New Zealand markets open in 14 minutes
  • NZX 50

    12,152.16
    +61.23 (+0.51%)
     
  • NZD/USD

    0.6479
    -0.0024 (-0.36%)
     
  • ALL ORDS

    7,728.50
    +18.80 (+0.24%)
     
  • OIL

    75.82
    -0.59 (-0.77%)
     
  • GOLD

    1,927.10
    -15.70 (-0.81%)
     

Web3 Working Group launches with $2M to drive adoption of Web3 infrastructure

Backed by Arweave,The Graph, Livepeer, and Akash, nonprofit aims to educate and drive adoption of web3 infrastructure

SAN LUIS OBISPO, Calif., December 01, 2022--(BUSINESS WIRE)--The Web3 Working Group, a 501(c)(3) nonprofit organization, launched today with $2 million from donors and partners like Arweave, The Graph, Livepeer, and Akash to educate the public and regulators about the functionality and utility of web3 infrastructure, beyond revolutionizing finance.

Co-founded by the creators of Open Index Protocol, Amy and Devon James, Web3 Working Group aims to transform the perception of web3 by educating the public, encouraging adoption, and informing legislators on the possibilities of web3 infrastructure to transform how we use the internet. Most of the focus of web3 today is solely on blockchain technology’s potential for transforming finance – Web3 Working Group aims to solve this key issue in the public perception by driving the education, adoption, and informed regulation of web3 infrastructure for everyday consumers, developers, and regulators.

"I’m thrilled to introduce Web3 Working Group and advance the vision for web3 infrastructure," said co-founder Amy James. "Decentralizing the infrastructure of the web will have an enormous impact on consumers, companies, and the internet at large. With great web3 infrastructure partners like Arweave, The Graph, Livepeer, and Akash, Web3 Working Group will drive widespread utilization of web3 infrastructure."

Arweave, The Graph, Livepeer, and Akash are decentralized protocols that can replace the centralized infrastructure solutions relied upon today - essentially, the "plumbing" of the web. As web3 grows, internet users and regulators will rely on and utilize the tools created by these protocols for the services they use every day, such as file storage, indexing, transcoding, and cloud computing. These partners have onboarded to support the development of educational resources and solve the shared technical problems for decentralized protocols, such as node discovery, content moderation and analytics.

"Web3 Infrastructure stands on the precipice of offering a solution to the widely known problems of big tech. Unfortunately, few people understand the opportunity ahead. That is why I am so excited about the mission of the Web 3 Working Group: to bring knowledge and awareness to this new form of internet infrastructure," said Arweave founder Sam Williams.

"Web3 is a brand new platform for truly decentralized applications. Web3 is the core infrastructure for the future of the web. Web3 is all about empowering users, giving them back the control, decision making and ownership. The recent events in ‘crypto’ are all failures of Centralized Finance, but decentralization prevailed. The Web3 Working Group couldn’t have come at a better time to help educate about the differences between CeFi and Web3," said Tegan Kline, the Co-Founder and CBO of Edge & Node, the initial team behind The Graph. "We’re very excited to support Web3 Working Group’s mission to ensure everyone has the necessary tools and education to participate in the future of the web."

"We created Akash Network to ensure Cloud computing -- the fabric of our society -- remains secure, sovereign, and stable through decentralization. Web3 Working Group has created an educational platform that enhances the user experience of these decentralized protocols," said Akash founder Greg Osuri.

"At Livepeer, we’re building decentralized infrastructure to power video streaming applications at a highly efficient price, and near-infinite scale," said Livepeer founder Doug Petkanics. "By partnering with the Web3 Working Group, we will continue building open video infrastructure alongside a set of like-minded infrastructural projects, and enable newly possible services that unlock communications, economic opportunity, and entertainment for society going forward."

With this funding, Web3 Working Group will continue to inform the public, regulators and policy makers about how web3 is transforming the infrastructure of the web and is distinct from cryptocurrency. Additionally, the nonprofit will create developer resources and broadly raise awareness about how web3 infrastructure offers better efficiency, transparency, and performance.

About Web3 Working Group

Web3 Working Group, a 501(c)(3) nonprofit organization, was founded in 2022 with the mission to educate about web3 infrastructure and how it's distinct from financial services in the cryptocurrency industry. We educate about how web3 infrastructure will decentralize the web and permanently restore user control of cyberspace, replacing centralized control with transparent and permissionless protocols through incentives aligned with users. Visit us at www.web3wg.org

View source version on businesswire.com: https://www.businesswire.com/news/home/20221201005330/en/

Contacts

Cameron Turner
arweave@strangebrewstrategies.com