MetaMask Co-Funder: Memecoins Reveal Web3 And AI Consent Flaws

Dan Finlay, the co-founder of the MetaMask crypto wallet platform, recently carried out an experiment with memecoins to explore issues of consent and trust in the Web3 ecosystem. By minting two tokens — 'Consent' on Ethereum and 'I Don’t Consent' on Solana — Finlay encountered what he described as 'deeply unpleasant in predictable ways.' The experiment quickly turned into a disturbing look at the intersection of hype and responsibility, linking his experiences to broader discussions about data consent in artificial intelligence and public platforms.

Finlay’s findings are important, as they extend beyond Web3, emphasizing the blurred lines between public visibility and user expectations and the necessity for clearer systems of consent, trust, and accountability. He stated:

'This isn’t an appeal to ethics, this is an appeal to making better products. Your app doesn’t need to become a pool of toxic waste. Your community doesn’t need to be filled with people issuing personal threats. Your shares don’t have to be diluted by anonymous whales.'

Central banks favor legacy instant payment systems over CBDCs

Despite the continuous rise in research activities, central bankers are increasingly losing interest in central bank digital currencies (CBDCs), according to the Official Monetary and Financial Institutions Forum (OMFIF) in its annual Future of Payments survey.

The most favored solution among central banks for enhancing cross-border payments is interlinking instant payment systems, such as the relatively new US FedNow.

Nearly half (47%) of the respondents selected this option, which is only a slight increase from last year's results. Stablecoins received no votes, similar to last year. The preference for CBDCs dropped from 31% in 2023 to 13% in 2024, possibly indicating varied interest levels among different central banks.

When the Bank for International Settlements (BIS) withdrew from Project mBridge in October, it was widely seen as a response to the project's potential threat to international sanctions due to the significant involvement of China and other non-Western countries. The BIS denied that its decision was politically motivated.

The report concluded that the US dollar will remain the preferred settlement currency, with only 11% of central banks reducing their dollar usage. 'For now, many entities seeking a safe haven amid geopolitical tensions will increase their dollar holdings, reinforcing the dominance of existing payment systems.'