Permissionless Conference - Event Recap
The Permissionless Conference: The Key Points
The permissionless conference has just been concluded, and what an event it was. A gathering packed with many major players in the crypto industry is sure to be a lit discussion. These are the key takeaways from the Permissionless conference.
WEB3 Is the Foundation of Crypto, and It Is All About the People
We had strong corroboration from this conference that Web3, the foundation of cryptocurrency, empowers the people. For example, you can see this with the rise of DAOs and community-driven crypto projects.
The conference drew a parallel between the rise of the internet and crypto. At the start of the internet age, many dismissed it as a bubble that would crash and not rise again. A toy it was called then. After the dot-com crash, this sentiment only became stronger. However, we all know how the internet revolution eventually turned out. The Internet is now a thing none can do without.
As pointed out in the conference, crypto is now also in that early stage when the internet found itself - the infrastructure build-out phase. Unfortunately, with so much doubt, there is still negative sentiment from the traditional markets surrounding the crypto industry, hoping it will burst and not rise again.
Just as the internet went from “it’s a bubble or toy” to “oh no, we can’t do without it,” the crypto industry will evolve too.
The Talk About Decentralized Finance (DeFi)
As pointed out in the conference, the crypto industry is still in its very early days. So, it comes as no surprise that some specific projects will surely break in the DeFi sector. Recently, the crash of Luna and UST shows how things can still hurt the users’ confidence at this early stage.
However, despite this, what experts at the conference are sure won’t break is the foundation on which DeFi is built.
The same was said about DAOs - they are also in their earliest stage, and there are high hopes for what they can eventually metamorphose into at the later stage of the crypto evolution. Moreover, DAOs allow people to get back to building things together, which further buttresses the point raised earlier that Web3 is all about the people and not some centralized institution or government agencies.
Crypto is not about price speculation but more about building and building. New products keep the people excited and it is one of the ways out of a crypto bear market. For example, look at what the introduction of DeFi and the development of digital collectibles did to the crypto market.
Finding a Place for DeFi to Thrive
The argument at the conference about where DeFi should reside is also an interesting one. Some parties believe that DeFi should move to L-2 from L-1s and be secured on Ethereum. Others believe it is a risky business to put all eggs in one basket by moving DeFi to a single chain. As such, DeFi should stay on L-1s.
In addition to that, experts at the conference are hopeful a purely decentralized stablecoin will be achieved and see it as a critical mission. Since no centralized governmental authority will allow the digitization of physical money, experts hope that the stablecoin sector can fill that gap.
The Future Is in the Metaverse
Experts see the future of crypto in the metaverse. However, that future may be two-pronged: one is your physical self, and the other is your avatar self. In some cases, some things that will exist in the metaverse will be “phigital,” where actual physical products are linked to sleek digital artworks and collectibles.
This is an exciting conference for Zoop and it is exciting for various reasons. Firstly, the number of projects, experts, and crypto organizations present at the meeting speaks volumes about the crypto industry's positive direction.
“History has shown us that it is those who keep building during the Cryptowinter that go to rise to the top of the wave that follows. That seems to not be forgotten here(there) at Permissionless, as the morale was bright and shiny as those in attendance. While never forgetting the actuality of the nature of the market, and the big events that helped it get to where it is, no one here is closing shop, but rather, further entrenching themselves into the fabric of the Space. Just keep grinding.” - Bodhizai, Zoop Community Manager
Secondly, the future looks bright for Zoop because none looks similar to what we are building despite the number of projects at the conference. That can only mean one thing: we are very early!
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