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Polkadot founder Gavion Wood: Web3 no longer just in crypto and DeFi

 


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


In an exclusive interview with Cointelegraph at the World Economic Forum 's annual meeting in Davos, Wood spoke about Web3 applications and whether the all-encompassing concept needed to 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," said Wood. He also named one of the goals of this technology:


"The most important thing is that trust is no longer necessary. I don't want to have to hope or have to trust blindly that the service I'm using is operating correctly or is handling my data properly and isn't being hacked."


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


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


Wood was also asked how he plans to weather the crypto bear market and how other companies can maximize their success when prices are consistently 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 have to be big to do that. It doesn't require raising tens of millions for the white paper."

Web3 projects have nevertheless received significant funding from venture capital firms that 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, funding from venture capitalists stands at $14.8 billion in the first quarter of 2022. This means that almost half of the total for the whole of last year has already been reached.

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