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Box CEO Aaron Levie on where web3 doesn’t make sense – TechCrunch

It’s been a tough week for the crypto community as top tokens saw massive sell-offs, urging some into the space to double, while others took stock of how the industry got to this point and what commonly accepted truths are new need to be evaluated as the crypto internet matures.

There haven’t been many tech executives who have repeatedly criticized the idea of ​​what constitutes a “Web3” crypto-internet, but Box CEO Aaron Levie has certainly been more vocal than most. Earlier this week we had a chance to catch up with Levie on TechCrunch’s crypto podcast chain reactionwhich pushed him to embrace some of the promises around web3 that he was most skeptical about.

You can listen to the whole episode below:

“I think the philosophy behind much of web3 is compelling. I think it would be very hard to argue with the idea that more decentralized innovation wouldn’t be a good thing,” Levie told us. “I think the implementation that I’ve seen has a lot of challenges to actually make that philosophy a reality.”

Levie isn’t an executive at a crypto startup and he doesn’t seem to be researching a Web3 pivot for Box, but he tells us he tweets about Web3 as much as he does because “You, because you’re a startup founder, you kind of have to.” understand where the world is going – and then you have to make decisions about whether or not you believe the world is actually going in the direction that other people say.”

Some have taken the high-profile blunders over the past few weeks by highly centralized actors in the decentralized world of blockchain as evidence that more organizations should be run together. However, Levie doesn’t seem to anticipate that DAOs or collective ownership will replace the traditional structures of the startup world any time soon.

“We rely on the people of Cupertino to make decisions to build the iPhone, and then we have to decide whether or not to buy it. That’s the only decision we have to make in iPhone, we can’t vote on anything and if we voted on anything it would slow down the system dramatically and you just wouldn’t be able to innovate very quickly.” Levie says. “For collective movements [DAOs] are super exciting, like not denying that, but replacing the organizational structure of a fast moving startup or company – I just don’t think it’s going to work.”

As crypto VCs are urging entrepreneurs to consider the idea of ​​replacing traditional ad-based business models with tokens and NFTs that make consumers own parts of the services they use, Levie questions how widespread some of these are mechanisms actually are.

“We may be overestimating consumer demand for ‘property’ and the reason I can say that is that when you decide it’s a product that you’re the Being able to own items versus participating in a network, but not actually owning much,” notes Levie. “I’m optimistic about the power of advertising because it makes products cheaper and makes it easier for companies to find consumers. There are some that take the other side – that’s totally awesome. I think the question is how big is the market that is willing to make that compromise and is the market size big enough to talk about revolutionizing the way the internet works?”

You can hear more of Levie’s interview by listening to our latest episode. Subscribe to Chain Reaction Apple, Spotify or your alternative podcast platform of choice to keep up with us each week.

Box CEO Aaron Levie on where web3 doesn’t make sense – TechCrunch Source link Box CEO Aaron Levie on where web3 doesn’t make sense – TechCrunch

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