Tech Giants are Being Challenged to Retain Talent in the Wave of Web3

What is Web3?

Web3 is the new Web, which is preceded by Web2, our current internet. Ethereum states Web2 is run by companies that “provide services in exchange for your personal data,” while Web3 would encompass decentralized apps on the blockchain. Web3 is appealing because it would be driven by peer-to-peer interactions rather than a centralized platform with middlemen. Whereas Web2 is driven by multiple peer-to-peer interactions converging at a unique, centralized point of failure, Web3 stores data via multiple peer-to-peer interactions with no centralized point of failure, improving security. Some benefits of Web3 include: permission for use is not necessary, the absence of service denial, built-in payments via Ether tokens, and the ability to program anything. Web3 many operate alongside Web2 instead of replacing it, but despite this, the top talent at Web2 companies has been jumping ship to work for big names in Web3. Read below to see who some of these top names are and why they might be leaving.

 

Who is Leaving Big Tech for Web3?

  • Julien Gaillard, Chief Data Scientist at Twitter Spaces, left for a position as Head of Data Science at DeFi lending platform Aave.
  • Ryan Wyatt left YouTube for gaming studio Polygon.
  • Pravjit Tiwani, a top executive at Amazon Cloud, left to become Chief Technology Officer at Gemini.
  • Facebook Meta employee Evan Cheng left to start MystyWeb.
  • Sherice Torres, Chief Marketing Officer of Facebook’s crypto and payments unit, Novi, left for Circle.
  • David Marcus, head of the Facebook crypto project Meta, left for Web3.

 

Why are People Leaving Big Tech for Web3?

There are a multitude of reasons Web2 talent is making the upgrade to Web3. One of the top reasons seems to be alignment with Web3 values of decentralization, fairness, and experimentation. Below are some other common reasons:

  • Money. Some crypt companies are quite lucrative from high investments, which means they can afford to hire top talent at a pretty penny.
  • Some, like two of Facebook’s best engineers, left for Horowitz’s crypto team in generic terms of searching to pursue a larger mission.
  • Others, like Watt, thrive off the excitement of being one of the firsts, or a “pioneer” so to speak, in the early stages of the most exciting tech developments.

 

Top Talent Weights the Benefits

While Web2 is here to stay, Web3 is ever expanding and will continue to do so, bringing in more companies and expanding the already big names in Web3. Naturally, this will bring in top talent, some of which will be individuals from Web2 companies. But is that to say that all top talent will make that move? Certainly not, as Web3 is still in the developmental works and there are many employees in the Web2 space who likely still stand behind and support the mission and vision of their companies.

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