03 August 2022
Speech by Eugene Kashin Co-founder&СТО of Embily at Web 3.0 Disruptor
Speech by Eugene Kashin Co-founder&СТО of Embily at Web 3.0 Disruptor

But what is this Meta file like? And would it be a brand new thing or will it involve a better traditional stuff as well?

Eugene Kashin "Web3 is a next-generation technology – a democratic and decentralized internet environment. As a complement of Web-3, the metaverse is a new digital space that gives users access to health applications, games, engaging forms of entertainment, social interaction, education, and so on. All of these applications and services will employ Web-3 technologies.

A new form of financial wealth that implements decentralized solutions is underway in the form of the metaverse, which blends DeFi, or decentralized finance and peer-to-peer communication, into a combined whole. 

DeFi has always been presented as a new means of interaction with financial services. That is true from the perspective of innovation placed in contrast to the traditional approach of conducting financial operations. A decentralized institution is a bit different from the current financial system, as it might be difficult for traditional banks and institutions to understand how a user can be a bank unto themselves.

No matter the mechanisms employed in the decentralized financial ladder, the steps of adoption require companies to find the right place or current participant in the new decentralized world because our world is decentralized. Our world is distributed, and we already communicate in different ways by transferring money to each other, processing transactions through banks, the central bank, and financial institutions that act as intermediaries.

As new ways and scenarios of application are found for various institutions, the metaverse steps in as a new technology that opens up entirely unexplored horizons. But the essence of using a metaverse is not for personal empowerment or enrichment. Instead, its original design is intended for empowering others. 

The metaverse might be implemented on the existing infrastructure like an IP protocol. The IP protocol is truly useful for communication purposes, but it is hardly the best way to ensure a Peer-to-Peer communication style. In the case of Web-3 and DeFi, the metaverse steps in as a super node or some other intermediate layer responsible for facilitating communication. Web3 and DeFi are more about shaping the potential of each participant and displaying them as attractive counterparties for cooperation in the metaverse environment.

It may be true that the metaverse is being built on top of existing technologies, but its essence is still unexplored and leaves a lot of room for maneuver in the sense of usability. The power of the metaverse resides in its ability to combine all the elements of Web-3 into a single, accessible and engaging environment that runs in parallel with the real world’s operations."

YouTube version of the panel session: https://www.youtube.com/channel/UCJcBgMlW67xM64un647Ag1A