CoinDCX’s New CTO Mr. Vivek Gupta Discusses Web3, Blockchain, and India’s Tech Revolution

CXOToday has engaged in an exclusive interview with  Mr. Vivek Gupta, Chief Technology Officer at CoinDCX

• What is Web3 and how is it different from De-fi?

Web3 is the next generation of the internet. It is built on core technologies of blockchain, AI and semantic web to make the internet more equitable and decentralised by putting the power back in the hands of the users. Ethereum pioneered the development of several protocols designed to build a more transparent, permissionless and open financial system. This new model in many ways has become the foundation of a new decentralized financial system – widely known as DeFi. It is a sub-sector of web3 and offers new types of value and utility not found in traditional financial systems. DeFi is an approach or a way to apply the principles of web3 to the financial system.

• Why is blockchain technology the future?

The core tenets of blockchain are immutability, open permissionless public ledger, cryptographically verifiable transactions and a decentralized ecosystem. These values make it a simple but a powerful platform to build numerous use cases, and drive efficiency and transformation across all industries. The power lies in the hands of the ecosystem participants, which thereby allows deeper usage and ever-expanding applications across industries.

• How Web3 is empowering India’s growth story?

A combination of young demography, internet penetration and technical prowess uniquely position India to emerge as the leader in the web3 space. Transparency and the public nature of blockchain has the potential to transform several areas like public distribution system, land records, and traceability of all transactions, amongst others. India has played a significant role in powering the web2 as a technical manpower engine. With web3, India has the opportunity to lead the way through innovation and harness its potential by building the tech stack of the future.

More than 450 Web3 startups have further enhanced the startup ecosystem in India creating employment opportunities and adding value to the lives of people.

• What is your vision for the future of the crypto industry, and how do you see your company contributing to it?

According to estimates, Web3 can contribute USD 1.1 Trillion to India’s GDP by 2032. We believe that India is uniquely positioned to harness the potential of Web3. Leveraging this opportunity will not only enable India to cement its standing as a global tech leader, but also accelerate social and economic development within the country in the future, creating millions of jobs and growth possibilities.

• It is important to move the debate beyond crypto assets and see the current evolution of the internet from the lens of the evolving web3 technologies. I see our role in making web3 simpler and more accessible through mass adoption. The real power of web3 can be harnessed in the following ways:
• In contributing to the growth and evolution of the industry
• In solving the challenges of the core technologies that drive this blockchain-led web3 platform like scalability, performance, interoperability, security
• In contributing building blocks that will help other developers and buidl-ers

• As a CTO of CoinDCX, what do you think will be your biggest challenge, and how do you plan to address it?

Since the industry is nascent, our challenge is to have a completely new take on how we do things and experience or interact with the digital, physical and metaphysical worlds. It is akin to going back to the times of germination of web2.0, where a lot of core infrastructure of the internet as we see today was built. This is, however, an opportunity too. We are focussing on intentional and continuous innovation, promoting collaboration with the wider web3 community, leveraging the power of the ecosystem to progressively solve the challenges and fostering a diverse and inclusive engineering team built on a culture of learn-it-all rather than know-it-all.

• With the Crypto industry constantly evolving, how do you plan to keep up with emerging technologies and trends to ensure CoinDCX stays ahead of the competition?

Considering the dynamic nature of the web3 ecosystem, keeping pace with the growing changes is both challenging and exciting. The ecosystem is designed such that players can leverage, freely use and build on top of the innovation of other players. It is not competition, but a shared purpose of developing the next generation of internet that is more enabling, efficient, powerful and decentralized.