How Polkadot’s Parachain Auctions Make Decentralized Web3 Possible

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When Gavin Wood co-founded he declared that it would “allow people to interact in mutually beneficial ways without anyone needing to trust each other”. In theory, such a platform would pave the way for the Web3, characterized by decentralized or distributed network architectures, which would lay the foundations for a truly open Internet where we would not have to blindly entrust our data to monopolistic corporations or to obtain their authorization in order to participate.

Since its inception in 2015, however, Ethereum has simply failed to adapt quickly enough and keep pace. Transaction costs for decentralized applications (DApps) have been too high while transaction speeds have been too slow. Wood left the Ethereum team in 2016 and founded a decentralized Web3 framework: .

James Wo is an experienced digital asset entrepreneur and investor who founded Digital Finance Group in 2015, where he oversees over $1 billion in assets under management. He is an early investor in companies like LedgerX, Coinlist, Circle, 3iQ. James is also an early investor and supporter of Polkadot and Kusama Network. It contributes substantially to the ecosystem through capital allocation, donations, and active support of Parachain Auctions. Additionally, James is a member of the Board and Committee of the Chamber of Digital Commerce and acts as Chairman of UAE Licensed Matrix Exchange.

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