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Solana Labs Co-Founder Raj Gokal recently spoke with Cointelegraph about various topics like Web3, scalability, and tokenization.
Gokal, with a background in venture capital and health tech, shifted to the crypto industry after meeting Solana co-founder Anatoly Yakovenko. He’s been actively involved in crypto for the last five years and finds it rewarding.
DEPIN: A Real-World Application of Web3
One of the key points Raj Gokal highlighted was the real-world application of Web3 through decentralized physical infrastructure networks (DEPIN).
He cited examples such as Helium, which established a decentralized 5G network, and Hivemapper, a project that harnessed a distributed global workforce to remap 8% of the world’s roadways.
These initiatives showcase how blockchain technology can pave the way for innovative, cost-effective, and scalable solutions.
Importance of Scalability in Web3
When discussing the challenges of scalability, Raj Gokal emphasized the advantages of parallelized transaction processing and validation.
Solana has addressed this challenge by optimizing for speed, boasting 400-millisecond block times and near-instant confirmations.
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Furthermore, he stressed that low transaction costs, compatibility, and decentralization are pivotal for ensuring the longevity and reliability of blockchain networks.
Venturing into Mobile and Payments
Solana has expanded its horizons by venturing into the mobile and payments sectors with the introduction of Solana Pay and the Saga phone.
Gokal believes these initiatives will prompt industry giants like Apple and Google to adopt more user-centric frameworks.
Solana Pay aims to enable QR code-based payment features across various platforms, while the Saga phone offers a sandbox for developers to create without constraints.
Tokenization of Real-World Assets
Gokal acknowledged the untapped potential in the tokenization of real-world assets, particularly in the realm of real estate.
Initiatives like Parcl and Homebase are pioneering this space, but he noted that achieving widespread adoption hinges on the creation of valuable platforms and effective communication of their benefits to users.
Reliable Infrastructure
To address potential outages or technical difficulties, Raj Gokal underscored the importance of reliable infrastructure.
Networks like Solana have made significant advancements in enhancing liveness and minimizing potential issues, a critical factor for institutional adoption.
Navigating Product-Market Fit in Web3
Raj Gokal identified two stages of achieving product-market fit in layer-1 protocols and the broader Web3 ecosystem.
The first stage revolves around founders and developers securing funding to launch products. The second stage, however, shifts the focus to end-users deriving value from actively participating in networks rather than simply holding assets.
