The cross-chain giants Polkadot and Cosmos are really developing one worse than the other, starting off with a bang but playing terribly.
This fully illustrates that the vision and efforts of the founders jointly determine the ceiling of a project. For those projects where the founders sell tokens to make some money and then retreat to enjoy life, it's best to distance yourself early. There is only one Satoshi Nakamoto, and what he invented is digital gold. If application-based project teams decentralize too early, it can only be the beginning of their demise.
In addition to the DOT hard cap and reducing security costs, Gavin Wood also proposed several exploratory directions that could reshape the future of Web3 over the next decade at @Web3summit 🧵
He stated that today's Web3 still lacks critical foundational capabilities, and if these issues are not addressed, we cannot truly enter the era of large-scale applications. To this end, he proposed several strategically significant breakthroughs:
1⃣ Rebuilding financial privacy: Creating legitimate and secure privacy protection tools within the FATF compliance framework.
2⃣ Proof of Personhood (PoP): An uncompromising anti-witch mechanism, which he referred to as the "silver bullet of Web3."
3⃣ Web3 Oracle: Replacing centralized services operated by foundations and individuals with decentralized oracles.
4⃣ Web3 Outposts: Bringing on-chain rules into the real world to build autonomous communities and economies.
5⃣ Polkadot native stablecoin: Not only should there be protocol-level stablecoins with over-collateralized DOT, but also the exploration of new "stable-ish" systems.
These directions point to an upgrade of the underlying narrative of Web3, moving from mere on-chain experiments to real-world institutions and economies.
As Gavin said, if these pieces can be completed, they will be key turning points on the path of Web3 development.
Learn more in the PolkaWorld article "Gavin Wood Reveals 5 Major Future Directions He and Parity Are Exploring!"
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