Web3 is a “mulligan” for us, says Constellation Network co-founder
Constellation Network Co-Founder and Chief Strategy Officer Benjamin Diggles sat down with Be[In]Crypto at ETHDenver, where he says lawyers could be the unsung heroes of Web3 as we navigate regulation and compliance.
Diggles, who also leads business development for Constellation Network and spends approximately 64% of his time on federal engagements, working primarily with the United States Transportation Command (USTRANSCOM), the world’s largest data creator and one of the United States Department of Defense’s Eleven Unified Combatant Commands, to help educate regulators in understanding governance and smart contracts.
Constellation Network is a Web3 blockchain ecosystem launched in 2017 that connects crypto economies with traditional businesses.
On Friday, Diggles took the stage at ETHDenver, telling attendees that the federal government needs this technology. “Silicon Valley is frustrated because they’re developing all kinds of cool stuff, which the government wants – but making the job too hard. From our perspective, why would we want to jump through all those hoops?”
Speaking to Constellation’s base layer protocol, the co-founder bragged about the company’s status as the world’s first L_0 protocol, allowing the platform to cross-pollinate between other blockchains. no transaction fees.
“We founded Constellation in 2017 based on the data that was at the center of our utility token, DAG, or directed acyclic graph,” he said. Rather than focusing on financial transactions, Constellation Network has chosen to focus on data transactions and validating different types of data – because ultimately, finance is really data.
“It all comes down to trust, and right now nobody trusts each other,” Diggles told Be[In]Crypto. As Congress finally begins to turn its attention to digital currency and blockchain technology, data and privacy are knocking on its doors waiting to be welcomed.
“With this decentralized peer-to-peer (P2P) approach, it really opens up the possibility of multi-domain orchestration. In other words, how do you orchestrate different groups that may not really play well together, because they don’t don’t have to worry about IP security men in the middle of attacks,” he explained.
“At the end of January, the White House published its Executive Decree stating that all of this infrastructure will transition to a zero-trust environment – because once you get data, you have to validate it, right? And that’s where centralized servers come in, and right now they’re just too slow for the amount of data we’re putting online.
Web3 is a second chance for the world
With regard to Web3, Diggles asserts that it is not really a “new Internet” – but rather, when the individual bECOMES the Internet.
“Web3 is not an evolution of Web2, it’s a mulligan. We have a second chance to rewrite the rules; to empower individuals within these networks who have their best interests in mind, rather than landing on Facebook’s webpage, signing a 130-page terms of service agreement, and being locked into their world. These days are numbered.
Regardless of age or demographic, those who grew up with this technology – “digital vampires” as Diggles describes it, were either born vampires at that age or had the ability to be converted into one.
“Either we were born vampires or we have the ability to convert,” he explains. “That’s largely because it’s not deep, but it’s easier to create something new than to go back and change something old – especially when the commercial sector is very nervous. to the idea of the public ledger publishing its data and not having the proper control.”
Blockchain is not a technology; crypto is not finance
As regulators and lawmakers move at a snail’s pace, Diggles says we’re seeing a kind of “stutter step” where none of the big tech really sets the standard. “That’s why I love this youthful, youthful energy that we see here at ETHDenver.”
Looking more closely at the legal landscape, courts are wary of proactively adjudicating cases involving these technologies, especially with the growing popularity and influx of NFT projects that are attracting copyright and copyright lawsuits. Mark.
And why? No court wants to be first in a new area of technology that it doesn’t fully understand (or care about).
“These legacies, as I mentioned earlier, make bringing in new blood so difficult that it’s just not attractive. It’s easier for my buddies and I to start our own organization, law firm, or consortium than to walk into some kind of institutionalized government group and say, “Hey guys, let’s bring some new blood here.”
Looking back to the late 90s, we start to see older generations wiping their lenses and realizing that maybe a new renaissance is here. Diggles pointed to his observation of older generations beginning to see Web3 as their chance to participate in something they missed in the late 90s with the dotcom bubble and the birth of the internet.
“I certainly didn’t take it seriously when Home Grocer initially raised $500 million, despite its ultimate end. Now it’s time to change that. Blockchain is not technology and crypto is not finance, but it is simply a change of mindset. And that shift in mindset tends to be more difficult for older people — and that’s not ageism. It’s just a matter of human nature.
He went on to say that the culture of the company is to have daily and ongoing conversations with lawyers, often starting the conversations with a “we know it’s going to be a ‘no’ but we have to make it happen.” a ‘yes’.”
“It’s not about rinsing and repeating the old law, or sticking to what you’re comfortable with,” he said. “Don’t get me wrong, you have to make sure you cover your butt on the basics, but you want to find lawyers who are willing to explore those areas and take that step into the gray area. But that is what is needed.
And in his view, lawyers have an ethical duty to represent their clients competently and diligently. What if you have a DAO or a project that requires their attorneys to make those arguments in court?
“Understanding these risks, I think lawyers are going to be the unsung heroes in this whole thing,” Diggles said.
Ethereum use cases are missing from the classroom
Although COVID-19 shut down the world for nearly two years, classrooms are once again opening their doors to students as they resume their academic careers.
But given how much our world and our economy have changed in the past two years, how should educational institutions restructure their curricula when it comes to Web3, blockchain technology, and this “mulligan”?
Diggles, who is a board member of the Blockchain School of Business as well as co-president of Portland State, actively helps the university write its curriculum, but admits the oxymoron of its most basic infrastructure.
“These institutions are pretty linear,” he says. “And it’s kind of an exponential quantum thing going on right now, it’s becoming very difficult for a group to manage programmatically. So while I think they’re doing a great job of teaching people how to code a strength contract – for Ethereum, use cases are lacking, as they simply haven’t happened in the real world – yet.
Looking to the Stars and the Future of Constellation Network
As for the future, he hinted at the future of the company, with Constellation Network having recently acquired a retail analytics startup, Dôr, in October 2021. The partnership yielded the first hardware product one-of-a-kind traffic exploration tool, called the Dôr Traffic Miner.
The revolutionary device allows homeowners to apply it to any door to calculate foot traffic using thermal imaging, transmitting that data to larger analytics systems.
“We were able to efficiently place our network nodes on these sensors, and as this data is validated in real time, individuals earn cryptocurrency as they enter and exit. We combine the real world and these crypto environments to show people that their data has value and they can get paid in crypto in real time.
Ultimately, Diggles encourages anyone who frequents ETHDenver and anyone new to this space to remember what Constellation Network is doing at the infrastructure level.
“It’s difficult when you talk about an ecosystem, because there are many entry points, but we really provide the infrastructure that allows individuals and businesses to conduct and transact within the Web3 and I know there is a lot to say here. We want to give them the tools they need to succeed, whether as an individual or as an entrepreneur.
To be[In]Crypto will be on hand to provide you with real-time coverage of ETHDenver, highlighting innovations in Web3 and cybersecurity.
What do you think of this subject? Write to us and tell us!
All information contained on our website is published in good faith and for general information purposes only. Any action the reader takes on the information found on our website is strictly at their own risk.