Panel Discussion on Consensus 2022: Is Web 3.0 More Hype or Reality?

Panel Discussion on Consensus 2022: Is Web 3.0 More Hype or Reality?

Earlier this month, Drummond Reed was one of the panelists at the 2022 Consensus Conference in Koindesk. Discussing “Promise of Self-Sovereign Data and Web 3.0 Identity Solutions: Real or Mirage?” Reed, who heads Avast Digital Trust Services, talks about the evolution of these solutions and – like his fellow panelists – seeks to build Web 3.0 with this perspective.

Joe Cutler from Perkins Coie presided over the session and began by talking about how Web 3.0 combines both data and ownership and tries to return some control of our data to us, the users. “We are in the process of reversing who has control over your belongings,” he said. “And we’re doing it on a planetary scale, and it could be very disruptive to existing technology, especially when it comes to uniting both the physical and virtual worlds together.”

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Richard Weedman, Google Cloud’s strategy leader, agrees: “Of course, any walled garden – which means proprietary technology collection – is suitable for disruption right now, but disruption means you have to provide something that is not already available.” Reed says the new capability is a digital identity wallet – a way to manage your Web 3.0 identity keys and credentials. “Just because you have a digital wallet, it won’t be easy to manage these keys and certificates and make sure you have a good way to recover them.” Tobias Baton, CEO of Expopulus, agrees: “Creating their own digital wallet is a big challenge for people.” Reed noted that individual digital wallets HTTPS keys used for website security today will be much more comprehensive than that. “Websites that give individual users the same ability to use keys will be a tipping point for Web 3.0 today,” he said.

Of course, there are broad views on Web 3.0: Cutler mentions how Elon Musk sees it as more of a marketing hype than real. Notably, A lot of money is being poured into Web 3.0 – Cutler said, “Venture capitalists have invested $ 12.75B in 460 different blockchain projects this past year, up from বিনিয়োগ 2.75B in 2020 investments.” Weidman states that “with Web 3.0, You just have to be more discriminating with the help you render toward other people. ”

The panel discussed how SSI and Digital Identity Wallet are gaining traction. Reed noted that government agencies have already realized Web 3.0 and the EU is working to make a digital wallet available to all EU citizens by the end of 2023. Avast is also working to provide healthcare patients with new solutions for identification that are more secure and allow patients more control over how their health data is shared. “This is where we need national law,” he said. “Trust is not primarily a technical issue – it’s a human issue and it’s our policy that takes the most time to change.”

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Several panelists drew similarities with previous technology to explain how they felt about the reality of Web 3.0. “We haven’t yet discovered a PC or browser equivalent for Web 3.0,” Cutler said. Reid agreed, “We’re on the verge of moving away from Windows 3.0 – which is promising but not really usable – Windows 3.1 – which has changed the world.” Reid and Baton also believe that having a “portable” digital identity as part of a consumer-grade wallet in the gaming world – where you can keep your reputation intact throughout a series of games – could potentially transform the gaming industry.

Also on the panel was Lisa Sikat Diluka, who is now here Director of Products and Engineering for the irresistible domain. His company is selling ready-made domains for the world of NFTs. In previous careers, He worked for IBM and was a famous inventor. His vision was that Tipping Point Web 3.0 would be simplified, People are readable, and can be easily shared, for example, instead of revealing a long wallet address listed on a site like your real name which can be prone to errors. “I want everything to be blockchain, to eliminate all middlemen. Also, it doesn’t help that we have all these bad public relations with crypto theft and other negative stories. ”

Baton agrees, “The things about Web 3.0 are still a bit scary, because people don’t have the training to implement the various protocols properly.” There’s still a lot to like about Web 3.0, and Cutler noted that “Metavers could be the perfect delivery vehicle for more customer-friendly crypto like NFT.”

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