Op-ed: As the House readies a crypto bill, what’s heeded to keep the U.S. at the forefront of web3 innovation?

The following is a guest post from Nilmini Rubin, Chief of Staff and Head of Global Policy at Hedera.

When I testified on the future of digital assets in front of the House Subcommittee on Commodity Markets, Digital Assets, and Rural Development, the discussion addressed the impactful uses of cryptocurrencies and how the lack of US regulatory clarity was thwarting blockchain industry development in the US.

The House Financial Services Committee and the Agriculture Committee met jointly in May to work on crypto legislation, and this represents a significant opportunity for the US to re-establish its position as the leader in internet infrastructure innovation.

Why Public Blockchains Need Digital Assets

‘The internet’ as we know it is essentially a decentralized set of computers talking to each other through open protocols on a public network. A multi-stakeholder governing body created each protocol. Those protocols, like TCP/IP, DNS, HTTPS, etc., keep evolving to enable additional capabilities that benefit society. Initially, internet protocols enabled several institutions to share information (the read-only, “web1”).

Protocol innovations enabled people to self-publish and securely message anyone (read and write, “web2”). Web2 protocol innovations enabled secure e-commerce and mobile app connectivity — bringing the internet everywhere.

Public blockchains are called ‘web3’ because they deliver the next major protocol innovation, enabling unprecedented personal control — the ability to read, write, AND own your data and assets — without dependency on centralized intermediaries. Unlike in Web2, where a user account only exists on a single company’s servers, in web3, the entire blockchain network records account ownership. Web3 user accounts are persistent across an array of services that exist on blockchains.

Public blockchains are operated by a network of independent computers, or ‘nodes’. Since public blockchain nodes act as the platform on which applications are built, they cannot fund operations by selling advertisements or subscriptions like Web2 int

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Author: Nilmini Rubin

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