Ethereum co-founder Gavin Wood says Web3 is on track as finance firms move in

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Ethereum co-founder Gavin Wood says Web3 is on track as finance firms move in - SCMP

Quick Summary:

Wood’s newer project Polkadot is focused on scaling decentralised applications, with many developers coming from China.

Traditional financial use cases – something Hong Kong has been increasingly focused on – are not that interesting to the man who helped put automated transactions through smart contracts on the blockchain.“As Web3 becomes a more accepted part of the scenery that banks operate in, that regulators operate in, we will probably see increased integration [with financial systems],” Wood told the Post after his Jam Tour speech at Cyberport on February 17.“Tentatively speaking, we may be on a path to the integration of more legitimate Web3 technologies than the sorts of things that we were seeing 10 years ago with banks taking up permissed ledgers.“I think there’s a lot of interesting use cases for Web3, and I think stablecoins are actually one of the less interesting ones,” he added.

At Jam, he spoke for more than an hour about technical upgrades that would allow people to run more standard computer software directly on the blockchain.