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Cristobal Pereira at Caracas Blockchain Week.

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Key facts:
  • During Caracas Blockchain Week, the adoption and development of Web3 was discussed.

  • Cristobal Pereira, CEO of Colledge, spoke about blockchain, Web3 and decentralization.

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The concept of We3 is controversial. Many argue that it is just a buzzword; others say it will change the way information is distributed, making it more private and more decentralized.

This has been the theme of the conference “Web3: new buzzword or revolution?”held during Blockchain Week in Caracas today, Nov. 4. The panel featured Cristóbal Pereira, CEO of educational platform Colledge, and Bitcoin enthusiast Kike de los Reyes. The panel was moderated by Aryeli Vera, a journalist who runs the Metabit program.

The first doubt the panelists wanted to clear up was related to the idea that the Web3 concept was just a marketing term. From Pereira’s point of view, the term is used in the industry as a word for marketing and compared this scenario with that of the word “blockchain,” which saw similar usage between 2017 and 2018.

Web3: new buzzword or revolution: Cristobal Pereira, Kike de los Reyes and Aryeli Vera. Source: CryptoNews.

Since then, however, things have changed, when the term blockchain was inserted into any company’s name just to boost sales or share price, Colledge’s CEO commented.

According to Pereira, there was a time when “the technology started to develop,” allowing the industry to be one step ahead of the purely commercial use of words like blockchain and Web3. The key seems to be people’s interest in learning more and wanting to actively participate in a developing market.he added.

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“There is interest in learning about Web3.”

Decentralization, also a controversial term, became the focus of the conversation, as introduced by Áryeli Vera: “with the power relations that exist in the world and the transcendent challenges that web3 has at the moment, will it succeed in terms of decentralization or will it remain a technologist’s utopia?” she asked.

In this regard, Pereira emphasized the ability of the technology that was born with Bitcoin open up a field of participation, in terms of technological development, that was previously in the hands of a few. However, he did not want to extol the term decentralization: “Decentralization is a utopia,” he stated.

“For the first time in history, Latin Americans can develop use cases in the same way as first world countries.” How? This requires developing smart contracts,” Pereira explained. And he argued that the capabilities that developers have today to develop Bitcoin-related projects, or Ethereum are the same for everyoneregardless of where they come from.

The infrastructure that we’re developing, whether it’s Bitcoin or Ethereum, it’s the same infrastructure that they have access to. [desarrolladores del «primer mundo»]. In other words, for the first time we have an infrastructure where the applications they can develop are the same as the ones we can develop. We don’t do the same with machine learning, which is private. They are not open source and there you start developing artificial intelligences and so on, because the knowledge stays with them. In this technology, Web3, community development is something that any of us can start with.

Cristóbal Pereira, CEO of Colledge.

The future is in a portfolio

According to Pereira, integration between the technologies being developed in Web3 (digital identity, decentralized value transfer, metaversion) and people will be a “natural path.”

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The Chilean computer scientist sees a future in which the adoption of new technologies will be a consequence of their degree of usefulness. Transferring value, having digital identity documents at our fingertips, experiencing alternate realities, are experiences that will be just a click away on our mobile devices. For example, through a wallet that interconnects all these functions.

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