Web3 Foundation, whose signature initiative is the Polkadot blockchain protocol, is pleased to announce its support for a pilot project. This project will examine the ways in which Web3 technology may assist in establishing new forms of revenue for content creators and news publishers, as well as ways in which the technology may help build trust. The research phase of the project will receive support from the Foundation in the form of both expert advice and financial resources.
This is a cooperative venture that is being directed by David Tomchak, who is a visiting policy fellow at the illustrious Oxford Internet Institute. He is working in conjunction with the World Association of News Publishers (WAN-IFRA). A part of the funds that have been allotted by the Web3 Foundation will be distributed directly to publishers through a bursary program that is being administered by WAN-IFRA for the benefit of its members.
The bursary is designed to assist some publishers in releasing resources that are necessary for participation in the pilot program. In the course of the pilot, which will take place between the months of October and December in 2022, a group of local and international news publishers, as well as technologists, will look into the possible applications of decentralized technologies within the publishing sector.
A Learning Space For The Media Sector & Web3 Advocates
The Web3 Foundation provides financial support to research and development teams working to develop the technology stack that underpins the decentralized web. It was founded in Zug, Switzerland, by Dr. Gavin Wood, a co-founder of Ethereum and former chief technology officer. Polkadot is the flagship project of the Foundation. The establishment of a learning community and a forum for the exchange of information between those working in the media sector and those advocating for Web3 is the primary goal of the latest research endeavor.
The final plan will include a technical build roadmap and will be made available for consultation with the general audience. The Web3 Foundation’s Director of Communications and Partnerships, Ursula O’Kuinghttons, will deliver a presentation at the World News Media Congress, which will be held in Zaragoza, Spain from September 28th to September 30th, 2022. It has been decided that Web3 will be among the highlighted subjects.
Ursula is of the opinion that Web3 has the potential to take the initiative in introducing innovative approaches to the production, provision, distribution, and monetization of digital news in the future. According to Ursula, the growth of centralized social media platforms has made it difficult for individuals to identify credible news sources, and their projects can play a leadership role in addressing these problems.
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.”
Importance Of Web3 For Publishers & Creators
WAN-IFRA is the international association of the world’s press. It is the purpose of this organization to preserve the rights of journalists and publishers all over the world to run independent media outlets. It provides its members with the knowledge and services they need to innovate and thrive in a digital age, as well as fulfill their essential role in society. WAN-IFRA invites its participants to apply for a scholarship to participate in the project.
The bursaries (ranging from €1,500 to €4,000) are intended to recompense participants for the time they will devote to the project, which must be a minimum of one-half day per week for 10 weeks. Members of WAN-IFRA who are interested in participating in the project are invited to submit an application to stephen.fozard@wan-ifra.org by September 4, 2022, at 11:59 p.m. CET. With the intention of commencing the pilot at the beginning of October, the project management team will choose a minimum of two and a maximum of three media organizations.
According to Stephen Fozard, who serves as the Project Director of the Global Alliance for Media Innovation at WAN-IFRA, it is essential to gain an understanding of the consequences that Web3 will have for publishers in the foreseeable future as soon as feasible. He is of the opinion that the only way for their findings and conclusions to be relevant is for the organization’s members to be involved in the process as early as is practically possible. He stated that WAN-IFRA is proud and appreciative of Web3 Foundation’s assistance.
Project lead David Tomchak said: ”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.”
