Event on: 15th June 2023
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On 15th June 2023, Zeeve held a Twitter space hosted by Karthik MS, Social Media Manager of Zeeve., where Ethan Safar, Co-Founder & CEO of Payconsent, has been invited to join the discussion on “The Rise of Web3: Exploring the Future of Entrepreneurship.”
Karthik started the conversation by discussing the Web3Titans event to be held in Mumbai on 18th of June.
The first question posed by Karthik to Ethan Safar was about his background and what drove him to a startup. Ethan answered that he is often motivated by combining personal experiences, industry insights, and a desire to solve existing problems or meet unmet needs.
Answering a follow-up question on What is Web3, and how is it different from Web2?
Ethan Safar explains by referring Web3 to the next generation of the internet that aims to decentralize control and empower users. Unlike Web2, which relies on centralized platforms, Web3 leverages blockchain technology, smart contracts, and decentralized applications (dApps) to enable peer-to-peer interactions, data ownership, and trustless systems.
The next question posed by Karthik was on how Web3 will impact entrepreneurship and What are its promising areas?
Ethan states that Web3 allows for creation of decentralized applications and platforms that can disrupt traditional industries. Entrepreneurs can leverage blockchain’s transparency, security, and programmability to build innovative solutions, create new business models, and engage in token economies. Web3 also facilitates crowdfunding and decentralized governance, enabling more inclusive and community-driven entrepreneurship.
Ethan goes on to state that Web3 entrepreneurship spans various sectors. Some promising areas include decentralized finance (DeFi), non-fungible tokens (NFTs), decentralized identity, gaming, supply chain, energy, and healthcare. These sectors can benefit from the transparency, security, and efficiency that Web3 technologies offer.
The next question posed by Karthik was, what changes are expected to be seen in terms of fundraising and investment for entrepreneurs?
To this, Ethan replies that Web3 has the potential to democratize entrepreneurship and provide equal opportunities. It enables global access, lowers entry barriers, and reduces reliance on centralized intermediaries. Underrepresented entrepreneurs can leverage Web3 to raise funds through token sales, access decentralized financial services, and build communities around their projects. However, inclusivity must be a priority, and efforts should be made to bridge the digital divide and promote diversity within the Web3 ecosystem.
Lastly, Karthik asked Ethan Safar about the potential legal and regulatory challenges entrepreneurs may face in the Web3 space.
Answering Karthik, Ethan explains, Web3 operates in a rapidly evolving regulatory landscape. Entrepreneurs must navigate jurisdictional complexities, data privacy concerns, and compliance requirements. Engaging with regulators, advocating for sensible regulations, and adopting best practices are crucial for fostering a favorable environment for Web3 entrepreneurship.
To find Ethan Safar`s answers to Karthik’s questions on “The Rise of Web3: Exploring the Future of Entrepreneurship.”
Click the link below and listen to the Zeeve Tech Talk episode.
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