- Polkadot Testifies Before US Congress: Daniel Schoenberger, the Chief Legal Officer at Web3 Foundation, recently presented the Polkadot network and Web3 vision to the US lawmakers.
- The Benefits of Web3: The advantages of a decentralized internet include transparency and tamper-proof records for land ownership, digital identity management, and secure social media networks.
- Polkadot’s Versatility: Polkadot is a next-generation blockchain protocol that facilitates interoperability between blockchains, scalability, and security.
Polkadot Testifies Before US Congress
At a recent hearing to discuss “The Future of Digital Assets: Measuring the Regulatory Gaps in the Digital Asset Markets”, Daniel Schoenberger, Chief Legal Officer at Web3 Foundation presented the Polkadot network and Web3 vision before US lawmakers. According to him, Web3 seeks to revolutionize the internet into a more secure, decentralized and user-centric one, with features such as transparent records for land ownership and secure social media networks.
Web3’s Potential Benefits
Schoenberger highlighted numerous advantages of a decentralized internet such as efficiency in innovation; tamper-proof records for land ownership; digital identity management; secure social media networks; etc. One example is MeWe – an increasingly popular social network which focuses on privacy. Recently it announced its adoption of Decentralized Social Network Protocol (DSNP) from Project Liberty developed by Frank McCourt. The protocol operates on Polkadot’s network showcasing its versatility in facilitating decentralized applications.
What is Polkadot?
Polkadot is a next-generation blockchain protocol that unites blockchains together while providing security, scalability and interoperability. It enables multiple blockchains to share data securely without sacrificing their autonomy or compromising performance. Furthermore it offers enhanced scalability through its parachains which are additional chains connected to the main relay chain allowing parallel transactions to take place simultaneously . This makes it possible for thousands of transactions per second making it much faster than Bitcoin or Ethereum networks.
Regulatory Challenges Facing Web 3 & Crypto Industry
Despite its potential benefits, there are still regulatory challenges facing web 3 & crypto industry in terms of taxation policies regulations that hinder innovation within this space. Schoenberger urged lawmakers to come up with comprehensive legislative & regulatory framework that will enable innovation within this space while protecting investors at same time .