Odaily Exclusive Interview with GCC: What is the Sentimental Web3 Fund investing in?

2 months ago
This article is approximately 2172 words,and reading the entire article takes about 3 minutes
Its not all about financial return.

Original - Odaily

Author - Hao Fangzhou

Odaily Exclusive Interview with GCC: What is the Sentimental Web3 Fund investing in?

The story starts with a friend helping me get a group going - Let me introduce, this is Zhu Yuxin, the North American manager of Web3 Fund GCC...

Me: Hahaha, I saw an event poster in my circle of friends ↓, it turns out its you!

Zhu Yuxin: Yes! We have been helping Chinese Web3 builders free of charge, which is equivalent to an NGO...

Odaily Exclusive Interview with GCC: What is the Sentimental Web3 Fund investing in?

At that time, I only hated myself for not being a builder enough.

After a brief conversation, this non-mainstream fund positioned as Web3 NGO fund immediately aroused my interest.

After listening to too many abstract narratives spun by top institutions and watching the waves of short-term speculators, GCC (Global Chinese Community of Universal Digital Commons) has indeed shown a fresh style.

In Zhu Yuxins introduction, GCC has made some very sentimental and interesting attempts in the construction of Public Goods (public goods), and has incubated some public goods projects under Ethereum for free. In addition to sending high-quality developers who have not been paid attention to by capital to debut, GCC has also funded and donated to individual representatives in academia and media fields.

At the same time, Zhu Yuxin’s optimism about future technology, anti-speculation long-termism, and even the pragmatism of humanism revealed in the communication are fascinating. After the interview, I believe that Zhu Yuxin’s own experiences and decisions may have some inspiration and reference for people who are stepping on the doorstep of Web3 and facing career choices.

Odaily edited the interview as follows, enjoy~

Odaily: Many readers may be unfamiliar with the concept of Public Goods. Can you give some examples first? What characteristics do Public Goods tend to have?

Zhu Yuxin:Public goods, from an economic perspective, are non-competitive (use will not weaken the consumption power of others) and non-exclusive (can enter without standard/membership qualifications).

But in reality, there are few pure public goods: even free transportation roads become competitive after congestion; many national forest parks charge foreign tourists.

Electronic public goods also have risks, such as being acquired by technology companies and then switching to a payment-for-service model. Wikipedia may be a special case. It can be seen that public goods in the Web2 field have their limitations.

But in the Web3 field, the limitations are no longer the same - the advantages of on-chain, transparent, permissionless, globally available, benefiting everyone, decentralized, and open source are fully apparent.

Odaily: Which Web3 Public Goods projects has GCC donated to?

Zhu Yuxin:We have opened three rounds of independent donation projects in Gitcoin 15, Beta round, and Gitcoin 18, totaling US$75,000. In the latest Gitcoin 19, we cooperated with Mask Network and opened another funding round of US$30,000. We encountered a pool Good projects outside the country will also be actively contacted to provide funding. We are closely connected with the Ethereum community, and August’s Public Goods theme Space (Click here to review), Vitalik also came to listen; he has also cooperated with Gitcoin officials many times to discuss the construction of public goods in the Chinese-speaking area (Click here to review).

Odaily Exclusive Interview with GCC: What is the Sentimental Web3 Fund investing in?

Odaily Exclusive Interview with GCC: What is the Sentimental Web3 Fund investing in?

You can refer to: Gitcoin Grants Beta Round Donation Guide (with ten selected projects)》《Taking stock of 16 projects worthy of attention in Gitcoin’s 15th round of donation activities》《Gitcoin Grants 18 Donation Guide (with ten selected projects)

Odaily: Do you want to talk about sponsoring developers’ flights to Istanbul? And sponsorships outside of Gitcoin, and your insights?

Zhu Yuxin:GCC is still in its very early stages, and we have made the following types of donations:

(1) Fund outstanding builders with experience in Public Goods projects to go to Istanbul to participate in DevConnect, with an estimated investment of US$10,000-20,000. GCC will also sponsor relevant scholars to publish a Public Goods report (to be finalized) during the event to fully demonstrate the Web3 Public Goods track.

Attached: Participant Guide: Devconnect Istanbul 2023 schedule and surrounding activities list (continuously updated)

(2) Fund LP Hu Donghai, in his personal capacity, has anonymously donated to all Chinese public goods communities that he recognizes. The amount of funds is relatively large, and he does not want others to mention it. In a private interview with community members, Lao Hu once said self-deprecatingly, I am a public good. The first reaction in the members minds at that time was: This guy is very bold, and he is not afraid of everyone having sex for free. There is a story circulating in the world. When Huobi paid out dividends at the end of the year, Lao Hu, as the co-founder, directly gave one Bitcoin (worth 130,000 yuan at the time) in his own name to an employee who resigned early and did not receive the dividend. left and right), very heroic Qianyun. After slowly learning about Lao Hu’s experience, I began to understand that when a person takes the creation of public value as the standard of action, his practical path itself can really be regarded as something with vitality in an abstract sense. public goods. With the help of Lao Hu, GCC recently donated US$50,000 in the name of the institution to a professor who is said to have met Satoshi Nakamoto, studied in Chiang Mai, and has a European university background; he also donatedRemix Chinese Community, integrating content from Web3 communities such as the zk field, and is expected to exceed US$100,000.

(3) Fund other technology-oriented projects that are not so financially generous, such as open source wallets that can use non-custodial wallets or friends to retrieve keys.Soul Wallet

During this process, we found that the projects with the highest attention in the Gitcoin donation round mostly fall in the publishing research field. For example, Blocktrend is an original professional blockchain media from Taiwan; Nowhere Publishing flies Di Bookstore is a physical bookstore with a Hong Kong background located in Taiwan, using NFT technology to transform the book publishing process; Matters Weekly is a Web3 media that emerged from the Matters community and has a close relationship with the Ethereum community; viaPrize is a Zuzalu hackathon The award-winning project aims to create a global crowdfunding bonus platform that encourages the creation of public goods; DeSci is a decentralized scientific organization dedicated to using blockchain technology to research issues such as moon landing and carbon emission reduction.

There are still a large number of developers who are reluctant to speak out for themselves, which will be the focus of GCCs next step - for example, our Gitcoin donation will focus on funding cryptography technology, staking/LSDFi, Web3 social networking, developer tools and other fields. project. If your project does not fall into these categories, but you still believe that your project will contribute to the construction of public goods in the Chinese-speaking community, you are welcome to apply and we will evaluate it as appropriate based on the actual situation of the project.

Odaily: Where does GCC find these projects, or do they proactively find GCC?

Zhu Yuxin:GCC and BuilderDAO guided incubator SpringX (attachedList of 11 selected projects in the first phase) has established contacts; and plans to contact KOLs, media organizations, etc. to help spread the project; it has also established VC cooperation relationships with some large funds such as OKX Ventures. Excellent selected projects will have the opportunity to receive further contacts in the future.

In addition, GCC will also have dedicated team members to actively contact entrepreneurs on Jiji, Zhihu, and Twitter as well as winning projects in hackathon competitions. Related projects are also welcomecontact us

Odaily: Where does GCC’s funding come from, and are there any return requirements? Are there any other benefits besides economics from doing this?

Zhu Yuxin:In summary, GCC’s operating model is shifting from individuals to funds.

Previously, the source of funds was mainly LP personal funding, but I come from a Web2 background and believe that the donation of Power for Love is not sustainable. If we encounter a good large-scale public goods project in the future, we need to support its development with a VC-like structure. At the same time, Bring returns and cash flow to GCC.

Therefore, GCC is also considering early-stage investment in addition to donations, such as a scale of less than 1 million yuan, which may be direct investment. After being supported in the early stages, there is no problem for the project to be further commercialized in order to promote adoption. For those very mature projects, even if there is no investment opportunity from us, we will try to cooperate with them ecologically. For those small projects with low commercialization potential, we will still insist on free donations. Our strategy can cover projects at all stages. In fact, it is to establish an ecology for the development of public goods from small to large.

In addition to financial returns, I also want to ask: Should everything pursue profit results or carry a set purpose?

The GCC community has a strong cultural digital nomad atmosphere. In addition to Web3, it also links to 706, Sihai, cultural salons from various places, etc. In GCC, meeting all kinds of people - hard-working developers, ecological evangelists, talented artists, etc., and colliding with these different souls is a kind of feedback in itself, and it is also the spiritual benefit of this fund.

Odaily: To truly understand GCC’s focus on Public Goods, you need to know more about the people behind it. What is the background of the team and how did you get the opportunity to join?

Zhu Yuxin:Let me talk about myself first. I have been exposed to Web3 not long ago. I have only been working with GCC for two months. I am still studying the deep technical architecture, but with a technical background, I should be able to get started quickly. I briefly did investing after graduating from Sun Yat-sen University majoring in economics and management. At that time, I was at Fengrui Capital (Fengrui invested in Santon and a Half and Three Squirrels, and the founding partner Li Feng invested in Tron). I was also on Zhihu and the public account. A KOL with hundreds of thousands of fans; after graduating from Columbia University with a masters degree, he stayed in New York and worked as a Data Scientist in a large technology company. Later, he joined GCC as a brand and North American manager, linking North American project resources.

I chose Web3 because compared to AI’s change in productivity, I am very optimistic about Web3’s change in production relations. With blockchain technology, we can have data sovereignty itself, so that we will no longer be harvested by the recommendation algorithms of large institutions, and the life and work style of digital nomads promoted by Web3 can also enable a Nigerian programmer to be as good as a base Programmers in the United States receive equal pay for equal work, which sounds like a skinny but beautiful ideal. I always feel that life should not be lived lightly, as Borges said, Death is like water disappearing into water. I want to be a person remembered by the world, and it may be easier to achieve this in the revolutionary Web3.

My first impression of GCC was feelings, which was contrary to my previous impression that the currency circle was very speculative and profit-seeking. LP Hu Donghai, former co-founder of Huobi and founder of Honeycomb Mining Machine, after becoming wealthy, he thought about how to give back to the blockchain infrastructure. In his early years, he personally donated to various public goods projects and was the founder of small projects that were on the verge of bankruptcy. Wanting to make donations more transparent in a more institutionalized and process-oriented form, GCC was born.

The team has more than 10 core members with diverse backgrounds: Bruce previously worked as a full-stack engineer at Alibaba and is also the founder of LX DAO, Constantin previously worked as a lawyer at Hillhouse Capital, Hazel previously worked as a reporter for a large financial media, and Jason also They are very insightful serial entrepreneurs who will tell their stories with GCC one by one when given the opportunity. Our centripetal force is different from the pursuit of profit, and our vision is to help others dream. When I attended the weekly meeting for the first time, I found that everyone is a very down-to-earth and interesting person, and they also have a great sense of charity.

Replenish:Web3 online education infrastructure DeSchool completed seed round financing, with participation from Y 2 Z Venture, Plancker founder Hu Donghai and others

Odaily: What is your prediction for the Web3 industry? What areas will you focus on next?

Zhu Yuxin:I personally have a moderate interest in GameFi and SocialFi, but am more interested in anti-fraud and anti-witches. I believe that data science technology can be used to break through limitations; at the technical level, I will bet heavily on zk. To put it simply, I don’t look at overly speculative directions and focus on technological innovation, including the combination of Web3 (production relations innovation) and AI (productivity upgrade) to promote equal pay for equal work globally.

Original article, author:郝方舟。Reprint/Content Collaboration/For Reporting, Please Contact report@odaily.email;Illegal reprinting must be punished by law.

ODAILY reminds readers to establish correct monetary and investment concepts, rationally view blockchain, and effectively improve risk awareness; We can actively report and report any illegal or criminal clues discovered to relevant departments.

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