Big Technology Podcast Do We Need Web3? — With Gavin Wood
May 25, 2022
Gavin Wood, co-founder of Ethereum and creator of Polkadot, dives into the transformative potential of Web3 and challenges posed to traditional institutions. He reflects on his motivations driven by past crises and the need for transparency in democracy. The conversation critiques the power dynamics influenced by current tech and discusses the importance of decentralization. Wood envisions a future where blockchain reshapes social media, giving users control over their data. He also examines how economic downturns may ultimately strengthen the cryptocurrency movement.
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Origin Story
- Gavin Wood's interest in Web3 stemmed from two key events: the Snowden revelations and the 2008 financial crash.
- These events exposed systemic issues of opacity and centralized power, motivating him to explore decentralized solutions.
Technology's Role
- Existing internet technology facilitated the consolidation of power, necessitating a technological antidote.
- Wood chose a technological approach to reform, believing technology can address the trust issues created by technology.
Decentralization as an Antidote
- Centralized power structures, including big tech companies like Facebook and Google, consolidate control.
- Decentralization aims to distribute power, mitigating the risks of centralized authority.