 Welcome ladies and gentlemen, I will also welcome my panelist for the first panel discussion. So, this is the Web 2-2, Web 3. We are starting with... So, I begin with, you know, asking the very basic question on Web 3, you know. Why businesses should, you know, move from Web 2 to Web 3? Why it has become so necessary now? You want to... fine, fine, you can. I can go first. I don't think companies should move from Web 2 to Web 3. Think about the cases. If the company is operating at scale and whatever it is operating with has extremely high needs for trust and it has to be secured by several people saying the same... confirming the same state from everybody. That's probably when you should even explode considering building on a blockchain. I know now is a great time for everybody to think Web 3 is the future. We have to do everything on this. But from a computer science standpoint, a blockchain is a really slow database, right? And the reason it is slow is because it is secure and untappable. And if you need features of untappability and security in what you're doing consider moving from Web 2 to Web 3. Otherwise, Web 2 is far more efficient. I will suggest don't go down that rabbit hole. Sorry, that was a... that's how it is. You've spent a lot of time in this market and because of the hype around this, most people enter this space thinking that it's, you know, about... we can make quick money and, you know, we can, you know, build a very big company without really understanding what this brings to the table and whether it's even relevant to you. So I would say think about that before even, you know, getting to the place that we should move to it. We also have Tharun with us. Welcome, Tharun. Can't hear. Can you hear me now? Okay, we lost you. Fine. No problem. Thank you so much for having me and sorry for not making it. Yeah, so we were discussing, you know, why businesses should go from Web 2 to Web 3. We had different views from Rabu. If you had her, you know, what do you have to say? So I agree with Rabu completely. I think what happens with businesses is that, you know, sometimes you just go with the fact and you believe that this is a great thing to do without really understanding the complexity of what you're getting yourself into. Blockchain is a very hard and not easily scalable technology. You've got to be clear why you really want to bring in that level of transparency, that level of decentralization, that level of shared ownership and what it does to both you as a business but also all your other stakeholders and are they even, you know, conscious and aware and excited about what you're doing. So I think we started on this journey a while ago and I talked a little bit more on this but I completely echo what Rabu is saying that I think this should be very, very well thought through, understood and the impact on your own business as well as the other stakeholders because their level of education understanding and acceptability is very different from what, you know, a techie or a business person should be, should be wearing and don't get into it for the short term, right? So this whole scam making of, okay, blockchain token, let's make some money, let's do some ICO. You know, that needs to stop for this to become a long-term sustainable business. Yeah, thanks. Well, I completely resonate with what Rabu and Tarun did mention. Yes. Well, I mean, the first thing we need to be very clear, I mean, are we here to make money or create a value? Yeah, or do both. Yeah, and tokenizing ICO as what Tarun mentioned, yes, people look at short term. Well, for me as a medical practitioner and serial entrepreneur in my health space, like what Raghu did mentioned, always keep doing Web 2. Yes, we've been as a hospital in Plexus. We've been doing this Web 2 based applications using these in our ecosystem, but now we've transformed it, added, you know, the concept of creating larger value to what we offer into our healthcare system. So that's why, you know, this weapon is helping me out. So we just started a higher month old bag. We started the first mid-hours experience center in a hospital and wow, that's the feedback which I've got. And the top chain is again, the one of the areas where we feel as medical practitioner is going to be a rain changer, building more trust to what Tarun did mention, but it is going to take a long time. It is a slow process. Adoption is an issue at this moment. So, you know, as a startup in earlier option of Web 3, I've got a wow, very bad factor from my own patients who've been, you know, I've been using these applications on my own patients. So the contentment is there. The value is miniscule, but long-term registering of that value will take a longer time. So, you know, that's my take on this Web 3 transition from Web 2 to Web 3. Keep continuing Web 2 as your frontline. But we need to adopt. We need to move on. We need to be a differentiated, disruptive Web 3 can be a tool to be disruptive, not today but tomorrow. I feel that as one of the, you know, approaches. I think I think that I'll answer your question. Jeremy, you? Yeah, maybe first of all, I just want to take a moment to also like introduce myself. I think this is actually my very first time in Bangalore. And also I'm very excited to be here. Thanks for having me to the entrepreneur India team. I myself, I'm actually with the GFR Fund team. We are an early stage venture fund doing digital media entertainment investments. Specifically, we did that as well. We look at consumer ventures, so both across Web 2 Web 3 spectrum, you know, we do investments and we do have portfolio companies across US, EU, and now progressively we're doing a lot more works across India. I think the one question which we'll be chatting about is an area that we're really excited about. So on the Web 3 side of things, two years, well, slightly over two years ago because, you know, every day in Web 3 feels like, you know, a month, right? And I think some of us in the audience see some smiles. So I'm sure you guys can relate to it. Web 3 moves very quickly. So I co-founded Monkey Dow, which is basically a committee owned and operated NFT Dow in this Langar blockchain. And, you know, that continues to be one of the, you know, slightly more active committee as, you know, we saw the NFT committees pretty much, it became a little bit more muted over the last couple of years or so. Anyhow, so I used to run an NFT marketplace as well as COO and we have a venture syndicate within the Dow. It's called Monkey Ventures and we only do Web 3 investments in that syndicate. So yeah, sort of going back to this question, in terms of like adopting Web 3, why businesses should consider that. I think a lot of the points mentioned by the panelists entirely make sense. I would just add one last pointer. The way that we're looking at Web 3 is that we are not looking at Web 3 from a value, sort of like unique value proposition, right? If you are running a business and you come out and say that, hey, my value proposition is that I have NFTs, I have Web 3, I have blockchain. Something could be, you know, fundamentally different or there could be an opportunity to switch it up a little bit because ideally what we want to have championed for is the idea that blockchain is a technology. It should be a technology enabled to help you sort of improve, you know, different inefficiencies in what you would see in a traditional business. Is there a way, is that really a need that you should implement Web 3 or whatnot? I think you probably should sort of like study out the full journey of your business and, you know, sort of fit it in from there and ask yourself, could this be a technology enabled? Because if it's not relevant for your business, maybe there's no need to jump right into Web 3 just yet. Thank you, Jeremy. I mean, since you said that you are, you have adopted Web 3, you're hospital in mid-hour, so what did you know, you know, what are the challenges you faced in the adoption, you know, at your hospital? I mean, that's a fantastic question. The challenges are phenomenal adoption. I mean, first I need to educate my, you know, my team about, you know, this technology and then I'm coming from a small, tied-to city called Rajkot in Gujarat. So, you know, well, I'm based on a bank loan but Gujarat, you know, tied-to city, business city, so technology is adoption is a challenge. But on my pilots, which we have learned is these people over there, that is my working colleagues are hungers for doing something very unique. So that's why I felt that, you know, educating my team to implement this in their ecosystem and then putting that, giving that tool of the Web 3 tool to my patients. So, it took early, you know, challenges, the VR headsets, then sitting on the computers, I mean, on the tabs, educating me about what exactly we are looking at and not the results part, but at least applying that. So it was a challenge but, you know, now people are asking me, I mean, made up a specific doc, give me more. What is something which I can, you know, you know, feel good about you. So as a value buyer to my healthcare system, so Medavas is helping me out. I mean, you know, believe on my use cases, one of my patients said doc, you were not able to identify a cause of my headache and with the solution, my headache is gone. At least for half an hour or one hour, give me more. So I feel there is a, you know, problem statement and then see the results. It is just a matter of time, just educating and just a matter of time. Can you also walk us through, you know, like you talked about the challenges, but how you have adopted it in your hospital? Are they just value added or actual use cases? Actual, in Medavas, I mean, specific, there are few domains which we have test upon. One is empowering the patient. Number one, I mean, you, for example, as a patient, would you beforehand go online, search for the hospital, search for the doctor. And then you would love to see web-based hospital, how the rooms would look at, how the entire hospital will look at. So we've created a hospital in Medavas. So sitting in, you know, a patient comes in, in our experience and they would get the entire walkthrough of the hospital about the doctor, about his facility. My other would really educate him. So apprehension can be, you know, reduced. Knowledge about the hospital and the doctor is something which I am aiming to just come down. So this is patient-specific and disease-specific. For example, I mean, you want to know something about your cabbage surgery, bypass surgery. So the entire surgical video has been shown on a Medavas solution. So that registry of that information is more impactful than seeing it on a simple 2D model, and on the YouTube app. So that registry, I'm feeling it more, so building more trust. Patients are loving it. So this is on the patient, on the disease perspective. And then, you know, education about, you know, the patient, about the disease, the wellness. And then skill mapping and development for my own medical team, for my doctors and for my paramedics. So I'm working on a project, you know, we're working on the content where I educate my junior cardiologists about the surgical procedures sitting remotely. So Medavas will really, you know, bridge this. And I get goosebumps, even the thought of it. We can have planned this about six months back. So there's a company in Delhi called Medavas 911. Rahul and Rohit are my, you know, co-partners in my ecosystem. So we've created an amazing application where, you know, a doctor will learn from this solution and imagine a small village where there's a surgical complication, a surgeon is not able to, you know, learn about the complex procedure. This is where the solution is. So adoption is going to be a challenge, but I don't see a challenge in healthcare perspective where, you know, we've been doing these pilots earlier. Like you said, AI solutions in five years back was a challenge. I mean, I have more than 50 villages where I have started AI clinics in rural Gujarat, a digital heart clinics in Gujarat. A patient is, a patient can see a cardiologist sitting in Antarctica or North Pole or whichever club. Telemedicine. So Medavas is going to bridge this. So my next study is going to be putting Medavas in a rural village. So the impact is phenomenal. So patients are definitely learning from the clinic space which I've started and now a new value added. And imagine a hospital, a doctor doing a procedure, viable operation. Okay, great, great. Jeremy, I want to come to you and ask, you know, within three startups you have to invest, you know, what sort of startups you would, you know, go for. That's an interesting question. I mean, the landscape obviously have changed, you know, from 2021. And, you know, one thing that we have noticed is that, you know, where three a lot of times is, as much as we hate to admit it, is an attention economy. So what that means is that, you know, sort of the attention and the hype sheets from one meta to another. Meta for, you know, sort of the rest of us as a reference, if we may not be so familiar, it's basically the coding, right, where everyone is looking at it, where everyone is spending time. So we've seen how things change from like NFT, DeFi, et cetera, et cetera. And at the end of the day, today we are like two or three years in after the initial pool run. A lot of things have started to calm down. The good thing is that consolidation has happened, right? Similar to any other technology. In the early days of VRAR, we've seen how many of the interesting applications come out. So today for web 3 specifically, you know, there will always be individuals who are working on interesting things like game, pie, and whatnot. But fundamentally, where we are looking at it from a funds perspective is how is this web 3 or blockchain technology, sorry, blockchain used as a technology enabler. So we always go back to that as like a guiding principle. And I think where there could be interesting opportunities is thinking about it from an infrastructure perspective. The good thing about infrastructures is that regardless of how you sort of like build it, you don't have to be betting on the attention economy, right? The infrastructures are in place because you help to facilitate different platforms, different protocols, different games, different titles and put them on whatever platform that they should be, facilitate them, give them the right tools that they need. So what this means is that you don't have to bet on the attention economy, right? It may not have to be dependent on the heat-driven cycle. Any sort of protocol that is successful, any partner that is successful, your infrastructures can benefit from it. So that is one of the many ways to think about it. Of course, other opportunities continue to exist. But where we as JR Power Fund sort of focus at least is looking at infrastructures and sort of coming up from the perspective of how can these be used to onboard the masses. This is my question to all the panelists. So what the future looks like for web 3 adoption and will partnership and collaboration play some turn? I want to hear you on this first. So I think the first people that you've got to partner with is your key stakeholders who are going to use your technology, right? If you're a consumer like us, our big partnership first is with our users. We're a community platform. We chose to adopt blockchain into our scheme of things only because we realized that communities find it easy to govern themselves through a transparent mechanism of the blockchain. But we need to be very careful on how we get our folks to adopt it, right? At this stage one, we make sure that all their efforts on the community platform were organized and there was clear transparency around either community who does what and how much. And they all clearly understood the efforts that are being put in by each one of them towards building the community. At this second level, we want to then take this data real-time onto the chain so that we can all then have access to that information real-time. And it's also tokenized for a long-term future listing or whatever they want to do as community members around what they've done in the value that they've created. So I think the entire process is driven by making sure that the partners first understand what they're doing. So at the first level, they know that their efforts are worth something. Then they know that their efforts are being measured. Then they know that collecting governance together can create value for the efforts that they've done. And it is up to them to be able to take that decision in a decentralized manner understanding what each of their voting powers are, each of their responsibilities are, each of their options are, and then building that value together. And so this entire process is actually in our head charted over almost three years because at the first level it's just community building and making sure that everybody's roles are defined and everybody's contributions are measured. Then it's about giving them a certain amount of decentralization in taking decisions together on the basis of those voting powers and the efforts they've taken. And then it's about deciding the way they want to monetize that effort, whether they want to allow people to be able to trade their ownership or whether they want to allow the entire law to be able to list themselves and do something worthwhile. And that all depends on each community's ability to create value. And there are about 7,000 communities on the platform. So it really, you know, we know that's, you know, about 5% of them will shine. They will end up building a lot more value. They could end up being really big. And then there will be some, you know, who will just use this as a web tool, loyalty token and possibly never get into really digitizing or doing something for themselves. But it's all decentralized. It's all up on them to be able to take that decision and move forward. What do you have from all of you, Raghu? On the future of web-free mass adoption and the role of partnerships and collaborations. Okay, I think I will take the first one. Well, I don't interface with the corporate world as much to figure out where partnerships and collaborations are. Of course, there have been experiments to do this. Most recent one that I heard was Pixar using renders crowd-sourced GPUs for, you know, processing a lot of their secondary and ancillary animations. I thought that that was a very interesting use case. Look, I think if you, I'm slight, and now the other side of 35, so I have seen two cycles of different technologies. So when Android and iOS was a thing, everybody wanted to talk about how mobility is the next big thing. When it did become the next big thing, everyone just kind of was new with that. It just kind of integrates yourself into your life. Cloud computing is another thing. Every service that we use, whether that's a Google Drive or Dropbox or whatever you use, it is on the cloud. Nobody talks about cloud computing anymore. If Web3 works, if this blockchain thing works, you wouldn't think of it as it's a blockchain thing. It's like completely hidden in the background. And then that's how it should be. It's actually a behind-the-scenes technology. There's not so much in front of the... So that's on the tech bit itself. The other part is tokenization. And I would strongly recommend to not villainize it as much as it has been done before. I still remember now, a lot of people come and say, what is a token useful for? Why do you buy these monkey-faced tokens? And I still remember somebody telling me who was part of the early Internet revolution, and they'd say that when we were talking about the Internet, that's how everyone looked at us and spoke to us about it. So every time there is something that's new, we are quick to shy away from it. No, it doesn't make sense to me with the world view that I have. And so I must hide away from it. But I truly think that tokenization is here. It's here. And I'll give you one example. USDC, which is US dollar a circuit, is a very, very regulated plate from the US that has increased the distribution of the dollar in no other way it still be. Everybody today has access to the US dollar if you have a cryptocurrency wallet, which was unheard of. I would say everyone keeps talking about Bitcoin and Ethereum is like the biggest thing for mass production. I'd say it's USDC. The USDC is insanely amazing and it is only possible because of tokenization. You need to have Ethereum. You need to have the security of Ethereum prove that the circulating supply of USDC corresponds to the total number of dollars that are sitting in your treasury. And that is absolutely necessary for it to happen. And as a business, USDC makes to the tune of $800 million a quarter. $800 million a quarter it makes it. And this is possible because Jeremy earlier was open to the idea of tokenization. And so I'd say yes, there is a lot of noise. Real permissionless space creates a lot of noise. But there is a lot of signal in there as well, which if you zone into it will become. So you will experience blockchain through Cryptocurrency. But the technology itself, you will have nothing to do with it. I'll just leave you with that one line that's Dan Romero from PaaPasta. PaaPasta is an alternative to Twitter that you can check out. It's a much nicer place. If you are like me who is just tired of the victory all on Twitter and you want to go to a slightly more possible place, go to PaaPasta. He calls it like it's a web 2. It's called the web 3 mullet. A mullet is basically a hairstyle which looks like a formal hairstyle in the front and like long hair and that. It was a big thing in the 80s. And so the web 3 mullet is basically a web 2 front end that it would not look any different from any of the apps that you guys are using right now. But a web 3 back end which actually uses the features of security, permissionlessness at the back. And that's how I would like the future of web 3 to run. Because if I knew that was the future I think I would be much richer than what I have learned. So that's my true sense. I just want to point out the funny thing he mentioned about the monkey dolphins. Because I'm a big fan of monkey dolphins. If you are interested you can have a conversation after this. I think one thing that I just wanted to point out is that everything that was mentioned completely makes sense. But I think one thing that is really unique when you look at web 3 and web 2 is that moving forward as you go over the next couple of months, years, web 3 and web 2 will converge. What does success look like for us as an industry? Success for us as an industry is successful when we no longer have to use the word web 3 and web 2. Think about the uniqueness of web 3 and web 2 right? And how can we harness the uniqueness of web 3 into web 2 businesses? And I sort of like encourage or rather implore all of us to think about this on the further scale in there. Which is the fact that web 3 has really highlighted the value of community at a moment. Organization and whatnot. Blockchain allows us to organize communities at scale. Is this something unique? Not really. Because if you think about it, interest groups and whatnot, they used to exist since years ago. Individuals who like sports car, whatever they had to congregate anyway. So are all these communities actually unique or like in changing? Not really. But what is really special about it is the ability to organize individuals, groups, globally at scale. So if you think about this and maybe explore different ways that you can harness a web 2 business with that element of community incentivization, that can go a long way. Because what that allows you to achieve is an organic flywheel. An organic flywheel where the marathon is no longer about less response. Let's pump all the money into user acquisition and hope that it sticks. When you have an organic flywheel, things are easier and you have natural ambassadors. So I think that is like the biggest value add of web 3 as a whole. As we have seen how it has translated. And you can be a dust. I completely agree with what you said. Well, future. I see a greater future of web 3 blockchain in healthcare. I mean right from pharmaceutical to value add for patients, doctors. And yes, as a maker practitioner, I see collaboration as one of the key. And a disruptive collaboration would definitely bring in amazing results both financially and as well as creating a larger value in going with the latest advancement in web 3. So I summarize, yes, this is the future. And meeting an earlier doctor using this web 3. And the next is approach of my company is going to be on blockchain web. We are going to do a pilot on healthcare related insurance related. You know, you know, you see which really, you know, enhance the trust with more credible solutions. And it's a gap between the patient and the doctor. So I see amazing results ahead. Thank you. We are running late. We have to end this session here as I call my family for such an insight. Thank you.