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

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Although Web3 has become a sort of buzz­word in the cryp­tocur­ren­cy com­mu­ni­ty, its appli­ca­tion and util­i­ty extend far beyond the world of blockchain, accord­ing to Polka­dot founder Gavin Wood

In an exclu­sive inter­view with Coin­tele­graph at the World Eco­nom­ic Forum’s Annu­al Meet­ing in Davos, Switzer­land, Wood talked about Web3 appli­ca­tions and whether the all-encom­pass­ing con­cept need­ed to evolve past its cur­rent usage. “I don’t think Web3 needs to evolve, real­ly, from its ori­gins too much yet but maybe in the future, it will,” he said before explain­ing the mer­its of the technology: 

“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 also explained the advan­tages of Web3 being thrust into the lime­light as a con­cept that refers to the next stage of the internet’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 also asked about how he plans to sur­vive the cryp­to bear mar­ket and how oth­er com­pa­nies can max­i­mize suc­cess dur­ing peri­ods of sus­tained down­ward price action. 

“Build, a lot,” he said. “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 projects have attract­ed sig­nif­i­cant cap­i­tal from ven­ture firms that see huge oppor­tu­ni­ties in the decen­tral­ized inter­net. As report­ed by Coin­tele­graph, the Web3 gam­ing and meta­verse sec­tors alone have attract­ed over $3 bil­lion in ven­ture cap­i­tal fund­ing since mid-April. Look­ing at the cryp­to mar­ket as a whole, fund­ing from ven­ture cap­i­tal­ists reached $14.8 bil­lion in the first quar­ter of 2022, which was almost half of last year’s com­bined total. 



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