The Chief Legal Officer of Web3 Foundation, Daniel Schoenberger, was asked to share his expert views and opinion on the Polkadot network, as well as the Web3. This was for the benefit of the United States House of Representatives, as well as the House of Financial Services Sub-Committee on Digital Assets and Financial Technology and Inclusion. Furthermore, The designated officers of the House of Agriculture Sub-Committee on Commodity Markets and Digital Assets and Rural Development were present. Schoenberger took the opportunity of expressing his views on the sheer capabilities of Web3 on the whole.
The Legal Officer mentioned the fact that Web3 is turning around the control of data in the hands of the users, and in his opinion, bringing about making the internet safer, as well as decentralized and user friendly. He shared his viewpoint on the Polkadot and spoke about it being the new-age blockchain protocol that helps bring together an ecosystem of purpose-built blockchains so that they can function collectively. On the Web3 technology, he said it would bring about further security and clarity in social media applications and heightened video gaming exposure.
There is a particular use case that speaks of the significance of decentralized social media, and that is MeWe. This is a social network having 20 million members. Of late, the entity adopted the Decentralized Social Network Protocol (DSNP). This is an open-source project offering the basic framework for a social network and granting the option for users to have more control of where their data is concerned. It functions on the Polkadot network, which speaks volumes about the sheer capabilities of the network setting up decentralized applications and services.
In His verbal as well as written testimony, Schoenberger turned the attention towards the regulatory procedure that Web3 Foundation had adopted concerning the classification of DOT, which is the conventional currency of the Polkadot network. He mentioned the fact that initially, DOT was sold in the form of security according to U.S. federal security laws. Polkadot network was transferred to the community in terms of both technical as well as matters of governance, and his advice to Congress was to set up a process for tokens to be reclassified.
In his expert opinion, there are two primary issues facing the U.S. One is not having an all-inclusive legislative infrastructure for digital assets and blockchain technology, and the other is the application of laws and regulations that are not in tune with this scenario. His viewpoint is that the need of the hour is for a fitting legislative and regulatory infrastructure as an answer for these restricting factors. He firmly believes that though the Polkadot network and the Web3 technology come with a lot of advantages, in order to be able to avail of them, a sound regulatory system is required pronto.