Imagine a world where financial transactions are as easy as sending a message. Welcome to the dawn of Web3.
Gavin Wood, the visionary behind Ethereum, Polkadot, and Kusama, has an ambitious goal: to transform Web3 and cryptocurrency into a universally accessible public good.
According to the latest crypto news, he believes that for Web3 to reach its full potential, cryptocurrency transactions must be free of transaction fees.
Wood’s latest innovation, Proof-of-Ink, is a tattoo-based Web3 individuality solution that aims to make crypto and Web3 free for everyone worldwide.
Interestingly, Wood and Vitalik Buterin, another Ethereum co-founder, initially considered eliminating the Ether token. Back in 2013, they explored the possibility of an Ether-less Ethereum ecosystem.
Vitalik and I were talking about the possibility of basically getting rid of Ether, the currency. Something that now appears to be unthinkable.”
Despite Ether’s status as the second-largest cryptocurrency, Wood believes that separating it from the Ethereum network is crucial to bringing over six billion Web2 users into the Web3 space. This challenging task will require creating applications that are responsive enough to meet the needs of billions of daily Web2 users.
Wood’s vision is already taking shape with Polkadot’s JAM chain, which is paving the way for nearly free cryptocurrency transactions. However, Wood sees a more permanent solution in Web3 individuality, which could eliminate the need for transaction fees altogether by removing the necessity for anti-spam mechanisms.
