Victor Yu of Carv: Web3 Will Surpass What Data Regulations Can Achieve

According to Victor Yu, co-founder of Carv, the current digital ecosystem favors data distributors over data creators.

Victor Yu, co-founder of Carv Protocol, recently shared his thoughts on the state of data ownership and user control in the digital landscape. In an interview with Bitcoin.com News, Yu discussed the limitations of existing data regulation frameworks, the mechanics behind ensuring data ownership, and his vision for a user-owned internet by 2030.

Highlighting the disparity in the current digital ecosystem, Yu pointed out that internet users’ data is being used to generate value, primarily benefiting large tech companies and data distributors. Despite the introduction of regulations like the General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA), which aim to enhance user protection, Yu believes these frameworks fall short in addressing the fundamental issue of user control over their information.

According to Yu, existing frameworks, while providing users with some say in who can store their data, ultimately fail to make them the primary decision-makers. He explained that these frameworks rely on businesses “honoring consent and preferences, which doesn’t always happen.” Despite legal grounds and enforcement bodies, Yu claims that these frameworks are insufficient in ensuring data distributors fully adhere to user choices.

When asked about strengthening existing regulations, the Carv co-founder argued that achieving this within Web2, which he sees as favoring platforms over users, might be challenging. While not outright rejecting the idea of developing user-protective regulations in Web2, Yu contends that real data transformation will only occur in Web3.

Despite the likely slow transition to Web3, Yu envisions it giving users “unprecedented agency in managing their online identities and personal information.” He even foresees Web3 “surpassing what regulations alone can achieve, or rather, enforce.”

In his written responses to Bitcoin.com News, Yu also shared his views on claims of organizations profiting from user data without explicit consent and the state of data decentralization in six years.

Bitcoin.com News (BCN): It’s widely believed that some organizations are profiting from internet users’ data without their explicit consent. How did this situation arise, and how are these organizations able to do so legally despite government oversight?

Victor Yu (VY): Data conglomerates have managed to make this the status quo. Companies like Facebook and Google disclose their data practices in extensive terms and conditions documents that users “agree” to upon signup, often without reading. They justify these data collection and profiteering practices by offering free services and allowing users to opt-out if they disagree.

But, it’s crucial to remember the saying: “If the product is free, you are the product.” Users are viewed as both customers and resources in web2, fueling massive advertising empires and targeted enterprises. These businesses thrive on consumer data, the new “oil” of the digital age.

While privacy regulations are evolving globally to address these issues, it’s important to note that the deep-rooted data imbalance isn’t a bug – it’s a feature. It’s fundamental to how web2 platforms were created and how they generate revenue.

Despite government efforts to supervise and regulate data practices, the rapid pace of technological advancement often outstrips the speed of legislative change, allowing companies to operate within legal boundaries while still raising ethical concerns about data ownership and user privacy.

BCN: The GDPR and CCPA are the two most popular data regulation frameworks governing various categories of internet users. Despite these regulatory frameworks, users continue to seek more robust systems that could protect their data and offer substantial benefits. Do you believe frameworks like the GDPR fail to address users’ concerns about their data privacy? If so, what are the limitations of the GDPR, CCPA, or other traditional data regulatory frameworks?

VY: Legal doesn’t always mean ethical, and it’s encouraging to see governments attempting to address this issue. However, the current digital ecosystem favors data distributors over data creators. While regulations like GDPR and CCPA offer some protection, individuals still lack full control over their information. Instead, they share preferences and hope they’re respected.

Ambil GDPR, sebagai contoh. Ia memberi pengguna lebih banyak pendapat tentang siapa yang menyimpan data mereka, tetapi kelemahan asas tetap ada: pengguna bukanlah pembuat keputusan muktamad. Mereka mempunyai alasan undang-undang dan badan pelindung yang menggalakkan pematuhan tetapi masih bergantung pada perniagaan untuk mematuhi persetujuan dan pilihan mereka – yang tidak selalu berlaku.

Web3 mempersembahkan penyelesaian yang lebih mantap. Disokong oleh keselamatan blockchain dan tidak dapat disangkal, pengguna menjadi penimbang tara sebenar data mereka. Ambil CARV, sebagai contoh, anjakan utama yang kami usulkan ialah mengubah pencipta data menjadi penentu data dan mengalih keluar orang tengah sama sekali. Pendekatan ini sejajar dengan visi kami tentang landskap digital di mana individu mempunyai pemilikan tulen dan kawalan ke atas maklumat peribadi mereka.

BCN: Adakah terdapat laluan perundangan untuk menambal kelemahan dalam rangka kerja pengawalseliaan sedia ada atau adakah ia hanya boleh diperbaiki melalui penyelesaian teknologi?

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