The proposed Bill No. 5077 aims to establish a task force responsible for overseeing the implementation and regulation of "Web3" or "Web 3.0" technologies. This task force will facilitate collaboration between public and private entities to enhance the development and integration of these technologies. Additionally, the bill seeks to amend the general statutes to create grant programs that will support initiatives in decentralized finance or peer-to-peer lending, expand broadband Internet access in underserved areas, and promote education and workforce development focused on blockchain literacy and skill building.

The bill includes new legal language that establishes the task force and outlines the creation of grant programs, while it does not specify any deletions from current law. The overall purpose of the bill is to foster technological advancement and improve access to essential services, particularly in areas lacking adequate broadband connectivity.