Welcome to Web3 Data Alliance

Welcome to Web3 Data Alliance

Welcome to the Web3 Data Alliance

FAQs

Another standard?

⁠

https://xkcd.com/927/⁠

Yes.

This is a problem old as business it’s self. That does not mean we should not try and move the ecosystem forward.

If any of the standards in use today were being widely adopted, the problem would not exist. But it does so here we are.

How will this benefit me?

As a company:

Lower costs to integrate relevant data from various sources

Show more information to your users, leading to more use sage

Accurate tax codes, regulatory classification and whatever else

Part of something that is doing good for the ecosystem (marketing)

As a blockchain project:

You can get your standardised data ingested in more places, leading to more users.

As a regulator:

Why re-define the wheel? Use or participate in the definitions used by the industry.

Independence & Decentralisation?

Ok this is a complex one but to keep it simple:

Independence:

This is a grassroots and politically neutral. It should be open to participate, weigh in and voice opinions.

Decentralisation:

When this data standard gets adopted, it will enable credential providers to collect and compete against specific data points that are widely accepted.

Proposed Structure:

This will be a non-profit foundation, likely located in Switzerland, for its DAO and foundation friendly legal structures.

It will hold the licence for the Standard.

Members will have to assign someone from their respective companies to participate in voting and areas of interest. If not possible, they are required to delegate their vote to another party.

The current version of the Standard can be found here:

The Standard⁠

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It will be governed by its members through the eventual issuance of governance tokens. The transition to governance through tokens held by members will happen in stages as the Web3DA develops. No promise is being made for a governance token, however it does make sense. We should use Web3 to define Web3.

Its goal is to make the Standard a public good that can also work with all ecosystem participants to define the space.

Members will work together to update and maintain the Standard.

Web3DA will coordinate co-marketing activities with members and non-members to promote Standard specifically and better standards for metadata in blockchain generally.

The name Web3DA & The Standard is subject to change. Aka the Web3 Data Alliance.

By creating the Web3DA the goal is that The Grid provides a foundational standard for the ecosystem to build upon.

What will it cost me?

For the governance council, this is akin to a consortium. The Web3DA has the intention only to invoice these amounts once the foundation has been set up and a separate agreement has been signed with participating companies.

Amount of full time employees (or equivalent)

1-10

11-25

26-50

51-150

150 - 500

500+

Fees (in Euro) per year.

10k

20k

50k

100k

There are no rows in this table

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Remember the idea is that we reduce costs for companies in the long run, but the larger players will benefit more, as they will save more and can generate more revenue.

Risks:

Well, when this gets off the ground, there should not be any downside. The only one could be wasted time if the standard never gets accepted.

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