Here we are, the third generation of the web being built here, right before our eyes, and its opportunities seem endless. For many analysts, this shift toward decentralization, at the crossroads of technologies, is only in its infancy. As the first 3 web applications appear, economic giants are flocking to them. However, this new Eldorado is far from without danger.
Zakaria Bodhi, an entrepreneur specializing in new technologies including artificial intelligence and blockchain, CEO of AbstraXio, explains the potential of Web 3 as well as the risks it can present to businesses.
- Can you explain web3 to us?
Web 3 essentially introduces the concept of “ownership” into the digital world. This is based on the concept of decentralization, which is itself guaranteed by blockchain. Website 3 allows this digital property to be freely transferred beyond the platform on which it was created or acquired, but also to be invested, exchanged or exploited in interaction with the web, via various media (eg, smartphone, on – tablet, and virtual reality headset, etc.). Other technologies such as artificial intelligence (AI) and augmented reality are also expanding Web 3 towards a new concept, which is “ metaverse “.
Crypto digital assets, which we call Icons (for example, NFT, cryptocurrency, etc.), depends on the functions encoded in one or more smart contracts understudy. these smart contracts They are thus determinants of capabilities, quality and utility Icons.
However, we believe this should be kept in mind when talking about smart contracts, we are aiming at computer algorithms, with all that this can cover (both in terms of probability and in terms of technical flaws). Without really going into details, the level of complexity increases sharply when several smart contracts Interact with the same digital assets.
In addition, the application options associated with the digital asset as well as the means of storage of related data (often off the chainStoring data in the blockchain is very expensive), it can also affect the value, quality and usefulness Code concerned. Failure to take these different criteria into account poses significant risks to users of Web3 and in particular to businesses. Recently, a defect in smart contract He wiped out $34 million worth of digital assets.
Thus, far from the noise With current speculation about NFTs and cryptocurrencies more broadly, getting serious about web3 requires planning, training, technology expertise, and operational excellence.
- How can web3 be an opportunity for businesses?
The Web 3 revolution will logically and profoundly change current economic models, particularly the way product development, marketing and sales are approached.
The pioneers of today, those who explore and test smartly, are likely to be the big winners of tomorrow because they will have the leading web3 codes and culture. They will be more flexible, and therefore more opportunistic, and therefore will have an interactive community. All this provides a huge competitive advantage as web3 is still in its infancy.
Already, in the very short term, some companies are rolling out web3 projects to stand out from the competition. In doing so, they demonstrate boldness and innovation to unite their communities and team culture. It also opens the way for them to new financing alternatives in times of crisis and enables them to attract key talent.
- Currently, what are the difficulties faced by companies in the rush to web3?
A comparison can be made between the birth of web3 and what happened in the mid-nineteenth centuryThe tenth century with the discovery of gold in California. Thanks to the telegraph, the news spread all over the world and within a few months hundreds of thousands of entrepreneurs came to settle in this region (the famous gold rush – rush to gold). If the observed successes are well documented, we do not tell much about the many tragedies and bankruptcies caused by insecurity everywhere due to the unwillingness of local authorities to face this event.
The development of Web 3 has been so fast that countries have not had enough time to legally regulate it. At the moment, with the exception of some rules scattered over tax matters (for example, in the USA and France) as well as a complete ban on holding cryptocurrencies in some jurisdictions (for example, in China), the legal framework is almost non-existent. Existing. This lack of regulation and public policy on Web3 is a hindrance to many projects.
However, enthusiasm for these new markets continues to grow, and at an exponential rate, every day is driving more organizations of all types as well as consumers to become keenly interested in them. However, the downside is that unfortunately it also attracts more and more pirates Based on scammers It seeks to exploit technical and legal loopholes. The resounding case of the Hermès bag plagiarism and, more recently, the case of Rolex watches are concrete examples. OpenSea also claimed, on its Twitter account, that 80% of the NFTs created on its platform are thefts, counterfeiting or Spam emails. Our legal team finds violations of intellectual property rights against established companies almost daily.
In fact, this is one of the reasons for using our platform” fever We will strive to provide a more secure framework, making the Web 3 experience more flexible and adaptive to the unique environments of each company.
We must also not forget the many technical and financial risks inherent in exploiting smart contractsfrom specific blockchains and more broadly to the crypto environment, both for businesses and their communities.
In short, our work over the past two years has revealed that two groups of actors are particularly at risk. On the other hand, those who proceed to use web3 recklessly, without real experience of the environment and without proper technical and legal advice have to: some are currently facing lawsuits in foreign jurisdictions, and have to manage significant damages due to the poor technical quality of their project, or watch their brand They are being abused by unscrupulous business partners playing on legal ambiguity. On the other hand, those who are still waiting and seeing or afraid to experiment. The latter is witnessing more and more tricks Target their clients and lead to crisis management due to lack of sufficient knowledge or proper communication.
- What service(s) do you provide to your customers?
If the courts are currently unable to provide the level of legal certainty necessary for satisfactory commercial development, and if the technological decentralization underlying Web 3 could lead to a loss of control over corporate projects as well as their image, however, it is technically possible to significantly reduce , or even completely, from most of these risks.
For this, we use the necessary resources and in particular our talent integrators, Blockchain and web3 specialists and data engineers as well as our financial and legal experts, in order to help our clients implement comprehensive and sustainable frameworks of technologies that expand their presence. technological capabilities. In some cases, we go as far as implementing the first web3/NFT projects that our clients want to start.
We are exploiting the full potential offered by blockchain technologies in order to allow our clients to have better control over their web3 projects and related risks. We offer them a high level of control as well as tools specifically designed to give them some form of peace of mind. Any project involves an inherent part of the risk, however, it is possible, thanks to our experience, to limit it technically and legally, and this, so that the client can focus only on the commercial aspects as well as on his “DNA” marks. This approach caters to the growing number of our clients in the leisure, luxury and high-end industries.
We also provide our clients with the opportunity to train their dedicated teams so that they can customize our tools and be able, in the long run, to use them with complete independence.
It is worth noting that among the founders of AbstraXio, we have a dedicated business law attorney who ensures that we strictly follow best practices and that we advise in light of the most recent – regulatory and legislative – developments, or even ideally in anticipation of the latter.
Finally, given the potential impact of such projects on our clients’ brands, we strive to maintain the highest level of confidentiality regarding the characteristics of our partnerships.
- What are the next steps for the AbstraXio app?
At this point, we want to keep our mark.” a store “In addition to our business model that focuses on the quality of our customers (prestigious brands, large groups, public sector, etc.) rather than developing it at any cost. We continue to support our existing clients on their own in fairly complex projects, in order to allow them to promote their (most often already well-established) brand in this new digital space that offers unlimited possibilities.