“The term web3 has been misused”: how web3 defends itself from its founding despite fraud

Web3 was one of the terms of 2021 and still 2022. From blockchain and cryptocurrencies to NFTs, DeFi, DAOs, dApps, metaverses… The Internet seems to be at a boiling point, though it’s hard to know where exactly. However, despite the recent use of the term, its first introduction is attributed to Gavin Wood in 2014. Wood, a British computer scientist, was one of the co-founders of Ethereum and later the developer of Polkadot and the so-called Web3 Foundation. an institutional arm that is trying to promote what Web3 can be, along the lines of what the World Wide Web Consortium (W3C) envisioned at the dawn of the Internet in the 90s.

AT hypertext we were able to talk to Ursula O’Quinttons, Director of Public Affairs and Associations, Web3 Foundation delve into this official profile of one of the technology words on the rise. We do this in a few days, when the fall of all cryptocurrencies and especially the collapse of the Terra-Luna platform once again allowed many flags to be raised regarding the promises of decentralization and the pitfalls and cardboard that may arise in the pursuit of reaching the course of a new stadium under the Internet.

Although Web3 is not Only crypto, both use blockchain as one of their fundamental pillars, so it’s inevitable to start with O’Quinghtton’s question about the collapse of UST and the Luna token. “We are not accustomed to giving estimates since the founding, at least to such recent phenomena or events – at the time of the conversation, the Moon had just collapsed that morning – but without a doubt, this is a blow to the entire ecosystem. The worst is [Luna y el UST] It was seen as a good mechanism to sustain itself in countries that experienced periods of very high inflation and problems exchanging their currency for the dollar, such as Argentina, where it could leave many people very vulnerable,” he comments. Argentina and Mexico are where the Web3 Foundation will host their next event. transcribedwhere the news will be presented.

With O’Quinghttons we are going through part of the fund and Polkadot offer.a protocol created by Wood, which simultaneously serves as the institution’s own project, founded in 2016 and based in Zug (Switzerland).

What the Web3 Foundation does

Let’s start from the very beginning. Web3 or Web 3.0 is proposed as an evolution of Web 1.0 and Web 2.0., understood as periods in the history of the Internet; from its very initial version (1.0) to a social stage where users can create content (2.0), to a decentralized future where collaboration is supposed to be possible in a much deeper and more secure way: Web3, a new standard where users have solid and verifiable guarantees for the information they receive, deliver and pay for online, in addition to offering ways to combat censorship or lack of transparency.

In Wood’s own words, “The adoption of Web 3.0 will not be quick and clean. With ingrained interests that control much of our digital lifestyle, and interests often overlapping between legislators, government and technology monopolies.”

But, What role does the Web3 Foundation play or want to play in these proposed changes? “For example, from the Foundation, we work and support the development of Polkadot or Kusama, a testnet for various blockchain protocols. Ultimately, the goal is to advance this security and interoperability technology by supporting development teams,” says O’Quinttons.

Polkadot is known for its token, but it can be said that it is a protocol that wants to position itself as a kind of email between blockchains. This is easy to understand with an example: “If I buy an NFT in Ethereum, but I want to sell it in Solana, I cannot. And I compare it to the Internet, which is a huge amount of closed doors,” says the representative of the Foundation. This is where Polkadot acts as a medium of transmission, which, in addition, technologically allows the creation of blockchains. parachains derived from it.

In another comparison, Polkadot is also like a sort of framework on which different applications can run from their development kit sign.

The Polkadot Token (DOT) performs two main functions on the Polkadot Network: it is a governance token that allows its holders to influence the future of the protocol, and it is used for staking, as the Polkadot network validates transactions and issues new DOT. This mode of creation is a well-known transition and debate that the entire crypto world faces in order to move from proof of work (in connection with mining) in proof of stake and that in the real world this would result in less power consumption by all of these offerings.

The technological development of Polkadot is mainly carried out by Parity, owned by Gavin Wood., in a kind of circle where nothing comes from the same people. “The foundation is the custodian of Polkadot, which entrusts technology development to Parity,” explains O’Quinttons.

A term that has “been misused” and in which fraud has been defended.

We asked Ursula O’Quingttons how the use of the term Web3 is perceived from the inside, sometimes associated with scams or selling things that aren’t new.

“It’s true that the term has been abused, and many times without a positive outcome, but it also helped make it known and spark debate.”

Ursula O’Quinttons, Director of Public Affairs and Associations, Web3 Foundation

Regarding the recurring scams related to NFTs, DAOs that are never DAOs, etc., he believes that “scams will always exist. I would like to think that we are better than in 2017 at the level of general knowledge, but unfortunately I am afraid that there will always be a place for those who promise a lot under the promise to buy or invest in something, as it happened in the crypto world. Between all of us, and this is one of our goals, we must create a safer environment.”

Also seems to be collaborating with institutions. The foundation recently included Daniel Schoenberger as the head of the legal department, formerly of Google, with the intention of elevating the conversations they have with international organizations, from central banks to the European Union. “Regulation will take many forms and help balance. There, the challenge will be to make it a profitable regulation and bring it closer to a better network,” says Ursula O’Quinttons.