Recently, I gave a talk on web3 in enterprises and Real world applications in an event by eChai Ventures & Foundership - Web3 Launcher ??
Had quite a few people asking me snippets of what i spoke to be posted online.
- Web3 will die: "Web3" terminology is a transitionary phase. Soon it will merge with Internet and just be an upgrade on the existing information network
- Next 1 Billion: Controversial take: eMail or Google were only used by the early adopters, created NO real world impact. Functional use cases like digital banking, online train bookings(IRCTC), RideShare(Uber), Hospitality(AirBnB) are what made internet real and caused real impact to the world. Other benefits which didnt touch day-to-day human lives do exist as well (not to deny that). Same way for web3 to go mainstream real world applications are critical and will be the key to bring the next 1 billion users!
- Organized Decentralization - No matter the anarchists roots of crypto, as crypto matures - we will organise ourselves in ways of groups with common goals - either capitalistic, corporate, DAOs, or any other form. Enterprises will continue to exist and they will emerge just as Google and Facebook did during the internet age.
- Focus on Value Creation, not Conflict Resolution - Enterprise was a big fad during the previous cycle 2017-18. Ripple obviously being the poster boy of it, apart from other DLTs. Most initiatives taken got stuck with pilots and didnt go large scale due to - Lack of cohesion between ecosystem partners. Conflicts between large partners with regard to IP ownership and transparency.
- BUIDL and they will come - High probability with onset of Zero Knowledge Proof technology on public blockchains, that enterprises will start looking at public blockchains with seriousness. There still are some good use cases being planned in permissioned and federated blockchains, but most are slow or stuck!
- Not preaching for any specific chain, but Polygon thus far has the most headway on enterprise focus - with Polygon ID, Polygon Avail, Polygon Nightfall, Supernets, Edge and more. And thats the chain of choice for Buk.technology
- Resiliency, not Speed - While building solutions for enterprises - Resiliency and Security should take prevalence than speed(tps) or decentralization(for now).
- Don't sell Web3 - Taking reference from @chad recent post, do not sell Decentralization, validators, nodes and web3 to enterprises. Sell them solutions to their problems that only your system can solve(which incidentally, is built on blockchain).
- Dont go the TOKEN-first route. Its detrimental in the long term, due to high chances of failure and distraction. Raise funds the conventional way(Bootstrap / VCs or others). Focus on validation, building and building traction. Token release should be considered only post traction, to ensure true utility.
- Do not decentralize! Product roadmaps and functionalities can be decentralized effectively, after the base version and traction exists. Decentralization of decision making in early stages of a startup are an avoidable distraction.
Would love to hear from you! Specifically, contrarian views :-)
