Web3 is no longer just in crypto and DeFi

Web3 has become something of a buzzword in the cryptocurrency community. But its application and benefits go far beyond the blockchain world, according to Polkadot (DOT) founder Gavin Wood.

In an exclusive interview with Cointelegraph at the World Economic Forum’s annual meeting in Davos, Wood spoke about Web3 applications and whether the overall concept should evolve beyond its current use. “I don’t think Web3 needs to evolve too far from its origins, but maybe it will in the future,” Wood said. He also named one of the purposes of this technology:

“The most important thing is that trust is no longer necessary. I don’t want to have to blindly hope or believe that the service I’m using is working properly or handling my data correctly and isn’t pirate.”

Wood also explained the benefits of Web3. Web3 is considered the next stage of Internet development.

“The emergence of the term Web3 is encouraging. It means that people are seeing this underlying technology seeping into various applications, including ones they might not necessarily expect. It’s not about Bitcoin anymore, it’s it’s not just about Bitcoin Crypto anymore, it’s not just about smart contracts and DeFi We’re starting to realize that it’s a great platform to build new kinds of services that couldn’t do everything simply not be developed on Web2.

In this context: Mayor of Miami: Bitcoin must be considered from an innovation perspective

Wood was also asked how he plans to weather the crypto bear market and how other companies can maximize their success when prices are constantly falling.

“Develop things, lots of them,” he said. “Most of Polkadot was built during the bear market between 2018 and 2021. The numbers don’t need to be big to do that. You don’t need to raise tens of millions for the white paper. “

Web3 projects have nevertheless received significant funding from venture capitalists who see great opportunities in the decentralized internet. As Cointelegraph reported, Web3 Gaming and Metaversum alone have raised over $3 billion in venture capital since mid-April. Looking at the crypto market as a whole, venture capital funding stands at $14.8 billion in Q1 2022. That means almost half of the total for all of last year has already been reached.

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