Gavin Wood, Ethereum co-founder, highlights Web3’s growth as finance firms engage deeply with it. His work on Polkadot enhances blockchain scalability, allowing greater application functionality. Wood envisions increased integration of Web3 in financial systems, while he expresses skepticism about the significance of stablecoins compared to other potential uses of Web3 technology.
Gavin Wood, co-founder of Ethereum, confidently shares his insights on the evolving landscape of Web3. He believes this new digital frontier is gaining traction as more finance firms embrace its potential. Wood’s current focus lies with Polkadot, a blockchain network designed to enhance scalability, allowing decentralized applications to thrive, particularly with developers emerging from China.
During his recent speech at Jam, Wood delved into technical improvements that enable conventional software to run directly on the blockchain. Despite Hong Kong’s heightened interest in traditional financial applications, Wood finds them less compelling compared to the vast opportunities Web3 presents. He envisions a promising synergy between banks and Web3 technologies as acceptance grows.
“As Web3 becomes a more accepted part of the scenery that banks operate in, that regulators operate in, we will probably see increased integration with financial systems,” Wood told the Post after his jam session at Cyberport. He anticipates a shift in institutional adoption, steering away from the restrictive ledgers of a decade ago toward more authentic Web3 solutions.
He acknowledges the vast potential of Web3, yet expresses skepticism about stablecoins. “I think there’s a lot of interesting use cases for Web3, and I think stablecoins are actually one of the less interesting ones,” he emphasized, prompting a reflection on the future of digital assets beyond the traditional scope.
Gavin Wood’s insights illuminate the promising trajectory of Web3 as it integrates with traditional financial systems. His focus on Polkadot showcases innovative strides in blockchain scalability, while his reflections on institutional adoption signal a shift toward more legitimate Web3 deployments. Despite the enthusiasm, Wood maintains a discerning perspective on stablecoins, recognizing that the true potential of Web3 lies in its diverse applications, waiting to be explored.
Original Source: www.scmp.com
