Web3: hype or reality? This new model based on blockchain and decentralization, keeps polarizing opinions, being hailed as the future of the internet or, conversely, condemned as a delusion. During its INNOVEIT Open Day on 8 November 2022, the EIT Hub Silicon Valley set itself to clear up what’s myth and what’s legit with some of the most prominent tech leaders and entrepreneurs from both sides of the Atlantic.

Despite the recent failure of cryptocurrency exchange FTX, Web3 (itself heavily relying on blockchain and decentralized fintech) is still gathering record-high interest from investors and entrepreneurs. Axios reports that top early-stage investors, during the third quarter of 2022, were still more excited about DeFi and Web3 than about all other industries, putting the most capital into Web3-related ventures for the fifth consecutive quarters.

This spike in interest into Web3 opportunities, combined with questions about its challenges and legitimacy, set the scene for the launch of the new Web3 Series Summit, organized by the EIT Hub Silicon Valley as part of the successful INNOVEIT series.

The event brought together representatives from the European Commission, World Economic Forum, Harvard University, Stanford University, startups and venture capital, and sought to build community and connection among participants, creating visibility and leadership for the European Institute of Innovation and Technology (EIT) in this nascent area.

The first panel exposed the fear, uncertainty and doubt that currently plagues many elements of Web3, but also highlighted opportunities and a potential roadmap to gain trust. Thomas Hardjono, Technical Director at the MIT Internet Trust Consortium, stressed that there is a genuine desire for better control of personal data among web users, which blockchain can enable. Web3 has also enabled countless people in Southeast Asia to increase their income in a way that was not possible before, as pointed out by Joni Karras, co-founder of Kleoverse.

Creation of real-world value and latest developments were the focus of the second panel discussion, with Jan Liphardt, professor of bioengineering at Stanford, remarking how Web3 is enabling anyone anywhere to come together and build an economic system solely on the basis of their common interests or common goals. One clear area of value is the possibility of offering banking services to people who couldn’t otherwise access them, said Filipe Macedo, co-founder of TalentProtocol.

However, it was also clear that many challenges still need to be addressed regarding who owns what, and how ownership will be managed and recognized in the decentralized world.