• Daniel Schoenberger, Chief Legal Officer at Web3 Foundation, provided a presentation to lawmakers on the potential of Polkadot and Web3 vision.
• Schoenberger highlighted the importance of returning data to users and revolutionizing the internet into a more secure, decentralized, and user-centric one.
• Polkadot is a next-generation blockchain protocol that aims to unite blockchains to share security, interoperability, and scalability.
Polkadot Takes Center Stage
At a recent hearing discussing “The Future of Digital Assets: Measuring the Regulatory Gaps in the Digital Asset Markets” Daniel Schoenberger, Chief Legal Officer at Web3 Foundation was invited by US lawmakers to make a presentation on Polkadot network and Web3 vision. According to him, Web3 has the potential to massively transform the Internet with much focus on efficiency, innovation, and connectivity; offering transparent and tamper-proof records for land ownership, facilitating decentralized identities etc.
MeWe Adopts Decentralized Social Network Protocol
MeWe recently announced its adoption of the Decentralized Social Network Protocol (DSNP) from Project Liberty created by Frank McCourt former owner of Los Angeles Dodgers baseball team. DSNP is an open-source project that provides fundamental infrastructure of social networks but is not tied to any specific company giving users greater control over their data; operating on Polkadot network showcasing versatility and potential of Polkadot in facilitating decentralized applications and services.
Overview Of Polkadot
In his submission Schoenberger mentioned Polkadot as next-generation blockchain protocol that aims to unite blockchains to share security interoperability and scalability. This could potentially increase secure transactions between different blockchains as well as enable new business models across multiple connected blockchains increasing investment opportunities within crypto industry while providing new levels of transparency trustworthiness efficiency etc.
US Regulatory Framework Cripples Innovation
Schoenberger believes current US regulatory framework cripples Web3 innovation thus preventing full realization of its potential benefits for society; urging for comprehensive legislative & regulatory frameworks which take into account atomicity transparency decentralization privacy security & other emerging technologies in order for this technology & industry reach its full potential through increased adoption by investors entrepreneurs & users alike.
Final Thoughts
The hearing concluded with Schoenbergers statements emphasizing importance comprehensive legislation& regulatory frameworks need have in order crypto industry thrive through increased adoption investors entrepreneurs & users alike; whereby fully realizing potential benefits this technology brings forth society such as secure transactions between different blockchains enabling new business models across multiple connected blockchains increasing investment opportunities & providing new levels transparency trustworthiness efficiency etc