WEF 2022: Web3 no longer just about crypto and DeFi, says Polkadot founder Gavin Wood

Sebastian Parker
Sebastian Parker
Last Updated on May 24, 2022

Web3 is a buzzword in cryptocurrency, but its utility and application go far beyond blockchain technology, according to Polkadot founder DOT Gavin Wood .

Wood spoke exclusively to Cointelegraph about Web3 applications during the World Economic Forum’s Annual Meeting in Davos (Switzerland), and whether it was necessary for the concept to grow beyond its current use. He said that Web3 doesn’t need to change too much from its origins, but it might in the future. Before explaining the benefits of the technology, he added:

The key message is to let go of the need for trust. I don’t trust or hope that the service I use is working correctly, or that my data will be protected from being hacked.

Wood explained that Web3 is a new concept that will be the next phase of the evolution of the internet.

“The rise in popularity of Web3 is encouraging, because it means people are starting to see this underlying technology feed into other applications — the ones that they didn’t expect […]. It’s not about Bitcoin, it’s not about crypto, smart contracts, just, it’s not about DeFi. We are beginning to see that Web3 is a wide platform for building new types of services.

Related: WEF 2022 – The mayor of Miami believes that Bitcoin should be viewed from an innovation perspective

Wood was also asked how he plans on surviving the crypto bear markets and what other companies can do to maximize their success in times of sustained price declines.

He said, “Build a lot.” “Most Polkadot was built during the bear market between 2018 and 2021 […] It doesn’t take a lot of money to make that White papers don’t have to be huge to accomplish that

Venture firms see great opportunities in the decentralized internet and have invested significant capital in Web3 projects. Cointelegraph reported that the Web3 gaming, and metaverse sector have received more than $3 billion in venture capital funding each since mid-April. The total amount of venture capitalists funding for crypto markets was $14.8 billion in the first quarter 2022. This is almost half the sum of the combined total of the previous year.