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Decentralized Dreams: Shaping The Next Chapter Of Web3

Oct 19, 2023 - forbes.com
The article discusses the potential of artificial intelligence (AI) in accelerating the adoption of Web3, a decentralized version of the internet. It highlights the role of developers in reviving the Web3 space, focusing on improving user experience through Web3 tooling. The article also discusses multiparty computation (MPC) and account abstraction (AA), two concepts that could enhance privacy and user experience in Web3. MPC allows multiple parties to compute a function over their inputs while keeping them confidential, while AA, a concept from the Ethereum network, blurs the distinction between different types of accounts, improving transaction processes.

The article further explores practical use cases of MPC and AA, such as in the finance, healthcare, and education sectors, and in blockchain projects like Starknet and zkSync. It also mentions the use of these concepts in social recovery and digital inheritance in the Polkadot and Kusama ecosystems. The article concludes by questioning whether AI will speed up the adoption of Web3, drawing a parallel with the 70-year journey of AI to mass adoption.

Key takeaways:

  • Developers are focusing on Web3 tooling to improve user experience and create more secure and private Web3 decentralized applications (dApps).
  • Multiparty computation (MPC) and account abstraction (AA) are two key methods being used to improve the functionality and security of Web3 applications.
  • Organizations such as Starknet and zkSync offer account abstraction at the protocol level, while projects like Web3Auth create MPC and AA-enabled key management software development kits (SDKs) for blockchain projects.
  • There is a question of whether AI will accelerate the adoption of Web3, or if it will take a similar timeline to AI's own mass adoption, which took over 70 years.
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