In Conversation With CoinDesk’s Sam Ewen on Web3 and its Impact

In a recent exclusive interview on Silicon Dreams by RJ Soniya, Founder, and CEO, of Orbis86, a special guest was welcomed to give their valuable insights into the world of Web3. Sam Ewen, Head of CoinDesk Studios, was kind enough to grace the discussion with his presence. 

Web3 refers to the next generation of the internet, which is decentralized and built on blockchain technology. During the interview, Ewen discussed how Web3 is transforming various industries, including finance, art, and gaming. He also delved deeper into the potential of non-fungible tokens (NFTs) as well as the challenges faced by the industry in terms of user adoption and regulatory frameworks. He gave various examples to emphasize the working of Web3 across the globe. 

Ewen’s insights shed light on the emerging trends and opportunities in the rapidly evolving Web3 space. To know more about the revolutionary potential of Web3 and NFTs, read on.

Sam Ewen: Combining Innovation and Passion

On being asked about the “wild Westworld of Web3”, Sam replied by giving a brief introduction about his passion that fuels the veins of CoinDesk. Talking about himself and CoinDesk, he said: “I have been in crypto since 2014 more as a hobby in investing. I have been in the media and marketing business for most of my career. I have been with the New York Times for 4 years. I have had my creative agency for ten years and I joined CoinDesk about two years ago because it fused my passion for media and marketing and Web3 with crypto in general. It is a great time to be in that space because we are at the beginning of a digital and innovative transformation.”

Sam Ewen is the Senior Vice President and Head of CoinDesk Studios. As the creative arm of CoinDesk, he leads a team that employs innovation, data, and creative production to connect CoinDesk’s readers and viewers with the most dynamic brands in the blockchain ecosystem. With his extensive experience in the industry, Sam Ewen is a driving force behind CoinDesk’s success in creating valuable connections within the blockchain community.

CoinDesk Studios is a leading provider of branded content, innovation, and experiences for partners seeking to connect with audiences interested in cryptocurrency. By leveraging their expertise in brand storytelling, content production, and targeted media strategies, CoinDesk delivers premium marketing solutions that create interactive and immersive experiences for their partners’ users.

As an extension of CoinDesk, their goal is to connect brands and partners with their influential global community that is passionate about transforming the financial system and the emerging crypto economy.

Key Takeaways From the Consensus Conference, 2023

The Consensus Conference, the largest crypto conference in the world, recently took place in Texas with a turnout of 14,000 people. This year it focused on financial innovations in crypto as well as the cultural aspects of Web3. In the past couple of years, we’ve seen a shift towards the cultural side of Web3, with art, music, gaming, and historical archives. Throwing light on the same, Ewen remarked: “This year has been amazing. We had 14,000 people come out to the middle of Texas. We talked about the innovations in crypto that are happening in crypto and blockchain regulation.”

He also talked about how Web3 emphasizes ownership, privacy, and community, allowing individuals to own their participation. Moreover, DeFi is revolutionizing economic relief aid, allowing for faster and more efficient aid delivery.

Sam talks about the impact of decentralized finance and how it can truly change lives, citing the example of the Stellar Development Foundation and Circle’s efforts in relief aid for the crisis in Ukraine. He said, “For me, the prime example is what Circle and Stellar Foundation are doing around and providing relief aid. If we think about the crisis in Ukraine and how I want to donate money… and the money I donate will automatically go to the organizations. But it takes eight weeks to get into the market and I heard that four trillion dollars in the financial industry circle only goes to the people who move money around. With what Stellar and Circle are doing, I can donate my money to a cause in Ukraine and the money is deployable on the ground in 2 mins.”

Exploring the Possibilities of Web3 with Sam Ewen

Sam Ewen, spoke about the world of Web3 and the advancements that took place in the past few years. Ewen remarked, “The cultural side of crypto has grown, with art, music, gaming, and big brands playing in the space for loyalty and membership”.

He sees Web3 as a concept of decentralized ownership, where users can have agency in their own decisions and participate in communities in which they can secure provenance ownership of their participation. Sam highlights that Web3 is about ownership. In Web3, individuals have complete control of their decisions, with the ability to own tokens and participate in communities on their terms. Decentralized finance (DeFi) is a crucial use case for Web3, as it can transform the lives of people in areas without advanced infrastructure for finance and telecommunications such as the developing world. 

Stellar is a decentralized low-cost digital money transfer service network. Circle is a decentralized peer-to-peer payments company that manages the stablecoin USDC. In the recent Ukraine crisis, the companies collaborated for ultra-fast, secure currency conversion from Hryvnia to USDC, as a way to secure the life savings of refugees.

Exploring the Potential of StableCoin

Stablecoin such as USDC is different from a Digital Euro or Digital Yuan. Digital Euro or Digital Yuan is just a digital version of that native fiat currency. But a stablecoin is an on-chain digital currency. It is different from other cryptocurrencies in that its value does not fluctuate due to market demand and supply. Its value is pegged to a real asset, such as USDC is pegged to the USD.

Emphasizing its importance, Ewen remarked that, the greatest power of a stablecoin is its quick and efficient cross-border transfer. If you want to transfer a dollar equivalent value to someone in, let’s say France. USDC on-chain transactions can do so within seconds and with negligible transaction fees. All you need to do is buy USDC with your USD and then transfer it to the recipient’s wallet, which can then off-ramp it in Euros. Whilst if you were to do it with the wire, it would take weeks and incur a good transaction amount, subject to tax legislations of France.

Discussing the same with Soniya, Ewen says “Money is freedom,” adding “Hyperinflation is a virus because it allows for the control of a population, (and that) this is happening more and more globally.” 

Furthermore, he said that, if people can hold their funds in the form of some stable currency, let’s say, USDC stablecoin, they make sure that their assets don’t lose value with the depreciating native currency. There are services that are making the buying of stablecoins more and more convenient, and there are services to enable quick fiat off-ramp.

Ewen advises that one of the most valuable things to people is their seed phrase, whether it’s 12-word or 24-word. They can either memorize it or write it on paper, with half of the phrase at one place and the other half at some other place.

He believes, “This will be a powerful transformation in the financial infrastructure of a locality. More and more people should be encouraged to attain this sort of independence by themselves.”

The Power of Ownership in Web3

Web3 is a life-changing innovation that has the potential to revolutionize digital technologies and decentralize power structures. According to Sam, Web3 has reached a tipping point in recent years, with advancements in decentralization and blockchain technology taking the forefront.

Web3 is the future of the internet, and it’s important to understand the concept of ownership in this new paradigm. According to Sam Ewen, Web3 is about ownership, and this concept is essential to the success of this new version of the internet. Web1 was all about rewriting the internet and Web2 was about creating a social version of the internet. But with Web3, the focus is on decentralization of ownership. 

Web3 provides decentralized control over data and assets, with no central authority to govern on everyone’s behalf. Each user is responsible and owns his activities transparently, thereby creating a “permissionless system”. This extends beyond digital assets to include ideas and creativity, promoting freedom and rewarding user participation.

Hence, Web3 is not owned by any single entity; instead, it’s owned by the community. This is crucial to enable newer avenues for security, privacy, and transparency.

Use Cases of Web3 and its Impact on DeFi

Ewen explained this concept in the interview by stating that the advancements in Web3 decentralization have been a big game-changer for the finance industry. “Fact that I can have a token in my pocket and by connecting a wallet through any website, I can be a part of the community. I also get to participate in ways where I can own that participation.” It provides a solution to possible failures of centralized institutions and seizures of the public’s assets.

DeFi is an interesting concept where decentralized peer-to-peer transaction is the core. It all started with the Bitcoin whitepaper coming out in 2008, and the launch of Bitcoin in 2009. The interviewer also stated that DeFi was not created to introduce another asset class; rather, it’s about creating a mature infrastructure for finance, especially in the incidents where traditional finance fails.

Web3 is revolutionizing finance and economics and is creating a global community by building layered blockchain networks. Additionally, its cultural aspect is gaining popularity with big brands using it for loyalty and membership. In conclusion, Web3 is transforming the digital world, with decentralized finance being currently the largest and the most attractive stakeholder.

Future of Web3 and CoinDesk’s Influence on it

Ewen believes that Web3 has a bright future, bringing decentralization and community-driven ownership to the Internet. He sees CoinDesk as a trusted source of information, helping to educate the general public about the benefits of Web3 and navigate its complexities. CoinDesk’s expertise in the field will be invaluable in promoting innovation and new ideas in the industry. As Web3 continues to develop, CoinDesk will be at the forefront, bringing its benefits to people around the world. 

Disclaimer:

The article is a direct transcription of the interview conducted by Soniya Ahuja. No statement or comment in the article is a direct or indirect portrayal of the writer’s views or opinions. The interview does not intend to promote, demote or demean any organization or community. It also does not intend to give the readers any financial or investment advice.