Blockchain gaming unicorn Animoca Brands co-founder and executive chairman Yat Siu said Web 3.0 needs rapid adoption in order to become more decentralized at Australia Blockchain Week in Melbourne on Wednesday.

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Fast facts

  • “If people don’t move into the space quickly enough, inadvertently we may create another kind of elite,” Siu said. “The more people that join as quickly as possible, frankly, the more distributed it is.”
  • Cryptocurrencies and blockchain technology are often associated with decentralization of governance and control, but the industry has been criticized for the concentration of ownership for even the largest tokens such as Bitcoin.
  • Siu’s comments in Melbourne followed Australia Blockchain Week in Sydney where Australian politicians proposed plans to regulate and embrace the digital assets industry.

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