MSV Podcast

Roundtable: “Crypto Infrastructure - Building the Future of the Internet”

May 22, 2023 Morningstar Ventures
MSV Podcast
Roundtable: “Crypto Infrastructure - Building the Future of the Internet”
Show Notes


 Top 3 Key Takeaways:

1. We need simple web3 applications focused on learning experience design to educate new users

Joshua kicked off the Roundtable by giving an example of what they are doing with their gamified learn-to-earn program. The program experienced significant success during its beta run in January, attracting around 8-10k participants and gaining widespread popularity. This program provides economic incentives for learning, emphasizing the importance of being thoughtful in the learning process.

Moving forward, he says we must prioritize learning experience design, particularly in light of advancements such as Chatgpt and AI. Learning experience design involves meeting individuals at their current level of understanding and providing them with the necessary information in a manner that enables rapid comprehension and knowledge acquisition. Mia continued the conversation by stating that a notable strategy for onboarding users is Gamefi, an intriguing approach to educating more individuals. To engage new users in the web3 industry, addressing why blockchain matters to them in their real lives is vital. Therefore, integrating user applications and bringing blockchain infrastructure into daily routines is essential for effective education.

Finally, Aniket says applications must prioritize ease of use for all users, regardless of their familiarity with cryptocurrency. User-facing applications should be designed to be accessible to individuals who have no prior knowledge of crypto, even if they operate within the web3 environment.

2. The future will not solely be characterized by openness without privacy; rather, both coexist harmoniously

Our discussion moved to privacy, where Mia and Joshua provided insights into the future and the transition toward an open DeFi world. Mia elaborated on what Mystiko is doing, emphasizing how their protocol ensures privacy for general users while enabling the identification and exclusion of malicious users. Using ZK technology, Mystiko encrypts every transaction at the smart contract level, ensuring that only users can view and own their respective transactions.

Although Mystiko can collaborate with regulators by providing necessary proofs and transaction details, the decentralized nature of the protocol ensures the transactions remain private. The aim is to strike a balance between regulatory requirements and safeguarding the privacy of legitimate users, only providing privacy for positive purposes and not facilitating illegal activities.

Joshua elaborates on the topic and states – as we venture into an open DeFi world, other communities will likely adopt KYC procedures and implement anti-money laundering measures, a development anticipated shortly. However, the fundamental principle of eliminating intermediaries in transactions will persist.

3. More growth in the space 

We asked our guests what space is still underdeveloped in web3. Aniket starts the conversation by stating that Biconomy has initiated a program to facilitate collaboration with more projects and assist them in their development endeavors. He says that a key aspect that requires significant attention is key management, particularly in implementing seed phrases and enhancing the safety of onboarding processes. 

Mia agrees and says ensuring a strong UI and UX while providing developers with simplified tools and methods is equally crucial. The web3 space still has substantial room for growth and numerous areas for i