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‘We may create another kind of elite,’ Animoca CEO warns

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

See related article: FTX heads Down Under as Australia looks to crypto industry

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.

See related article: Australia may regulate DAOs under senator’s proposed act



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