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Improve and adapt, don’t replace—web3 needs legacy systems

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Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial.

High ideologies and complex narratives won’t bring the next one billion users to web3. Engaging use cases will. The masses just want a quarter-inch hole and don’t care about the quarter-inch drill. Plus with meme coins emerging as the ‘the most important trend’ across crypto cycles, left-curves are clearly winning. Especially as living costs increase by over 3% YoY and people desperately seek new ways to make life-changing money.

Hi-tech maxis might only see a ‘numbers go higher’ mentality in all this. But for the rest of us, it’d be naive and short-sighted to miss the deeper implications. Web3’s adoption dynamics and user demographics are changing.

Web3 memes are currently the primary on-ramp for retail. At the same time, institutions are backing web3 gaming and entertainment platforms. VCs like a16z, Bitkraft Ventures, etc., poured $988 million into this sector in April 2024 alone. That’s more than the total funding for Q2 2023. 

Media—the common link between meme coins and gaming—is the ‘killer use-case’ we’ve all been looking for. And like decentralization or composability, it’s becoming a foundational principle for designing web3 systems. It’s also a practical means to user-centricity. 

That users want to be entertained is beyond any reasonable doubt. However, adapting to this entertainment-led paradigm can be challenging for web3 builders, mainly for those trying to force use cases on blockchains and the overall web3 stack for years.

Disruption just for disruption’s sake brings more instability than positive change. So, while the passionate urge to (re)build everything from scratch—i.e., completely overhauling legacy systems—was understandable in web3’s very early days, it’s no longer relevant or cool.

Reinventing the wheel every time is futile, wasteful, and unsustainable. More so if we want to meet users where they are and ensure great experiences. Outgrowing the web2-is-all-bad and blockchain-solves-it-all mindsets is urgent in this context. 

Fade web2 at your own risk

Legacy systems have many problems. Bad UX isn’t one of them. Google, Netflix, and other Big Tech firms have made the web highly usable and enjoyable. Bandai Namco, Ubisoft, etc., brought high-fidelity, immersive entertainment and gaming to the masses.

Now, we can be all negative and cancel these pioneers for being anti-user, extractive, and whatnot. Or, we can adapt their time-tested primitives and frameworks to develop engaging products and services faster. Plus, we can improve (or introduce) privacy, data ownership, composability, and other user-centric aspects using the web3 toolkit.

Negativity is destructive. Collaboration is productive. It allows us to compound value because building on top of existing infra or knowledge pools expands their scope. This boosts adoption and revenue.

The groundbreaking success of franchises vis-à-vis standalone entertainment IPs exemplifies the practical, economic upsides of the collaborative approach. Nine of the ten all-time-high revenue-generating movies are franchises. Gaming presents a similar picture with titles like Grand Theft Auto or Call of Duty. 

Continuity in disruption 

Creating fresh IPs every time they want to release something new is economically restrictive for studios. Whereas for users, continuing IPs are great because they’re familiar, have a shorter learning curve, and appeal to their community (cult) sentiments.

There’s a lesson for web3 here. We can create new IPs to specifically serve web3-native audiences and cultures. It’s a great way to foster creativity and unlock new avenues. However, to boost adoption and interest, we must focus more on translating established IPs over to web3.

For example, Meta-Stadiums and Luis Moncada have teamed up for the ultimate Breaking Bad x GTA V crossover, a.k.a Breaking Point: Los Santos. It’ll bring two of the biggest gaming communities together, bridging the gap between diverse people.

Collaborating on IPs is one of the best ways to build entertainment-led adoption engines for web3. The IPs per se don’t inherit the problems of centralized legacy systems. They are rather independent of the underlying tech or business model. 

We can thus tap into the fame and traction of popular IPs without inheriting any problematic revenue or data extraction method. Moreover, implementing novel revenue streams or ownership avenues will make these IPs even more attractive and immersive for existing and potential communities. 

Likewise, creators of fresh web3 IPs can leverage hybrid licensing frameworks that enhance autonomy and reduce costs while using existing processes for easier operation. Combining tradition and innovation always unlocks new possibilities. 

Web3’s ability to simultaneously support patents and open source is a great example. It reminds us how bridging gaps is the endgame—not increasing them. We don’t want to throw the baby out with the bathwater. And the sooner we realize how web3 and web2 are more complementary than we used to think, the better it’ll be for our collective future. 

Upcoming generations can enjoy the best of both (and every) world. It depends on our willingness to be open-minded and explore progressive paths. Let’s not disappoint those who come after us.

Emmanuel Quezada

Emmanuel Quezada

Emmanuel Quezada is the CEO and Founder of U-topia, the first MediaFi company in the world to merge innovative IP licensing with GameFi, AI music, and video entertainment, backed by NFT provenance, focusing on Gen Z and younger demographics. Emmanuel has leveraged his expertise in administrative platforms, collaborating with major brands like HSBC, Coca-Cola, and Danone. He is driving innovation across five blockchain-related ventures, ranging from fintech dApps to decentralized digital media and metaverse exploration.



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Ohio introduces second Bitcoin reserve bill

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The State of Ohio has introduced a second Bitcoin reserve bill as crypto legislation gains momentum across the U.S. ahead of Donald Trump’s inauguration.

Ohio House GOP Majority Whip Steve Demetriou proposed legislation to allow the state to manage a strategic Bitcoin (BTC) reserve, Satoshi Act Fund founder Dennis Porter shared on Dec. 19 during an X Spaces event.

Demetriou’s bill follows a similar proposal from Representative Derek Merrin, which would also position Ohio as a Bitcoin reserve holder. Speaking on X Spaces, Demetriou explained that his legislation would enable Ohio to allocate up to 10% of its state-controlled funds toward a BTC stockpile.

“Bitcoin can help tap into Ohio’s existing energy reserves,” Demetriou added. Ohio is famed for having massive natural gas reserves and a competitive energy grid.

The Ohio GOP Majority Whip provided no specific timeline for the bill’s passage but expressed hope that House bureaucracy would not delay progress.

American legislative conversations have increasingly focused on BTC-related proposals following President-elect Donald Trump’s victory in the recent election.

Earlier, Porter said that the Bitcoin renaissance was spotted amassing momentum in over 12 states and counting. Texas, Ohio, and Pennsylvania were a few states that weighed BTC reserve laws.

In Washington, Senator Cynthia Lummis has advocated for federal BTC reserve policies. Responding to Federal Reserve Chair Jerome Powell, Lummis argued that the Senate should authorize the central bank to hold Bitcoin. Powell previously clarified that the Fed cannot own BTC under current laws.





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Wyoming seeks developers for state-backed stablecoin

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The State of Wyoming is hiring blockchain developers to support the creation of its government-issued stablecoin currency.

The Wyoming Stable Token Commission has issued public Requests for Qualification to attract talent for its stablecoin initiative, known as “Project WYST.”

Stablecoins are digital currencies that trade with 1:1 dollar parity, allowing users to deploy U.S. dollars in blockchain markets and decentralized finance venues. The sector has over $200 billion in circulation, and stabelcoins feature in most cryptocurrency transactions, according to the U.S. Treasury Department.

Applicants have until Dec. 12 to submit their proposals for roles that include token development, support, listing, on-chain analysis, reserve management, financial auditing, and ecosystem intelligence.

WYST details remain limited, but Commission discussions indicate it may launch on Ethereum or Solana networks.

The Wyoming Stable Token Act, passed in 2023, authorized the state to issue stablecoins. According to the WyoStable Commission website, WYST is designed to represent and be redeemable for one U.S. dollar held in trust by the state. Tokens will only be issued in exchange for U.S. dollars.

WYST is a proposed virtual currency representative of and redeemable for one (1) United States dollar held in trust by the state of Wyoming as provided by W.S. 40‑31‑106. Stable tokens shall only be issued in exchange for United States dollars.

WyoStable Commission website

Wyoming has positioned itself as a web3 leader with U.S. borders. In March, the state officially recognized decentralized autonomous organizations as legal entities.

The landmark crypto bill reaffirmed sovereign acceptance for DAOs amid regulatory uncertainty, predominantly from the Securities and Exchange Commission. Kraken also launched its licensed custody solution in the state in March.

Back in February 2023, local lawmakers passed a bill to protect crypto self-custody, protecting the right to hold Bitcoin (BTC) and other digital assets. Wyoming Senator Cynthia Lummis was at the forefront of Federal Congressional efforts to establish a national Bitcoin reserve. Thousands penned letters supporting her BITCOIN BILL, per crypto.news reporting.

Other states were following suit and mulled Bitcoin reserve legislation as the U.S. voted its first pro-BTC president in Republican Donald Trump.





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Bitcoin advocate hints at ‘strategic reserve’ laws in 10 US states

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Satoshi Act Fund founder Dennis Porter announced that several U.S. states are preparing to propose legislation for sovereign Bitcoin reserves.

In an attempt to front-run President Donald Trump’s Bitcoin (BTC) promise, Porter has lobbied local policymakers to introduce legislation for BTC stockpiles across 10 state jurisdictions. Porter disclosed the development via an X thread, highlighting efforts from his Satoshi Act Fund organization toward passing Bitcoin-focused laws.

I can now officially confirm and announce that 10 states will be introducing ‘Strategic Bitcoin Reserves’ legislation here in the great United STATES of America. We are going to win with Bitcoin. We will lead the world. No one will come close. The word will follow our lead.

Dennis Porter, Satoshi Act Fund founder and CEO

The public BTC supported also announced a joint discussion with Wyoming Senator Cynthia Lummis regarding her BITCOIN ACT, suggesting that Porter has engaged federal lawmakers to position the U.S. as a Bitcoin leader.

Lummis’s proposal would transfer 207,000 BTC seized by authorities to the Treasury Department. The Senator also pushed to convert U.S. gold certificates to finance BTC purchases and accumulate one million coins over five years.

“The race is on. Let the game theory begin,” Porter tweeted, referring to President Trump’s plan to establish a government BTC stockpile from America’s existing $19 billion horde.

Nations, states, and governments are rushing to grab portions of BTC’s 21 million fixed supply following Trump’s victory at the presidential polls. Within the U.S., Pennsylvania already passed a bill legalizing BTC payments and crypto self-custody. The state also introduced a bill paving the way for its own BTC reserve in November.

On the international front, Brazil’s Senate considered pitching a national BTC reserve to President Luiz Inácio Lula da SilvaCongressman Eros Biondini submitted the idea to Brazil’s Chamber of Deputies as crypto.news reported.





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