Jul 4, 2022

Alkimi Exchange attended ExchangeWire’s ATS London 2022 recently. In collaboration with ExchangeWire we provided our top tips for where the industry is going. In addition Ben Putley, CEO & Co-Founder, took to the stage to bring Web3 front and centre.

Check out Ben’s keynote here.

Alkimi Exchange: Top Tips

It’s not Web2 vs Web3. It’s how we can make the web a better place for everyone and the transition as smooth as possible.

The discussion has become web2 vs web3. Web2 is not as bad as it can be made out by the agenda of web3 maximalists. Web2 has created the valuable ecosystem that currently exists, and there needs to be an acknowledgement of that. A successful transition will be when consumers are existing within a Web3 ecosystem without realising it — it’s seamless. Incremental changes, one step at a time.

Make the user part of the value exchange. Remember, it is the user’s data.

Don’t forget the user. Data should always belong to the user, period. Not the publisher or the brand — acknowledge that. The distrust that we are seeing due to the abuse of people’s data needs to be addressed. Companies cannot continue to operate in a system of distrust.

Web3 still needs to comply with regulations and best practices.

Web3 still needs to comply with regulations and best practices. Web3 should not be the ‘wild west’: we should be building products that will last, not ones that take advantage of shady practices just because they are possible in an unregulated space.

Use the power of decentralisation to secure the user’s data

Web3 technology allows for much higher degrees of secure data storage. We should leverage that to provide consumers and businesses with much better protection and true ownership of their sensitive data.

Consider Applications of NFTs, beyond artwork.

We have seen the buzz around the creation, buying, and selling of NFTs. A lot of big brands have created their versions of Metaverses and NFT collections with little interest and success. NFTs are not publicity stunts and hold the potential for real utility and application in improving the way we operate and transact online. It is not a novelty product.