Blockchain
How is Web3 changing the way we work & what new jobs are being created in the space?
Introduction: Web3
Hey there! Have you heard about this cool thing called Web3? It’s like the next big thing on the internet, and it’s all about making things better for you. See, the way we use the internet right now is a bit complicated and not always fair. But with Web3, things are changing. It’s like a new version of the internet that uses special technology called blockchain to give you more control over your stuff. You know, like your money, your data, and even the things you create. It’s all about making things more secure, transparent, and giving you a say in how things work. It’s like a big community where everyone can be part of the action. So get ready, because Web3 is here to shake things up and make the internet a better place for all of us. Exciting times ahead!
Here are some ways in which Web3 will change the way we work in the future:
- Peer-to-Peer Collaboration: Web3 will allow us to work directly with others without the need for intermediaries. For example, imagine being able to collaborate with designers, developers, and marketers from around the world on a project, using decentralised platforms like Gitcoin or Colony. This means faster and more efficient collaboration, with no middlemen involved.
- Decentralised Ownership: Web3 will enable individuals to have greater ownership and control over their work. For instance, artists can create and sell their digital artwork as Non-Fungible Tokens (NFTs) on platforms like OpenSea. This means artists can directly profit from their creations, retain ownership, and reach a global audience without relying on traditional art galleries or agents.
- Direct Payments and Micropayments: Web3 will simplify payment processes, making it easier to get paid for your work. With cryptocurrencies like Bitcoin or Ethereum, you can receive payments directly from clients or customers, without the need for banks or payment processors. This enables quicker transactions, especially for micropayments, where you can get paid even for small tasks or contributions.
- Decentralised Marketplaces: Web3 will introduce decentralised marketplaces where individuals can buy and sell goods and services directly. For instance, platforms like OpenBazaar allow peer-to-peer transactions without a central authority. This means you can sell products or offer services without relying on traditional e-commerce platforms, reducing fees and enabling direct interactions with customers.
- Transparent Reputation Systems: Web3 will introduce transparent reputation systems that can help build trust in online work interactions. For example, platforms like 3Box allow individuals to build their digital reputation through verifiable credentials and endorsements from others. This means you can showcase your skills and expertise in a trustworthy and transparent way, making it easier for clients or employers to evaluate your abilities.
- Tokenized Work and Incentives: Web3 will enable individuals to tokenize their work or skills, creating new income streams and incentives. For example, imagine being a content creator who can tokenize your articles and receive tokens as rewards from readers who appreciate your work. These tokens can then be exchanged for other goods or services, creating a decentralised economy where you can directly benefit from the value you provide.
Here are some new jobs that are expected to be created in the Web3 space in the future:
- Blockchain Developer: As Web3 relies heavily on blockchain technology, there will be a growing demand for developers who specialise in building and maintaining decentralised applications (DApps) and smart contracts. These developers will work on platforms like Ethereum or Polkadot, creating innovative solutions and ensuring the security and efficiency of blockchain networks.
- Crypto-Economist: With the rise of cryptocurrencies and token economies, the role of crypto-economists will become crucial. These professionals will analyse and design economic models within blockchain networks, ensuring the stability and functionality of digital currencies and decentralised systems.
- Smart Contract Auditor: As smart contracts play a vital role in Web3, ensuring their accuracy, security, and adherence to best practices will be essential. Smart contract auditors will review and audit these code-based agreements, identifying potential vulnerabilities or flaws that could compromise the integrity of the contract.
- Community Manager: In the Web3 ecosystem, decentralised projects heavily rely on community engagement and participation. Community managers will be responsible for fostering a vibrant and active community, facilitating discussions, addressing user concerns, and promoting the project’s growth and adoption.
- Decentralised Governance Expert: Web3 introduces decentralised autonomous organisations (DAOs) where decisions are made collectively by the community. Experts in decentralised governance will assist in designing and implementing governance structures, ensuring fair voting mechanisms and effective decision-making processes within these DAOs.
- Tokenization Consultant: With the tokenization of assets and work becoming more prevalent, tokenization consultants will assist individuals or businesses in navigating the process of creating, managing, and utilising tokens. They will provide guidance on token economics, compliance, and token distribution strategies.
In conclusion,
The emergence of Web3 technologies opens doors for individuals to shape the digital landscape, own their creations, and participate in decentralised economies.
If you’re ready to embark on this exciting journey and explore the world of Web3, Join our community of Web3 enthusiasts, stay updated on the latest developments, and unlock the potential of the decentralised future.
Together, let’s embrace the power of Web3 and pave the way for a more inclusive, secure, and empowering digital era. Join us at newsheader.com and be a part of the Web3 revolution today!
In a landmark development for the cryptocurrency sector, the United States Government Accountability Office (GAO) has put forth crucial recommendations to the Securities and Exchange Commission (SEC) preceding the latter’s unprecedented approval of spot Bitcoin exchange-traded funds (ETFs) on January 10th.
The Role of the GAO in Shaping Crypto Regulation
The GAO, an independent and nonpartisan audit institution within the legislative branch of the U.S. government, is known for providing auditing, evaluative, and investigative services to the U.S. Congress. Its recent involvement with the SEC highlights the growing significance of the digital asset market and the need for a robust regulatory framework.
GAO’s Findings and Recommendations
Upon assessing the SEC’s capabilities in handling the burgeoning crypto market, the GAO discovered that while the SEC has 116 employees focusing primarily on crypto assets, it lacks an updated workforce planning strategy. The current strategy, dated for the fiscal years 2019–2022, is deemed insufficient to meet the SEC’s future needs in overseeing and formulating policies for crypto assets.
To address these gaps, the GAO suggested three key strategies:
- New Workforce Planning Strategy: The SEC’s Chief Human Capital Officer should develop a new workforce planning strategy that aligns with the agency’s strategic and performance plans for 2022–2026.
- Documentation of Policies and Procedures: It is recommended that the SEC’s FinHub director document the policies and procedures that support the hub’s internal controls.
- Development of Performance Goals: The GAO advises that the FinHub director should establish performance goals and measures that are clear, quantifiable, and focused.
Additionally, the GAO has introduced a live status section to track the SEC’s response to these recommendations, ensuring accountability and transparency in the implementation process.
Historic Approval of Spot Bitcoin ETFs
In a historic judgment, the SEC approved 11 spot Bitcoin ETF applications on January 10th. This decision marked a significant shift in the regulatory landscape, as the SEC, led by Chief Gary Gensler, had previously rejected such applications for nearly a decade. The internal document from the SEC revealed a close vote, with three votes in favor and two against, highlighting the contentious nature of this issue.
Peter Schiff’s Critique and Warning
Notably, Peter Schiff, a well-known critic of Bitcoin, has expressed skepticism about the approval. He suggests that the SEC Chief was cornered into approving the spot Bitcoin ETFs and warns of potential stringent crypto regulations in the future. According to Schiff, these regulations might substantially increase the cost of Bitcoin transactions, potentially undermining its use case and leading to a significant price decline.
Conclusion
The GAO’s recommendations to the SEC represent a pivotal step in shaping the regulatory framework for the digital asset market in the United States. As the crypto industry continues to evolve, the SEC’s response to these recommendations and its approach to regulating the sector will be closely watched by investors and market participants alike.
In a significant development for the cryptocurrency industry, the U.S. Securities and Exchange Commission (SEC) recently approved 11 spot Bitcoin exchange-traded funds (ETFs). This approval comes after a decade-long struggle between regulators and the digital asset industry, marking a watershed moment for the acceptance of digital assets as mainstream investments. Among the approved ETFs are BlackRock’s iShares Bitcoin Trust, Grayscale Bitcoin Trust, and ARK 21Shares Bitcoin ETF.
Unprecedented Inflows:
On the first day of trading, these ETFs saw impressive activity, with $4.6 billion worth of shares changing hands across all the products, according to LSEG data. Bitwise, a crypto asset manager, reported that its spot Bitcoin ETF alone attracted $240 million, making it the most popular among the newly introduced products. Grayscale, BlackRock, and Fidelity dominated total trading activity, according to the LSEG data.
Also Read: Grayscale Court Decision Crucial in SEC’s Approval of Bitcoin ETFs, Says Chairman Gary Gensler
Bitwise’s Chief Investment Officer, Matt Hougan, expressed optimism about the future, stating, “We think that this will become a market measured in the tens of billions of dollars.” This surge in interest highlights a growing acceptance of Bitcoin and other cryptocurrencies among traditional investors.
Competition and Fee Wars:
The SEC’s approval has sparked intense competition among issuers to gain market share. Franklin Templeton, reacting swiftly, slashed the fee for its Bitcoin ETF to 0.19 percent, the lowest in the market. Additionally, the company waived fees entirely on the product’s first $10 billion in assets under management until August. Valkyrie, another player in the space, reduced its fees to 0.25 percent after its ETF started trading. This fee war is indicative of the fierce competition among ETF issuers to attract investor capital.
Grayscale’s Transition to ETF:
Grayscale, a prominent player in the cryptocurrency investment space, received approval to convert its existing Bitcoin trust into an ETF. This move instantly made it the world’s largest Bitcoin ETF, managing over $28.6 billion in assets. Despite this success, the ETF experienced outflows of $95 million on the first day of trading. The ability of Grayscale to navigate this transition will be closely watched, as it sets a precedent for other trusts considering a similar shift.
Regulatory Caution:
While the SEC’s approval is a significant step forward, it is important to note that SEC Chair Gary Gensler emphasized that the decision should not be interpreted as an endorsement of Bitcoin. Gensler referred to Bitcoin as a “speculative, volatile asset,” highlighting ongoing concerns about investor protection. The regulatory nod indicates a willingness to explore the potential of digital assets, but caution is warranted as the market continues to evolve.
Conclusion:
The approval of 11 spot Bitcoin ETFs by the SEC marks a turning point for the cryptocurrency industry. The influx of billions of dollars within the first day of trading demonstrates a growing acceptance of digital assets among traditional investors. The fee wars among ETF issuers and Grayscale’s transition into an ETF further highlight the competitive dynamics and challenges in the market. As the cryptocurrency market matures, ongoing regulatory scrutiny and investor sentiment will play crucial roles in shaping the future of these innovative financial products.
In a recent exclusive interview with Cointelegraph, Tether CEO Paolo Ardoino has voiced his belief that the future of the crypto industry lies in providing real-world use cases without necessarily relying on tokens or blockchain technology. Ardoino argues that the next breakthrough in the industry should focus on the fundamental value proposition offered by cryptography, emphasizing peer-to-peer transactions and privacy protections.
“Crypto doesn’t need a blockchain. It doesn’t need a token,” Ardoino stated, challenging the conventional reliance on these technologies. He proposes that the industry should shift its focus towards practical applications that offer tangible benefits to users.
Ardoino suggests that potential killer apps in the crypto space could take the form of everyday solutions, such as a booking system or a competitor to ride-sharing services like Uber. The key, according to him, is to leverage the core strengths of cryptography in facilitating secure and private peer-to-peer transactions.
One of the primary concerns raised by Ardoino is the centralization and regulatory scrutiny associated with token issuance. He argues that introducing a token creates a centralized point of failure, increasing the likelihood of regulatory challenges. Ardoino notes that many projects that issued tokens are currently under the scrutiny of regulatory bodies like the U.S. Securities and Exchange Commission (SEC).
“To be decentralized, this system wouldn’t need blockchain technology, which is slow and requires a global shared state,” Ardoino explained. He cited BitTorrent as an example of a decentralized system that achieved success without relying on blockchain technology.
The Tether CEO contends that departing from the conventional blockchain and token model could lead to more innovation and adoption in the crypto industry. By focusing on the core principles of cryptography, projects can potentially avoid regulatory challenges and offer solutions that resonate with a broader audience.
Also read:Bitcoin-Centric Firms Surge in Pre-market as BTC Soars Past $45K
As the crypto industry continues to evolve, Ardoino’s perspective challenges the status quo, encouraging a shift towards real-world applications that prioritize user experience and practicality over traditional blockchain and token-centric approaches.
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