• Polygon Labs veterans took part in a hearing with the US Congress’s Committee to discuss the potential of blockchain and the role of Polygon in the industry.
• Ryan Wyatt, president of Polygon Labs, testified before the House of Representatives Energy and Commerce Committee’s Subcommittee on Innovation, Data and Commerce.
• He highlighted blockchain benefits and how it changes the traditional internet value paradigm by creating Web3.0 which is decentralized and transparent.
Polygon Takes the Stand
Polygon Labs veterans were part of a hearing with the US Congress’s Committee. The importance of blockchain and the role of Polygon in the industry was highlighted at this meeting. Ryan Wyatt, president of Polygon Labs, testified before the United States House of Representatives Energy and Commerce Committee’s Subcommittee on Innovation, Data and Commerce to have a constructive discussion on blockchain technology and its potential for future development.
At the hearing, Wyatt highlighted several positive aspects that blockchain holds for users such as solving “value extraction” problem present in today’s „Web2“ era where large centralized tech firms offer goods or services while retrieving user data for their own benefit. He also spoke about creating Web3.0 as an alternative which is decentralized, secure from fraud or manipulation due to its cryptographic system, while allowing users to decide who they want to share their data with, how they want to share it etc.
Regulation & Enforcement
Wyatt further discussed regulations needed in order to facilitate a healthy environment for blockchain technology within United States borders as well as globally; alluding to recent enforcement that has been taking place against crypto-related projects such as Telegram Open Network (TON).
Advocating For Crypto Industry
The crypto veteran took Twitter to announce his participation at this congressional hearing; “Today I had privilege testifying at Congressional hearing focused on educating lawmakers why this tech is important & how it changes value paradigm of Internet“, additionally adding “We are in this together.“ This statement underlines his commitment towards advocating for crypto industry as a whole while pushing forward new advancements within Web3 space.
Blockchain technology holds immense potential for revolutionizing existing digital infrastructure built upon outdated protocols from Web 2 era such as HTTP protocol by replacing them with more secure alternatives that are able to protect user privacy better than ever before through decentralization & transparency features offered by distributed ledger systems like Ethereum & Polkadot networks amongst others.