'I'm not leaving': Why academics want to reveal the secrets of Web3

‘I’m not leaving’: Why academics want to reveal the secrets of Web3


Web3 allows people to own ownership of digital objects or assets and therefore create a different kind of value economy around digital objects. Its economic side is one of the aspects that interests me most. Also for me, where space really becomes interesting, is the feeling of creating pulsating, absorbing environments, which is associated with the development of the metas universe.

The reports – written by my colleagues in the Digital CBD project – also address blockchain and supply chains, along with decentralized autonomous organizations (DAOs) and their potential applications for urban data management.

RMIT’s Blockchain Hub researchers are exploring how Web3 technology could revitalize the inner city of Melbourne.Credit:Luis Ascui

We are also looking at a very entrepreneurial and emerging space, so what is the business environment for Web3 startups? How do we think about who owns the metaversion? How do we want to see its function? Just such big questions.

Is the aim of this research to isolate Web3 use cases in the real world?

Am I based on real use cases to turn to the question of what they mean to us and how they provide some criticism of our current digital practices? And what solutions do people suggest?

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Many of the blockchain solutions we see involve supporting the digitization of organizations – such as moving contract work to a blockchain and moving information between multiple stakeholders. There are also solutions that focus on our digital identity and whether we can actually achieve it anonymously but still legitimately legitimize ourselves.

Web3 critics regularly say that this technology does not really solve any real problems. Do you see many projects in your research that you question the use of? Or is it just comparable to new technologies?

A little of both. What interests me most, and I have made it clear to my colleagues, is the question of whether this technology can contribute knowledge, experimentation and opportunities to think and think about how to create sustainable technological systems in which we can live? a s. Where Web3 focuses on creating a hospitable environment for ourselves, or where it focuses on social inclusion, these are the areas that interest me most.

This does not mean that it is a perfect space without hacks and frauds and unfinished projects, which may not have a clear plan. It’s like a bubbling cauldron of experiments and it’s definitely a place where you have to spend time and get into it before you take any real steps.

Do you feel that the community has any negative reactions or skepticism about the adoption of Web3? Anecdotally, your everyday Australian either doesn’t understand it or thinks it’s a bit of a scam. Does it complicate your research?

I work in the Blockchain Innovation Hub and I am in a “pro-blockchain” environment. However, when working with this technology, you remember the higher volatility and all those projects that fall to zero, whether due to a hack, leak or just an unintended design problem. And this kind of discussion is really prominent in Hub. We find out where risks occur and how they can be addressed in future developments.

I also work with my colleagues outside the Hub and they always say ‘this is a really risky space for work, why are you doing this?’ So my colleagues keep me honest. You need to have the wider conversation.

I’ve always seen Web3 as a loophole or an emerging space, but over the last year, it’s really become clear to me that it’s starting to reach a certain level of critical mass from which it won’t disappear. In other countries, there are situations where these technologies provide a solution by overcoming the lack of existing infrastructure, so it definitely finds its place.

We are beginning to see how it is formed, there is a larger institutional buy-in, and even though it is definitely an experimental space, it will not disappear.

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