Polygon president testifies on democratizing the internet with Web3, blockchains

cointelegraph.com:

The House Energy and Commerce Committee Subcommittee on Innovation, Data and Commerce gathered on June 7 to discuss blockchain technology and the future of Web3. Crypto industry members including Ryan Wyatt, president of Polygon Labs and legal experts appeared before the committee to engage in a much more amicable dialogue. 

This meeting was held just after the SEC announced back-to-back lawsuits against major crypto exchanges Binance and Coinbase. In Wyatt’s testimony, he discussed the potential of blockchain technology and its value to users, as well as the benefits of building a healthy and well-regulated blockchain ecosystem in the United States.

Wyatt began by addressing the fundamental problem that blockchains solve, which is the "value extraction" problem on the Internet. He explained that in the current era of the internet – referred to as "Web2", large centralized tech companies extract value from users by charging fees for goods and services and collecting user data for their own benefit.

Today, I had the privilege of testifying at the Innovation, Data & Commerce subcommittee at a Congressional hearing focused on educating lawmakers on why this tech is important to all of us, and how it changes the value paradigm of the Internet.We are in this together. pic.twitter.com/l8OcDM12hB

According to Wyatt, blockchains offer a solution to this problem by democratizing the Internet and creating a Web3 that is based on decentralized and transparent systems. Blockchains use cryptography and a network of computers to secure and maintain information, eliminating the need for a centralized authority. In this Web3 model, users have control over their data and can choose when, how, and whether to share it with applications and