Wood's Vision for a Fee-Free Web3 Ecosystem: An Analysis
Gavin Wood, co-founder of Ethereum, Polkadot, and Kusama, believes that for Web3 technology to reach its full potential, cryptocurrency transactions should be free of fees. In an interview at the Web3 Summit in Berlin, Wood expressed his hope of making Web3 accessible to everyone by eliminating transaction fees.
Wood's recent project, "proof-of-ink," a tattoo-based Web3 identity solution, is part of his efforts to create a cost-free Web3 ecosystem globally. He also mentioned that he and Ethereum co-founder Vitalik Buterin once considered removing the Ether token from the Ethereum network to prevent spam and raise funds for further development.
However, they decided to keep Ether as a means to support the network. Wood emphasized the importance of separating Ether from the Ethereum network to onboard more Web2 users to Web3. He highlighted Polkadot's JAM chain as a step towards making cryptocurrency transactions almost free.
Wood also expressed concerns about short-term focused projects in the blockchain space, emphasizing the need for long-term value creation. He believes that many projects are driven by hype rather than substance, leading to large investments in blockchains with uncertain futures.
Interestingly, Wood suggested that even Ethereum and Polkadot may not be exceptions to the rule of blockchain survival. However, he sees Bitcoin as a potential outlier due to its unique position as the first cryptocurrency and primarily a store of value.
In conclusion, Wood's vision for a fee-free Web3 ecosystem and his insights into the blockchain market highlight the importance of long-term value creation, sustainability, and innovation in the evolving digital economy. By understanding these trends and developments, individuals can make informed decisions about their investments and participation in the blockchain ecosystem.