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Tuesday, November 29, 2022

WEF 2022: Web3 no longer just about crypto and DeFi, says Polkadot founder Gavin Wood

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Although Web3 has turn into a kind of buzzword within the cryptocurrency group, its utility and utility lengthen far past the world of blockchain, based on Polkadot founder Gavin Wood

In an unique interview with Cointelegraph on the World Economic Forum’s Annual Meeting in Davos, Switzerland, Wood talked about Web3 purposes and whether or not the all-encompassing idea wanted to evolve previous its present utilization. “I don’t think Web3 needs to evolve, really, from its origins too much yet but maybe in the future, it will,” he mentioned earlier than explaining the deserves of the know-how:

“The key takeaway is the freedom from the need to trust. I don’t want to hope or have blind faith that the service I’m using is operating correctly or dealing with my data correctly and not being hacked.”

Wood additionally defined the benefits of Web3 being thrust into the limelight as an idea that refers back to the subsequent stage of the web’s evolution:

“The rise of the term Web3 is encouraging because it means that people are seeing this underlying technology feed into different applications — the ones they didn’t necessarily expect […] It’s no longer about Bitcoin, it’s no longer about crypto, it’s no longer about smart contracts just, it’s no longer about DeFi. It’s like we are starting to understand that this is a broad platform for building new kinds of services [that] Web2 just couldn’t.”

Related: WEF 2022: Bitcoin should be seen from an innovation perspective, says Miami mayor

Wood was additionally requested about how he plans to outlive the crypto bear market and how different firms can maximize success in periods of sustained downward worth motion.

“Build, a lot,” he mentioned. “Most of Polkadot was built in the bear market that was around between 2018 and 2021 […] The numbers don’t need to be high to do that […] You don’t need to raise tens of millions for your white paper to do that.”

Nevertheless, Web3 tasks have attracted vital capital from enterprise companies that see big alternatives within the decentralized web. As reported by Cointelegraph, the Web3 gaming and metaverse sectors alone have attracted over $3 billion in enterprise capital funding since mid-April. Looking on the crypto market as an entire, funding from venture capitalists reached $14.8 billion within the first quarter of 2022, which was nearly half of final yr’s mixed complete.