- Raj Gokal, Co-Founder of Solana Labs, recently spoke with Cointelegraph about various issues, including Web3, scalability, and tokenization.
- Gokal, who has a venture capital and health IT background, moved to the crypto market after meeting Solana co-founder Anatoly Yakovenko.
- He enjoyed the journey and has been involved with cryptocurrency for five years.
In a recent interview, Raj Gokal, a co-founder of the Solana blockchain protocol and the Chief Operations Officer at Solana Labs, shared insights about Web3 and its practical applications amid blockchain uncertainties.
Gokal’s background in venture capital and health tech spanned seven years, where he aimed to address the complexities of the U.S. healthcare system. However, he recognized broader industry challenges, including health plans and regulatory issues.
During this time, he connected with Anatoly Yakovenko, another Solana co-founder, and was intrigued by Yakovenko’s vision to solve scalability problems in cryptocurrency.
This encounter marked the beginning of Gokal’s transition into the crypto market, which he describes as highly rewarding over the past five years.
Real-World Use Cases for Web3
Gokal emphasized the significance of decentralized physical infrastructure networks (DEPIN) as a real-world application of Web3.
He referenced Helium, which built a decentralized 5G network. He also referenced Hivemapper, which remapped 8% of the world’s roads using a distributed global workforce.
These examples show how blockchain technology may produce innovative, low-cost, scalable solutions.
Scalability in Web3
When asked about scaling issues, Gokal stressed the advantages of parallelized transaction processing and validation.
With 400-millisecond block speeds and near-instant confirmations, Solana has optimized for speed.
He also emphasized the significance of low transaction costs, compatibility, and decentralization for blockchain networks’ lifespan and stability.
Mobile and Payments
Solana has entered the mobile and payments sectors with the launch of Solana Pay and the Saga phone. Gokal believes these initiatives will persuade tech giants like Apple and Google to embrace more user-centric frameworks.
Solana Pay promises to offer QR code-based payment functionality across several platforms, whereas the Saga phone serves as a sandbox for developers to build freely.
Real-World Asset Tokenization
Gokal recognized the latent potential of tokenizing physical assets, particularly real estate.
He cited initiatives such as Parcl and Homebase as forerunners in this field.
However, he highlighted that gaining widespread acceptance necessitates the development of valuable platforms and efficiently communicating their benefits to consumers.
Mitigating Risks in Web3
Gokal addressed the importance of dependable infrastructure in dealing with potential outages or technological challenges.
Networks such as Solana have made significant progress in improving liveness and mitigating possible difficulties, which will be critical for institutional adoption.
Product-Market Fit in Web3
Gokal recognized two stages of product-market fit for layer-1 protocols and the Web3 ecosystem.
In the initial stage, founders and developers seek money to launch goods.
The second stage emphasizes end-users who derive value from contributing to networks rather than simply retaining assets.
Conclusion
Networks such as Solana have greatly improved liveness and minimized possible difficulties.
Collaboration efforts across numerous validator clients, diverse solutions, and constant ecosystem refinement have enhanced stability and dependability.
While Web3 is still emerging, focusing on these elements will likely increase stability.
