Event

BlockShow unites with BlockDown for a crypto festival in Hong Kong

BlockShow marks its return to in-person conferences by joining forces with BlockDown to bring a crypto festival to an iconic Hong Kong location in May 2024.

BlockShow, a major global conference devoted to the blockchain and cryptocurrency industry, is making a comeback after four years, joining forces with BlockDown Festival — powered by public relations agency EAK Digital — to bring a festival-like Web3 event to Hong Kong in 2024.

First launched in 2016, BlockShow is backed by the blockchain industry publication Cointelegraph and will work closely with EAK to produce the BlockShow X BlockDown, the Asia edition, which will take place at Hong Kong’s government-backed Cyberport venue. Known for hosting prominent Web3 companies such as Animoca Brands, Cyberport is the Silicon Valley of Hong Kong and will be the primary venue for the main BlockShow X BlockDown Asia event.

The main conference will take place from May 8 to 9, 2024, and will be accompanied by side events across several additional days. Choosing Hong Kong was only natural, with the region’s growth as a global technology and Web3 hub in recent years making it the perfect location. The Cyberport will be transformed into Web3 city, with access to multiple floors, exhibition spaces, galleries, meeting zones, cafes, restaurants, workshop rooms, open-air spaces and more.

Read more

The view from Paris Blockchain Week 2023: Web3 builds while the city burns

It was champagne and optimism for Paris Blockchain Week 2023 despite Parisian protests and economic uncertainty.

Paris Blockchain Week (PBW) celebrated its fourth edition in spring 2023 against a backdrop of riots, protests and general civil unrest. The builders in the Bitcoin (BTC), crypto, and Web3 spaces were unfazed by protesters chanting and dancing on the doorstep of the conference venue. 

The event occurred amid ongoing protests in Paris and worsening macroeconomic conditions in France. Many attendees expressed concern about the impact of these factors on the future of the blockchain and crypto industry, particularly in Europe.

Nevertheless, the overall mood at PBW 2023 was optimistic, with many attendees citing the recent surge in Bitcoin’s price as a sign of growing mainstream acceptance of the technology. As the CEO of Ledger, Pascal Gauthier, explained to Cointelegraph: “Bitcoin was designed for this.”

“Bitcoin was designed in reaction to Lehman Brothers in the 2008 crisis. It was designed because you can’t trust central authorities. And it’s designed because it’s clear that central authorities will fail. It’s not a question of if. It’s more a question of when.”

However, as protestors marched by the entrance of “Les Salles du Carousel” — the crypt in the Louvre where the event was held — there appeared to be a disconnect between the Web3 space and reality.

Denelle Dixon, CEO of the Stellar Development Foundation, explained that “It is a little bit like we’re not recognizing what’s happening with the builders and what’s happening with the protesters.” Nir Kouris, the founder of Creator Nations, told Cointelegraph that the work of Paris Blockchain Week is “super important,” but it’s important to speak to those in the mainstream world:

“We need to not live in a bubble to include, to embrace, to empower all these people from outside. They don’t have a clue about what is blockchain. So our goal is to use different and different terminology so we can include all of them into the conversation.”

Cointelegraph interviewed some of the protesters during the event; very few were aware of crypto, and some had not heard the word “Bitcoin” before.

Cointelegraph speaks to protestors in front of the conference venue

The streets of Paris saw fires, trash and fire extinguisher fluid — an apocalyptic scene for many of the tourists visiting France — but Parisians were unperturbed, and some called for calm. Gauthier, a Parisian through and through, shrugged his shoulders at the protests. It’s part of French culture to take to the streets, he explained.

Another key theme throughout the event was the risk that Web2 companies, including Google, Nasdaq and Facebook, and traditional brands, such as LVMH and Gucci, could be co-opting the Web3 vision. The headliners at PBW included established brand managers from the likes of Diesel and Fiat. What are established retail brands doing at a crypto conference? Animoca Brands CEO Robby Yung wades in:

“The reason that there is a place for them in Web3 is because brands themselves have power. You know, they resonate with consumers, whether it’s gaming brands or, you know, handbag and and luxury watch brands. Brands have resonance with consumers.”

Web3 provides new ways to innovate, Yung explained. Ryan Nix, head of solutions architecture at Coinbase, agreed, to an extent. He said that Web2 players want to get in on the action, but must also “obfuscate difficulty from their users.” Ultimately, Nix continued, to access a greater audience, simplifying the somewhat complicated crypto and blockchain tools could help.

Cointelegraph speaks to Coinbase’s Nix 

An interesting omission for the 2023 iteration was the notable absence of the crypto exchange Binance. In 2022, Binance financed the largest stand at the conference, and Changpeng Zhao, the CEO of the crypto exchange, gave a keynote speech. This year, the world’s largest exchange is caught up in a lawsuit in the United States while the crypto bear market rages on.

Related: BUSD deposits and withdrawals via OCBS suspended on Binance.US

As the industry evolves, events like PBW 2023 will play an increasingly important role in bringing together key players and driving innovation. However, the crypto space must begin to address more real-world use cases to reach the mainstream and catch the eye of those ordinary people taking to the streets of Paris. 

Hong Kong turns to Japan for advice after ‘mind-boggling’ Web3 influx

Hong Kong is looking to Japan for guidance to become a friendly environment for cryptocurrency following an overwhelming response to Web3 investment.

In light of Hong Kong’s commitment to developing cryptocurrency infrastructure, fintech official King Leung has visited Japan to talk with policymakers and regulators in Tokyo to better understand the idea around Web3 digital assets.

In an interview with Cointelegraph reporter Jesse Coghlan, King said that understanding the rationale behind Japan designing those regulations was something worth taking the trip for.

In October, Hong Kong initiated its efforts to establish itself as a leading global center for cryptocurrency by introducing policies aimed at fostering a crypto-friendly regulatory framework for the industry within its borders.

King also mentioned talking to industry players to get a holistic view. According to King, findings from his visit would be reported back to policymakers and regulators in Hong Kong to be included in the considerations for designing the city’s regulations concerning digital assets.

King explained that digital assets, including other assets such as tokenized bonds and tokenized revenue streams from internet protocols (IP), would likely be monetized to create revenue streams. This was in response to the strategic importance of Web3 and crypto in the context of the economic development of Hong Kong and was in line with one of the discussions he had in Japan.

Related: Hong Kong fund plans to raise $100 million for crypto investment

According to King, “InvestHK did not expect this enormous, massive level of enthusiasm.” He described it as mind-boggling as he received statistics saying that, in March and April alone, Hong Kong has had over 100 Web3- or digital asset-related events. King mentioned that despite the fact that the natural inability to satisfy the needs of the market completely, the government is working as quickly as it can.

Regarding the readiness of the government toward these Web3 plans, King said the projects might not be ready by June 1 and that the government just has to prioritize and do the things that have the biggest impact first.

Magazine: Hong Kong crypto frenzy, DeFi token surges 550%, NBA China NFTs — Asia Express

Paris Blockchain Week 2023: Second day of the summit kicks off

After an eventful opening day spanning the impact of Web3 and its growing adoption, Cointelegraph is all set to bring key updates from the second day of PBW Summit.

Paris Blockchain Week (PBW) kicked off its fourth year as one of the world’s largest conferences tackling all things blockchain, crypto and Web3. The event hosts over 10,000 attendees and sold out last year.

Following two days packed with hackathons, talent fairs and investor demos, the main event of the week, the summit, continues with its second day on March 23.

The Cointelegraph team is stationed in Paris to bring readers the latest news from the ground, presented below in ascending order (the newest story at the top). Time stamps are in UTC.

Paris Blockchain Week Summit 2023: Day 2

3:00 pm: Circle CEO Jeremy Allaire took the stage in a fireside chat about the future of money. “What’s happening in the U.S. is extraordinarily disappointing,” Allaire said in reference to digital asset regulation. “The United States Congress is not doing its job.”

2:00 pm: In another exclusive interview, Cointelegraph’s Joseph hall talked to Ledger CEO Pascal Gauthier about the current banking crisis in the United States and what it means for the crypto world. he said that the collapse of major banks highlights the importance of Bitcoin and self-custody. Read more here.

Cointelegraph’s Joseph Hall in conversation with Ledger CEO Pascal Gauthier. Source: Cointelegraph

1:00 pm: Cointelegraph journalist Joseph Hall sat down with 1inch co-founder Sergej Kunz to discuss the present and future of the crypto ecosystem. Kunz shared his thoughts on numerous topics, including the limitations of investing for ordinary people, what mass adoption looks like and big companies jumping into the Web3 space. Read more here.

12:00 pm: The next panel discussion was focused on the impact of Web3 on startups and investors, moderated by Michael Amar, chairman of Paris Blockchain Week. The panel was joined by Igneus Terrenus, head of partner relations at BitDAO; Laurenz Apiarius, founder of Blockwall Digital; Dan Tapiero, founder of 10T Holdings; Amos Meiri, founding partner at Node Capital; and Eden Shochat, equal partner at Aleph. The panel discussion revolved around the role of investors amid the emerging importance of governance and decentralized autonomous organizations.

The experts shared their views on the ongoing debate around crypto tokens deemed as securities and how the Web3 ecosystem is tackling the financial aspect of the innovation. Apiarius talked about the impact of bad actors in a new economic sector like Web3 and the role of investors. He explained:

“The movement of Web3 is misused by some bad entrepreneurs, and it’s the job of investors to filter that and not put capital into entrepreneurs that make fun of it.”

 Dan Tapiero, Igneus Terrenus, Laurenz Apiarius, Eden Shochat, Amos Meiri and Michael Amar (from left to right).

11:30 am: The panel discussion titled “The Ethics of Web3” revolved around public policy and was moderated by Moojan Asghari, the co-founder of Thousand Faces. The panel consisted of Oscar Wendel, senior manager at Dubai World Trade Centre; Margaux Frisque, co-founder of D&A Partners; and Loic Brotons, CEO of Galeon.

The industry experts on the panel shed light on the role of ethics in fast-paced evolutionary techs like blockchain and Web3. Asghari in her address noted that Ethical frameworks or standards always lag behind the advancement of technology and explained:

“This is the biggest challenge of ethics – what are the right questions to ask ourselves today, in order to make sure that the technology doesn’t harm us in the near or far future.” 

The panellists stressed that innovation typically comes before any ethical standard is implemented. Read more here.

Dr Loic Brotons, Oscar Wendel, Moojan Asghari and Margaux Frisque (from left to right).

11:20 am: In a panel titled “Crypto, Culture, and Capital: How Web3 is Changing the Game for Startups and Investors,” a group of Web3 professionals discussed the evolution of startup culture centered around the new internet. The panel highlighted the role of investors in Web3, the growth of decentralized autonomous organizations (DAOs) and the cultural shift from a Web2 to a Web3 paradigm. Read more here.

Paris Blockchain Week venue in Paris, France. Source: Cointelegraph

11:00 am: The next keynote speech revolved around smart contracts, a key-building tool in the decentralized and blockchain space. The speech delivered by Stellar Development Foundation VP Tomer Weller touched upon the subject of smart contract development and how difficult and complex it is. He said:

“Smart contracts are not easy and only as smart as the coders that build them and we need to hold them to a higher standard.”

Tomer Weller talking about the state of smart contracts in today’s world

10:30 am: The next keynote speech came from Alexandre Dreyfus, founder and CEO of Chiliz, on the integration of blockchain and gaming tokens in mainstream sports. He shared how decentralized tech added to mainstream sports is making the experience for fans more immersive. 

Alexandre Dreyfus talking about the evolution of fan experience with Web3

10:00 am: The first panel of the day, titled ‘The Need for Yield,’ was moderated by Cinderella Amar, co-founder of Glass Slipper Ventures and joined by Maxime Boonen, founder of B2C2 & PV01, Tim Grant, head of EMEA at Galaxy, Yoann Caujolle, co-founder of Rockby, and Charlie Meraud CEO of Woorton.

The panel discussion revolved around the concept of yield farming in crypto and how it has evolved over time. The panelists shed light on the legality and regulatory aspect of yield farming in today’s time and how viable of a business model it is.

Tim Grant, Maxime Boonen, Yoann Caujolle, Charlie Meraud,  and Cinderella Amar (from left to right). 

9:30 am: The first keynote speech of the day came from Jeff Hasselman, the head of Web3 at Amazon Web Services (AWS). Hasselman, while talking about the interest of enterprises like Amazon in the Web3 ecosystem, said that he was highly influenced by the Bitcoin white paper. He explained:

“I read the Bitcoin whitepaper in 2013 and I was like if this works, then this would really be amazing because it would redefine what the internet is all about.”

Hasselman went on to list how AWS is actively involved in helping builders of Web3 and offering the infrastructure to companies and blockchain developers alike.

Jeff Hasselman, Global Head Web3, Amazon Web Services talking about Web3

8:30 am: Welcome to day 2 of the Paris Blockchain Week Summit, a day that will be focused on the culture, adoption and importance of decentralized tech. Some of the notable panel discussions to look forward to will cover the ethics in Web3, the evolution of crypto payments, how to protect users from crypto scams. The Cointelegraph team is on the ground to bring the latest updates, exclusive interviews and behind the scenes throughout the day.

Paris Blockchain Week venue shot. Source: Cointelegraph

Cointelegraph’s Joe Hall looks for perspective amid Paris riots

Reporter Joe Hall spoke to Animoca Brands CEO Robby Yung to hear his thoughts on Paris hosting a major crypto and blockchain conference as many have taken to the streets in protest of a bill raising France’s retirement age from 62 to 64 years old. According to Yung, the local government had provided a “warm embrace” for participants of the event and saw the representation of major brands including Gucci as a positive sign for adoption. Read more here.

Animoca Brands CEO Robby Yung speaking with Cointelegraph’s Joe Hall at Paris Blockchain Week. Source: Cointelegraph

Paris Blockchain Week Summit 2023: Day 1

4:40 pm: Ledger CEO Pascal Gauthier delivered a keynote speech during which he discussed Bitcoin:

“You can try to explain why you think it has flaws, but you should always have reasonable doubts. It’s just like if you don’t believe in God, that’s OK. But you should always have reasonable doubt because the day you die, you will find out.”

Ledger CEO Pascal Gauthier delivered a keynote speech on the Master Stage at PBW. Source: Cointelegraph

13:40 pm: 2022 was the year of epic crypto collapses, with the collective failures of Terra, Celsius, Three Arrows Capital and FTX leaving a stain on the industry. A panel as a part of the Open Finance stream discussed how the crypto industry can recover from these events in light of the recent banking failures in the United States. Read more here.

A panel discussion titled “FTX, Luna, Celsius, 3AC: From Hero to Zero” at Paris Blockchain Week. Source: Livestream

12:40 pm: Metaverse regulation was on the agenda during an industry panel that included representatives from IBM Consulting France, Jacob Avocats, France Meta, Crypto Circle, Metacircle and Fenwick. The general takeaway from the panel was that businesses need to take calculated, strategic risks to grow their Web3 ambitions. “Get comfortable with discomfort,” one panelist said. Read more here.

Paris Blockchain Week venue. Source: Cointelegraph

12:00 pm: Tether chief technology officer Paolo Ardoino talked about the recent USDC saga and stated that Bitcoin is the “ultimate way” to hold wealth in an exclusive conversation with Cointelegraph’s Joseph Hall.

While discussing the USDC depeg, Ardoino said that stablecoin issuers should always make sure that their reserves remain protected. Read more here.

Cointelegraph journalist Joseph Hall with Tether CTO Paolo Ardoino at Paris Blockchain Week.

11:00 am: Bitcoin proponent Tim Draper was the next keynote speaker, discussing “The Decentralization of Everything.” Draper talked about the need for decentralization in today’s time amid lessening confidence in the banking system. He advised people to use Bitcoin to hedge against bad governance and banking.

Tim Draper advocated for Bitcoin against bad governance and banking failures.

Draper also sang a poem about Bitcoin and how the asset has outperformed traditional financial tools amid the growing banking crisis. Read more here.

10:00 am: The first round of panel discussions kicked off, with Cointelegraph editor-in-chief Kristina Lucrezia Cornèr moderating a discussion on the evolving role of Web3 technology in the traditional financial ecosystem.

Cointelegraph editor-in-chief Kristina Lucrezia Cornèr moderating a panel on Web3.

The panel, titled “State of the Chain 2023,” was joined by Patrick McGregor, head of product at Coinbase; Matthew Savarese, vice president at Nasdaq Digital Assets; Richard Widmann, global head of Web3 strategy at Google; Dante Disparte, head of global policy at Circle; and Denelle Dixon, CEO of Stellar Development Foundation.

The discussion focused on the state of traditional finance, the recent banking crisis and how Web3-based solutions are becoming a norm during times of financial crisis — something envisioned by Satoshi Nakamoto themselves when they created Bitcoin.

In addition to reflecting on the current state of Web3, the experts gave their insights and predictions on how things could pan out in 2023. Read more here.

Patrick McGregor, Matthew Savarese, Richard Widmann, Dante Disparte, Denelle Dixon and Kristina Lucrezia Cornèr (from left to right).

Another panel discussion around the European Union’s Markets in Crypto-Assets regulation, set to come into effect by 2024, saw industry experts weigh in on its impact. The panel was moderated by Sabine Van Haecke-Lepic, a lecturer and researcher at Sciences Po, and joined by the likes of Gundars Ostrovskis, team leader of digital finance at the European Commission; Nadia Filali, director of blockchain programs at Caisse des Dépôts; Hubert de Vauplane, partner at Kramer Levin Naftalis & Frankel LLP; Janet Ho, head of EU policy at Chainalysis; and Vytautas Karalevicius, co-founder of Bankera.

Gundars Ostrovskis, Sabine Van Haecke-Lepic, Vytautas Karalevicius, Nadia Filali, Hubert de Vauplane and Janet Ho (from left to right).

The industry experts and regulators opined on the implications and potential impacts of the proposed regulation. Read more here.

9:30 am: The following keynote speech was delivered by the CEO of Stellar Development Foundation, Denelle Dixon. She talked about the real-world use cases of blockchain technology, focusing on humanitarian aid. Dixon stressed that blockchain tech can bring efficiency to aid distribution, especially when those who need it the most are unbanked.

Stellar Development Foundation CEO Denelle Dixon talking about role of blockchain in humanitarian aid.

9:00 am: The opening keynote of the event came from Ethereum co-founder Joseph Lubin, who talked about the importance of decentralized networks in traditional finance. Lubin highlighted the diversity in the Web3 space and how it has helped the ecosystem grow stronger with a broad spectrum of talent.

Ethereum co-founder Joseph Lubin during his opening keynote speech.

8:30 am: The next keynote speech came from Henri Arslanian, co-founder of the investment banking company Nine Blocks Capital Management, and revolved around the latest global crypto trends — including Bitcoin, central bank digital currencies and nonfungible tokens.

Arslanian shed light on some of the past year’s key events in the crypto world, from the growth of Bitcoin to the numerous crypto contagions and recent bank runs. He stressed that there will be more stress on regulations and transparency moving forward. 

Henri Arslanian talking about global crypto trends.

8:00 am: The first day of the summit kicked off with a keynote from Zahreddine Touag, co-founder of Paris Blockchain Week. During his keynote, he stressed the need for events like PBW and its role in building business relationships and connecting to new people.

Paris Blockchain Week Summit started with a keynote by Zahreddine Touag.

Investor panel: What are the best investment opportunities in Web3?

In the next panel discussion, which focused on investment opportunities in Web3, investor Marguerite de Tavernost said that the bear market is the best time to build in the crypto market. She added that they offer more time for investors and innovators to build their reputations.

Ivan de Lastours de Bernarde, Katelin Holloway, Marguerite de Tavernost, Michael Amar, Andrei Brasoveanu and Richard Muirhead (from left to right)

Fabric Ventures co-founder talks Bitcoin, bank crisis

Richard Muirhead, the co-founder of Fabric Ventures, talked about Bitcoin price, inflation, the bank crisis and the emerging role of Web3 amid it all. He said that with its deflationary properties, Bitcoin is the first use case of Web3 and can become a safe haven during times of crisis. He added that Web3 is actively working on resolving traditional financial problems, but new use cases can take time to emerge, as they represent much more than simple software development.

In-depth discussion on metaverse gaming

Neal Stephenson, an American author and founder of metaverse project Lamina1, joined Paris Blockchain Week chairman Michael Amar to discuss the concept of interoperability in metaverse gaming. 

Stephenson, who coined the term “metaverse” in the 1990s, also talked with Cointelegraph editor-in-chief Kristina Lucrezia Cornèr on the evolution of the word. Read more here.

Neal Stephenson and Michael Amar (from left to right).

Stephenson said the idea of interoperability is irritating for some game developers, as many have been focused on building their own ecosystems for years, such as Fortnite and Minecraft. He explained that the idea of interoperability seems like an abomination because, at this point, all it offers is dragging and dropping assets from one game to another.

Cointelegraph behind-the-scenes on day two

The Cointelegraph team kicked off the second day of Paris Blockchain Week 2023 with a reflection on the cultural and historical depth of the venue:

Web3 headlines the agenda on day one of the summit

The main agenda for March 21 revolves around the scope of Web3 in today’s world. The one-day Web3XP event focuses on how brands and creators can generate value in the metaverse and how Web2 companies can transition to Web3. The event will see professionals representing consumer brands, gaming, collectibles, art and fashion in one place.

March 20 saw a relatively crowded talent fair tailored for the crypto and blockchain industry. Source: Cointelegraph

Cointelegraph reporter Joe Hall attends pre-summit events

The pre-summit events at the PBW 2023 included a talent fair.

The Cointelegraph team making sure you get the best angle.

The Cointelegraph team arrives in Paris

Cointelegraph editor-in-chief Kristina Lucrezia Cornèr, head of video Jackson DuMont and reporter Joseph Hall are deployed on the ground in Paris all week to deliver the most recent developments from the conference. 

Jackson DuMont, Kristina Lucrezia Cornèr and Joseph Hall (from left to right). Source: Cointelegraph

Investors Day

Investors Day kicked the week off on March 20, bringing together investors interested in Web3, nonfungible tokens (NFTs), the metaverse and blockchain applications. 

Stay tuned for continuous updates from PWB, including key takeaways, highlights and behind-the-scenes footage.

Paris Blockchain Week kicks off

The 2023 edition of PBW features speakers from some of the industry’s biggest players, such as ConsenSys, Ledger, Animoca Brands, Algorand, Reddit and more. It consists of the main summit and the Web3-focused Web3XP, and its main themes include public policy, enterprise blockchain, open finance, Web3 art, and investing in Web3 culture and entertainment, among others.

PBW also has a dedicated event for investors, a competition for startups, a hackathon and additional side events.

Last year’s event saw around 3,000 summit-goers and featured keynotes and fireside chats from some of the most prominent figures in the industry, such as Binance’s Changpeng Zhao and Tether’s Paolo Ardoino, among many others.

Paris Blockchain Week 2023: First day of the summit kicks off

Pre-summit events such as the Talent Fair, Startup Competition and Investors Day made up the day on March 20 at Paris Blockchain Week.

Paris Blockchain Week (PBW) kicked off its fourth year as one of the world’s largest conferences tackling all things blockchain, crypto and Web3. The event hosts over 10,000 attendees and sold out last year.

Following two days packed with hackathons, talent fairs and investor demos, the main event of the week, the summit, started on March 22.

The Cointelegraph team is stationed in Paris to bring readers the latest news from the ground, presented below in ascending order (the newest story at the top). Time stamps are in UTC.

Paris Blockchain Week Summit 2023: Day 1

12:40: 2022 was the year of epic crypto collapses, with the collective failures of Terra Luna, Celsius, Three Arrows Capital and FTX leaving a stain on the industry. A panel in the Open Finance stream discussed how the crypto industry can recover from these events in light of the recent banking failures in the United States. Read more

A panel discussion on “FTX, Luna, Celsius, 3AC: From Hero to Zero” at Paris Blockchain Week. Source: Livestream.

12:40: Metaverse regulation was on the agenda in an industry panel that included representatives from IBM Consulting France, Jacob Avocats, France Meta, Crypto Circle, Metacircle and Fenwick. The general takeaway from the panel was that businesses need to take calculated, strategic risks to grow their Web3 ambitions. “Get comfortable with discomfort,” a panelist said. Read more

Paris Blockchain Week venue. Source: Cointelegraph

12:00: Tether CTO Paolo Ardoino In an exclusive conversation with Cointelegraph’s Joseph Hall talked about the recent USDC saga and reaffirmed that Bitcoin is the “ultimate way” to hold wealth.

Ardoino while talking about USDC depeg said that stablecoin issuers should always make sure that their reserves remain protected. Read more

Cointelegraph journalist Joseph Hall with Tether CTO Paolo Ardoino at the Paris Blockchain Week

11:00 am: Bitcoin proponent Tim Draper was the next keynote speaker, discussing “The Decentralization of Everything.” Draper talked about the need for decentralization in today’s time amid lessening confidence in the banking system. He advised people to use Bitcoin to hedge against bad governance and banking.

Tim Draper advocated for Bitcoin against bad governance and banking failures.

Draper also sang a poem about Bitcoin and how the asset has outperformed traditional financial tools amid the growing banking crisis. Read more here.

10:00 am: The first round of panel discussions kicked off, with Cointelegraph editor-in-chief Kristina Lucrezia Cornèr moderating a discussion on the evolving role of Web3 technology in the traditional financial ecosystem.

Cointelegraph editor-in-chief Kristina Lucrezia Cornèr moderating a panel on Web3.

The panel, titled “State of the Chain 2023,” was joined by Patrick McGregor, head of product at Coinbase; Matthew Savarese, vice president at Nasdaq Digital Assets; Richard Widmann, global head of Web3 strategy at Google; Dante Disparte, head of global policy at Circle; and Denelle Dixon, CEO of Stellar Development Foundation.

The discussion focused on the state of traditional finance, the recent banking crisis and how Web3-based solutions are becoming a norm during times of financial crisis — something envisioned by Satoshi Nakamoto themselves when they created Bitcoin.

In addition to reflecting on the current state of Web3, the experts gave their insights and predictions on how things could pan out in 2023. Read more here.

Patrick McGregor, Matthew Savarese, Richard Widmann, Dante Disparte, Denelle Dixon and Kristina Lucrezia Cornèr (from left to right).

Another panel discussion around the European Union’s Markets in Crypto-Assets regulation, set to come into effect by 2024, saw industry experts weigh in on its impact. The panel was moderated by Sabine Van Haecke-Lepic, a lecturer and researcher at Sciences Po, and joined by the likes of Gundars Ostrovskis, team leader of digital finance at the European Commission; Nadia Filali, director of blockchain programs at Caisse des Dépôts; Hubert de Vauplane, partner at Kramer Levin Naftalis & Frankel LLP; Janet Ho, head of EU policy at Chainalysis; and Vytautas Karalevicius, co-founder of Bankera.

Gundars Ostrovskis, Sabine Van Haecke-Lepic, Vytautas Karalevicius, Nadia Filali, Hubert de Vauplane and Janet Ho (from left to right).

The industry experts and regulators opined on the implications and potential impacts of the proposed regulation. Read more here.

9:30 am: The following keynote speech was delivered by the CEO of Stellar Development Foundation, Denelle Dixon. She talked about the real-world use cases of blockchain technology, focusing on humanitarian aid. Dixon stressed that blockchain tech can bring efficiency to aid distribution, especially when those who need it the most are unbanked.

Stellar Development Foundation CEO Denelle Dixon talking about role of blockchain in humanitarian aid.

9:00 am: The opening keynote of the event came from Ethereum co-founder Joseph Lubin, who talked about the importance of decentralized networks in traditional finance. Lubin highlighted the diversity in the Web3 space and how it has helped the ecosystem grow stronger with a broad spectrum of talent.

Ethereum co-founder Joseph Lubin during his opening keynote speech.

8:30 am: The next keynote speech came from Henri Arslanian, co-founder of the investment banking company Nine Blocks Capital Management, and revolved around the latest global crypto trends — including Bitcoin, central bank digital currencies and nonfungible tokens.

Arslanian shed light on some of the past year’s key events in the crypto world, from the growth of Bitcoin to the numerous crypto contagions and recent bank runs. He stressed that there will be more stress on regulations and transparency moving forward. 

Henri Arslanian talking about global crypto trends.

8:00 am: The first day of the summit kicked off with a keynote from Zahreddine Touag, co-founder of Paris Blockchain Week. During his keynote, he stressed the need for events like PBW and its role in building business relationships and connecting to new people.

Paris Blockchain Week Summit started with a keynote by Zahreddine Touag.

Investor panel: What are the best investment opportunities in Web3?

In the next panel discussion, which focused on investment opportunities in Web3, investor Marguerite de Tavernost said that the bear market is the best time to build in the crypto market. She added that they offer more time for investors and innovators to build their reputations.

Ivan de Lastours de Bernarde, Katelin Holloway, Marguerite de Tavernost, Michael Amar, Andrei Brasoveanu and Richard Muirhead (from left to right)

Fabric Ventures co-founder talks Bitcoin, bank crisis

Richard Muirhead, the co-founder of Fabric Ventures, talked about Bitcoin price, inflation, the bank crisis and the emerging role of Web3 amid it all. He said that with its deflationary properties, Bitcoin is the first use case of Web3 and can become a safe haven during times of crisis. He added that Web3 is actively working on resolving traditional financial problems, but new use cases can take time to emerge, as they represent much more than simple software development.

In-depth discussion on metaverse gaming

Neal Stephenson, an American author and founder of metaverse project Lamina1, joined Paris Blockchain Week chairman Michael Amar to discuss the concept of interoperability in metaverse gaming. 

Stephenson, who coined the term “metaverse” in the 1990s, also talked with Cointelegraph editor-in-chief Kristina Lucrezia Cornèr on the evolution of the word. Read more here.

Neal Stephenson and Michael Amar (from left to right).

Stephenson said the idea of interoperability is irritating for some game developers, as many have been focused on building their own ecosystems for years, such as Fortnite and Minecraft. He explained that the idea of interoperability seems like an abomination because, at this point, all it offers is dragging and dropping assets from one game to another.

Cointelegraph behind-the-scenes on day two

The Cointelegraph team kicked off the second day of Paris Blockchain Week 2023 with a reflection on the cultural and historical depth of the venue:

Web3 headlines the agenda on day one of the summit

The main agenda for March 21 revolves around the scope of Web3 in today’s world. The one-day Web3XP event focuses on how brands and creators can generate value in the metaverse and how Web2 companies can transition to Web3. The event will see professionals representing consumer brands, gaming, collectibles, art and fashion in one place.

March 20 saw a relatively crowded talent fair tailored for the crypto and blockchain industry. Source: Cointelegraph

Cointelegraph reporter Joe Hall attends pre-summit events

A talent fair was among the pre-summit events at the PBW 2023.

Cointelegraph team making sure you get the best angle

Cointelegraph team arrives in Paris

Cointelegraph editor-in-chief Kristina Lucrezia Cornèr, head of video Jackson DuMont and reporter Joseph Hall are deployed on the ground in Paris all week to deliver the most recent developments from the conference. 

Jackson DuMont, Kristina Lucrezia Cornèr and Joseph Hall (from left to right). Source: Cointelegraph

Investors Day

Investors Day kicked the week off on March 20, bringing together investors interested in Web3, nonfungible tokens (NFTs), the metaverse and blockchain applications. 

Stay tuned for continuous updates from PWB, including key takeaways, highlights and behind-the-scenes footage.

Paris Blockchain Week kicks off

The 2023 edition of PBW features speakers from some of the industry’s biggest players, such as ConsenSys, Ledger, Animoca Brands, Algorand, Reddit and more. It consists of the main summit and the Web3-focused Web3XP, and its main themes include public policy, enterprise blockchain, open finance, Web3 art, and investing in Web3 culture and entertainment, among others.

PBW also has a dedicated event for investors, a competition for startups, a hackathon and additional side events.

Last year’s event saw around 3,000 summit-goers and featured keynotes and fireside chats from some of the most prominent figures in the industry, such as Binance’s Changpeng Zhao and Tether’s Paolo Ardoino, among many others.

Paris Blockchain Week 2023: Latest updates by Cointelegraph

Pre-summit events such as the Talent Fair, Startup Competition and Investors Day made up the day on March 20 at Paris Blockchain Week.

Paris Blockchain Week (PBW) is about to kick off its fourth year as one of the world’s largest conferences tackling all things blockchain, crypto and Web3. The event hosts over 10,000 attendees and sold out last year. The Cointelegraph team is stationed in Paris to bring readers the latest news from the ground.

The 2023 edition of PBW features speakers from some of the industry’s biggest players, such as ConsenSys, Ledger, Animoca Brands, Algorand, Reddit and more. It consists of the main summit and the Web3-focused Web3XP, and its main themes include public policy, enterprise blockchain, open finance, Web3 art, and investing in Web3 culture and entertainment, among others.

PBW also has a dedicated event for investors, a competition for startups, a hackathon and additional side events.

Last year’s event saw around 3,000 summit-goers and featured keynotes and fireside chats from some of the most prominent figures in the industry, such as Binance’s Changpeng Zhao and Tether’s Paolo Ardoino, among many others.

Cointelegraph editor-in-chief Kristina Lucrezia Cornèr, head of video Jackson DuMont and reporter Joseph Hall are deployed on the ground in Paris all week to deliver the most recent developments from the conference. 

Jackson DuMont, Kristina Lucrezia Cornèr and Joseph Hall (from left to right). Source: Cointelegraph

Investors Day kicked the week off on March 20, bringing together investors interested in Web3, nonfungible tokens (NFTs), the metaverse and blockchain applications. 

Stay tuned for continuous updates from PWB, including key takeaways, highlights and behind-the-scenes footage.

Ethereum layer-2 solutions may focus less on token incentives in the future

Token incentive models may become obsolete as layer-2 networks focus on ease of functionality and low fees, but how will this impact decentralization?

Layer-2 networks continue to gain momentum as the Ethereum ecosystem advances. For example, data from analytics provider Token Terminal found that layer-2 scaling solution Polygon had 313,457 daily active users as of Jan. 17, 2023 — a 30% increase in activity since October 2022. 

Moreover, the Polygon ecosystem recently announced the launch of its beta version Zero-Knowledge Ethereum Virtual Machine. As a result, Polygon’s native token, Polygon (MATIC), maintains a bullish narrative.

While notable, some believe layer-2 networks offering token incentive models may soon become obsolete. For instance, Jesse Pollak — head of protocols and Base core contributor at American crypto exchange Coinbase — told Cointelegraph at ETHDenver 2023 that there are currently no plans to associate a token with Base, the Ethereum layer-2 network recently launched by Coinbase. He said:

“We think about tokens as a powerful incentive tool that can change user and developer behavior. At the same time, we have seen situations unfold over the last few years where tokens have been used as an incentive mechanism with a lack of product fit for the underlying chain. Tokens have also resulted in nefarious or risky situations in the past.”

According to Pollak, Base is a layer-2 solution that allows developers to easily build applications without requiring an incentive mechanism. “Our product will stand on its own. It will be very easy for developers to use to build applications and distribute those to real human beings,” he said.

Shifting focus from token models to user experience

Focusing on ease of use and distribution are important points, as Pollak pointed out that many of today’s decentralized applications have been used solely for trading cryptocurrencies. “Trading is not enough to make cryptocurrency the future of the economy. At Base, we are making it easy for developers to build useful applications that people actually want to use,” he added.

Pollak explained that Base is investing in core infrastructure, such as Ethereum Improvement Proposal 4844, which will make the network secure and low-cost compared with other layer-2 networks. “It costs about 10–15 cents to conduct transactions on layer-2s. We aim to bring that down,” he mentioned.

While Base launched its testnet in February, Pollak shared that the Base mainnet launch will take place in the coming months. Moreover, while no plans exist for Base to offer a native token, several ecosystem participants have already expressed interest in building on Base.

Recent: Next stop Shanghai — Ethereum’s latest milestone approaches

For example, Konstantin Richter, chief operating officer and founder of Blockdaemon — a blockchain infrastructure provider — told Cointelegraph at ETHDenver 2023 that Blockdaemon will serve as an official infrastructure partner for Base. Richter shared that he thinks Base shouldn’t have a token associated with the network, as he believes proof-of-stake (PoS) is an entirely broken system. “Blockdaemon runs more PoS nodes than anyone else, and I can tell you that proof-of-stake only works when token prices go up,” he said.

Richter further explained that Blockdaemon plans to use the Base network to determine how to allow network participants to run nodes while possibly earning a fixed U.S. dollar fee. “This may result in a different type of PoS mechanism, possibly around commitment of compute rather than a staked percentage of tokens that may not serve the network well,” he said. Richter added that such a model could result in a better user experience. He said:

“This could be the biggest paradigm shift within the cryptocurrency ecosystem since the invention of PoS. We are moving away from incentive models that reward users for using a product. We are now focused on ease of functionality and low fees.”

Yet it remains questionable how exactly Base will attract users and developers to the platform without a token incentive model. Given Coinbase’s vast understanding of institutions and decentralized finance (DeFi), Richter doesn’t think this should be an issue: “I prefer to work with Base given Coinbase’s understanding of institutions and DeFi. It’s remarkable that a public Fortune 500 company is committed to putting transactions transparently on Base.”

While it’s too soon to predict future outcomes, it’s important to note that Arbitrum, another Ethereum layer-2 network, also functions without a native token. This has certainly not stopped users from interacting with the Arbitrum network. According to data from the analytics website L2Beat.com, Arbitrum has about $3.35 billion total value locked, making up about 54% of the market share on Ethereum.

However, rumors have been circulating that Arbitrum may initiate a token airdrop in the future. While this may or not be the case, it demonstrates Arbitrum’s ability to determine product market fit before launching a token. Gil Rosen, president of the Stanford Blockchain Accelerator, told Cointelegraph at ETHDenver 2023 that finding product market fit is about ensuring projects acquire the right customers whose value is accretive to the ecosystem, which often isn’t the case with tokens. “Early projects that launch tokens are often locked into tokenomics models before finding product market fit and then are unable to pivot dynamically,” Rosen said.

“DeFi Dad,” a partner at digital asset investment firm Fourth Revolution Capital, told Cointelegraph that he believes the main driver behind layer-2 tokens is to ensure decentralized control over layer-2 networks.

For example, he explained that the upcoming launch of zkSync’s Zero-Knowledge Ethereum Virtual Machine would use a PoS mechanism to allow zkSync tokenholders to act as stakers. “Layer-2 tokens are necessary for building the decentralized future,” he said.

DeFi Dad thinks a layer-2 network without plans to implement a native token could be successful if users are willing to sacrifice decentralization and censorship resistance in the short term. 

Recent: Banks with crypto services require new Anti-Money Laundering capabilities

He said, “Base could be successful as a network for transacting with a user’s crypto. However, make no mistake; Base will be a layer-2 (at least for the foreseeable future) that makes trade-offs. As DeFi users, we tend to deprioritize security and censorship resistance until we really need it.”

With this point in mind, Rosen mentioned that he believes token models will remain for many decentralized projects with large developer and user communities, but these will launch later. “A project may launch a token when the networks themselves are more mature and have found product market fit.”

Technical discussions take center stage at Advancing Bitcoin conference in London

Here’s a look back on the highly technical conference in London, where ordinals, silent payments and the Lightning Network were studied and discussed.

Bitcoin bear market builders convened in London for the Bitcoin-only conference Advancing Bitcoin, which ran from March 2–3.

Common Bitcoin (BTC) conference vernacular like “macro,” “shitcoin” and “debt spiral” was absent from the debate, replaced by computer science terms like “OP_return,” “nonce” and “ordinals” dominating the discussion. The two-day developer conference was technical and thoughtful — a space to get one’s hands dirty writing code.

Fedi’s Leon Johnson organized and kicked off the conference. Source: Michaelayophotography79 

Leon Johnson, a conference organizer and the head of operations at Bitcoin company Fedi, told Cointelegraph that the conference is entering its fourth year and the profile of attendees has slowly evolved:

“In 2019, we had a lot of what I would call hobbyists, enthusiasts, tinkerers. And those same people have now kind of progressed to work for Bitcoin companies.”

True to its name, the conference has advanced Bitcoin hobbyists to Bitcoin companies. Gaming company Zebedee, for example, spun up from interactions at Advancing Bitcoin, Johnson explained.

Alex Leishman, CEO of River — a U.S.-based Bitcoin accumulation and Lightning Network company — told Cointelegraph that the event is a high-quality arena for builders:

“It’s nice to be in workshops and presentations that really dig into the weeds and the inner workings of the innovations happening in the space — whether it’s ordinals, Lightning Network, protocol upgrades — and what those then mean for user experience and for improving the actual products we’re all trying to build.”

True to form, developers and computer scientists pitter-pattered on their keyboards throughout the conference. Attendees as young as 10 constructed hardware wallets from scratch, spun up code, and interrogated the blockchain and Bitcoin mempool. An entire day was dedicated solely to workshops.

Cointelegraph’s Joe Hall was conference compère. Source: Michaelayophotography79

Echoing comments made by other developers and computer scientists, Johnson highlighted that progress is good, but the layer-2 Lightning Network is still in its infancy, and Bitcoin is just a teenager at almost 15 years of existence. So, what does Bitcoin need to mature?

“Bitcoin needs people. We need more than speculators. We need people that care about applications.”

Eric Sirion, co-founder of Fedi and maintainer of the Fedimint protocol, joined in: “Don’t gamble — it’s a bear market, and bear markets are for building.” It’s time to “get out there and inspire people,” he suggested.

Related: UK is ‘likely’ to need digital currency, says BoE and Treasury: Report

Uncle Rockstar (not his real name), the brains behind some of Bitcoin company Strike’s inner workings concluded the first day of talks. Rather than delve deeper into technical specifications, as other talks did, Rockstar chose to chide, reassure and motivate developers, particularly those working on free, open-source software.

Uncle Rockstar (who chooses to hide his features) gives a talk. Source: Alex Waltz

Bear markets can burn out the best of us, he explained during his talk. “It’s OK to take a break and pick up a fiat job before returning to building.” Leishman agreed:

“I think Bitcoin is going to become the money of the world and is going to completely change everything. We can speed that up if we’re smart about how we approach it.”

With Bitcoin’s price continuing to wallow in the low $20,000s, the bear market continues to grind on. Advancing Bitcoin recently announced its intention to travel to Málaga, Spain with the concept in autumn. The Spain edition will focus on businesses and institutions and have less of a developer focus.

Most blockchain advocates haven’t even used Bitcoin

Bitcoin, the original blockchain, struggles to gain traction among blockchain advocates; an opinion from one of Europe’s largest blockchain conferences.

Bitcoin (BTC) popularised the term blockchain. Blockchains, or “decentralized and distributed digital ledgers used to record transactions across a network of computers,” have been around for over thirty years, the household name for a blockchain is Bitcoin. 

That’s despite the fact that the Genesis block was mined well over 14 years ago when George W. Bush was president and “I Gotta Feeling” by Black Eyed Peas topped the charts–Bitcoin is still top of the blocks.

It’s to be expected, then, that most blockchain advocates would have used, understood or a the very least experimented with Bitcoin.

Nope. Not so.

Speaking with Victoria Gago, co-founder of the European Blockchain Conference. Source: José Val Bal

Here’s an example. While MC’ing at the European Blockchain Conference in February, I asked the audience for a show of hands. I inquired of the circa 250 blockchain believers sitting in front of me:

“Who here has used Bitcoin?”

Maybe 20 audience hands shot up. “Okay. Keep your hand up if you’ve used Bitcoin’s Lightning Network,” I said. The Lightning Network or (LN) is the payments network built on top of Bitcoin which allows near-instant, near-free transactions. Over half those hands went down.

One data sample is insufficient. So, the following day I quizzed the audience on stage. I was surprised to receive the same result. Four-fifths of the blockchain conference audience had never used Bitcoin.

Why is that? Why is it that so few people have touched arguably the only blockchain that solves what is known as the “scalability trilemma;” that of decentralization, security and scalability?

The Bitcoin blockchain, or timechain as Satoshi Nakamoto called it in the white paper, is still relatively small. Anyone with an old laptop can download the entirety of all transactions in order to run a node; the network can scale to reach millions and soon billions of people with layers, while the Bitcoin blockchain has never been hacked. And yet at the blockchain conference, very few attendees run nodes or have transacted on Bitcoin.

However, there are not enough data points to yet form this conclusion. I wanted to quiz individuals across the conference if they were blockchainers or Bitcoiners–and if so, why is that the case?

I quizzed conference-goers about a simple question. I asked around 15 conference goers to choose Web3 or Web5, and only one person of the fifteen chose Web5. Ironically, the sole Web5 proponent in the interview is Bitcoiner Antonia Roupell, whose job title is “Web3 lead” for Save the Children.

Most respondents looked confused when presented with the choice of webs. “What is Web5?” They queried.

Web3 is a world of reportedly decentralized blockchains in which tokens (and token sales) drive the economy forward; Web5 is the decentralized internet built on Bitcoin. Naturally, Bitcoin maximalist Jack Dorsey champions Web5. 

Dorsey explained in December 2021 that Web5 will allow true ownership of identity and data, unlike Web3. Dorsey explains that “Web3″ has the “Same corporate incentives [as Twitter] but hides it under “decentralization.”

The Twitter founder reckons Web3 will never achieve true decentralization as underneath the marketing spiel and tokenomics it’s the venture capitalists and limited Partners who own the blockchains and the data underpinning the systems.

Web5 already boasts social media applications such as Zion in which users can easily send Bitcoin to one another and own their data, built atop one decentralized blockchain and. Which blockchain? You guessed it, Bitcoin. 

Source: areweweb5yet.com

Web3 has existed since Ethereum coder Gavin Wood coined the term in 2014 and thus has more time on its side. Plus it’s a catchy, catch-all term that is often used interchangeably with blockchain, crypto and metaverse. It’s hard to define, underline or frame without referring to financially lucrative projects. 

It finally struck me that the focus of most attendees at the European Blockchain Convention was business over Bitcoin. Or to put it another way–and to attempt to be a little less naive–the attendees wanted to make money over work towards a new monetary policy.

Moderating a panel on Web3 during the conference. Source: José Val Bal

I had the same experience when discussing Nostr, which stands for Notes and Other Stuff Transmitted by Relays. The relatively new, decentralized network enables private messaging and uncensorable communication–among other projects. 

One of the applications of Nostr, called iPhone app Damus, helped Nostr reach nearly half a million daily users in mid-February. User count multiplied by 5 since its listing on the Apple iOS store and the protocol is full of Bitcoin advocates.

I asked conference attendees for their public key so I could follow them on Nostr. I was met with bemused looks. The blockchain believers and champions of decentralized protocols had not tested nor heard of Damus.

Nostr explained by nostr.com

Do you want one more example?

An employee at a popular Bitcoin company–who I won’t dox in this opinion piece–approached me during the conference. “I saw you sending sats to people on stage. You sound like a [Bitcoin] maxi,” he joked. 

“Guilty, officer” I joked. I only hold Bitcoin and am passionate about bringing Bitcoin to the world, especially those living in financially kneecapped countries.

“You would probably recognize the company I represent then. I work for Blockstream.”

Of course! I told him. I actually played Jenga in the park with Blockstream’s CEO, Adam Back, recently. We immediately bonded.

Related: Regulation stole the show at Barcelona’s European Blockchain Convention

The Blockstream employee confided in me that not a single conferencegoer had clocked his employer. Blockstream is a well-known Bitcoin companies. Blockstream pioneers lightning adoption, side chains, affordable hardware wallets and liquid, while Back was one of the few names mentioned in the Bitcoin white paper published in 2008.

He shared his surprise with me, but it was 5pm on the last day of the conference–by this point I understood. “It’s a Bitcoin company, mate” I explained. And after all, “Bitcoin and blockchain don’t really mix.” Bitcoin has a marketing problem, I said.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Most blockchain advocates haven‘t even used Bitcoin

Bitcoin, the original blockchain, struggles to gain traction among blockchain advocates — an opinion from one of Europe’s largest blockchain conferences.

Bitcoin (BTC) popularised the term blockchain. While blockchains, or decentralized and distributed digital ledgers used to record transactions across a network of computers, have been around for over 30 years, Bitcoin is the household name for a blockchain. 

That’s despite the fact that the genesis block was mined well over 14 years ago, when George W. Bush was president of the United States and “I Gotta Feeling” by the Black Eyed Peas topped the charts. Bitcoin, however, is still top of the blocks.

It’s to be expected, then, that most blockchain advocates have used, understood or — at the very least — experimented with Bitcoin.

Nope. Not so.

Speaking with Victoria Gago, co-founder of the European Blockchain Convention. Source: José Val Bal

Here’s an example. While emceeing at the European Blockchain Convention in February, I asked the roughly 250 blockchain believers sitting in front of me in the audience for a show of hands:

“Who here has used Bitcoin?”

Maybe 20 hands in the audience shot up. “Okay. Keep your hand up if you’ve used Bitcoin’s Lightning Network,” I said. The Lightning Network is a payments network built on top of Bitcoin that allows near-instant, near-free transactions. Over half those hands went down.

One data sample is insufficient. So, the following day, I asked the audience on stage. I was surprised to receive the same result. Four-fifths of the blockchain conference audience had never used Bitcoin.

Why is that? Why is it that so few people have touched arguably the only blockchain that solves what is known as the “scalability trilemma” — that of decentralization, security and scalability?

The Bitcoin blockchain — or “timechain,” as Satoshi Nakamoto called it in the Bitcoin white paper — is still relatively small. Anyone with an old laptop can download the entirety of transactions in order to run a node. The network can scale to reach millions and soon billions of people with layers, and the Bitcoin blockchain has never been hacked. And yet at the blockchain conference, very few attendees said they run nodes or have transacted on Bitcoin.

However, there are not enough data points yet to form this conclusion. I wanted to quiz individuals across the conference to see if they were blockchainers or Bitcoiners — and if so, why was that the case?

I quizzed conference-goers with a simple question. I asked around 15 people to choose Web3 or Web5, and only one person chose Web5. Ironically, the sole Web5 proponent was Bitcoiner Antonia Roupell, whose job title is “Web3 lead” for Save the Children.

Most respondents looked confused when presented with the choice of webs. “What is Web5?” hey queried.

Web3 is a world of reportedly decentralized blockchains in which tokens (and token sales) drive the economy forward, while Web5 is the decentralized internet built on Bitcoin. Naturally, Bitcoin maximalist Jack Dorsey champions Web5. 

Dorsey explained in December 2021 that Web5 would allow true ownership of identity and data, unlike Web3. He highlighted that “Web3” has the “same corporate incentives [as Twitter] but hides it under ‘decentralization.’”

The Twitter founder reckons Web3 will never achieve true decentralization, as underneath the marketing spiel and tokenomics, it’s the venture capitalists and limited partners who own the blockchains and the data underpinning the systems.

Web5 already boasts social media applications such as Zion in which users can easily send BTC to one another and own their data, built atop one decentralized blockchain. Which blockchain? You guessed it, Bitcoin. 

Source: Are We Web5 Yet?

Web3 has existed since Ethereum coder Gavin Wood coined the term in 2014 and thus has more time on its side. Plus, it’s a catchy, catch-all term that is often used interchangeably with blockchain, crypto and the metaverse. It’s hard to define, underline or frame without referring to financially lucrative projects. 

It finally struck me that the focus of most attendees at the European Blockchain Convention was business over Bitcoin. Or to put it another way — and to attempt to be a little less naive — the attendees wanted to make money over working toward a new monetary policy.

Moderating a panel on Web3 during the conference. Source: José Val Bal

I had the same experience when discussing Nostr, which stands for Notes and Other Stuff Transmitted by Relays. The relatively new decentralized network enables private messaging and uncensorable communication, among other projects. 

One of the applications of Nostr, the iPhone app Damus, helped Nostr reach nearly half a million daily users in mid-February. Its user count has multiplied by five since its listing on the Apple iOS store, and the protocol is full of Bitcoin advocates.

I asked conference attendees for their public key so I could follow them on Nostr. I was met with bemused looks. The blockchain believers and champions of decentralized protocols had not tested nor heard of Damus.

Nostr, as explained by Nostr.

Do you want one more example?

An employee at a popular Bitcoin company (who I won’t dox in this opinion piece) approached me during the conference. “I saw you sending sats to people on stage. You sound like a [Bitcoin] maxi,” he joked. 

“Guilty, officer,” I joked. I only hold BTC and am passionate about bringing i to the world, especially those living in financially kneecapped countries.

“You would probably recognize the company I represent then. I work for Blockstream.”

“Of course!” I told him. I actually played Jenga in the park with Blockstream’s CEO, Adam Back, recently. We immediately bonded.

Related: Regulation stole the show at Barcelona’s European Blockchain Convention

The Blockstream employee confided in me that not a single conferencegoer had clocked his employer. Blockstream is a well-known Bitcoin company that pioneers Lightning adoption, sidechains, affordable hardware wallets and Liquid, and Back is one of the few names mentioned in the Bitcoin white paper published in 2008.

He shared his surprise with me, but it was 5:00 pm on the last day of the conference — by this point, I understood. “It’s a Bitcoin company, mate,” I explained. And after all, “Bitcoin and blockchain don’t really mix.” “Bitcoin has a marketing problem,” I said.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.