Significance of Privacy in Web3: Restore Trust and Navigate Data Ownership

The 8th European Blockchain Convention discusses privacy and security in Web3.

Bryn Bennet, Co-Founder of Secret Agency DAO, moderated this privacy panel. Oskars Jepsis, CEO & Co-Founder of ALTER Network, Jaya Brekke, Chief Strategy Officer of NYM Technologies, and Fraser Edwards, CEO of cheqd, provided their insights.

Why Is Privacy Important?

Fraser believes privacy is essential in Web3 because current practices of putting personal information on ledgers can make it easy for others to trace someone’s behavior on-chain, potentially leading to negative consequences such as theft or loss of privacy. 

Jaya agrees by pointing out the irony in Web3 nowadays. She thinks Web3 aims to solve many problems in Web2, but she argues that there’s an even more urgent need to address the privacy concerns in Web3.

Oskars believes it’s necessary to give users a chance to choose whether to disclose certain information publicly. In his opinion, Web3 should allow users to have control over their data and monetize it, while also preventing unwanted tracking and data exploitation by third parties. 

“Most people want to know what to use and they want to protect their privacy. It’s just about making that information easily available and easily accessible to people.”
– Jaya Brekke, Chief Strategy Officer of NYM Technologies

The 8th European Blockchain Convention discusses privacy and security in Web3.

Balance Privacy and Surveillance

Fraser thinks that emphasizing the importance of privacy doesn’t mean that users are not disclosing any personal data, but having the choice to reveal certain information when necessary. He believes that we should go for the minimum disclosure, facilitated by self-sovereign identity (SSI) or decentralized IDs, and only reveal what is actually needed.

Agreeing with Fraser, Jaya thinks privacy and surveillance are not black and white. It includes a really complex field of actors, so she believes the key is to identify what data is visible to whom under what conditions. 

Zero-knowledge (ZK) proofs, in her point of view, can be an innovative tool to achieve this balance. She is convinced that adding more privacy to the internet will also make it easier and less burdensome for companies. Privacy by default reduces the need to deal with sensitive data and compliance issues.

EBC23 panelists discussing the importance of privacy in Web3.

Simple Access and Education Are Key

Fraser and Oskars discuss the importance of an easy user interface and user experience (UI/UX) in Web3. Oskars mentions the potential use of picture-based encryption for wallet access while Fraser notes that simplicity and ease of implementation are key factors in encouraging the adoption of privacy solutions by developers and users.

Privacy is The Future of Web3

Fraser mentions a significant narrative shift in the Web3 space, where there has been an increased focus on topics like privacy, data ownership, and trust, as opposed to the previous emphasis on non-fungible tokens (NFTs). Jaya also believes that privacy will be a significant theme in the coming years, with increasing awareness of its relationship to security, value, and data leaks. 

Watch the full panel discussion to understand why privacy is the future of the internet!

Metaverse Unveiled: Hidden Truths Beyond the Hype

The passionate debate between Jemima, Robby, and Leo about the metaverse and its impact at EBC23

Jemima Kelly from the Financial Times shares her skepticism about the metaverse and questions whether it is just another buzzword. Robby Yung, CEO of Animoca Brands, and Leo Khan, CEO of the Undeads Metaverse, debate the metaverse’s definition, potential, and social impact.

The Metaverse Is About Openness and Interoperability

Robby states that the Metaverse is a messy and chaotic landscape of interconnected digital content. It’s evolving into a 3D experience where users can bring their digital assets across different applications and platforms. Robby and Leo both agree that Web3 is the metaverse, as it can be understood as the aggregate of the software applications that interoperate.

Robby also points out that metaverse can be accessed through various devices and platforms, not just virtual reality (VR). However, despite the device, openness, inclusiveness, interconnectedness, and interoperability are the key value that the metaverse brings to society. Blockchains are the fundamental infrastructure that makes this possible.

While some existing games may resemble elements of the metaverse, Robby points out that they typically operate as closed systems without the ability to easily transfer assets or data between them. These, in his opinion, are still Web2 games, rather than a metaverse.

Leo thinks that metaverse will provide more immersive options for people to connect. It is an evolution of how technology changes the way we interact, similar to how social media changed communication. He believes that this is what future generations will be using to communicate.

Decentralized Ownership and Privacy Are Not Mutually Exclusive

After Jemima expresses her concerns about privacy on a public ledger, Leo points out that Web3 represents the next frontier in technology with better privacy and ownership. Robby agrees by saying that one of the primary reasons for adopting decentralized ownership, in fact, is to improve privacy concerns.

In the gaming industry, many gamers have experienced losing value or points when game developers make changes without player input. Blockchain technology enables players to have a say in the rules. This creates a fairer gaming ecosystem, Robby asserts.

The panel “The Impact of The Metaverse on Society” at the EBC23.

Audience Size Is Not The Most Important Thing

When questioned about the market need and user number of metaverse gaming, Robby points out that audience size is not as important in Web3 as in Web2. Due to the difference in monetization, the metrics should be reevaluated in the context of Web3.

He further explains that in Web2 games, the revenue is typically generated from a small percentage of paying users, but in Web3 games, smaller players may monetize at a higher rate. The generated revenue may be enough to support the game developers.

Building Metaverse and Games Is a Long-term Effort

Robby points out that people often overlook the time and effort needed to build a game. The process takes a lot of time due to the need for innovation and problem-solving, especially when dealing with emerging technologies. Popular games in the space now, such as The SandBox, were being developed since 2017.

“The most popular games in Web3 now, most of them began development in 2017/2018. We started the development of our Sandbox product in 2017. It takes a long time to make great games, particularly when you’re using new technologies where you have to really innovate and problem-solve because nobody’s ever made games with these kinds of tools before.”
– Robby Yung, CEO of Animoca Brands

Watch the full debate at the 8th European Blockchain Convention to discover the Metaverse from different angles!

Is Web3 the “Game-changer” the Sports Industry Needs?

The popular panel “Blockchain and the Sports Industry” at EBC23

Previously worked at Google, FIFA, and sports TV channels, Bianca Andreea, Developer Advocate of Balancer, Teodora Ivanova, VP of Football at Dapper Labs, Jean-Charles Gaudechon, CEO of OneFotball Labs, Pablo Monti, Brand Ambassador at BingX, and Alexandre Dreyfus, CEO of Chilliz and, discussed the future of sports!

The Current State of the Web3 Sports Ecosystem

Alexandre points out that the current state of the Web3 sports ecosystem is challenging due to the fast-paced and volatile nature of the crypto industry. He believes that recent negative news in the crypto space has made it even more challenging to attract an audience, despite sports being a larger and more mainstream industry compared to decentralized finance (DeFi).

Teodora argues that as the 2021 hype faded, industry stakeholders need to delve into the fundamental question of how to effectively convey the value of this emerging technology to a wider audience.

Pablo also emphasizes the importance of identifying the value and disruption that the technology can bring to the whole industry, rather than solely focusing on securing sponsorships.

Pablo and Alexandre shared their insights on Web3 and sports at EBC23
Pablo and Alexandre shared their insights on Web3 and sports at EBC23.

JC also observes that the current football ecosystem is very fragmented but not decentralized. The industry consists of a bunch of centralized islands of federations, clubs, teams, or even player agents that make it incredibly hard to navigate.

JC thinks that the widespread adoption of Web3 in the sports industry will require a focus on education and creating immersive experiences. He realizes that there’s still a lot of work needed to explain the technology to the end customers and convince them to embrace Web3.

“NFTs are not a market. NFTs are not an industry. It’s an underlining technology that has the potential to really transform how fans engage with what they love, but also how sports IP generates commercial value online.”
– Teodora Ivanova, VP of Football at Dapper Labs

Bianca and Teodora discussed sports fan engagement in Web3 at EBC23
Bianca and Teodora discussed sports fan engagement in Web3 at EBC23.

Enhancing the Fan Experience

JC thinks that it’s important to let fans play a more active role in the sports they love. The space should be more accessible. He argues that the majority of football fans are not able to watch a live game in the stadium while football stars are impossible to approach.

Teodora believes that Web3 can enhance fan engagement through ownership, creating primary and secondary markets, and allowing fans to express their loyalty through collecting digital assets.

Alexandre believes that fan engagement entails investing both money and time into something that brings enjoyment. He thinks since different fans engage with the sports teams in different ways, it’s thus important to devise innovative methods to allow fans around the world to have a relationship with the team in the way they want.

Alexandre also highlights the importance of ownership, scarcity, and value through blockchain. He thinks that experience is key, but he admits that solutions are still needed as experience is difficult to scale, and intellectual property (IP) considerations and limitations that exist for traditional brands in the sports industry are also worth noticing.

JC Gaudechon, CEO of OneFotball Labs, participated in the panel discussion about Web3 and sports at EBC23
JC Gaudechon, CEO of OneFotball Labs, participated in the panel discussion about Web3 and sports at EBC23.

Utility is Key

JC thinks that no matter which medium the team decides to use to create fan engagement, utility is still the most important thing. Teodora believes that the development of use cases in Web3 and sports will be driven by developers who can leverage the composability of Web3 to create new utility and innovation.

Alexandre points out that NFTs may not be necessary to act as tickets for a football game, and it’s thus important to think of what other value can fan tokens bring. He thinks Web3 and sports have the potential to enhance experiences and bring brands outside of their comfort zone.

“In the football ecosystem, the fan is the glue, not anyone else. If we bring utility to that fan, Web3 can actually play a massive role in football, specifically actually bringing all these actors much closer to each other.”
– Jean-Charles Gaudechon, CEO of OneFotball Labs

Watch the whole panel to learn how to navigate the decentralized landscape of the Web3 sports industry!