Home Technology Three things you might have missed during the Monaco Crypto Summit

Three things you might have missed during the Monaco Crypto Summit

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Three things you might have missed during the Monaco Crypto Summit

The internet as we know it today, commonly referred to as Web2is dominated by companies providing services in exchange for user data. Web3 represents the internet that may soon rise to prominence, characterized by decentralized finance, blockchain-based appsand participation in the metaverse.

The world of cryptocurrencies has already had its share of ups and downs. After reaching a value above $60,000 in 2021, the price of bitcoin has fallen less than $25,000 this year. In recent months, crypto exchanges have had to suspend withdrawals, citing market volatility. Yet the Web3 industry is fueling its own wave of innovation, attracting entrepreneurs focused on building businesses in anticipation that blockchain technology will support new ecosystems around enterprise computing and the global economy. .

This vision formed a large part of the agenda of the Monaco Crypto Summit in July. TheCUBE, SiliconANGLE Media’s live streaming studio, joined a select consortium of cryptocurrency and blockchain experts at the meeting to discuss Web3 and its future implications. (*Disclosure below.)

Here are three things you may have missed:

1. Blockchain is gaining a foothold in government services.

Blockchain is becoming more than just a platform for recording cryptocurrency transactions. A growing number of governments are also using the immutable ledger.

“Government adoption is, by far, the most exciting and important thing happening right now,” said Lauren Bissellfounder and CEO of Immutable Music, during a interview with the CUBE.

Blockchain use cases among governments are becoming more prevalent. The Securities and Exchange Board of India has mandated custodians to use blockchain for record maintenance, and a pilot project is underway for secure voting. In Colombia, the national government has directives issued for the implementation of state-level blockchain projects. In the United States, IBM strong points federal government blockchain use cases on its website, ranging from information sharing in the Office of Personnel Management to public health data collection by the Centers for Disease Control and Prevention.

“The best use of blockchain, in my opinion, is to record data and have that data persist,” said Rachel Wolfsonsenior journalist at Cointelegraph, in a conversation with the CUBE. “A lot of governments around the world will see this use case and say, ‘Oh wow, blockchain is great technology for things like that. “”

Here is theCUBE’s full video interview with Rachel Wolfson:

2. NFTs and metaverse innovation could radically reshape the advertising market.

In today’s internet world, advertisers generate brand awareness and consumer engagement through online campaigns. The general approach has been to flood popular websites with pop-up ads and hope something sticks.

However, this process has become more difficult through plans to limit tracking cookies on major browsing platforms such as Google. Advertisers are going to need a better solution, and the Metaverse gives a glimpse of what that could be.

Liquid Avatar Technologies Inc. is launching the Aftermath Isles Metavers, a global virtual game in which users can buy and sell virtual land and other items through non-fungible collectible tokens. This metaverse will be supported by digital identity verification, which means that customers will have personal information voluntarily stored in a verified avatar and brands will be able to interact with them directly.

This is the kind of one-to-one relationship that advertisers are looking for, and Aftermath Islands represents a virtual economy where marketers and consumers will come together in a much more immersive and interactive environment than one might find in Web2. Practitioners believe that a combination of advanced gaming, NFT and blockchain technologies will provide a new opportunity to reshape online advertising.

“We have before us a world that is valuable to marketers, valuable to brands, and valuable to individuals,” said David Lucatchco-founder of Aftermath Islands and Chairman, CEO and President of Liquid Avatar Technologies, during a interview with theCUBE at the Monaco Crypto Summit. “Brands can now connect with you and offer you promotions and products based on the information you are willing to share with them about your real person. Your avatar becomes your intermediary and your payment information is stored in your digital identity .

Here is theCUBE’s full video interview with David Lucatch:

3. Will “maximum centralization” lead to “open salvation” in Web3?

The gathering in Monaco highlighted one of the key themes driving cryptocurrency and metaverse technologies. Web3 projects are attracting interest because today’s technological world has become too centralized.

It’s a point of view which has been developing for some time, as the tech industry evolved into a model in which five companies – Google, Apple, Facebook (Meta), Microsoft and Amazon – came to dominate the landscape. In 2021, these companies alone generated revenue estimates of $800 billion on the low end $1.4 trillion on the high end. Even with the lowest estimate, this was calculated to be more than the economy from Saudi Arabia.

Startups looking to grow offerings in the metaverse see it as an opportunity to disrupt the status quo. ryan gill is the founder of the Open Meta Association, a group formed with the assignment be the organizing force for decentralized governance in an open metaverse with community control.

There are signs that some of the biggest tech players also intend to take an active role in the governance of the metaverse. In June, Microsoft and Facebook (Meta) established the Metaverse Standards Forum to promote interoperable models for augmented and virtual reality.

“We are reaching the peak of centralization,” Gill said in a discussion with the CUBE. “Anything beyond that point becomes more and more unhealthy, and an open metaverse is just one way to build a solution. I think if we just allow companies to build and own the metaverse, the problems will become bigger and bigger and bigger, so why not try something different?

Here is theCUBE’s full video interview with Ryan Gill:

To watch more of theCUBE’s coverage of the Monaco Crypto Summit event, here’s our full video playlist of the event:

(*Disclosure: TheCUBE is a paid media partner for the Monaco Crypto Summit Event. Neither DigitalBits, theCUBE’s events coverage sponsor, nor the other sponsors have editorial control over theCUBE or SiliconANGLE content.)

Photo: SiliconANGLE

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