The HUB612 team was present in Lisbon for The Web Summit 2022. Many discussions, conferences or demos revolved around Web3. Cryptos, NFTs and blockchain were on everyone’s lips. Web3 has clearly established itself as one of the main trends in the show. Positioned on Web3 topics, and especially issues related to decentralized finance, HUB612 has not missed any part of these exchanges and offers you a selection of strategic remarks.
Despite the fall in the price of cryptocurrencies in recent months (to which is added the current reluctance of investors), Web3 players are not moving. There is no question of letting the enthusiasm drop. Entrepreneurs indeed continue to show their faith in these new models and continue to foresee a bright future for decentralized finance and blockchain.
Web 3: a virtuous model?
Web3 entrepreneurs have championed the virtues of decentralized finance, often accused of its worst faults (speculation, energy balance, volatility, etc.)
ABOUT Chang Peng ZhaoCEO of Binance (undoubtedly one of the stars of Web Summit 2022), “Technology is neutral”. In other words, blockchain and cryptos should be distinguished by the uses made of them. And many actors even imagine that blockchain is paving the way to a better world. “We believe Web3 and decentralized finance can drive a more sustainable world”PROVIDES Sopheap LaoCEO of Davensi, who also relativizes the environmental cost of cryptocurrencies: “Bitcoin, so misused, consumes less than YouTube. And Ethereum much less than bitcoin”.
On a moral level, Web3 players also show progress against the current model. “Unlike web 2.0, web3 is not based on the collection of personal data. With decentralization, these remain the property of the users. With Web3, people stay in control of their data. And it’s a paradigm shift, because they’re no longer just users. They are at the heart of the system.” PROVIDES Sopheap Lao.
Enthusiasm dampened by discordant voices from Web3
Web3 promoters therefore spoke out during this Web Summit 2022. But some criticisms were present. Testified by the lecture given by Molly White, whose website Web3 is doing very well is one of the rallying points for critics of cryptocurrencies and other NFTs. “Decentralization, democratization, resistance to censorship… The goals pursued by Web3 seemed convincing to me and in line with my vision. But when it came to discussing how cryptocurrencies and blockchain would achieve this, it became murky to say the least…” pointed out the young American, much to the applause of a full room.
Molly White also denounced a development based on sometimes irrational fundraising.
Awaiting the maturity of technology and uses in Web3
Web3 players agree that the sector is still far from mature.
“We are only at the beginning. But crypto adoption is growing. Blockchain technology is necessary, it cannot be hidden”Explain Chang Peng Zhao.
If the technology is essential, it should not, however, erase the uses. “The product is the most important. Don’t start a marketing campaign before you have a product…”, cautions Chang Peng Zhao.
For cryptos and NFTs to be placed on the market and in the general public, they will need to be found for relevant uses.
“Blockchain, for example, can be an antidote to fake news and a tool to combat deep fakes, guaranteeing the authenticity of content. In general, NFTs can provide solutions to many problems that arise in the field of intellectual property”.explains thus Charles Hoskinsonthe founder of Cardano, speaking at a conference called “Is Crypto Dead?”
Decentralized finance: topics to discuss before going further
Several hurdles will need to be cleared before going further in the field of decentralized finance. ABOUT Sopheap Lao : “Web3 is still very fragmented today. You have several blockchains, several protocols, several wallets… Web3 is still immature and sometimes you have to be a geek to use it. Cryptos are hard to understand, even for specialists.”
There is also a risk. always according to Sopheap Lao “Cryptos are volatile. We saw this recently. We will have to solve the problem of speculation. Perhaps we need a lot of information and risk management tools that users can’t create on their own. It is at this price that a real transition to Web3 can begin.”
Finally, “It will also take the right people. Talents cannot be found in the traditional world. We need data scientists, quantitative traders, etc.
Only when these challenges are overcome can Web3 truly reach its cruising speed.
The only certainty is that the market continues to evolve. “Everyone wants to do crypto and blockchain. But we are only at the beginning. Even the market has started to rationalize, with consolidations” to analyze Chang Peng Zhao.