Ethereum co-founder Gavin Wood asserts that Web3 development is progressing as planned, especially with the increasing involvement of financial institutions. Wood, who also founded the Web3 Foundation and Polkadot network, envisions Web3 as a decentralized internet built on blockchain technology, aiming to reduce reliance on centralized entities. The growing interest from finance firms signifies a shift towards decentralized systems, aligning with the core principles of Web3. This trend suggests that traditional financial institutions recognize the potential of blockchain and decentralized technologies, indicating a broader acceptance and integration of Web3 concepts into mainstream finance.
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