In a recent exclusive interview on Silicon Dreams by RJ Soniya, Founder, and CEO, of Orbis86, a special guest was welcomed to give their valuable insights into the world of Web3. Sam Ewen, Head of CoinDesk Studios, was kind enough to grace the interview with his presence.
Web3 refers to the next generation of the internet, which is decentralized and built on blockchain technology. During the interview, Ewen discussed how Web3 is transforming various industries, including finance, art, and gaming. He also delved deeper into the potential of non-fungible tokens (NFTs) as well as the challenges faced by the industry in terms of user adoption and regulatory frameworks.
Ewen’s insights shed light on the emerging trends and opportunities in the rapidly evolving Web3 space. To know more about the revolutionary potential of Web3 and NFTs, read on.
A Detailed Insight into the World of Sam Ewen and CoinDesk
Sam Ewen is the Senior Vice President and Head of CoinDesk Studios. As the creative arm of CoinDesk, he leads a team that employs innovation, data, and creative production to connect CoinDesk’s readers and viewers with the most dynamic brands in the blockchain ecosystem. With his extensive experience in the industry, Sam Ewen is a driving force behind CoinDesk’s success in creating valuable connections within the blockchain community.
CoinDesk Studios is a leading provider of branded content, innovation, and experiences for partners seeking to connect with audiences interested in cryptocurrency. By leveraging their expertise in brand storytelling, content production, and targeted media strategies, CoinDesk Studios delivers premium marketing solutions that create interactive and immersive experiences for their partners’ users.
As an extension of CoinDesk, their goal is to connect brands and partners with their influential global community that is passionate about transforming the financial system and the emerging crypto economy.
Exploring the Possibilities of Web3 with Sam Ewen
Sam Ewen, spoke about his journey into the world of Web3 and the advancements that took place in the past few years. CoinDesk is the largest crypto publication in the world, covering news as it happens in the World of Distributed Ledger Technology (DLT), Blockchain, cryptocurrencies, and NFTs, “The cultural side of crypto has grown, with art, music, gaming, and big brands playing in the space for loyalty and membership”, Ewen says.
He sees Web3 as a concept of decentralized ownership, where users can have agency in their own decisions and participate in communities in which they can secure provenant ownership of their participation. Sam also talks about the impact of decentralized finance and how it can truly change lives, citing the example of the Stellar Development Foundation and Circle’s efforts in relief aid for the crisis in Ukraine.
Stellar is a decentralized low-cost digital money transfer service network. Circle is a decentralized peer-to-peer payments company that manages the stablecoin USDC. In the recent Ukraine crisis, the companies collaborated for ultra-fast, secure currency conversion from Hryvnia to USDC, as a way to secure the life savings of refugees.
Exploring the Potential of Web3 and Decentralized Finance
Web3 is a life-changing innovation that has the potential to revolutionize digital technologies and decentralize power structures. Sam’s journey into the world of Web3 began in 2014 as a hobby. Since then, he combined his passion for media, marketing, and crypto to work at CoinDesk. According to Sam, Web3 has reached a tipping point in recent years, with advancements in decentralization and blockchain technology taking the forefront.
Sam highlights that Web3 is about ownership. In Web3, individuals have complete control of their decisions, with the ability to own tokens and participate in communities on their terms. Decentralized finance (DeFi) is a crucial use case for Web3, as it can transform the lives of people in areas without advanced infrastructure for finance and telecommunications such as the developing world.
Sam cites the example of the Stellar Development Foundation and Circle, which are using DeFi for relief aid in crises. Instead of sending money to organizations that take a cut and take time to manage, DeFi can enable immediate aid to those in need.
Key Takeaways from the Consensus Conference, 2023
The Consensus Conference, the largest crypto conference in the world, recently took place in Texas with a turnout of 14,000 people. This year it focused on financial innovations in crypto as well as the cultural aspects of Web3. In the past couple of years, we’ve seen a shift towards the cultural side of Web3, with art, music, gaming, and historical archives.
Web3 emphasizes ownership, privacy, and community, allowing individuals to own their participation. Moreover, DeFi is revolutionizing the relief aid industry, allowing for faster and more efficient aid delivery.
The Power of Ownership in Web3
Web3 is the future of the internet, and it’s important to understand the concept of ownership in this new paradigm. According to Sam Ewen, Web3 is about ownership, and this concept is essential to the success of this new version of the internet. Web1 was all about rewriting the internet and Web2 was about creating a social version of the internet. But with Web3, the focus is on decentralization of ownership.
Web3 provides decentralized control over data and assets, with no central authority to govern on everyone’s behalf. Each user is responsible and owns his activities transparently, thereby creating a “permissionless system”. This extends beyond digital assets to include ideas and creativity, promoting freedom and rewarding user participation.
Hence, Web3 is not owned by any single entity; instead, it’s owned by the community. This is crucial to enable newer avenues for security, privacy, and transparency.
Use Cases of Web3 and its Impact on DeFi
Web3 is all about the idea that one can have a token in their pocket, and by connecting a wallet through any website, they can participate in ways to own that participation. Ewen explained this concept in the interview by stating that the advancements in Web3 decentralization have been a big game-changer for the finance industry. It provides a solution to possible failures of centralized institutions and seizures of the public’s assets.
DeFi is an interesting concept where decentralized peer-to-peer transaction is the core. It all started with the Bitcoin whitepaper coming out in 2008, and the launch of Bitcoin in 2009. DeFi was not created to introduce another asset class; rather, it’s about creating a mature infrastructure for finance, especially in the incidents where traditional finance fails.
Web3 is revolutionizing finance and economics and is creating a global community by building layered blockchain networks. Additionally, its cultural aspect is gaining popularity with big brands using it for loyalty and membership. In conclusion, Web3 is transforming the digital world, with decentralized finance being currently the largest and the most attractive stakeholder.
Future of Web3 and CoinDesk’s Influence on it
Ewen believes that Web3 has a bright future, bringing decentralization and community-driven ownership to the Internet. He sees CoinDesk as a trusted source of information, helping to educate the general public about the benefits of Web3 and navigate its complexities. CoinDesk’s expertise in the field will be invaluable in promoting innovation and new ideas in the industry. As Web3 continues to develop, CoinDesk will be at the forefront, bringing its benefits to people around the world.
Soniya Ahuja, a respected leader in the Web3 and crypto community, empowers through Orbis86. With a background at Deloitte and Broadcom, her expertise spans two decades. Through initiatives like the 1111 Orbisons NFT collection, Soniya promotes diversity and community engagement. As host of “The Silicon Dreams,” she shares insights on AI, ML, and Web3, inspiring worldwide innovators. Passionate about educating and onboarding one million individuals into Web3, Soniya fosters adoption and understanding.
Source: https://www.thecoinrepublic.com/2023/06/18/in-conversation-with-coindesks-sam-ewen-on-web3-and-its-impact/