Blockchain Should Serve All, Not Just the Wealthy, Says EndeavourXR CEO Amy Peck
Summary:
EndeavourXR CEO Amy Peck suggests the crypto industry should prioritize the development of blockchain solutions that are universally beneficial, rather than being leveraged for quick profits. In an interview at the Web Summit in Lisbon, Peck encourages companies to concentrate on providing consumers with more control and ownership over their data through blockchain technology, bridging blockchain-based assets with the real world, and promoting the creator economy. The report also highlights Peck's caution towards Wall Street's acceptance of cryptocurrency exchange-traded funds and potential for distorting it to meet their needs.
EndeavourXR's CEO, Amy Peck, suggests that instead of being exploited for profits, the crypto industry should concentrate on developing blockchain solutions that are accessible and beneficial to all. During the Web Summit in Lisbon, Peck told Cointelegraph that Web3 companies should adopt a construction-first approach, crafting enticing products to attract beginners. She criticised the use of Web3 and nonfungible tokens (NFTs) for brand profit maximisation without offering substantial value, terming this as a misuse of sophisticated technology.
Peck highlighted the vast and endless possibilities in the crypto industry where profits are a given. However, she encouraged the industry to aim higher, to create innovative solutions and reconstruct economic principles rather than concentrating the wealth among a select few.
She believes that the most value can be derived from Web3 by providing people with the control and ownership of their data, bridging blockchain-based assets with the real world, and facilitating participation in the creator economy.
The recent plunge of FTX and other setbacks in the sector have caused a sense of mistrust among her firm's clients, resulting in a reluctance to engage with crypto and Web3, referring to it as 'shenanigans'.
Peck recognises that a full transition to Web3 for significant brands is currently unrealistic. However, she points out there's a midway known as "Web2.5" that these companies can use to their advantage. She emphasised how achievable it is to give consumers more control over their data through blockchain technology today.
Touching on biometric data collection, she stressed on ensuring fair and transparent exchange, especially with the rise in devices collecting sensitive data like facial recognition and fingerprints.
While Wall Street's acceptance of cryptocurrency exchange-traded funds is a positive development, Peck cautions against the potential of major firms distorting the existing structure to meet their needs.
This coverage includes additional reporting by Joe Hall.
Published At
11/17/2023 2:18:41 AM
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