FACES OF WEB3: Jonathan Inglis, Protocol Theory
September 18, 2024
Jonathan Inglis is passionate about an equitable, inclusive, and decentralised future. At Protocol Theory, he and his team leverage behavioural science and consumer research to help digital asset and Web3 brands onboard more users – thereby accelerating this blockchain-enabled future. From his early days in Traditional Finance (TradFi) to founding Protocol Theory, Jonathan shares his insights on his journey in Web3 and what keeps him motivated.
How did you get started in the Web3 space?
Although I first heard about Bitcoin back around 2011-2013, like many others, I didn’t fully grasp the long-term implications beyond speculative assets and “magic internet money”. Around 2017/18, I began to research the broader applications of blockchain—smart contracts, decentralised finance, and self-sovereign identity. I realised Web3 had the potential to radically reshape so much of society and our daily lives, including the products and services that we interact with every day. The decentralisation and transparency that Web3 enables really struck a chord with me, specifically the ability to solve social problems, and I’ve been deeply involved in the space ever since.
What was your motivator to start Protocol Theory?
There were really two key drivers behind founding Protocol Theory. First, I wanted to help advance the equitable, transparent future that Web3 promises and create a positive social impact. I’m not a developer, so I couldn’t contribute by writing code, but I knew I could offer value through consumer research. Consumer research helps Web3 companies better understand their users and make smarter decisions to ultimately onboard more users on-chain.
Secondly, there was simply a massive need for it, specifically by builders in the Web3 space. Too many Web3 projects focused on technical features and neglected the needs and preferences of their target users. It was clear that a more consumer-centric approach was needed, and that’s exactly what Protocol Theory was built to provide.
The definition of ‘Web3’ is quite broad and varies depending on the industry backgrounds of the people you speak to. How do you define the term?
The definition of Web3 can vary depending on who you ask. At its core, I define Web3 as the next evolution of the internet, where decentralisation, ownership, and user control are front and centre. Many argue that it’s the way the internet was initially intended to be.
Our current era or the Web2 era, is characterised by centralised platforms like Facebook or Google, which own and control vast amounts of user data. In contrast, Web3 envisions an internet where individuals have more autonomy over their own digital assets, identities, and interactions.
This shift is enabled by blockchain technology, which allows for trustless transactions, decentralised networks, and the concept of digital ownership through tokens and smart contracts. But more than just the tech, Web3 is about creating a more transparent, inclusive, and equitable digital ecosystem and community.
What do you determine to be the biggest societal opportunities that Web3 brings?
I think the biggest opportunity Web3 brings is the chance to create a more inclusive financial system. There are still billions of people around the world who lack access to basic financial services, and Web3, particularly Decentralised Finance (DeFi), can help bridge that gap. Through blockchain, people can access banking, lending, and investment services without needing traditional institutions, which often exclude them. Beyond finance, Web3 can help revolutionise other areas like governance, identity, and intellectual property, giving individuals more control over their voting rights, personal data, and creative output. These are all critical societal shifts that could make systems more democratic and fairer.
And what do you see as the biggest challenge that the Web3 community faces?
The biggest challenge Web3 faces today is, ironically, user adoption. While the technology itself has come a long way, most Web3 products still struggle to appeal to mainstream users. A lot of projects are too focused on the technical aspects, assuming users will care about decentralisation for its own sake. But for mass adoption to happen, the focus needs to be on delivering clear, tangible benefits that solve real-world problems—without requiring users to understand the underlying technology. Currently many technical founders don’t understand marketing and user needs, with a lack of focus on solving problems and desires (convenience versus privacy) and communicating value to the market. Additionally, there are regulatory and scalability hurdles that need to be addressed, but I believe those will be overcome in time.
What are some career highlights in your Web3 journey so far?
There have been quite a few highlights along the way, but a couple really stand out. One is founding Protocol Theory and watching it grow so quickly. It’s been incredibly rewarding to see the impact we’ve had, helping Web3 businesses make smarter product and marketing decisions by putting real consumer insights at the heart of what they do.
Another standout moment was participating in Consensus 2024 and co-sponsoring the 3MO Dinner & panel. Having the opportunity to speak alongside some of the most influential voices in Web3 about how we can onboard the next billion users was a real privilege. It felt like a culmination of all the work we’ve been doing, especially with our research into understanding the drivers of Web3 adoption. Overall, being part of the broader mission-driven community Web3 space is a highlight in itself. It’s such a dynamic, evolving industry, and getting to contribute to shaping its future is something I never take for granted.
What’s coming up for you and Protocol Theory this year and into 2025?
We’ve got an exciting road ahead for the rest of 2024 and moving into 2025. Right now, we’re focused on continuing to grow and scale, working with even more Web3 businesses across the globe. What’s really interesting is the increasing number of traditional consumer brands we’re partnering and having conversations with. This includes brands that are either already dipping their toes into Web3 or seriously considering it. It’s amazing to see traditional brands start to embrace the potential of blockchain and decentralised technology.
And while I can’t give away too much just yet, let’s just say we’ve got some exciting projects in the pipeline that could radically transform how consumer research is done. But I’ll have to leave it at that for now—you’ll have to stay tuned!
What inspires you to stay motivated professionally?
The thing that keeps me motivated is the potential for real-world impact. Web3 is still in its infancy, and there’s so much room to shape how it evolves. Every day, I see new opportunities for this technology to make a difference, whether it’s providing financial services to the unbanked or empowering creators through decentralised ownership. Working at the intersection of research, strategy, and technology means I get to help businesses realise that potential, which is incredibly exciting. Plus, the sheer pace of innovation in this space keeps things dynamic—there’s always something new to learn, explore, and contribute to.
When you’re not working, where would we most likely find you?
When I’m not working, you’ll most likely find me in the middle of triathlon training. I’m always either out for a long run, cycling, or squeezing in some swimming practice—training really helps me clear my mind and stay focused. If I’m not doing that, I might be rock climbing, which is a great way to challenge myself both mentally and physically. And when I’m not being active, I’m usually deep into a non-fiction book. I pretty much read exclusively non-fiction, whether it’s about psychology, tech, or human behaviour—anything that helps me keep learning and stay curious!
You can connect with Jonathan on LinkedIn or X and find out more about Protocol Theory here and follow Protocol Theory on LinkedIn and X.
