The 6th Edition of Harmony Meetup: Exploring Web3 Innovations
The 6th edition of Harmony Meetup, an annual event that brings together Web3 creators and industry experts from around the world, took place on December 13 at the Intercontinental Ras Al Khaimah in the UAE. This conference highlighted the latest innovations in the field, including the proof-of-stake and activity (PoSA) consensus mechanism, digital identity, custody infrastructure, and regulatory developments.
The Future of Decentralized Rewards: PoSA in Development
Pavel Aramyan, Web3 program lead at Fastex, opened the conference by announcing that the proof-of-stake and activity (PoSA) consensus mechanism is in its final stages and will go live by the end of the year. Aramyan described PoSA as a system that directly rewards validators and creators through blockchain incentives.
"The more users spend gas when interacting with your products, the more you’ll be able to earn in terms of blockchain fees."
He explained that this philosophy is "unlike any other blockchain," creating a continuous "loop" where success drives further innovation:
"If you build on the chain and the chain rewards you, you’ll naturally love the rewards and continue building. In turn, you receive even greater rewards from the chain."
Aramyan argued that this snowball effect would enable the ecosystem to grow continuously, attracting developers, businesses, and new participants.
The Next Step Toward Scalable Blockchain Networks
Aramyan described PoSA as the next step toward scalable and secure blockchain networks. He also discussed the future of Bahamut, Fastex’s layer-1 EVM-compatible blockchain platform, which has an open and permissionless structure:
"Anyone can join as a validator and start creating tokens, marketplaces or NFT collections without requiring approvals."
The Role of Regulation in Web3’s Future
Following Aramyan’s presentation, the discussion turned to the importance of regulation in driving blockchain adoption. Vakhtang Abrahamyan, CEO of Fastex, underscored the inevitable rise of Web3 and the role of regulation in building trust within decentralized systems:
"The sooner, the better."
Abrahamyan noted that regulatory oversight enhances consumer confidence, even if it seems at odds with the decentralization narrative:
"Trust comes with the assurance that funds are safe."
He emphasized that the sooner the regulation comes to Web3, the better protection consumers will have. Abrahamyan observed a shift in perspective as financial institutions and regulators increasingly recognize the importance of secure frameworks:
"It seems that the page is turning, and now we are talking mostly about the type of financial institutions that are being licensed and regulated. Through this, they can provide trust to their customers."
Delivering Long-Term Benefits through Regulation
Tim Chen, partner at Novo Capital, described regulation as a tool for both trust and distribution. He observed that regulatory clarity accelerates adoption by integrating crypto into established financial institutions such as Fidelity and Schwab:
"Before Bitcoin ETFs came out, pitching Bitcoin to your grandma was still very hard. But all of a sudden, because it’s now regulated, it’s wrapped in an ETF wrapper that they understand."
Chen argued that this "ETF wrapper" effect — backed by trusted institutions like BlackRock — is pivotal for delivering long-term benefits to users and investors.
The Importance of Regulation in Achieving Scalability
Igor Arkhypenko, chief technology officer of the Dubai Blockchain Centre, underscored the importance of regulation in achieving blockchain scalability. He compared blockchain technology to the automotive sector, highlighting the critical need for regulatory support from the tech community:
"If you are a car inventor but oppose the adoption of traffic laws and regulations, it will just not be a scalable approach to reach billions of adopters."
Arkhypenko emphasized the importance of collaboration between developers and regulators to facilitate adoption:
"We have to be collaborative, support the governments, and find a way to bring these technologies forward and help regulators adopt them."
He concluded by highlighting the progress in both technological development and regulatory frameworks, describing it as a promising sign for blockchain’s global future.
Conclusion
Following the speeches, attendees came away with a clear understanding of how innovation, collaboration, and regulation converge to accelerate Web3 adoption. From Fastex’s PoSA merge to broader discussions on regulatory frameworks, attendees gained valuable insights into how trust, scalability, and accessibility will shape the global future of blockchain.
Learn more about Fastex https://fastex.io/
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