] Does the choice of Ethereum, alt-layer 1 chains (Solana, Avalanche) and layer 2 chain (Arbitrum, Optimistic and Polygon) have an impact on play to earn crypto gaming or any DeFi application? For example, in Asia Pacific, we are seeing more Polygon adopters, and some Solana adopters?
- [Discussion] How does the DAO work as compared to a private company? Are there differences and how does the company govern? [Dan]
- [Discussion] Currently, there are 3 models of financing for web3 projects, (1) full equity like a company, (2) mixture of equity and tokens and (3) full tokens, which model do you think that startup founders in the space should move towards or does it really depend on the project itself? [Dan]
- [Discussion] What do you think about the valuation of the companies in web3? Should we value them as companies or economies? [Jin]
- [Discussion] What are the key indicators when you look at the tokenomics of the company?
- [Discussion] Are there any differences between web3 deals in Asia Pacific vs US and Europe? [Jin]
- [Discussion] How do we think of governance for the web3 company from the POV of DAO or company? [Dan]
- [Discussion] What does the price of a token mean for the investors who receive them during the token generation event (TGE) or ICO?
- [Discussion] There have been movements of people from the major tech companies (Google, Amazon and Facebook) into web3 recently, is that similar to the period of 2017-2018 just before the crypto winter? [Joyce?]
- [Discussion] I have been seeing a lot of deals in the Asia Pacific and I have already invested in 4 web3 or crypto companies and being a supporter of GCR, one prevailing pitch I get from web2 people going into web3, is to bring the web2 interface into web3, but we have learned that web3 applications are totally not web2, if you look at DeFi, and play to earn games, what are your thoughts on trying to slap a web2 view into web3? [Jin]
- [Discussion] Moxie’s article “My first impressions of Web3” has been interesting, where are the most interesting problems in the space at the moment? [Dan]
- How do anyone who is interested in Web3 contact GCR and get involved? [Joyce?]
- What does great look like for GCR in the next year? [Joyce?]
- Any recommendations that have inspired you recently?
- How do my audience find you?
Author's Note: Bernard Leong is a supporter of the GCR DAO. BL might have taken positions in web3 DAOs and companies, hence this is not financial advice and if you want to invest, please do your own research.