Gavin Wood, Co-Founder of Ethereum, Polkadot, and Web3, Envisions Fee-Free Cryptocurrency Transactions for the Future
At the recent Web3 Summit in Berlin, Gavin Wood shared his vision of making Web3 technology accessible to everyone by eliminating fees from cryptocurrency transactions. Wood’s latest project, “proof-of-ink,” aims to promote a cost-free Web3 ecosystem globally.
Wood and Ethereum Co-Founder Vitalik Buterin considered removing the Ether token from the Ethereum network but ultimately decided to keep it to prevent spam and raise funds for development. Wood believes that separating Ether from the network is crucial to onboard billions of Web2 users to Web3.
He highlighted Polkadot’s JAM chain as a step towards making cryptocurrency transactions nearly free. Wood suggested that developing “Web3 individuality” could eliminate the need for transaction fees and anti-spam mechanisms.
In a recent interview, Wood expressed concern about the lack of long-term value in many blockchain projects, emphasizing the importance of substance over hype. He believes that Ethereum and other blockchains may not be exceptions to this trend, except for Bitcoin, which he sees as a unique store of value.
In conclusion, Wood’s push for fee-free cryptocurrency transactions and focus on long-term value could have significant implications for the future of blockchain technology and the financial market. Investors should consider the potential impact of these developments on their portfolios and stay informed about the evolving landscape of Web3 technology.