Web3 technology is becoming increasingly widespread in mainstream industry, raising important questions about the ethics needed to operate in space. During the second day of Paris Blockchain Week 2023, a panel of professionals from the Web3 ecosystem took to the Venus de Milo stage to discuss “Ethics of Web3.”
The panel was moderated by Moojan Ashghari, co-founder of Thousand Faces Web3 investment club. Ashghari opened the discussion by saying that the ethical framework or standard for technology will always lie behind the introduction of the technology. He emphasized that the biggest challenge in ethics is finding the right questions to ask to ensure that technology does not harm us in the near or distant future.
The panelists unanimously agreed that innovation usually comes before any ethical standard is implemented. Margaux Frisque, co-founder and legal advisor of the Women in Web3 Association, highlighted the upcoming Markets in Crypto-Assets (MiCA) framework in the EU as an example of making ethics law to protect people and innovation.
Frisque explained that the MiCA framework was inspired by feedback from previous operations and will soon force businesses to separate customers’ funds from other bank accounts. She praised this as an example of good behavior being turned into hard law to protect people and innovation.
Paris Blockchain Week also hosted a full panel discussion on the upcoming MiCA regulations, where industry experts and regulators discussed the implications of European legislators’ proposals. While the proposal has been subject to several delays, it is set for a final vote in April 2023.
Loic Brotons, CEO of Galeon, echoed the sentiment that behavior influences ethics. He pointed out that “mixing innovation and ethics is a bit complicated” and that innovation usually comes first. He used the FTX scandal as an example, where the lack of verification led to problems. He stated that exchanges now provide proof of reserves so that people can follow the money and confirm their trust.
In conclusion, the Ethics of Web3 panel at Paris Blockchain Week highlighted the importance of implementing ethical frameworks in the Web3 ecosystem to protect people and innovation. The MiCA framework in the EU was cited as an example of making ethics law to achieve this goal. As the Web3 ecosystem continues to grow and develop, it is critical to consider the ethical implications of new technologies to ensure responsible and sustainable use.
Source
