Gavin Wood: I think the Web 2.0 version was the same as the human race before the internet. When you go back 500 years ago, people just lived in their villages and towns. And he did business with people he knew. And he relied on, to put it bluntly, human culture, to ensure that the expectations were reliable, could happen: These apples are not rotten, or the horse shoes do not break after three weeks.
And this works well, because it is complex and time consuming and expensive to travel between cities. That is why you have so much loyalty that someone will stick to it and not want to be fired.
But as the group moved to something bigger, and with cities and states and organizations around the world, we moved on to this amazing nation. type historical object. We have created these powerful but controlled organizations, and regulators, who ensure that our expectations are met. There are certain legal requirements that, in order to work in other companies, you must meet certain requirements.
This is not a big answer, for a number of reasons. For one thing, it is extremely difficult to manage new industries. The government is slow, it takes time to catch up. Another is that the directors are imperfect. And especially when working with companies, there is often a stable relationship between companies and managers.
Another is simply a control agency with limited firefighting power. It is the money that the government invests in. And so, the process will be stable. He will be able to correct some serious offenders but will not always be able to have a strong influence anywhere. And, of course, rulers and laws differ from one government to another. If you go somewhere in the EU, then Work X is fine; if you go somewhere, then it is not good. And as we become a global team, this means that your expectations are not being met.
So we have to go beyond this. But unfortunately, Web 2.0 is still on the middle ground.
Are we really talking about technical failures? Or are we talking about a failure of leadership and policy and competition? Sounds like you are saying: Yes, it is a failure of the rules, but the answer is not a good rule of thumb; there has to be a new technology, because the failure of the rules is inevitable. Am I expressing your views correctly?
Yeah, absolutely. The model is broken.
So let’s talk about what they need to replace. We’ve been talking about why Web 2.0 doesn’t work. What is your definition of Web3 elevator?
“A little trust, a lot of truth.”
What does it mean to “trust in a little”?
I have a definition of trust which is really faith. It is the belief that something will happen, that the world will work in a certain way, without real evidence or clear arguments as to why it will do so. So we want a little bit of that, and we want a lot of truth — which I mean is a big reason to believe that our expectations will come true.