The Web3 World According to Avalanche - TOKEN2049 Singapore 2024

good afternoon everybody I know it's uh it's 5:00 p.m. on a Thursday and there's about 486 side events going on right now so thank you for being here uh it's a big red background behind me want to talk to you guys a little bit today about the way we see web 3 at Ava labs in supportive Avalanche um you know web 3 is a term often used I think Chris Dixon has a great explanation of it but everybody kind of has their own explanation of it and when everyone says we do web 3 or we're trying to do web 3 what does that mean well to us at Ava Labs web 3 means a global decentralized digital economy that's a long way of saying web 3 is the ability to create and transfer value value can be anything that is worth something you tokenize it you digitize it you add you add a digital layer to it and it has value this is something to us that is very practical and achievable and it's some it's a place where developers businesses creators companies artists and innovators can all create a new economy that is digital and that is interconnected but first what's kind of wrong with web 3 so far I would say there's High barrier entry we as an industry for the most part are elitist there there's about several hundred booths out here about great projects that are trying to break into the space well if my mother or even my wife came here she would not they would not understand what anybody's talking about the jargon that we use and the ways that we as a as a crypto industry build crypto products for crypto users second it's unreliable you always hear about hacks and issues and downtime and expense fees and surges and all these things these are main things that most people on a daily basis do not want to encounter they're not going to go from spending two cents on a transaction to $20 if there's an nft Mint or a meme coin launch or something else happening on the chain and then finally it's siloed certain chains focus on certain things and every chain has its Niche but they exist in a vacuum and by themselves what do we need the three basic components of what we need in web 3 are wallets these are users right people using applica uh people on chain everybody has a wallet or multiple wallets but a user experience that is welln assets these are anything that can be digitized right billions to trillions of dollars that currently exist but the other things that you could that you could you could digitize your time your identity your attention your your your education your health records your property records anything that could be that was first analog and then electronic and now digitized can be tokenized and can be easily moved around and transferred and finally the applications that allow the users with these assets to transact with one another this is a very familiar thing for me because this is the way that our team is currently set up at all the labs with a lot of other things but if you start at the Arc of institutional institutions and capital markets you work your way through Enterprise all the way across to defi that's as Crypton native as it currently gets but that's just where we are and we can keep going more web 3 native with new Innovative products new Innovative projects and new ways of digitizing things and moving value across web 3 and I want to talk about how we get there in a minute but point being you know we look at a future that has millions of of billions of people that are benefiting from web 3 right crypto complexity for the most part abstracted away and faded into the background and we see Avalanche powering that glob adoption because it's faster Avalanche is the fastest blockchain measured in terms of time to finality for the most part the apis are a lot slower than the chain itself the world that we're trying to build can't be slower than what currently exists you can't wait for transactions to finalize you need a digital economy at the speed of a digital economy the future needs to be inexpensive and I'm using the word inexpensive here on purpose I am not saying cheap you hear a lot about blockchains that are cheap and the transactions are cheap and things are cheap when something is cheap by definition it's cheap it breaks it goes down it has problems it has issues you want something that is inexpensive and you can't disintermediate people that exist if you charge as much as they do if not more to do simple transactions Avalanche is as inexpensive as possible without sacrificing security and up time that's on the main chain and we're going to talk about how Avalanche can even be more inexpensive for the applications that that are needed the future also has to be usable and a usable future has to be easier than what exists now period right nobody cares about certain things in the tech stack if it's going to be harder or as hard as what currently exists to get rid of the world that we know for something new it has to be easier and it has to be usable and finally the future is decentralized decentralization is kind of like security right you take it for granted and you don't know that you need it until it's too late and if it's not decentralized it's kind of not worth it really proud to say that Avalanche is one of the most decentralized networks top three always in the in akamoto coefficient which is the test of decentralization of any of the top blockchains you can have a fast and cheap blockchain with running F very few nodes as a network and a network of blockchain avalanche is the most decentralized at scale and finally the future is sustainable Avalanche is very green we have a very lightweight consensus protocol and when you're talking to Enterprises and institutions and people that are building the future of financial applications but also cultural applications and numerous new industries that are are coming up you can't be as pollutant and as as energy consuming as the and mortar things that exist already so Avalanche we believe is spurring This Global adoption with all of the right ingredients and we see Avalanche bolstering this adoption first and foremost through Avalanche all ons Avalanche l1s if you have followed Avalanche over the past couple of years we used to call these subnets subnets was a very technical name by a technical professor as a Founder subnets referred to a subnetwork of validators that ran their own chain well people got confused and we wanted this to be easy so now they're Avalanche l1s Avalanche l1s are custom application or business or use case or asset case specific blockchains you know every couple of years we see new blockchains pop up and I will tell you that I believe that the problem with the crypto space is that we have too many blockchains and we have way too much block space space way too many chains launch general purpose chains without a product Market fit whose product truly is their token and then we have this whole issue for a year or two and everyone fights over a little bit better of an evm or a competing move virtual machine or a fork of salana or whatever other chain exists that's competing with the other virtual machine of its time our solution to this is more blockchains and more block space but it has to be purpose-built blockchains specific institutions specific businesses specific assets specific applications need their own blockchain for their own purpose not to be fighting for Block space with other assets and other and other things that might be taking up time in space but their own their own their own customized blockchain with their own virtual machine or an existing virtual machine that exists for their use case imagine amazing applications that exist today that had the opportunity to have a blockchain from day one we are lowering the barrier of Entry we are lower the lowering the cost of launching a blockchain and we will be your partner to help you launch a blockchain we will be your distributed systems experts so you could build the application of your choice the application that you need to ensure that your business or product or asset really succeeds but great that's a lot of blockchains you just said we have a lot of blockchains what's you know how do these things all work interoperability Avalanche from day one from the white paper five years ago talked about subnets and Avalanche l1s and the interoperability between them the magic of avalanche is the pchain which is where all the validators exist and all the chains are registered through a common protocol think of it as a library of blockchains we have an inter native interoperability protocol that allows you to move both data and assets between these chains and between the main the the primary public chain so the primary C chain which most of you have interacted with starts to become a data and a liquidity Hub all of the chains with their native tokens can move those tokens to the C chain easily provide the liquidity that's necessary and exchanges wallets and other applications that want to support your token can do so as an erc20 without having to integrate and index your chain so you start to see a network of blockchains that are interoperable that have the tooling and the connections and the benefits built in from day one we become your blockchain team Avalanche becomes your blockchain network of networks that allows you to build whatever it is that you need to launch your product to launch your token to launch the use cases that you would otherwise have to hire an entire engineering or platform team to do we have to dat 60 of these chains live 37 projects out live 23 are still yet to launch and these have been private permissioned on the institutional the banking and the regulated asset side and on the permissioned public side so we've seen this with Enterprises across loyalty and rewards we have seen this with gaming with AAA games and guilds coming online and really excited for what's coming in the next quarter interoperability is live public permissionless chains will be live so people who need to be able to create their own communities use their own tokens use their own validators and run their own networks will be able to do so but connect to the broader Avalanche ecosystem with these chains and this interoperability we need better products Avalanche is very proud to have several hundred applications but also the tool link that is needed to get there the core wallet other wallets that are coming online to support Avalanche not just at the single chain level but at the network level we need to abstract away a lot of the crypto complexity we have great wallet providers and tooling providers and virtual machine providers and all the things that matter ranging from and partners ranging from institutions to Enterprises to gaming to Crypton native and finally the most important thing I just spent a lot of time talking about technology about the benefits of Technology about the benefits of how Avalanche enables Builders and creators and partners to develop whatever it is that they want but the true benefit is of avalanche is that community of applications that community of Partners and that community of people who help us tell our story so that the next two person twers team or the next company or the next great idea can launch their application on an Avalanche blockchain or launch on the Avalanche C chain and then grow into their own blockchain if they need it so the best thing that we can do is to enable people and I spent all this time talking about technology but I will also say that the best part of doing something is not just the technology but the people that you work with and I believe that the people that we work with that we power and that we look forward to supporting are as important if not more important than the technology itself so with that said Avalanche is how Builders and users can really pass move past that beginning stage that we were in crypto and I really think that we're at the end of the beginning of single chains and general purpose chains and really are working towards a future of purpose-built blockchains purpose built applications new assets and new innovation that Avalanche will help to to to drive forward and we look forward to building that future with you so thank you for your time