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Elon Musk’s Proposed Fixes for Twitter Are Rooted in Web3

Elon Musk’s Proposed Fixes for Twitter Are Rooted in Web3 thumbnail
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With Elon Musk’s introduced buy of Twitter for about $44 billion, the stranglehold of the world’s billionaires on the world’s media shops has tightened. Cases in level: Jeff Bezos owns the Washington Post; Larry Page, Sergey Brin, and Mark Zuckerberg nonetheless exert a large quantity of affect on the businesses they based, and Michael Bloomberg controls the Bloomberg Media Group.

Is there any treatment for the relentless march of the billionaires towards world media domination?

The brief reply is sure, however to know how the proposed resolution works, it could assist to first take a step again to know the context by which this dialogue is happening.

Twitter was constructed to be an open, inclusive area at no cost speech for everybody around the globe. However, like the opposite companies and media corporations talked about above, it’s nonetheless a Web2-based centralized platform. It generates revenue by serving focused advertisements to customers based mostly on their knowledge and promoting shopper knowledge to different service suppliers. No matter the way you dissect it, there’s a battle there. How can Twitter declare to be a bastion of free speech, when its major supply of revenue is monetizing that speech – consumer knowledge – whereas sustaining centralized management over what individuals can say, who can say it and what the general public sees on the platform.

In a latest TED speak, Musk mentioned a number of the points he sees with Twitter and the way he plans to handle them. The options he proposed virtually oozed the Web3 ethos, with out him explicitly saying that Twitter wanted to transition to a Web3 mannequin. He successfully acknowledged that Twitter wants transparency, immutability and, if he had been to succeed (he has), decentralized possession if in any respect potential – all core parts of the open, user-owned Web3 web.

Now that Mr. Musk successfully owns Twitter, one can assume that he can nudge the corporate towards that route. If it’s to go there, it would finally have to beat the conflicting philosophies of getting a decentralized platform that empowers people, whereas surreptitiously utilizing these people for large knowledge earnings.

There is a greater option to drive really decentralized possession of huge platforms equivalent to Twitter whereas empowering people and eliminating the issues of censorship and overreach. The cryptocurrency and blockchain business is affected by good concepts and initiatives, lots of which may simply be scaled as much as successfully clear up these points. But what of the existential battle on the coronary heart of the enterprise? The reply lies on the very core of Web3, the place – in keeping with the Web3 Foundation –  the very first tenet is “an web the place…customers personal their knowledge, not firms.”

There it’s: Step one in every of addressing this situation. Will this be a troublesome promote within the Twitter board room? Probably. Like with the opposite issues, is Web3 already producing initiatives that show how this may be finished correctly? Absolutely.

Projects like Cirus are closing the hole between customers and their knowledge, and exhibiting how together with the consumer within the worth equation gained’t break the enterprise mannequin of the web. In reality, the very concept of customers proudly owning their knowledge brings manufacturers and customers nearer collectively in a non-adversarial manner. The finish result’s higher knowledge, extra effectivity, and extra worth for all events concerned. The greasy, behind-the-scenes nature of Web2 big-data enterprise fashions will show to be inefficient and clunky by comparability.

Cirus Foundation: The Evolution of CIRUS
Read: Cirus Foundation: The Evolution of CIRUS

Cirus’ Web Extension permits customers to personal, and begin incomes from their very own knowledge. It is the primary in a lineup of instruments designed to arm customers with probably the most complete and priceless model of their data-asset. That asset then turns into the consumer’s entry level into different Web3 companies and ecosystems. This resolution is philosophically in step with the remainder of Musk’s “sort of Web3” plans for Twitter and it solves the inconsistency on the coronary heart of the platform.

That identical dilemma exists inside many of the main Web2 big-data pushed platforms. An elegant option to pivot away from the “we’re taking your knowledge whilst you’re distracted” enterprise mannequin is required. In this manner, Cirus could be the conduit for Web2-based platforms and firms to transition into Web3. With it, they may achieve the advantages of transparency, particular person empowerment, democratized entry to incomes alternatives, and the community results that can accrue in numerous ecosystems constructed round Web3 fashions.

While many firms are nonetheless on the fence about taking the plunge into Web3 (and understandably so, since they don’t need to relinquish their centralized management of their platforms and ecosystems), forward-thinking enterprise leaders equivalent to Elon Musk are making it clear that the present mannequin is solely unsustainable and the Internet, maybe prior to later, should pivot to the decentralized Web3….even when he’s simply casually spending $44 Billion, reasonably than saying it instantly.

The final piece, the elephant within the room, is who will personal the consumer knowledge. With Web3 you possibly can’t have your cake and eat it too. Platforms should discover a option to really embody the consumer within the worth equation. Cirus is on the forefront of this transition and invitations everybody to affix the revolution by visiting https://cirusfoundation.com/.

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New applied sciences might have fast, dramatic results on society, however they could additionally unfold slowly and subtly. Blockchain-powered decentralized science (DeSci) is taking off after some years of gestation. Its influence is being felt not solely within the rarified confines of high-tech labs however extra broadly within the enterprise world as nicely. Psychedelics and longevityPaul Kohlhaas, co-founder and CEO of Molecule — a platform for biotech decentralized autonomous organizations (DAOs) based in 2019 — spoke about pharmaceutical analysis and its funding on the Zima Red podcast in April. “We believe it could be way cheaper, if it was coordinated in a better way,” Kohlhaas mentioned of prescription drugs analysis. “I think there’s this cultural and bureaucratic problem.” Kohlhaas in contrast blockchain in pharma to fintech in banking. “The banking industry has only started evolving in the past 10 years in the wake of fintech, because fintech is starting to really hurt their bottom line and take away customers,” he mentioned. Molecule permits researchers, biotech corporations and universities to mix knowledge and mental property (IP) rights into IP-nonfungible tokens (IP-NFTs), thus creating a brand new market. The holder of an IP-NFT may solicit funding to proceed analysis actions, or a company can attain an settlement with the IP-NTF holder to make use of the info and IP for its personal functions. Funding may additionally discover new retailers. Kohlhaas talked about psychedelics analysis in psychiatry as a precedence that he embraces personally, in addition to longevity. “Longevity startups are currently funded by billionaires,” he mentioned. “But I think there’s a risk there. Because if like the richest people in the world live longer and longer and get richer and richer, that will fundamentally, in the long run, create an unjust society, because wealth isn’t distributed.”Related: The crypto world ought to learn about longevityResearch Hub is a platform for open-access analysis that chief working officer Patrick Joyce in comparison with GitHub for scientific analysis. Joyce instructed Cointelegraph that the platform, which has the backing of Coinbase CEO Brian Armstrong, might ultimately present a critical incentive for open entry publishing and to fund analysis in topics that the National Science Foundation doesn’t fund, akin to quantum biology. Businesses get blockchain boostDeSci can present a bonus in numerous industrial contexts. The crowded discipline of shopper genomics is an instance. London-based Genomes.io affords the general public 30x entire genome sequencing. This is in distinction to many extra acquainted manufacturers that sequence solely the genetic exome, passing over the “junk” genes that make up the overwhelming majority of the genome and whose significance is quickly being uncovered. “Not a week goes by without a discovery,” Genomes.io CEO and cofounder Aldo de Pape instructed Cointelegraph.Genomes.io has 14 workers and is the second firm de Pape and co-founder Mark Hahnel have been in collectively. The entrepreneurs met once they labored at MacMillan Publishers, and de Pape adopted Hahnel to Figshare, an organization that gives analysis knowledge infrastructure to massive authorities clients, which Hahnel launched in 2011. In 2018, in anticipation of the gene mapping developments which have diminished the value of genetic sequencing from billions to a whole bunch of {dollars}, de Pape, Hahnel and three others based Genomes.io. The following yr, the corporate was accepted into the ConsenSys Ventures Tachyon 2.0 accelerator. It held an preliminary coin providing (ICO) in 2021.Genomes.io sequences clients’ genomes, encrypts them and retains them in an digital vault. Customers can choose into receiving studies based mostly on their genetic data, akin to ancestry and uncommon illness provider standing, with a spread of recent matters deliberate to return. Customers also can permit their knowledge for use in analysis queries. Query matching happens inside the knowledge vault in order that genomic knowledge by no means leaves the vault. Blockchain know-how gives safety by recording all queries made to holders’ knowledge in a single model of the ledger. Holders who resolve to share genomic data are rewarded with GENE, as are those that contribute to the event or design of the challenge via the DAO. GNOME is used for governance and is accessible on the Sushi trade. The “Geneticats” NFT, accessible on OpenSea, affords genomic sequencing and hybrid GENE/GNOME advantages. The barrier is low for participation within the DAO. “There is really lovely interest from people who wanted a closer relationship with the company,” de Pape mentioned. Participants are rewarded bounties for contributing improvement and design concepts. The DAO has “no say on the Ltd. side,” which incorporates large-scale initiatives with companions in Australia, Bermuda and the United States.Doing biometrics one higherMadrid-based DNAVerse has discovered one other fairly sensible use for genomics. The firm will use genetic data to substantiate holders’ identities as human — versus AI or chatbots — throughout metaverses. In conjunction with its sister group, 3DforScience, DNAVerse creates “DNArt” NFTs that can be utilized comparably to avatars. DNAVerse, in response to advertising director Juan Castillo, is on the presale stage. It has eight workers and shares a number of extra with 3DforScience. It not too long ago partnered with Polygon Studios and has opened an embassy within the Matrix World metaverse. The firm will mint 200 “cryptoprotein” NFTs and three,200 extremely customizable “DNArt” NFTs based mostly on clients’ genetic knowledge however not containing their knowledge. After the minting of all of the “DNArt” NFTs, new clients might be required to pick out a “cryptoprotein” and “DNArt” staked on a decentralized market, with the holders receiving a share of the value for his or her participation within the replication course of. Their genetic knowledge might be delivered to clients, who stay accountable for their knowledge and have the choice to stay nameless. They might be gathered underneath the governance of a DAO that has but to be shaped. There are quite a lot of clubby elements to the enterprise mannequin. A line of clothes that includes clients’ “DNArt,” wellbeing channels and digital occasions based mostly on genetic affinities are deliberate. Customers can acquire “DNAat” for his or her pets as nicely.

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