During the development of blockchain technology adoption, we often hear Web3 and the metaverse. Both are expected to be a new era in the digital world. But what is the difference between Web3 and metaverse?

Although often associated, Web3 and metaverse are different. However, both of them can still go hand in hand. So then, do both have an essential role in the future?

Web3: What is it?

If we say Web3, of course, we are currently on Web2 and have left Web1. Built on distributed blockchain technology and Decentralised Autonomous Organisations, Web3 is a decentralised internet (DAO).

The core of this technology is a server controlled by a company or an individual. Web1 was the early era of internet presence, around 1991 to 2004. Now, the internet is still only a place to share information.

On Web2, the shared information content begins to vary from user to user. Social media such as Facebook, Twitter, Youtube and so on have been present in the era of Web2, which continues to be our current era.

Blockchain technology can finally strengthen the assumption of the existence of the next version of the internet, namely Web3. By linking the two, Web3 is a more expansive, diverse internet with decentralised information storage.

The presence of a decentralised browser and NFT is also considered to be an early marker for Web3. This is because servers and networks run on programmes in Web3, where data is also kept. This simple explanation leads us to the difference between Web3 and metaverse.

What is metaverse?

If Web3 is the internet, then the metaverse is a more futuristic form of presenting information content. Metaverse is an abbreviation between the natural world and the virtual world. Within the metaverse, customers can engage with apps and services more intensely.

The science fiction book Avalanche by Neil Stephenson, which discusses the virtual reality world, is where the phrase “metaverse” originally arose. But since, the idea has grown more widely accepted thanks to books and movies.

Now, the development of metaverse technology is speedy, following the story of science fiction. While web2 presents information in two dimensions, the metaverse allows interaction in three dimensions.

Also Read: Fostering emotional companionship in the metaverse

Present in various fields, such as games and virtual worlds to do many things, including work, socialising, or even social media, the metaverse will make it feel more natural.

The difference between Web3 and metaverse

Web3 is the third generation of the World Wide Web, while the metaverse is a hypothetical virtual reality world where users can realistically interact with each other and digital objects.

Web3 is based on the semantic web idea. This idea is a system of related data that machines can understand. Metaverse, on the other hand, is based on the notion of virtual reality and artificial intelligence. The notion of a metaverse allows users to interact more realistically.

Web3 and the metaverse are still largely theoretical concepts today, but many experts believe both technologies will play a significant role in the future of the web.

Are Web3 and metaverse similar?

Many people still need help figuring out the difference between Web3 and metaverse. First, very few people are familiar with Web3 and the metaverse. Both are developed by numerous individuals and organisations using other concepts.

For instance, by 2021, Facebook claims to have invested at least US$10 billion in the metaverse project. However, their perspective differs from that of others who think the metaverse should be fragmented and not be in the hands of powerful businesses.

Second, Web3 has been used to refer to both Web3 and the metaverse at various times. The inclusion merely highlights that both are the third significant version of the internet.

Additionally, to differentiate Web3 from the prior web, some individuals merely refer to it as the next version of the immersive web. The description is a metaverse, to put it another way.

Another reason why the difference between Web3 and metaverse is challenging to define is that they intersect in several significant ways.

Final thoughts

The metaverse is a virtual world that allows users to interact and experience life in a new way. This world blurs the line between digital and physical, allowing people to use their real-world identities and create online personas that represent them perfectly.

Web3 is an extension offering more opportunities for users to connect and share information. While we find the difference between Web3 and metaverse, they offer users a unique way to communicate and engage with others online.

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To say that the internet has come a long way in the last fifty years would be an understatement. 

Much of this rapid development has happened at the hands of tech conglomerates, who have turned the internet into a means to provide centralised content services to users in exchange for their time, money, or personal data.

The value chain is thus owned and controlled by a select few despite the vast contributions of many, and unfortunately, this is the lasting legacy that Web1 and Web2 have left behind.

Introduced to the world in 2008, blockchain has ushered in a new chapter for the internet, one that is decentralised, user-led, and creator-focused, laying the foundation for what we have come to know as Web3.

Almost 15 years on, crypto and blockchain are no longer considered to be mysterious, new-fangled technological innovations, especially since the industry’s bull run in 2019. Combined with the introduction of a whole asset class, we are seeing an explosion of new business models, communities, and perhaps, a more inclusive financial ecosystem for all.

With the crypto industry estimated to reach over US$82 billion in market size by 2030, there’s little wonder why everyone is trying to claim a piece of the pie. However, as the market grows increasingly saturated with Web2’s biggest players entering the fold, the questions of where and how to begin can be daunting.

Also Read: The race of Web3 and crypto infrastructure vs big tech

Whether you are building a Web3-native venture or equipping an existing business with Web3 enablements, here is some advice for aspiring entrepreneurs.

Start with a minimum viable product (MVP)

From Airbnb and Uber to Slack and Zoom, many world-famous unicorns began as MVPs. The same principle applies to Web3. It is easy to become overwhelmed with overly ambitious goals for what the project is intended to achieve in the long term, causing founders to lose track of what they should be doing now to establish early relevance in the Web3 realm. 

This begins with conceptualising what your MVP might be. Boil it down, strip it of its fripperies, and scrutinise it as if you were the user. 

If you have something valuable that helps you focus on your long-term vision, keep at it. Let this small but meaningful endeavour be your north star and guide you into the world of Web3. The torrential pace of the industry will undoubtedly move your project forward, and you will be surprised at the iterations and improvements your initial idea will go through in just a year.

After all, Rome was not built in a day.

Craft a clear problem statement

As it is, there are several problems inherent to our current internet architecture that only a decentralised solution like blockchain can solve. However, the early days of “meme coins,” buzzwords, and speculative valuation based purely on initial hype are over. With so many trying to break into Web3, one needs a concrete selling point to rally the community, garner attention, and build excitement amidst the noise.

At the same time, it is no longer enough to just keep your head down and build. To sell your solution to others, you must also communicate your startup’s value proposition in the most digestible and concrete terms possible. Simply stating that you will “decentralise” or “gamify” something does not mean much until you can explain why doing so will solve a long-standing industry pain point.

Learn as you go — in true Web3 style

Many ask if they should attend a Web3-specific course at some institution before venturing into the space themselves. In reality, no textbook, manual, or school can fully prepare you for this exciting yet turbulent journey.

Also Read: Global Web3 companies on why Asia Pacific is the future of the industry

Even if there were, it would be rendered obsolete within six months of its release, given how quickly the industry is evolving. What is truly invaluable, rather, is to simply be in the industry, gain hands-on experience, and learn lessons on your own terms.

It’s not easy, but it’ll be worth it

Starting a business is tough, and starting a business in a nascent space such as Web3 is even harder. The three steps I’ve shared above might seem daunting, but if one has enough grit and conviction, their efforts will bear fruit, not just for themselves and their ventures but also for the broader Web3 ecosystem. 

Lastly, you do not have to do it alone. Get to know the business models and communities adjacent to what you aim to grow and identify what problem of theirs you can help solve.

At RockX, while the team works hard on our own staking products, we are always on the lookout for opportunities to collaborate with other players to build solutions that advance the overall crypto asset management landscape.

While we’re still in a relatively bearish environment, previous crypto cycles have proven that many great projects will gain their core customer base during the heart of the crypto winter. So take heart, keep calm, and build on!

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Ayoconnect, an open finance platform in Indonesia, has raised US$13 million for its Series B+ financing round led by SIG Venture Capital.

The round also saw participation from CE Innovation Capital and existing investor fintech PayU, the payments and fintech business of Prosus.

The new funding will enable Ayoconnect to continue building the leadership team and invest in product and technology development.

The round will also facilitate the execution of Ayoconnect’s roadmap through organic and external growth, including new solutions around payments, data and banking, and new APIs planned for account opening and card issuing.

In January end, Ayoconnect announced closing a US$15 million Series B financing round led by Tiger Global. This round came after a US$10 million pre-Series B financing from Mandiri Capital and Patamar Capital.

Founded in 2016, Ayoconnect provides embedded finance and data solutions to help companies of all sizes launch banking and payment services within a few weeks.

Also Read: Open Finance platform Ayoconnect banks US$15M Series B to launch new products

Ayoconnect enables its business customers to launch new financial services “faster and cheaper” with its core infrastructure that is secure and regulated. Using Ayoconnect’s APIs means companies can bypass the lengthy and expensive process of building their own technology infrastructure from scratch without needing a BI license.

Its tech solutions are used by more than 200 clients, including Bank Mandiri, BRI, Dana, and Bukalapak.

With under 250 employees, the firm has also launched automated recurring direct debit with seven of Indonesia’s biggest banks (Mandiri, BRI, BNI, CIMB Niaga, Danamon, Bank Syariah Indonesia and Bank Neo Commerce). The direct debit API provides Indonesian businesses with recurring capabilities that can instantly debit from customers’ saving accounts across multiple banks.

Jakob Rost, CEO and Co-Founder at Ayoconnect, said: “The new funding will help us accelerate the delivery of our vision by shipping new solutions to our banking and API clients. The next 12 months will execute even faster and invest smartly in new solution rollouts.”

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A multimillion-dollar international express delivery business came from a failed business venture. Ninja Van was founded by three young entrepreneurs who had to give up their struggling fashion line to focus their attention and resources on delivering more than a million parcels daily to customers of some of the leading retailers in the region.

Also read: Grab vs Gojek: Whose strategy should you follow?

The e-commerce touch

Ninja Van’s technology-led model is crucial to its success. It addressed poor logistics infrastructure that posed challenges for retailers and customers and tapped the region’s active and fast-growing e-commerce markets.

Responsible scale up

It was not an easy journey for Ninja Van to go beyond Singapore, but the progress was quick. Instead of growing at all costs, the founders assured of growth “in a responsible manner.” They focused on the people, the customers, and the services, allowing them to achieve profitability.

So, what is Ninja Van’s secret?

Ninja Van has grown and achieved financial sustainability over the years, but how did it handle all the nitty-gritty? At the Echelon Asia Summit 2022, Adriel Yong, Investment Analyst at Orvel Ventures, will explore Ninja Vans’ success in a fireside chat: Pursuing sustainable growth – how Ninja Van increased their growth margin from 8% to 60%. In addition, Alvin Teo, Chief Partnerships Officer at Ninja Van, will be there to answer questions raised about the company’s business model, including:

• How did founders think about growth five years ago, especially when the capital was much more accessible and investors might not have been as concerned about near-term profitability?
• What were some of the critical decisions and actions taken to improve the business?
• What were the difficult tradeoffs that the founders made in pursuit of better margins?
• What methods were tried but didn’t work?
• Where is Ninja Van focused on, and what does growth mean for it in the next few years?

Also read: Echelon 2022: The rise of a new startup profitability culture

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 Echelon Asia Summit 2022 (October 27-28) returns after a three-year hiatus. It aims to gather the most influential decision-makers and industry leaders from the Southeast Asia tech and startup ecosystem.

Register for Echelon Asia Summit 2022 now!

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FinAccel turns unicorn with US$140M in Series D money
The investors include Mirae Asset, Square Peg, GMO Global Payment Fund, Jungle Ventures, Openspace Ventures, Cathay Innovation, and Endeavor Catalyst; FinAccel operates a BNPL service that allows customers to do online and offline transactions and pay for their orders in instalments.

Malaysia’s US$100M startup funding in doubt as elections loom
Financial and political analysts speaking to Tech in Asia noted that as the general elections neared, the budget was like a “carrot” dangled in front of beneficiaries ranging from large businesses and startups to poor households.

Zilingo’s fate in limbo as liquidation question lingers
One of Deal Street Asia‘s sources said Zilingo’s board has decided to shut down and liquidate the firm in a transaction that will see its debtors receive half their money back.

Thai e-commerce enabler aCommerce to delay IPO to next year
According to one of GlobalCapital Asia’s sources, given the current market situation and aCommerce being a tech company, there’s been a lack of visibility on the startup’s earnings, leading to the IPO being postponed.

GoTo’s Electrum targets e-motorcycle by 2024
Electrum is a JV between GoTo and Indonesia’s TBS Energi Utama; Electrum’s MD Patrick Adhiatmadja said it will begin sourcing e-scooters from other companies before producing the units itself.

Indonesian fintech firm Ayoconnect raises US$13M Series B+
The investors are SIG Venture Capital, CE Innovation Capital, and PayU; Ayoconnect CEO Jakob Rost said the next 12 months will be about executing even faster and investing smartly in new solution rollouts.

Indonesia-based Fabelio declares bankruptcy
By the end of 2021, Fabelio staff had reportedly gone unpaid for months; A Change.org petition was created for the startup’s employees, demanding that the firm pay the salaries owed.

Thai beauty e-commerce firm Konvy bags US$10M from Insignia Ventures
Konvy will use the capital to expand its omnichannel and international distribution for health and beauty brands and for hiring; Konvy carries 1,000+ global and local beauty brands, ranging from skincare and makeup to perfumes.

Thai proptech platform PropertyScout raises US$5M Series A
The investors include Altara Ventures, Hustle Fund, AngelCentral, and Asymmetry VC; PropertyScout is an end-to-end real estate transaction platform connecting over 1,800 agents and agencies with buyers, renters and owners.

Indonesia’s Waste4Change secures US$5M Series A
The investors include AC Ventures, PT Barito Mitra Investama, Basra Corporation, SMDV, and Urban Gateway Fund; Waste4Change is a waste management platform for companies, individuals, and government agencies.

Chinese e-commerce enabler sets up regional HQs in Singapore
Baozun is also setting up its Philippine office, with expansion plans for Indonesia, Vietnam, and Thailand in the cards by 2023; It believes that there is an increasing demand for e-commerce tech and infrastructure in the region.

Vietnamese fashion recommerce firm Piktina raises US$1M
The investor is Touchstone Partners; Piktina connects buyers and sellers of secondhand goods, targeting individuals who want to free up their closets and businesses specialising in pre-owned fashion items.

ShopBack chief commercial officer steps down
Candice Ong will, however, continue to serve as a non-executive director on the company’s board; Ong had been ShopBack’s CCO since January 2017, when the company was operating in five markets with around 110 employees.

Singapore’s NFT infra firm Gomu raises US$5M
Investors are Coinbase Ventures, DeFiance Capital, and Saison Capital; Gomu offers NFT Hub, a white-labelled community hub and marketplace for NFT communities, and Collection.xyz, a protocol that enables NFT holders to create a liquidity pool with their digital assets.

India pilots blockchain-based web portal for police complaints
Powered by Web3 infrastructure Polygon Technology, the platform allows for online lodging of grievances; While the project is still in its initial phase, the question of data privacy arises.

Former NEA Partner Amit Mukherjee launches Chainforest DAO to back Web3 startups
Chainforest community consists of more than 400 full-time web3 operators from Polygon, Solana Foundation, Ava Labs, Consensus, Poolsuite, and Friends with Benefits.

The race of Web3 and crypto infrastructure vs big tech
For Web3 to mature, there must be recognition of the value of sovereignty, and UX must continue to improve; Any successful buildout in Web3 requires the availability of secure, reliable, and cost-effective tools at the same [or better] efficiency than Big Tech.

KoinWorks names ex-ABN Amro exec as CFO
Frank Van Deur will develop funding and forecasting strategies and oversee its financial management; Van Deur brings over 20 years of experience in the global finance and banking sector.

Blockchain.com secures green light for SG operations
The crypto financial services firm currently has 84M wallets and 37M verified users from 200 countries; The development follows its peer Coinbase securing a similar in-principle approval from MAS to operate in Singapore.

Sustainable growth in the SEA startup ecosystem: Why tomorrow starts today
At Echelon 2022, we will look at ways for companies to achieve sustainable growth in a post-pandemic world.

The rise of a new startup profitability culture
Learn about how the post-pandemic ecosystem has given birth to a new culture of profitability, opening up new possibilities.

Grab vs Gojek: Whose strategy should you follow?
At Echelon 2022, explore the differences in how the two most prominent tech startups in Southeast Asia are approaching regional expansion.

Globish helps children and working professionals in Thailand and Vietnam master English
Its curricula focus on building communication confidence using post-method pedagogy combined with local contexts matching learners’ behaviours; The lack of trust in online education for parents and schools has been a severe issue in Thailand.

The future of farming in the Asia Pacific is here to empower farmers
To make farming a profitable profession, we need to ensure that the people growing the crops are rewarded fairly for their work; And that starts by placing the farmer at the centre of an ecosystem of integrated solutions.

APAC businesses promoting a culture of sustainability
As the market is looking for more green businesses, incorporating sustainability into a startup’s mission statement can help people notice it.

Creative content business: What it means for streamers and broadcasters
There’s no magic formula or set of data points that can consistently predict which titles will hit and which won’t; Entertainment is a creative industry, and creating content is still principally an art rather than a science.

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Echelon 2022 aims to provide intimate and focused discussions on key topics and business matching services to facilitate business-driven connections during the two-day event. e27 will curate and invite key stakeholders of startups, investors, corporates, and ecosystem enablers to drive towards fruitful business outcomes at Echelon. 

Here’s the full list of the speakers for the 2022 edition, which will be co-located with SWITCH at Resorts World Sentosa from 27 to 28 October 2022. Learn more here. 

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Thailand-based proptech startup PropertyScout has announced the completion of its US$5 million Series A financing led by Altara Ventures.

Partech and many returning investors, including Hustle Fund, AngelCentral, and Asymmetry VC, also participated.

Angel investor Carsten Rahlfs, a partner at Waterland Private Equity, also joined.

PropertyScout will use the funds to scale its core business by doubling down on investments into its technology platform and create an accurate property database for its customers and co-broker partners. It will also look to grow domestically organically and through acquisitions and prepare its entry into additional markets in Southeast Asia.

The startup also plans to boost its current staff of 200 by hiring talent in product and software engineering, sales, property management, marketing, and operations.

Also Read: Singapore’s klikit raises US$2M to bridge restaurants and creator economy

Established in 2020 by Mario Peng, Dr Marco Barth, and Salita Kamnerdsiri, PropertyScout provides an end-to-end real estate platform connecting realtors to buyers, renters, and owners. It currently works with over 1,800 real estate agents and agencies and lists more than 200,000 properties. The firm also digitises and automates 90 per cent of the real estate transaction process, enabling parties to close deals faster.

“The real estate market in Thailand and Southeast Asia is fragmented and plagued by fake and outdated listings. PropertyScout has successfully built a technology platform and scalable processes to solve this problem,” said Peng, Founder and CEO of PropertyScout.

In January 2022, PropertyScout raised US$2.5 million in its pre-Series A round bringing its total funding to US$7.8 million.

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Echelon 2022 aims to provide intimate and focused discussions on key topics and business matching services to facilitate business-driven connections during the two-day event. e27 will curate and invite key stakeholders of startups, investors, corporates, and ecosystem enablers to drive towards fruitful business outcomes at Echelon.

The 2022 Echelon edition will be co-located with SWITCH at Resorts World Sentosa from 27 to 28 October 2022. Learn more here. 

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Indonesia-based Waste4Change has announced the completion of its US$5 million series A funding round co-led by AC Ventures and PT Barito Mitra Investama.

Basra Corporation, Paloma Capital, PT Delapan Satu Investa, Living Lab Ventures, SMDV, and Urban Gateway Fund, also participated.

The waste management startup will use the money to expand its reach and increase waste management capacity up to 100 tons per day in the next 18 months. It also aims to reach more than 2,000 tons per day over the next five years.

Waste4Change’s plan also involves integrating more digital technology into the monitoring and recording processes of the waste management flow and automating material recovery facilities. It will also strengthen partnerships with the country’s informal solid waste sector, which is currently powered by scavengers, waste banks, waste stalls, and waste aggregators.

Also Read: Thailand’s PropertyScout nets US$5M to connect realtors to buyers and renters

Established in November 2014, Waste4Change offers upstream and downstream waste management solutions consisting of consultation (research and studies related to solid waste), campaign (capacity building, education, and mentoring), collection (daily waste collection service that supports zero waste to landfill), and creation (waste recycling, extended producer responsibility, and waste credit).

The firm’s mission is to solve waste problems to prevent leakage into the environment and reduce the amount of waste in landfills.

The company operates in 21 Indonesian cities, managing more than 8,000 tons of waste annually. It has collected waste from over 100 B2B clients and 3,450 household clients. Since 2017, it has grown at a CAGR of 55.1 per cent.

Waste4Change Founder and CEO Mohamad Bijaksana Junerosano said, “Indonesia’s waste management sector is still growing, and we are more than ready to assist in the process. With its low 11-12 per cent recycling rate based on Ministry Environment and Forestry data, we know that many valuable materials are still ready to be brought back into the loop. Compared to what we experienced in 2014, today’s market is getting more mature. We will do whatever we can to provide solutions to every waste management need.”

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Echelon 2022 aims to provide intimate and focused discussions on key topics and business matching services to facilitate business-driven connections during the two-day event. e27 will curate and invite key stakeholders of startups, investors, corporates, and ecosystem enablers to drive towards fruitful business outcomes at Echelon.

The 2022 Echelon edition will be co-located with SWITCH at Resorts World Sentosa from 27 to 28 October 2022. Learn more here. 

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Asia-Pacific has fallen short on sustainability in the past, but many businesses are working to change that. By implementing green business practices, APAC-based companies are creating a healthier environment by promoting a culture of sustainability through initiatives and practices.

Sustainability can do wonders for the planet and business culture. Here are five APAC businesses promoting a culture of sustainability and how entrepreneurs can match their efforts.

Consumer trends pointing towards sustainability

Customers are increasingly interested in buying from eco-friendly brands. A survey from YouGov Omnibus showed that 88 per cent of consumers in Singapore think companies should be responsible for positive change. 56 per cent of the same group believe businesses must also make their supply chains sustainable, but only 46 per cent of owners think the same way.

This gap between consumer needs and company operations creates significant demand for green products. Customers are clearly interested in buying more sustainably, but many businesses aren’t sharing their desire. If new business owners start an eco-friendly company, they could experience higher sales because they’re working to meet demand.

Not only is this important for shoppers, but also investors. Industry expert Jeremy Huang said new and expanding businesses must find ways to grow sustainably and make positive environmental and social impacts. These practices are becoming necessary for those looking to partner with or invest in companies.

Because the market is looking for more green businesses, incorporating sustainability into a startup’s mission statement could help people notice it. Saving the Earth is on many people’s minds now, and they’re actively looking for responsible companies that want to make a difference. Eco-friendly entrepreneurs could meet thousands of people’s needs, carving a stepping stone for their businesses.

Promoting a culture of sustainability in business

Startup companies looking to make their business more sustainable may not know where to start. Forming a plan is an essential first step to promoting an eco-conscious culture throughout all aspects of the business. During the brainstorming process, entrepreneurs can set goals to reach in the next few years, such as:

Also Read: How to tackle climate change by choosing a career in cleantech

• Evaluating the use of virtual currency in the company
• Eliminating single-use packaging
• Using technology instead of paper to communicate and make business plans
• Implementing recycling programmes in offices
• Working towards using electric vehicles in the shipping process

Creating a solid information communications technology infrastructure for quick virtual data distribution is another way to promote sustainability. Business owners can do this by:

• Creating a computer network architecture with various accessibility options for employees and management
• Securing the network to avoid data breaches and losses
• Maintaining the network infrastructure so speed and security stay optimal

However, startups decide to incorporate eco-friendly practices, which help keep the Earth healthy for generations to come.

APAC businesses committing to sustainability

While there aren’t many businesses making the change to greener practices, a few are paving the way. Here are five companies currently working towards sustainability.

Kao Corporation

Kao Corporation is one of the leading APAC manufacturers of health, beauty and hygiene products. This company is committed to green business through its ESG goals for its working environment and customers.

The corporation launched the Kao Group Mid-term Plan 2025 in 2021, committing the business to promote sustainability and protect the future. Overall, the company has decreased its carbon emissions and water consumption throughout its manufacturing process.

City Developments Limited

A real estate network in 29 different countries, City Developments Limited (CDL) is a Singapore firm that focuses on conservation during construction. It works to repair old buildings sustainably and implement eco-friendly building practices and new solar technologies. 

In 2022, the company ranked fifth in Corporate Knight’s 100 Most Sustainable Corporations, sharply rising from 40th in 2021. CDL also co-sponsors a virtual exhibit showing the impact of climate change on the world’s oceans.

StarHub

Listed as the most sustainable telecommunications company in Asia in Corporate Knights’ Global Top 100, StarHub has implemented several green initiatives over the years.

The company has since reduced its water and energy consumption more and has made strides in curbing the electronic waste problem. By 2030, it hopes to reduce greenhouse gas emissions by 50% and use renewable resources for 30 per cent of its energy use.

Samsung

Samsung is committed to fighting climate change through its business practices and environmental pledges by creating sustainable supply chains.

Also Read: How carbon in the metaverse can help solve the real-world climate crisis

In 2021, the company launched its Galaxy for the Planet programme, which hosts a set of goals to reach by 2025. These include eliminating all single-use plastics from packaging and reducing all smartphone chargers to under 0.005 watts.

Hyundai

Hyundai has committed to reducing its carbon emissions and hopes to be carbon neutral by 2045. Additionally, the automaker is working to end production of all its European combustion engine vehicles by 2035. It continues to put out electric cars through its Genesis line and is incorporating sustainable practices into its production process.

Hyundai is also working to make motorsports more eco-friendly by committing to the FIA World Rally, which hopes to accelerate the use of electric vehicles in the sport and on the road.

Creating a sustainable future through business

With sustainability more necessary than ever, all business leaders must work towards a better future through their practices. Recent entrepreneurs also want to assure their customers they are committed to a low carbon footprint and preserving the world for their families. 

Forming a sustainable company could encourage other companies to follow suit, leading to a better environment through their changes. Making an effort to create an eco-friendly business shows employees, clients and customers new businesses care about saving the environment for future generations.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

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It’s no secret that institutions are sizing up blockchain and cousin technologies today. As their tone fluctuates, mainstream media attempts to keep pace with volatility and its sponsors. The disruption of common narratives with Web3, NFTs, metaverses, and Bitcoin are present outside fintech, but these conversations are frequently short-form, narrow views.

Web3 is still a loosely defined phrase, but without scalability, interoperability, and shared security, it’s doomed to the same cycle of euphoria-taboo as the ICO craze just six years ago. The comedy of “Web5” is an easy way to describe the fumble of Web3 as a meaningful phrase today.

We know going backwards won’t heal misunderstandings or improve consumer experiences. A small group of corporations (Big Tech) will feed their needs for profit by any means (especially in this climate of inflation), extorting data like oil in the hopes of slicking more user-activity data products.

Corporations have strangled digital privacy and hampered their reputations, but their need to grow profit margins and public trust can’t end. It’s unrealistic to expect these organisations will grow public trust to the detriment of their other culturally-entrenched responsibilities. 

Also Read: Global Web3 companies on why Asia Pacific is the future of the industry

The everyday internet user is vaguely aware of data privacy. Beyond accepting an occasional cookie policy, users rarely appreciate how Web3 can grant control of the data they produce. The proliferation of Web3 technology educates and motivates internet users to recognise the money they leave on the table in any one-sided data economy.

Web3 should be the cure, but the disease is mostly undiagnosed

Web3 invoking “read + write + execute” is still foreign to most internet users, similar to the moderate-low literacy of average internet users in the late 2000s. Like those free AOL CDs, there’s a plethora of free, easy-to-use Web2 applications available, so venturing into applications establishing data sovereignty requires an educated customer. 

The dramatic changes that Web3 brings are still emerging, and with notable public confusion, the differences in monetisation models are frequently lost in the conversation. With significant benefits ahead, Big Tech has to drive its narrative harder, insisting that its products are safe, trustworthy, and ethical.

This leaves an open lane for Web2/SaaS products to claim some undeserved shine, especially in head-to-head UX and overall task latency. Because dapps require more operations across more systems, they seem closer to the 1990s internet in the eye of the layman. Comparing blockchain transactions and web app latency is an easy way to bend a narrative away from consumer rights towards instant gratification.

Blockchain organisations know this; they’re buckling down efficiency for the bear market. Speed isn’t going to revamp in a glamorous refresh but caching, glossy UIs, and new features give hope to a new swell of users. Some of these components are already in progress, but some solutions require difficult work, especially when acting in the best interest of users over a single chain. 

While tribalism guides Twitter, blockchain organisations behind the scenes are watching liquidity dwindle, affirming their survival needs more than inflows from CEXs. Bridges, oracles, and sidechains are emerging more frequently in smaller-scale structures like app chains, often built as structures to aid traffic between multiple blockchains. Mobile apps today are more interested in a suite of blockchain integrations than a single option, knowing that most users are looking for a series of different dapps and chains. 

With interoperability growing and establishing as a staple need, bridges are pushed to deliver more products more quickly with the goal of streamlining UX. Some products have built to their limit inside the network effects of EVM and are starting to focus on Rust chains like NEAR Protocol, Solana, and Stacks, hoping to cover as many features, dapps, TVL and liquidity as possible. 

Any successful buildout in Web3 requires the availability of secure, reliable, and cost-effective tools at the same [or better] efficiency than Big Tech. Projects like Octopus Network offer tools that address elastic-scaling needs, including a blockchain endpoint, indexer, and explorer.

These solutions, which commonly cost more than US$1 million in their first year to build and run, are provided free to app chains that choose to build on Octopus Network. Compassion in support of growing projects utilising these tools is an often overlooked driver that makes adoption immediately more attainable. 

Accelerating growth in Web3

Octopus Network was designed specifically to accelerate the growth of web3 by directly addressing critical qualities for success,  scalability, interoperability, and shared security. 

• Scalability: Octopus Network resides on NEAR Protocol which utilises a modular consensus called Doomslug in a sharded design, Nightshade. When network congestion is seen, Octopus Network will lobby the validator community to deploy a shard, dedicating a small subset of validators to prioritise Octopus Network transactions. Total chain throughput has been charted at 100,000 transactions per second, with shards commanding over 10,000 TPS without performance optimisation. 

Also Read: How to scale voluntary carbon markets with DeFi and Web3

• Interoperability: With the unique development of the Substrate-IBC pallet opening fungible asset transfers and trustless bridges based on merkle mountain ranges, there are at least three ecosystems with cross-connectivity and cross-compatibility available today (and improvements in progress).
• Shared Security: Shared security is built into the infrastructure of Octopus Network through a leased-proof-of-stake (LPoS) model. This mandates that chains configure how much the total validator set will earn [and delegators as contributors to validator escrow] not to pay validators themselves. This elastic market of supply and demand derives equilibrium from the price of each app chains’ core asset against planned rewards. 

For Web3 to mature, there must be recognition of the value of sovereignty, and UX must continue to improve. Bitcoin is much faster than bank wires and low-cost ACH transfers, but Ethereum is not faster than modern cloud computing services or mobile apps.

For the “Internet of Money” mentality to grow in virality, cultural understanding of operating value has to grow too; innovation is blitzing forward, but culture doesn’t shift nearly as fast. 

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The battle for the “Super App” throne in Southeast Asia continues as neither Grab now Gojek, leading tech startups, show plans of slowing down their expansions. The two ride-hailing companies seemed to have found the key to the enormous potential of Southeast Asia’s technology market composed of young and tech-savvy populations. While they have a similar end goal of driving millions of users to dig into their mobile wallets, they have taken different paths to scale. 

Grab: Regional target from the get-go

Grab set its sights on Southeast Asia from the very beginning in a bid to address transportation problems in tier 1 cities across the region. Like other startups, Grab took a growth-at-all-costs approach until it reached a value of $14 billion, signalling a switch to a more strategic model. It chose the route to partnerships with other startups, including HappyFresh, Ninja Van, and Hooq.

Also read: Echelon 2022: The rise of a new startup profitability culture

Gojek: There’s no place like home

Gojek focused on its roots in Indonesia before gradually taking hold of other regional countries. It was the first company in the country to utilize motorcycle taxis for personal transportation and deliveries using an app before adding cars and taxis to the menu. By prioritizing the local market, Gojek built a solid loyal customer base, making it the most-used app in the ride-hailing, food delivery, and digital payment segments among Indonesian millennials.

The path forward

One thing to learn from Grab and Gojek is that there is no single way to get to where you want to be. But what makes more sense for startups moving forward? Do Southeast Asia startups have to think regional from day 1? How does regional talent scaling work? What are the pricing, business models, technology, and language considerations when scaling? Which companies have scaled well regionally? What are the critical mistakes when expanding regionally, and how can they be rectified?

Also read: The Big Leap: Bringing retention best practices across SEA

Such questions are best discussed at the Echelon Asia Summit 2022. Klaus Wehage, Co-Founder and CEO of 10x Innovation Lab, will moderate a panel discussion on “Grab vs Gojek model – How should you scale your startup across the region” with founders Jennifer Zhang (Wiz Holdings), Hendra Kwik (Fazz Financial), Ram N Kumar (NirogStreet), and Vincent Fan (Zeek). 

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Echelon Asia Summit 2022 (October 27-28) returns after a three-year hiatus. It aims to gather the most influential decision-makers and industry leaders from the Southeast Asia tech and startup ecosystem.

 Register for Echelon Asia Summit 2022 now!

The post Grab vs Gojek: Whose strategy should you follow? appeared first on e27.