Although Web 3.0 has become something of a buzzword in the crypto community, its application and usefulness extend far beyond the blockchain world, according to Polkadot founder Gavin Wood.
In an exclusive interview with Cointelegraph on the annual meeting of the World Economic Forum in Davos, Switzerland, Wood discussed Web 3.0 applications and whether the overall concept needs to evolve beyond its current usage. “I don’t think Web3 really needs to evolve from its origins too much yet, but maybe in the future it will,” he said before explaining the merits of the technology:
“The key is freedom from the need to trust. I don’t want to hope or have blind faith that the service I’m using is working properly or treating my data properly and not getting hacked.”
Mayor Francis Suarez also loves that Cointelegraph merch. #WEF22 #Davos2022 #CTDavos pic.twitter.com/eCMVV90q8O
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Mayor Francis Suarez also loves Cointelegraph merchandise.
Wood has also explained the advantages that Web 3.0 has gained prominence as a concept that refers to the next stage in the evolution of the Internet:
“The rise of the term Web 3.0 is encouraging because it means that people are seeing this underlying technology power different applications, which they didn’t necessarily expect. […] It’s not about Bitcoin anymore, it’s not about crypto anymore, it’s not about just smart contracts anymore, it’s not about DeFi anymore. It is as if we are beginning to understand that this is a broad platform to build new types of services [que] Web 2.0 couldn’t.
Wood was also asked about how he plans to survive the cryptocurrency bear market and how other businesses can maximize success during periods of sustained downward price action.
“Build, a lot”, said. “Most of Polkadot was built in the bear market that was between 2018 and 2021 […] 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 it.”
Venture capital fell in love with the blockchain in 2021, with a new @CBinsights report showing a 713% increase in funding. https://t.co/6n0RGLzN1o
— Cointelegraph (@Cointelegraph) February 5, 2022
However, Web3 projects have attracted significant capital from venture firms that see huge opportunities in the decentralized Internet. As Cointelegraph reports, the Web 3.0 metaverse and gaming sectors alone have attracted more than $3 billion in venture capital funding since mid-April. If you look at the cryptocurrency market as a whole, venture capital firm funding reached $14.8 billion in the first quarter of 2022, which was nearly half of last year’s combined total.
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