A decade after co-founding Ethereum, Gavin Wood remains steadfast in his vision for Web3, emphasizing that its evolution extends beyond cryptocurrency and financial applications.
Speaking at the Polkadot Jam Tour, an international event connecting Polkadot blockchain developers, Wood discussed upcoming technical upgrades that will enhance the network’s scalability and efficiency, bringing the decentralized internet closer to reality.
At a presentation in Hong Kong, ahead of the Consensus conference in the city, Wood elaborated on Polkadot’s next phase, which will allow users to run more standard software applications directly on the blockchain.
Unlike Ethereum’s early focus on automated smart contract transactions, Polkadot’s development aims to support a more flexible and decentralized computing environment.
While Hong Kong has been positioning itself as a major crypto-financial hub, Wood downplayed the financial sector’s role as the centerpiece of Web3. He acknowledged that increased integration with banks and financial institutions is inevitable as blockchain technology becomes more embedded in mainstream finance and regulation.
However, Wood was quick to temper expectations, stating, “I think there’s a lot of interesting use cases for Web3, and I think stablecoins are actually one of the less interesting ones.” While some policymakers and industry leaders push for Web3 hubs centered on finance, Wood envisions a future where blockchain ecosystems operate through decentralized autonomous organizations (DAOs)—global, community-driven networks that aren’t confined by regional financial policies.
A More Open, Scalable Web3
Polkadot, which has been steadily evolving, is focused on solving blockchain’s long-standing challenges, including scalability and interoperability. The upcoming technical upgrades discussed at the Jam Tour aim to make Web3 more accessible by enabling users to run conventional applications on decentralized networks.
This shift could expand blockchain’s utility beyond finance, reinforcing Wood’s belief that Web3’s full potential remains untapped.
As blockchain ecosystems evolve, Wood’s perspective reminds that Web3 is more than financial integration—it’s about building an open, decentralized internet that empowers users across industries.
Privacy, Identity, and the Future of Web3 Security
While cryptocurrencies often face scrutiny due to scams and fraud, Gavin Wood sees Web3 as something much broader—a system designed to meet user expectations and function exactly as promised.
Speaking on the future of decentralization, the Ethereum co-founder and Polkadot creator clarified that Web3 should not be confined to rigid definitions but should prioritize transparency, trust, and user control instead.
“Web3 is about building systems that do what they say on the tin,” Wood stated.
“I wouldn’t be in this ecosystem for 11 years if I didn’t think that what we’re building is quite a lot better, is categorically more reliable, more robust, more resilient.”.
A key example he raised was fraud prevention and fund recovery. While many assume that blockchain transactions should be irreversible, Wood argued that a Web3 system could allow funds to be reverted in cases of fraud—as long as this expectation is transparently built into the system’s rules.
Beyond financial transactions, Wood also pointed to privacy and identity verification as critical areas where Web3 could offer better solutions than existing centralized systems.
He noted that many users are uncomfortable handing over passports or sensitive personal data to verify their identity—an issue that Web3 technology could solve without relying on centralized authorities.
“There are Web3 ways of solving this, and they solve it a lot better than putting the keys in the hands of some unelected central authority who we just have to trust will do the right thing,” Wood explained.
With growing geopolitical instability and rising concerns over data security, he believes traditional Web2 systems will be put to the test in the coming years. Web3, in contrast, offers a path toward a decentralized, user-controlled internet where individuals no longer have to rely on opaque institutions to safeguard their assets or identities.
Quick Facts:
- Gavin Wood, Ethereum Co-founder states that Web3’s development is on track, bolstered by the growing interest in traditional finance.
- Wood elaborated on Polkadot’s next phase, allowing users to run more standard software applications directly on the blockchain.
- Wood states that financial institutions increasingly adopt blockchain, which signals a shift towards decentralized finance.
