A Bold New World: Why Web3 is Worth so Much More than the Sum of its Parts
May 30, 2022
By Alan Vey, Founder & Chairman, Aventus Network
In parallel with the rise in popularity of crypto, Web3 has also ascended to fame – and as a result, the two have become almost synonymous.
But, as Polkadot founder Gavin Wood recently pointed out, the application of Web3 extends far beyond the world of crypto. It extends far beyond smart contracts and far beyond DeFi. It’s even bigger than blockchain.
The reality of most technologies is that we don’t understand their full potential at their inception – only once they’re out there, being used by real people in the real world, that we can begin to comprehend their full scope. Web3 is no exception.
Web3 is so much more than just the individual elements that comprise it. The network effect from the synergies between all these moving parts creates an ecosystem that is ultimately a base for creating new services and opportunities for developers, businesses, individuals and, ultimately, society – that just weren’t available before.
As an enterprise-grade blockchain with interoperability, sustainability and scalability at its core, this vision of Web3 is at the heart of Aventus.
Undoubtedly, Web3 has huge potential to reshape the world we live in. But in order to do that, we first have to overcome some of its limitations. Two of the biggest limitations of Web3 today are interoperability and ease of use.
Web3 is currently rolling out a lot like Web1 did – where there was siloed value in various intranets. When connected up by the internet, led to an explosion in value through the network effect. The same can be said of Web3. Various blockchains hold siloed value – and in order for the wider platform to reach its full potential, these all need to be connected together so value can seamlessly transfer everywhere.
Resolving these challenges is the only way Web3 will reach its full potential.
This is a key driver behind our ambition of becoming a Polkadot parachain. Improved interoperability is key to making Web3 more accessible for businesses and enterprises to use, enabling them to seamlessly and securely transfer data – crucial for any business looking to interact with the real world and solve real-world problems.
It also helps that Polkadot’s founder clearly shares our vision for Web3 – in fact, upon Aventus’ integration with Polkadot, Gavin Wood commented: “The next challenge facing the community is making interoperability between blockchain networks a reality. This is precisely what Aventus’ integration into the Polkadot network will enable, bringing the speed, security and long-term cross-compatibility required for Aventus to work seamlessly with the wider blockchain community. We can’t wait to see where this takes Aventus – the possibilities are endless.”
And it seems like others are catching on too. Following a series of partnership announcements, protocol integrations and a stablecoin development fund caught the attention of investors, Polkadot parachains posted double-digit gains recently.
One thing is for certain: as Web3 develops and matures, only those who evolve with it will be able to capitalise on the full scope of its potential.
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