We introduced you last time to Massimo Moretti and his vision of entrepreneurship in France. This article was the first part of the summary of the discussion that I was able to hold with the successful entrepreneur. Today, I invite you to discover the rest of the questions addressed during this interview. On the menu: definition of Web3, DAO, the evolution of society and education of populations! Like three days ago, sit down and take part in this intoxicating discussion!
Who is Massimo Moretti?
For those who haven't taken the time to read the first part, let me give you a brief summary of Massimo Moretti's journey. Arrived by chance in the world of cryptocurrencies 7 years ago, Massimo Moretti was immediately seduced by the blockchain. Strongly motivated by new technologies, he accepted a position as Global Head of Partnership at Lunu, one of the first companies to offer cryptocurrency payments. During this period, Massimo will meet the biggest figures in the crypto landscape and build an international network. He then worked as Managing Director France for the Huobi exchange to help them expand into the European market.
With all his encounters and his knowledge of the ecosystem, Massimo Moretti becomes aware of the shortcomings of the blockchain world. To overcome these problems, he founded Signvm, the First cutting-edge Powerhouse, Accelerator and Venture Studio. With his company, Massimo wishes to participate in the development of innovative projects in the Web3 ecosystem. Today, Massimo and his teams have made project support their spearhead and intervene at all levels: marketing, strategy, listing, fundraising, etc. Signvm makes it a point of honor to offer personalized support to each of its customers with the credo: "We go to the extra mile!" ; offers its customers a tailor-made service beyond their expectations.
With the presentations being made, I suggest you dive back into our interview and learn a little more about the evolution of the crypto universe. I invite you to read last Tuesday's article to learn more about Massimo Moretti.
Web3 explained simply?
Clément Cauffet (C.C): "We have mentioned the term Web3 several times throughout this discussion, how would you define it as simply as possible?"
Massimo Moretti (M.M): "Indeed, it's a good question, because the term is new and confusion quickly arose. For me, Web3 is “giving power back to users”. We could cite the example of Play To Earn, which uses the blockchain to bring the rarity held by players into the world of video games, with NFTs in particular. With these new technologies, it is now possible to reward people who participate in the development of a common project.
All blockchain technologies are encompassed by this term in that they allow users to own their data. When we hear about Web3, we think NFT, Metaverse, Crypto, Blockchain and others. Web3 goes further! Indeed, we are not only talking about a technological revolution, but also a cultural revolution. Yesterday we were asked to log in with Facebook or Google. Tomorrow it will be " Connect YOUR wallet ", the user owns his data, and his funds.
In addition, Web3 provides the tools to respond to a more lifestyle-oriented approach. Let me explain! A lot of people ask me "Why do guys spend thousands of dollars on pictures of monkeys or punks?" The Web3 provides some answers to these questions. Today, buying virtual lands or NFTs means being part of a community; a new quest for belonging."
“We are going to witness a hybridization of society”
C.C: "I agree with you, we feel that mentalities are changing and that people will have to be educated about these new disruptive technologies. In addition, with the health crisis, teleworking has developed enormously and companies are now (almost) as productive as with 100% face-to-face. Would you say that teleworking symbolizes the modernization of our society?"
M.M: "We are going to witness a hybridization of society on a global level. Most large companies were not ready for this COVID-accelerated change. I sincerely believe that the competitive companies of tomorrow will be fundamentally hybrid. When I talk about hybridization, it's both in the possibility of working from where you want, but also in the form of management offered. At Signvm, we opted for a completely hybrid model that works, because people need flexibility. From my point of view, many companies will review their management to add this notion of trust, essential to any activity. My teams know that they can be absent for an imperative in the afternoon, because I know that the job will be done!
In the end, my certainty is that this transition will not happen without educating people about this new way of thinking and consuming. We observe today that Bitcoin intrigues, Bitcoin raises questions, but Bitcoin still scares. We will have to explain the interest in these new technologies and gain the trust of the general public over the years."
DAOs as new decision-making tools
As a reminder, the term DAO stands for Decentralized Autonomous Organization and describes a decentralized organization whose rules of governance are automated and registered in a transparent and immutable way in a blockchain (source blockchainfrance.net).
C.C: "One of the major innovations brought about by blockchain concerns DAOs. What is your opinion on this new form of organization?"
M.M: "Currently, decision-making in most organizations is reserved for CEOs and major shareholders. Fundamental decisions are therefore centralized. These decisions affect the lives of everyone in society, especially with companies like Twitter or Meta where the impact is global. With DAOs, the decision-making is distributed to the general public and the whole process is automated. There is no centralization of power with CEOs or managers who sometimes only care about their pockets.
Within the framework of a DAO, Meta, for example, cannot implement functionalities without the agreement of all the stakeholders (not only the richest ones). DAOs can also enable the efficient distribution of wealth by limiting the share of tokens an entity can hold. While there is no perfect representation of what a DAO should encompass yet, the governance processes in most crypto projects give us some foresight. You will therefore have understood that I place a lot of hope in this type of organization!"
C.C: "We mentioned it, the DAOs will change the way we organize decision-making. What other professions do you think will be disrupted by Web3 technologies?"
M.M: "Basically all professions will be impacted by these technologies sooner or later. Those that come naturally to mind are notarial professions, for example. However, the transition of these professions to Web3 technology will not take place without State agreement, as this activity is regulated. Conversely, we have several examples that prove that it is possible, such as online banks. I am personally very happy with online banks and the revolution they have brought. Privately I applied for a loan and I find it amazing that it takes 3 to 4 months to get a response. Web3 technologies will force businesses that do not add value to their customers to evolve."
C.C: "And do you think that the current big fish, Meta and Google for example, are beginning to grasp these issues?"
M.M: "Of course! Meta's rebranding is proof of that. These actors play a crucial role in the evolution of our society. When we realize that the GAFAMs are richer than some countries, we think that it will necessarily take action on their part to promote large-scale adoption. It is now impossible to set up an e-commerce site without thinking about its referencing on Google. Decentralization and Web3 technologies appear to be THE solution to this problem."
Waiter, the bill please?
The coffee break is coming to an end! Thank you for taking the time to read these few lines and hope you enjoyed this moment. Massimo Moretti works, with Signvm, in contact with the companies that are building the world of tomorrow. As explained in this article, the transition to Web3 will not happen overnight, but the basics are already firmly in place. Education of the population but also time are the two factors that will make your parents buy a wand tomorrow thanks to the Lightning Network. Thanks again to Massimo Moretti for the quality of the discussion we had and for the time he was able to give me.
Interview in Cointribune by Clément Cauffet