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Gavin Wood, co-founder of Ethereum, Polkadot, and Kusama, has articulated a vision for Web3 that emphasizes making cryptocurrency transactions a public good by removing transaction fees. In a recent exclusive interview with Cointelegraph, Wood highlighted the need to decouple Ethereum from its native token, Ether, to facilitate broader adoption among Web2 users.
Initially, both Wood and {Ethereum} (ETH) co-founder Vitalik Buterin contemplated eliminating Ether from the Ethereum ecosystem. Their goal was to address the scalability and user-friendliness challenges that transaction fees might pose. However, they ultimately decided to retain Ether, recognizing its role as an essential anti-spam mechanism and a source of funding for ongoing development and innovation within the Ethereum network.
Wood advocates for a significant shift in how cryptocurrency transactions are structured. His vision includes leveraging platforms like Polkadot’s JAM chain to advance toward a model where transaction fees are eliminated, which he sees as crucial for achieving Web3’s full. This approach aims to make Web3 technology more accessible and beneficial to a wider audience, beyond the current user base of cryptocurrency enthusiasts.
The overarching aim is to transform Web3 into a socially beneficial public good, facilitating a more seamless transition for the 6 billion Web2 users into this next-generation internet framework. The challenge lies in reconciling the need for a sustainable economic model with the desire to remove transaction costs, a balance that Wood believes is critical for the future of Web3.
This strategic shift reflects a broader trend within the industry to address scalability and usability concerns while maintaining the integrity and functionality of blockchain networks. As technology evolves, the focus remains on creating solutions that align with the foundational principles of decentralization and user empowerment.
