Web3 Foundation funds project on how to unlock revenue possibilities for media

abdelaziz Fathi

The Web3 Foundation is joining a pilot project that will explore ways in which Web3 technology could help publishers mine their own Polkadot experiments to develop new revenue streams.

The Foundation, which collaborates with over 100 blockchain development specialists to advance the Polkadot platform, will contribute its technological expertise. From an economic perspective, it will also contribute to funding during the research phase of the project.

The project is a collaborative partnership between David Tomchak, a visiting policy fellow at the Oxford Internet Institute, and the World Association of News Publishers (WAN-IFRA).

Meanwhile, creators would remain in the driver’s seat, being offered the opportunity to have greater control over their participation. Publishers will also take a look at how broader blockchain technology can contribute to the other ends of their businesses. This decentralized model is already relevant for the creator economy and also plays a key role in the content distribution arena.

Specifically, a portion of the funding allocated by Web3 Foundation will be given directly to publishers via a bursary scheme being coordinated by WAN-IFRA for its members. The bursary is intended to help selected publishers free up the resources needed to join the pilot.

For Web3 to become a healthy ecosystem, the resulting blueprint will include a roadmap for technical build and will be available for public consultation.

Bertrand Perez, CEO of Web3 Foundation, said: “We have a proven track record of supporting projects that share our vision for Web3, namely an internet that is fairer, more democratic and gives users stronger control over their data. As the flagship project of Web3 Foundation, Polkadot is unlocking new business models and building trust between different participants within the rapidly evolving world of Web3.”

Stephen Fozard, Project Director of the Global Alliance for Media Innovation at WAN-IFRA, added: “It is crucial to understand as soon as possible the implications of Web3 for publishers in the future. The only way to be relevant in our research and conclusions is to involve our members as early on as possible in the process. We are proud and grateful to Web3 Foundation for supporting us in doing so.”

Project lead David Tomchak notes: ”We are delighted that Web3 Foundation has agreed to partner with this project. Gaining support from Web3 Foundation is crucial in allowing us to complete the research in a way that offers a solid, practical solution for the media industry to use this technology. It is a partnership that wouldn’t have been possible if we had not already been working with Stephen Fozard and the great team at WAN-IFRA. I believe the new bursaries also announced today are an excellent opportunity for the association’s members.”

This research aims to provide learning and a space to share knowledge between the media industry and Web3 advocates. The bursaries will range between €1,500 and €4,000 and aim to compensate members for the time they will commit to the project

Established in Zug, Switzerland by Ethereum co-founder Gavin Wood, Web3 Foundation funds research and development teams building the technology stack of the decentralized web. Polkadot, one of the blockchain startups working to make blockchain technology more practical and accessible, is the Foundation’s flagship project.

Web3 Foundation’s ultimate mission is to nurture applications for decentralized web software to deliver Web 3.0, a decentralized internet where users control their own data and identity.

Read this next

blockdag

BlockDAG’s Impressive 30,000x ROI Potential and Moon-Based Keynote Captivate Solana And Bitcoin Cash Crypto Investors

Discover BlockDAG’s impressive moon keynote launch and its promise of a 30,000x ROI that is drawing investors from Solana and Bitcoin Cash.

Market News

This is it, the USD Strength has Come to an End

In the aftermath of Israel’s retaliatory strikes in Iran, the currency markets have entered a phase of heightened volatility, reflecting the intricate interplay between geopolitical tensions and economic fundamentals.

blockdag

BlockDAG Leads DeFi Innovation with $19M Presale, Overshadowing Cardano and Binance Coin With 30,000x ROI and DAG Structure

Learn about BlockDAG’s growth in its presale, surpassing $19M, and its impact on the DeFi landscape, overshadowing movements in Cardano and Binance Coin (BNB).

blockdag

BlockDAG Offering a Fresh Take on Meme Coin Development Amid Solana’s Challenges and Floki Inu’s Price Fluctuations With 30,000x ROI

Dive into how BlockDAG’s innovative presale, low-code platforms, and potential 30,000x ROI, outperform Solana’s technical hurdles and Floki Inu’s market predictions.

blockdag

BlockDAG Excels With $2.2M In Miner Sales And Moonshot Teaser, Overshadowing Litecoin’s Rally And Dogwifhat’s Market Highs

Explore how BlockDAG’s $2 million Miner Sales & Moonshot Teaser eclipse the Litecoin price recovery and the Dogwifhat all-time high.

blockdag

BlockDAG Leads Top 6 Cryptocurrencies to Buy in 2024 with a Potential Price Surge to $10 Leaving Cosmos, BNB, and Ethereum Behind

Discover the top six cryptocurrencies in 2024, including BDAG’s remarkable growth potential, BNB’s durability, Cosmos’ connectivity, and ETH’s eco-friendly advances.

Retail FX

Weekly Roundup: Prop firm arbitrarily accounts, Interactive Brokers’ CFDs in Japan

FX, Fintech and cryptocurrency markets have been bustling with activity over the past week, as is often the case. Keep yourself informed and ahead of the curve with a curated selection of crucial stories and developments that are most relevant to those engaged in the markets.

blockdag

BlockDAG Redefines Crypto Mining as Presale Tops $18.5M, Outshining Ethereum ETF & Dogecoin Dynamics

The recent approval of the first Ethereum ETF in Hong Kong underscores a significant advancement in the cryptocurrency’s mainstream acceptance. While Ethereum continues to attract institutional attention, the Dogecoin price prediction suggests a possible resurgence, despite its current undervaluation from past highs.

Digital Assets

Bitcoin halving is done: ViaBTC mines historic block 840K

The Bitcoin network has confirmed its fourth-ever halving block, mined by the cryptocurrency pool ViaBTC, according to data from Blockchain.com. This significant event in the Bitcoin ecosystem reduced the mining reward by half, a deflationary measure occurring approximately every four years to control the issuance of new bitcoins and curb inflation.

<