Ethereum [ETH]’s co-founder, Joseph Lubin, recently spoke at CryptoConf about the future of Web 3.0 and the role of interoperability in orchestrating it. He also spoke about why it was important for interoperability to exist, quoting examples from the World Wide Web.
He called interoperability a “crucial quality” of Web 3.0 and a blockchain-powered future, as the number of blockchains, platforms and tools continue to grow. This has led to many understanding the importance of assuring that today’s data silos are not recreated, and allow information to not be restricted.
He further stated that a “world computer” will exist as a constellation of interoperating systems, thus forming a decentralized World Wide Web or Web 3.0. This will further consist of many decentralized protocols for trusted transactions, automated agreements, smart software object storage, and bandwidth-heavy computations.
Lubin detailed the other implementations that could be made possible using the decentralized protocols, including identity reputation, proof of location, legally enforceable agreements, certificates, resources, and asset tokenization.
He further clarified the role of Ethereum in the change:
“The new trust foundation enabled by the radically decentralized Ethereum base layer is what is facilitating this evolution towards collaboration. It is a trustful collaboration, even with parties you don’t know. That will enable the world of decentralized actors to thrive in an interoperable Web 3.0.”
He further went on to say that actors in the Web 3.0 no longer have to depend on embedded intermediaries. This included actors such as music companies, banks, law firms, insurers, brokers and other intermediaries. According to Lubin, these companies provide necessary trust while sucking up much of the value created.
Speaking about the ecosystem, he stated:
“In these early days, the ecosystem is being advanced by the builders. Yes, we’ve attracted financial and speculator types, but mostly, it is about devs, engineers, entrepreneurs and cybersecurity professionals. These are the people who are building and maturing the components and standards.”
He stated that those at Consensys have a high degree of autonomy, emphasizing “rich communication collaboration” and interoperation among teams. He provided examples of it being implemented in the real world by projects, stating:
“The standard bounties contract for instance integrates with get coins, so devs can easily fulfill open-source bug bounty air swaps, Decentralized cryptocurrency exchange plugs into augers prediction market.”