India’s Web3 trade leaders have gathered in Bengaluru to debate the digital renaissance pushed by blockchain-based fintech. On Wednesday, December 4, Web3 enterprise capital agency Hashed Emergent launched the two-day headliner occasion of India Blockchain Week 2024 within the nation’s tech hub. This marks the second version of IBW, which made its debut in 2023. Management groups from main crypto, DeFi, and blockchain corporations are attending the occasion, partaking straight with India’s esteemed Web3 developer group.
Key subjects at IBW 2024 embrace the pressing want for safety options to forestall incidents just like the latest WazirX hack, in addition to a deeper understanding of self-custodial wallets and their potential drawbacks.
Discussions on self-custody wallets have intensified in latest months, fueled by a sequence of hacks, notably these concentrating on custodial crypto exchanges. These pockets suppliers permit customers to retain management of their personal keys as an alternative of storing them inside the supplier’s system.
In one of many occasion’s first panel classes, CoinDCX CEO Sumit Gupta, Mudrex co-founder Edul Patel, and Bitgo COO Chen Fang addressed the present limitations of self-custody wallets, agreeing on the challenges that also should be overcome.
“In the event you can deal with self-custody, and also you perceive all of that, at all times transfer funds from custody. That is the ethos with crypto. That is the ethos across the blockchain. The issue is that lots of people do not know use it. Far more crypto has been misplaced for all times by self-custody errors, than hacks that are not inside jobs,” Patel mentioned with Gupta and Fang in settlement.
The necessity for elevated schooling and consciousness round crypto and Web3 was additionally a key matter of dialogue throughout panels. Business leaders emphasised that till extra individuals perceive the challenges behind the much-hyped options in Web3, new entrants ought to method with warning.
Among the many key highlights, the “Trump impact” on Bitcoin—driving its worth near $100,000 (roughly ₹84.7 lakh)—has sparked pleasure inside India’s Web3 group.
The latest departure of Gary Gensler as chair of the US SEC has additionally fueled optimism about crypto’s development within the US, with hopes that this optimistic shift will lengthen to different nations. Below Gensler, the SEC had clashed with crypto giants like Binance, Kraken, and Coinbase, drawing criticism for stifling sector development.
Later panels will function representatives from Web3 corporations similar to Polygon, Supra, Aptos Labs, Monad, Astar Community, and Pi42, who will interact with stakeholders, buyers, and builders within the Web3 house.
