In little over a decade, Web3 has provided a novel way to companies to spawn innovative solutions. But customers will flock to the new-fangled offering if startups keep “customer experience” at the front and center, says Rohit Jain, Senior Vice President and Head of Ventures & Investments, CoinDCX Ventures. Mr. Jain joined us to talk about how content creators, businesses, customers and techies can unlock the potential of Web3.
With all the hype building around web3 as a panacea for the digital world, what opportunities do you think the stakeholders have in the web3 space?
I don't think it's a panacea for everything and I don't see this entire world and every aspect of our digital lives moving on to blockchains in a decentralized manner. Use cases that can give a 10X better customer experience with a decentralized architecture will be crucial.
Also, it's not a “zero” and “one” switch. So there will be components of centralized entity that will run on blockchains. Blockchains are fundamentally a new tech model that enable trust in a decentralized manner and whatever tech stacks can leverage that and can fundamentally be more efficient by being run in that manner, will move over to being run on blockchain.
Can you cite a couple of applications that you feel are clearly a use case for decentralized or Web3 kind of an architecture?
Three sectors that have gained a lot of popularity over the last twelve months are probably decentralized finance, gaming and NFTs. We've just started touching the tip of the iceberg, especially with NFT. It's a simple concept of ownership and sharing incentives while giving gated access to people who own NFTs. I think you will also see music get on to NFTs. And content creators will benefit hugely from web3. It's just opening new models of engagement, new models of monetization.
Do you see decentralized platforms at some point will help connect content creators with their audience on the lines of what Facebook and YouTube have done?
Continue reading: https://www.forbesindia.com/article/crypto-made-easy/web3-moving-from-a-buzzword-to-reality/79133/1
With all the hype building around web3 as a panacea for the digital world, what opportunities do you think the stakeholders have in the web3 space?
I don't think it's a panacea for everything and I don't see this entire world and every aspect of our digital lives moving on to blockchains in a decentralized manner. Use cases that can give a 10X better customer experience with a decentralized architecture will be crucial.
Also, it's not a “zero” and “one” switch. So there will be components of centralized entity that will run on blockchains. Blockchains are fundamentally a new tech model that enable trust in a decentralized manner and whatever tech stacks can leverage that and can fundamentally be more efficient by being run in that manner, will move over to being run on blockchain.
Can you cite a couple of applications that you feel are clearly a use case for decentralized or Web3 kind of an architecture?
Three sectors that have gained a lot of popularity over the last twelve months are probably decentralized finance, gaming and NFTs. We've just started touching the tip of the iceberg, especially with NFT. It's a simple concept of ownership and sharing incentives while giving gated access to people who own NFTs. I think you will also see music get on to NFTs. And content creators will benefit hugely from web3. It's just opening new models of engagement, new models of monetization.
Do you see decentralized platforms at some point will help connect content creators with their audience on the lines of what Facebook and YouTube have done?
Continue reading: https://www.forbesindia.com/article/crypto-made-easy/web3-moving-from-a-buzzword-to-reality/79133/1
