<aside> 💡 After the conversations with different research participants (Tim, Tiana, Darlington, ROSO), I gathered some insight from the open ended questions I asked and got answers of challenges around Regulatory Compliance and Legal Issues, FUD, and Real time data research and compilation — this is more inclined to the ambiguous research areas that companies like Perplexity, OpenAI, Claude are solving. So in the summary, the focus will be on the Regulatory Compliance and Legal Issues and FUD Challenges and the initial exploration done on Social research based on Farcaster.
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Regulatory compliance and legal issues are so far have been an afterthought in most web3 projects, particularly in decentralised finance (DeFi) and decentralised autonomous organisations (DAOs). These issues can arise from the dynamic nature of regulations, the complexity of blockchain technology, and the need for transparency and accountability.
<aside> 💡 the initial audience for this solution would be Marketers, and Operators.
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**Dynamic Regulatory Landscape**:
The regulatory landscape is constantly evolving, making it challenging for businesses to keep up with the latest requirements and standards, thought these are documented in legal references and documentations. Building a solution that helps teams run quick compliance checks. For us in Microsense, we need to run
**Complexity of Blockchain Technology**:
The intricacies of blockchain technology can lead to misunderstandings and misinterpretations of regulatory requirements. Teams spend a lot of time building their products and executing on initiatives, a solution to enable a fast check on their codebase, marketing resources and communications to ensure compliance and with suggestions on how to reduce FUD within the community would be an extremely valuable solution.
**Transparency and Accountability**:
Ensuring transparency and accountability within organisations is crucial for regulatory compliance, but this can be difficult to achieve in decentralised systems. Baking this solution into the governance system of decentralised systems will help them quickly build a really trustless and safe system.
**User/Data Protection and Privacy**:
Protecting users and their data and ensuring privacy are essential regulatory compliance requirements, but these can be challenging in decentralised systems where data is distributed and decentralised. A solution to ensure that protocols and organisations are not gaining access to user data without their permission, as the space grows, there would be a growing use case for this.
**Interoperability and Scalability**:
Ensuring safe/compliant communication and data transfer between different blockchain networks and platforms is crucial for regulatory compliance, but this can be challenging due to the complexity of blockchain technology.
Fear, Uncertainty, and Doubt (FUD) are common obstacles in the web3 industry, particularly in decentralized finance (DeFi) and decentralized autonomous organizations (DAOs). These obstacles can arise from the complexity of blockchain technology, the need for transparency and accountability, and the dynamic nature of regulations.
Hype and Uncertainty in the legitmacy of projects: