The advent of Web 3.0 has highlighted the importance of transparency among companies built on the blockchain. While many of these companies were already open regarding their protocol and mechanisms, the emergent era has encouraged a step beyond the clarity of information and user trust. This has led to the growing prevalence of the term “radical transparency” in the tech space, which refers to the publishing of information regarding not only financial reports but the entire development process.
This approach began to be widely disseminated outside of the emerging technologies sphere by Raymond Dalio, an American billionaire and founder of the hedge fund Bridgewater Associates. Dalio defines it as a management style that provides extreme exposure to progress and issues to those involved in the project. This approach abandons the individual vision in favor of a collective perspective, as details of each area are openly subject to criticism, which could lead to improved product or service quality.
Transparency and Innovation
Radical transparency can also be beneficial in an innovation environment. It can promote confidence and self-development across teams and users connected with the project and reduce the prevalence of behind-the-scenes politics, as all work is held to the same standard. However, there are downsides to this concept, as sensitive and detailed information, such as roadmaps, goals, accounting data, and system failures, are all public knowledge. Therefore, public opinion management must be conducted transparently and with an open mind to build trust and generate a positive impact.
Pioneers Adopt Radical Transparency
Pioneers in the metaverse space, ThemeWorlder, the company behind Lootverse, a natural parallel world powered by NFTs, has implemented radical transparency since their launch seven months ago. This has enabled them to push the boundaries of technological expansion, integrating teams, partners, and users (citizens of Lootverse) into a creative flow, all of which contribute to the evolution of the ecosystem.
Co-Founder and CEO James Duchenne explains that not only are the details of each stage systematically released, but most topics are actively discussed in internal forums, and members’ opinions are taken into account and formally communicated in the Parliament. The Parliament is a section of Lootverse where landowners participate and help govern the world.
“There is more to decentralization than Web 3.0,” says Duchenne. “We are referring to an approach to our work that prioritizes honesty, allowing access to knowledge that empowers people. Our ultimate goal is to build a decentralized metaverse with its own culture, political system, and economic activity. We are achieving this through crowdsourced creativity and a real Lootian community.”
