{"id":156693,"date":"2023-09-15T21:14:28","date_gmt":"2023-09-15T15:44:28","guid":{"rendered":"https:\/\/dripp.zone\/news\/the-transformative-potential-of-web3-crypto-news\/"},"modified":"2023-09-15T21:14:31","modified_gmt":"2023-09-15T15:44:31","slug":"the-transformative-potential-of-web3-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/the-transformative-potential-of-web3-crypto-news\/","title":{"rendered":"The transformative potential of Web3 &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div style=\"text-align:justify;\">\n<p>The Block caught up with Renee Francis, Founder and Director of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/take3.io\">Take3<\/a>, to discuss the transformative potential of Web3.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.blockchaintechnology-news.com\/wp-content\/uploads\/sites\/10\/2023\/09\/renee-francis.jpeg\" alt=\"\" class=\"wp-image-14076 lazyload\" style=\"width:139px;height:139px\" width=\"139\" height=\"139\" srcset=\"https:\/\/www.blockchaintechnology-news.com\/wp-content\/uploads\/sites\/10\/2023\/09\/renee-francis.jpeg 800w, https:\/\/www.blockchaintechnology-news.com\/wp-content\/uploads\/sites\/10\/2023\/09\/renee-francis-300x300.jpeg 300w, https:\/\/www.blockchaintechnology-news.com\/wp-content\/uploads\/sites\/10\/2023\/09\/renee-francis-150x150.jpeg 150w, https:\/\/www.blockchaintechnology-news.com\/wp-content\/uploads\/sites\/10\/2023\/09\/renee-francis-768x768.jpeg 768w, https:\/\/www.blockchaintechnology-news.com\/wp-content\/uploads\/sites\/10\/2023\/09\/renee-francis-125x125.jpeg 125w, https:\/\/www.blockchaintechnology-news.com\/wp-content\/uploads\/sites\/10\/2023\/09\/renee-francis-200x200.jpeg 200w, https:\/\/www.blockchaintechnology-news.com\/wp-content\/uploads\/sites\/10\/2023\/09\/renee-francis-285x285.jpeg 285w, https:\/\/www.blockchaintechnology-news.com\/wp-content\/uploads\/sites\/10\/2023\/09\/renee-francis-250x250.jpeg 250w, https:\/\/www.blockchaintechnology-news.com\/wp-content\/uploads\/sites\/10\/2023\/09\/renee-francis-100x100.jpeg 100w, https:\/\/www.blockchaintechnology-news.com\/wp-content\/uploads\/sites\/10\/2023\/09\/renee-francis-60x60.jpeg 60w\" sizes=\"auto, (max-width: 139px) 100vw, 139px\"\/><\/noscript><\/figure>\n<\/div>\n<p>With a background in marketing and extensive experience with platforms such as Facebook, LinkedIn, and Google, Francis offers a unique perspective on the issues that Web3 aims to address.<\/p>\n<p>In this interview, she shares insights into the benefits of Web3, the challenges it faces, and her excitement for various projects in the space.<\/p>\n<h4 class=\"wp-block-heading\">Data ownership and building communities<\/h4>\n<p>In the current Web2 landscape, large tech giants control users\u2019 data and reap the rewards. Francis believes in Web3\u2019s core mission to shift the power back to the people.<\/p>\n<p>\u201cWhile it\u2019s really amazing the advancements that we have in being able to target people directly with messages that are relevant to them, I do take issue with who\u2019s being paid for that data,\u201d says Francis.<\/p>\n<p>\u201cWeb3 offers this other way where users can actually be rewarded or incentivised for choosing whether they share their data, how much they share, and who they\u2019re sharing it with.\u201d<\/p>\n<p>Francis also highlights a significant shift from building audiences to nurturing communities in Web3. Brands are moving from just one-way speaking to their audiences, to involving them in projects and decision-making through Web3 innovations like DAOs (Decentralised Autonomous Organisations).<\/p>\n<p>\u201cRather than a brand talking <em>at<\/em> an audience, we\u2019re inviting communities to be involved in brands, be involved in projects, and invest in them as well,\u201d explains Francis.<\/p>\n<p>This shift to two-way dialogues and community involvement is a welcome change. Traditionally, users have become accustomed to a monologue style of communication from the businesses and platforms they engage with.<\/p>\n<p>Division within the Web3 community itself has been a problem, with many so-called \u201cmaximalists\u201d defending their favourite project and disregarding others.<\/p>\n<p>\u201cWe\u2019ve always got to have competitors in the market because that\u2019s what drives innovation and drives things being better and more optimised,\u201d says Francis.<\/p>\n<p>Francis envisions a multi-chain future with interoperability, with each platform serving a unique purpose.<\/p>\n<p>\u201cI strongly support interoperability. I believe it will facilitate mass adoption by bringing more people together,\u201d adds Francis.<\/p>\n<h4 class=\"wp-block-heading\">Modernising the financial system<\/h4>\n<p>As with many, Francis\u2019 journey into Web3 began with cryptocurrencies. She is a strong believer in Bitcoin\u2019s potential as a store of value, particularly in a world with low interest rates and high inflation.<\/p>\n<p>She acknowledges that Bitcoin might not become a universal currency, but sees it as a store-of-value and an alternative to traditional banking systems.<\/p>\n<p>\u201cThere are just so many benefits around decentralised finance (DeFi) and opportunities that are opened up to people who don\u2019t have access to banks,\u201d says Francis.<\/p>\n<p>To put the potential impact of DeFi in context, The World Bank estimates there are still <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.worldbank.org\/en\/publication\/globalfindex\">around 1.7 billion people<\/a> without a bank account.<\/p>\n<p>Despite the potential benefits of DeFi and the wider Web3 industry, Francis acknowledges several challenges.<\/p>\n<p>Education remains a key hurdle, with many people still uneducated or misinformed about cryptocurrencies and blockchain.<\/p>\n<p>\u201cWe\u2019re all conditioned as we grow up to rely on banks and rely on institutions. So, when I\u2019m explaining to a newbie about self-custody, it scares a lot of people,\u201d says Francis.<\/p>\n<p>Negative incidents, such as the implosion of FTX, can also cast a shadow over the industry\u2019s reputation.<\/p>\n<p>\u201cSome of the negative things that happen that make the news, obviously they put this bad light across the whole industry\u2014so a lot of people still see it as very scammy and risky,\u201d explains Francis.<\/p>\n<p>\u201cOn the flipside, I see the fiat traditional monetary system as <em>more<\/em> risky for reasons that I\u2019m sure you understand.\u201d<\/p>\n<h4 class=\"wp-block-heading\">Evolving regulatory landscape<\/h4>\n<p>The regulatory landscape is evolving. In Francis\u2019 home country of Australia, the government is among those showing interest in the space.<\/p>\n<p>\u201cThere\u2019s a lot of talk around CBDCs (Central Bank Digital Currencies) in Australia. There\u2019s a pilot project being run that seems like it\u2019ll be implemented soon as well \u2026 it\u2019s definitely part of the Australian government\u2019s conversation at the moment,\u201d comments Francis.<\/p>\n<p>Francis believes that, while regulation is necessary, it should be implemented fairly to encourage innovation rather than stifle it. She also points out that the choice of terminology can impact public perception; with terms such as \u201ccrypto\u201d and \u201cNFT\u201d (Non-Fungible Token) gaining a reputation for scams and shady practices.<\/p>\n<p>The public often associates crypto with money laundering and the black market. However, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ciphertrace.com\/2020-year-end-cryptocurrency-crime-and-anti-money-laundering-report\/\">research<\/a> shows that illicit activity makes up less than one percent of transactions and cash is \u2013 by far \u2013 still the choice for criminals looking to cover their tracks.<\/p>\n<p>In contrast to cash, blockchain transactions offer greater transparency. Digital ledgers give law enforcement agencies significantly more details regarding a transaction compared to one conducted with cash.<\/p>\n<p>The US Department of Justice itself <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.justice.gov\/usao\/page\/file\/1205051\/download#page=170\">has stated<\/a> that \u201ccryptocurrency, despite the purported anonymity it grants criminals, provides law enforcement with an exceptional tracing tool: the blockchain.\u201d<\/p>\n<p>Similarly, NFTs have gained a reputation for what many would consider to be overpriced digital art.\u00a0<\/p>\n<p>As with baseball cards or anything else traditionally used for collection and\/or speculative investments, it\u2019s up to the market to price what it deems fair for such NFTs. However, the technology behind NFTs can provide more tangible benefits.<\/p>\n<p>At their core, NFTs prove ownership. That indisputable ownership enables applications including enhanced loyalty\/reward schemes, the granting of access to exclusive real-world items and venues, the transfer of digital items across gaming and metaverse experiences, and could even allow for the immutable recording of things such as land deeds to speed up real estate transactions and tackle corruption.<\/p>\n<h4 class=\"wp-block-heading\">Solving real-world problems<\/h4>\n<p>Francis is generally enthusiastic about Web3 projects that solve clear real-world problems. For example, she mentions blockchain ticketing platforms as a solution to combat ticket scalping.<\/p>\n<p>\u201cI\u2019m excited about blockchain ticketing platforms \u2026 it solves a really clear problem that we\u2019ve had in the Web2 space for a while,\u201d comments Francis.<\/p>\n<p>\u201cLate last year, it hit the news that people were trying to resell Taylor Swift tickets for $30,000 or something ridiculous\u2014all I could think about at the time was: there is a solution for this.\u201d<\/p>\n<p>Another example of a Web2-era pain point that Francis believes can be solved with Web3 is content creation. Creators can use blockchain technology to protect their work and receive fair compensation.<\/p>\n<p>\u201cI work with content writers, I work with graphic designers\u2026 there are times when we have to hire actors or singers for events or ads and things like that, and I just think that they have such a unique skill set,\u201d comments Francis.<\/p>\n<p>\u201cSome of them have worked on it for years or decades and I just think that they need to be correctly compensated. Blockchain is something that can help with that.\u201d<\/p>\n<p>These practical applications demonstrate the potential of Web3 to address everyday issues and represent the kinds of positive applications that can resonate with lawmakers and the wider public.<\/p>\n<h4 class=\"wp-block-heading\">Driving innovation while addressing concerns<\/h4>\n<p>Francis highlights the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.redbelly.network\">Redbelly<\/a> network as a prime example of balancing innovation with compliance. This Australian layer-one blockchain focuses on compliant asset tokenisation, demonstrating how Web3 can address regulatory concerns while driving innovation.<\/p>\n<p>\u201cThe founder of Redbelly, Professor Vincent Gramoli, set out to see if they could develop an un-forkable blockchain\u2026 what they are doing is focusing on compliant assets, which seems to be a gap in the market at the moment,\u201d explains Francis.<\/p>\n<p>\u201cWhen you asked me that question about balancing innovation and creativity with compliance and regulation, Redbelly is the perfect example of that.\u201d<\/p>\n<p>Web3 holds significant potential to revolutionise data ownership, community engagement, and financial systems. However, addressing education and perception challenges remains a priority.<\/p>\n<p>With passionate advocates like Francis, there\u2019s little doubt Web3\u2019s challenges can be addressed to unleash its benefits and usher in a better, fairer, and healthier future.<\/p>\n<p><em>Check out <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/take3.io\"><em>Take3<\/em><\/a><em> to learn how to take your business from Web2 into the Web3 era.<\/em><\/p>\n<figure class=\"wp-block-image size-full\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/blockchain-expo.com\/europe\/\"><img loading=\"lazy\" decoding=\"async\" width=\"728\" height=\"90\" src=\"https:\/\/www.blockchaintechnology-news.com\/wp-content\/uploads\/sites\/10\/2022\/12\/blockchain-expo-world-728-x-90-01.png\" alt=\"\" class=\"wp-image-13288 lazyload\" srcset=\"https:\/\/www.blockchaintechnology-news.com\/wp-content\/uploads\/sites\/10\/2022\/12\/blockchain-expo-world-728-x-90-01.png 728w, https:\/\/www.blockchaintechnology-news.com\/wp-content\/uploads\/sites\/10\/2022\/12\/blockchain-expo-world-728-x-90-01-300x37.png 300w, https:\/\/www.blockchaintechnology-news.com\/wp-content\/uploads\/sites\/10\/2022\/12\/blockchain-expo-world-728-x-90-01-380x47.png 380w, https:\/\/www.blockchaintechnology-news.com\/wp-content\/uploads\/sites\/10\/2022\/12\/blockchain-expo-world-728-x-90-01-350x43.png 350w, https:\/\/www.blockchaintechnology-news.com\/wp-content\/uploads\/sites\/10\/2022\/12\/blockchain-expo-world-728-x-90-01-100x12.png 100w, https:\/\/www.blockchaintechnology-news.com\/wp-content\/uploads\/sites\/10\/2022\/12\/blockchain-expo-world-728-x-90-01-60x7.png 60w\" sizes=\"auto, (max-width: 728px) 100vw, 728px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"728\" height=\"90\" src=\"https:\/\/www.blockchaintechnology-news.com\/wp-content\/uploads\/sites\/10\/2022\/12\/blockchain-expo-world-728-x-90-01.png\" alt=\"\" class=\"wp-image-13288 lazyload\" srcset=\"https:\/\/www.blockchaintechnology-news.com\/wp-content\/uploads\/sites\/10\/2022\/12\/blockchain-expo-world-728-x-90-01.png 728w, https:\/\/www.blockchaintechnology-news.com\/wp-content\/uploads\/sites\/10\/2022\/12\/blockchain-expo-world-728-x-90-01-300x37.png 300w, https:\/\/www.blockchaintechnology-news.com\/wp-content\/uploads\/sites\/10\/2022\/12\/blockchain-expo-world-728-x-90-01-380x47.png 380w, https:\/\/www.blockchaintechnology-news.com\/wp-content\/uploads\/sites\/10\/2022\/12\/blockchain-expo-world-728-x-90-01-350x43.png 350w, https:\/\/www.blockchaintechnology-news.com\/wp-content\/uploads\/sites\/10\/2022\/12\/blockchain-expo-world-728-x-90-01-100x12.png 100w, https:\/\/www.blockchaintechnology-news.com\/wp-content\/uploads\/sites\/10\/2022\/12\/blockchain-expo-world-728-x-90-01-60x7.png 60w\" sizes=\"auto, (max-width: 728px) 100vw, 728px\"\/><\/noscript><\/a><\/figure>\n<p><strong>You can hear more from Renee Francis and other leading experts at <\/strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/blockchain-expo.com\/europe\/\"><strong>Blockchain Expo Europe<\/strong><\/a><strong> on 26-27 October.<\/strong> Francis will be speaking on the day one panel <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/blockchain-expo.com\/europe\/talk\/panel-embracing-the-growth-of-web3\/\">\u2018Embracing the growth of Web3\u2019<\/a> at 11:45am.<\/p>\n<p>                    <!--begin code --><\/p>\n<div class=\"pp-multiple-authors-boxes-wrapper pp-multiple-authors-wrapper pp-multiple-authors-layout-boxed multiple-authors-target-the-content box-post-id-13638 box-instance-id-1 ppma_boxes_13638\" data-post_id=\"13638\" data-instance_id=\"1\" data-additional_class=\"pp-multiple-authors-layout-boxed.multiple-authors-target-the-content\" data-original_class=\"pp-multiple-authors-boxes-wrapper pp-multiple-authors-wrapper box-post-id-13638 box-instance-id-1\">\n<p>                                                                            <span class=\"ppma-layout-prefix\"\/><\/p>\n<ul class=\"pp-multiple-authors-boxes-ul\">\n<li class=\"pp-multiple-authors-boxes-li author_index_0 author_ryan has-avatar\">\n<div class=\"pp-author-boxes-avatar\">\n                                                                                                            <img loading=\"lazy\" alt=\"Ryan Daws\" src=\"https:\/\/secure.gravatar.com\/avatar\/b8c5d238e1fddd55d8a0064f1a534ba5?s=80&#038;d=mm&#038;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/b8c5d238e1fddd55d8a0064f1a534ba5?s=160&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-80 photo\" height=\"80\" width=\"80\" decoding=\"async\"\/>                                                                                                    <\/div>\n<div class=\"pp-author-boxes-avatar-details\">\n<p class=\"pp-author-boxes-description multiple-authors-description\">\n                                                        Ryan is a senior editor at TechForge Media with over a decade of experience covering the latest technology and interviewing leading industry figures. He can often be sighted at tech conferences with a strong coffee in one hand and a laptop in the other. If it&#8217;s geeky, he\u2019s probably into it. Find him on Twitter (@Gadget_Ry) or Mastodon (@gadgetry@techhub.social)                                                    <\/p>\n<p class=\"pp-author-boxes-meta multiple-authors-links\">\n                                                                                                                    <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.blockchaintechnology-news.com\/author\/ryan\/\" title=\"View all posts\"><br \/>\n                                                                <span>View all posts<\/span><br \/>\n                                                            <\/a><br \/>\n                                                                                                                                                                            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.blockchaintechnology-news.com\/2023\/09\/renee-francis-take3-transformative-potential-web3\/mailto:ryan@techforge.pub\" aria-label=\"Email\"><br \/>\n                                                                <span class=\"dashicons dashicons-email-alt\"\/><br \/>\n                                                            <\/a>\n                                                                                                                                                                    <\/p>\n<\/p><\/div>\n<\/li>\n<\/ul>\n<p>                                            <span class=\"ppma-layout-suffix\"\/>\n                    <\/div>\n<p>                    <!--end code --><\/p>\n<p class=\"tags\"><span class=\"tags-title\">Tags:<\/span> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.blockchaintechnology-news.com\/tag\/bitcoin\/\">Bitcoin<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.blockchaintechnology-news.com\/tag\/blockchain\/\">blockchain<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.blockchaintechnology-news.com\/tag\/blockchain-expo\/\">blockchain expo<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.blockchaintechnology-news.com\/tag\/blockchain-expo-europe\/\">blockchain expo europe<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.blockchaintechnology-news.com\/tag\/cbdc\/\">CBDC<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.blockchaintechnology-news.com\/tag\/dao\/\">DAO<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.blockchaintechnology-news.com\/tag\/decentralized-finance\/\">decentralized finance<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.blockchaintechnology-news.com\/tag\/defi\/\">defi<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.blockchaintechnology-news.com\/tag\/digital-assets\/\">digital assets<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.blockchaintechnology-news.com\/tag\/digital-currencies\/\">digital currencies<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.blockchaintechnology-news.com\/tag\/enterprise\/\">enterprise<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.blockchaintechnology-news.com\/tag\/finance\/\">finance<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.blockchaintechnology-news.com\/tag\/government\/\">government<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.blockchaintechnology-news.com\/tag\/nft\/\">NFT<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.blockchaintechnology-news.com\/tag\/redbelly\/\">redbelly<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.blockchaintechnology-news.com\/tag\/renee-francis\/\">renee francis<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.blockchaintechnology-news.com\/tag\/take3\/\">take3<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.blockchaintechnology-news.com\/tag\/web3\/\">Web3<\/a><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Block caught up with Renee Francis, Founder and Director of Take3, to discuss the transformative potential of Web3. With a background in marketing and extensive experience with platforms such as Facebook, LinkedIn, and Google, Francis offers a unique perspective on the issues that Web3 aims to address. In this interview, she shares insights into [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":156694,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[188,183,185,186,187,184,189,150,182,190],"class_list":["post-156693","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-blockchain-tech","tag-blockchain-technology","tag-crypto-technology","tag-cryptocurrency-technology","tag-metaverse-technology","tag-nft-technology","tag-soul-bound-token","tag-tech","tag-technology","tag-token-technology"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/156693","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=156693"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/156693\/revisions"}],"predecessor-version":[{"id":156695,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/156693\/revisions\/156695"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/156694"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=156693"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=156693"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=156693"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}