Web 3.0 Technologies Foundation
Web3 Foundation
Web3 Foundation is a not-for-profit organization that was founded in 2017.
ID: 526605449331-76
Lobbying Activity
Meeting with Roberts Zīle (Member of the European Parliament)
4 Dec 2024 · Web3
Response to Virtual worlds, such as metaverse
3 May 2023
We highly welcome the call for evidence from the European Commission to gather more information on how virtual worlds can benefit the EU and its economy. The Web3 vision aims to build a fairer and decentralised internet, where users are in full control of their data and identity, rather than large corporations that built their business models on user data in the Web 2.0 era. Web3 services use blockchain technology, community consensus, and token based economics to create new avenues for trusted information exchange and data management, managed by users and for users benefit. Achieving the ambitions of the Commission, virtual worlds and Web 4.0, as defined in this call for evidence, will require the decentralised structure of Web3. This ecosystem is ideally suited to align the next evolution of the internet with European Digital Rights and Principles, enabling the creation of virtual worlds that are open, interoperable, trusted, secure and privacy preserving. If built on Web3, such worlds may also create an environment in which EU start-ups and SME can innovate freely and users and content creators are protected. Our main project, Polkadot, aspires to be the base layer network infrastructure of the new decentralised Web 3.0 internet. It allows other blockchain projects to build on top of it and benefit from shared security and interoperability that allows them to communicate with each other. For comparison, think of Polkadot as the simple mail transfer protocol (SMTP), one of the foundational protocols of the internet used to send and receive email. In this analogy, layer-1 blockchains - such as Bitcoin or Ethereum - are similar to email providers like Yahoo or Google. Polkadot is the underlying network infrastructure (layer-0), which allows these distinct programs to communicate with seamless connection or interoperability. Without this infrastructure, Yahoo email account holders would be limited to communicating only with other Yahoo users. Moreover, they would have to create additional accounts to communicate with people using other email providers. However, the underlying infrastructure of the SMTP allows users to use any email provider. Polkadot provides the same benefit to Web3 technologies, allowing otherwise siloed blockchains to connect and operate harmoniously. Several use cases have already been built upon Polkadot infrastructure, showcasing the ease with which it facilitates new business opportunities while respecting essential EU values. For example, one start up built on Polkadot has already developed a secure, transparent and efficient supply chain management system that ensures compliance, reduces fraud and eliminates errors. Another has built a self-sovereign identity that allows users to safely prove identity and credentials while giving away only the information that they want to share, without centralised data silos or creating monopolies. These are just two examples of the power of our infrastructure and its enabling power to bring forward the next generation of the Internet. In addition to the business and user benefits, Web3 technologies also offer solutions to many of the problems created by Web2 gatekeepers. For example, the issue of data monopolies and privacy concerns can be addressed through the use of decentralised applications (dApps) and blockchain technology. By allowing users to control their own data, Web3 technologies can empower individuals and promote a more equitable and democratic society. Decentralised data storage also reduces the risk of hacker attacks and enables users to securely store and access private data in a peer-to-peer network. Most importantly, most decentralised projects are community driven and open source, another aspect that will ensure that no singular gatekeeper can misuse user data. It is essential that a Web 4.0 space is built on Web3 technologies in order to adequately tackle the main problem this initiative aims to solve. Find full feedback in attached file.
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