So, what's next for Web3 infrastructure? 👀
In this year-end period, it is worthwhile to delve more deeply and learn from a panel discussion with our co-founder
@jarotondi at the
@EBlockchainCon
TLDR;
1. The Consumer-Facing Approach
2. Advances in Infrastructure
3. Decentralization and the Free Society
4. Challenges with Regulations
5. Tokenization and Real-World Assets
6. The Future of Web3 Infrastructure
We've compiled 6 key findings from Joe, although we recommend watching the entire video! 👇
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1. The Consumer-Facing Approach 🌆
The current user base for blockchain applications like OpenSea and Uniswap is relatively small compared to the global population.
To expand this, creating Web3 applications that seamlessly integrate into users' lives, akin to the adoption of mainstream social media platforms like Facebook and TikTok, is vital.
This necessitates a focus on making apps consumer-friendly, offering tangible benefits to users.
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2. Advances in Infrastructure ⚙️
Joe highlighted the limitations of existing blockchain systems like Bitcoin and Ethereum, which operate as one-lane highways.
Innovations such as sharding, par chains, or networks like Avalanche and Cosmos aim to introduce application-based chains, allowing blockchain evolution without the need for forks.
It's also about enabling seamless upgrades and avoiding divisive community decisions seen during the Ethereum fork and after the DAO hack.
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3. Decentralization and the Free Society 🙌
While advocating for a decentralized approach, Joe envisions Web3 as a path toward building a free society.
He emphasizes the importance of transparency, decentralization, and security in building a framework where markets self-regulate, reducing fraud and fostering trust in the absence of heavy-handed government intervention.
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4. Challenges with Regulations ⚖️
Joe discussed the struggle between centralized regulation and the inherently peer-to-peer nature of Web3.
He highlighted cases like Uber's challenge against taxi monopolies as an example of Web2 disruption.
However, Web3, operating in a decentralized manner, aims to challenge traditional regulatory structures, allowing power to be held more bottom-up, potentially impacting industries and societal structures.
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5. Tokenization and Real-World Assets 💰
A significant shift noticed is the growing interest in tokenizing real-world assets.
While early discussions focused on digital assets like stocks or bonds, the real potential lies in tokenizing physical assets like real estate, collectibles, or commodities.
This bridging of digital assets with the real world could be the catalyst for mass crypto adoption by the general public.
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6. The Future of Web3 Infrastructure 📖
Looking ahead, Joe envisions the emergence of non-geographic communities, akin to digital countries or communities where individuals unite based on shared interests rather than physical locations.
He sees this transition as a means to address inequality and create opportunities, ushering in the Network State concept described in Ballaji's book.
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7. In conclusion, Joe's insights highlight 🧠
• Web3 applications must prioritize user-centric designs.
• Infrastructure improvements are vital for scalability and decentralization.
• The conflict between regulation and decentralization remains unresolved.
• There's substantial potential in tokenizing real-world assets.
• Digital communities will reshape societal structures in the future.
Thanks to Joe and all the panelists, including
@BenediktFaupel from
@bitkom_block,
@GhanVashishtha from
@0xZeeve,
@patxi_ba from
@Telefonica,
@DemoSkalkotos from
@expand_network, and Adnan Alisic from
@biokript, for their dedication and many insightful conclusions!
We look forward to future conferences 🙌