Cryptocurrencies and blockchain have been around for the last 15 years but they have yet to be fully adopted by mainstream institutions. The House of Web3 seeks to change that.
The intersection of decentralisation, blockchain technologies, and token-based economics, also known as Web3, might have techies jumping for joy. However, 15 years after the appearance of Bitcoin and six years after the initial coin offering (ICO) boom, Web3 adoption by the average person on the street remains low.
“In 2017, we had a great moment with the rise of ICOs, everyone was speaking about crypto and blockchain,” tech entrepreneur and vice president Europe for DAMCO SOLUTIONS Jesus Pena Garcia told Silicon.
Unlike the ChatGPT and generative AI wave, which employers appear to be embracing, excitement for web3 died down or was replaced by skepticism. Even social media giant Meta gave up on its crypto efforts when it wound down digital currency Diem (formerly Libra) in 2022.
The lack of market maturity has been painful for a number of nascent Web3 startups, including Jesus’s, which won the first Fit 4 Start accelerator programme in Luxembourg in 2015.
“While there are some government initiatives, we haven’t seen a real momentum, or that their projects are having an impact on the public”
Jesus Pena Garcia
Nevertheless, the entrepreneur remains convinced by the new iteration of the World Wide Web. He believes the key to adoption lies in awareness raising: Cue the House of Web3.
“While there are some government initiatives, we haven’t seen a real momentum, or that their projects are having an impact on the public,” Jesus explained, adding: “We feel that there is a gap between technology adoption and the level of understanding by the people. For me and for my colleagues the answer was content.”
The House of Web3 was established by ten founding members as a not-for-profit, and decentralised autonomous organisation (DAO) using blockchain to track all operations. Jesus began by merging two related LinkedIn groups to build a community of 3,800 followers, and a team of 50 active members. The founding members may suggest content ideas on the House of Web3 Whatsapp community and then publish pertinent articles aimed at the general public directly on the not-for-profit’s website.
“Web3 or crypto are not just about technological development, they are also about regulation, finance, communities and interoperability. Thanks to our members, We have the skills to write interesting articles and content to educate people, from different angles” said Jesus.
“Web3 or crypto are not just about technological development, they are also about regulation, finance, communities and interoperability”
Jesus Pena Garcia
Other verticals of the DAO include a Web3 Lab, where members can trial and develop different applications; consultation to develop knowledge and events organisation.
As well as the regular public, the House of Web3 wants to convince banks and other financial institutions to adopt Web3 technologies. By partnering with similar organisations it hopes to be able to bring its expertise to Luxembourg decision makers. It is also looking to develop specific training with major training providers in the grand duchy.
Finally, the grassroots association, which is currently raising funds for its activities, will give its first public presentation at ICT Spring, taking place in Luxembourg at the end of June.