Beijing News: Why is Web 3.0 “the future of the Internet”

Recently, with the rise of the Metaverse, Web 3.0 has become a hot word for major manufacturers and investors.

Yao Qian, director of the Science and Technology Supervision Bureau of the China Securities Regulatory Commission, recently published an article “Web 3.0 is a new generation of Internet that is gradually approaching”, pointing out that the Internet is at an important point in the evolution of Web 2.0 to Web 3.0, and strengthening Web 3.0 Prospective research and strategic prediction are undoubtedly of great significance to my country’s future Internet infrastructure construction.

Under the boom of Web3.0, relevant business models emerging at home and abroad have ignited new enthusiasm for investment. For many products under the banner of Web3.0 and some blockchain games, investors also need to keep their eyes open and be alert to the investment risks and hidden dangers under the concept hype.

“What is Web 3.0?”

On December 8, 2021, the U.S. House of Representatives Financial Services Committee held a hearing titled “Crypto Assets and the Future of Finance” Brian Brooks, former U.S. Comptroller of the Currency and then CEO of BitFury Explained Web 3.0 – “an Internet that can be owned by users” to members of Congress .

What is the difference between Web 3.0? Web1.0 is a “readable” Internet. The representatives of enterprises in this period are mainly traditional portal websites such as Sohu, Sina, Netease, YAHOO, and Google. Users can only obtain information and cannot edit information; Web2.0 is ” Readable + writable Internet, users can not only read the content provided by the website, but also express their opinions on the Internet with the help of the cloud storage technology of the platform provider anytime, anywhere, for example, from early blogs, Weibo, to WeChat public With the changes in the product form of new media platforms such as account number, station B, and Douyin, everyone can become a creator.

From Web1.0 to Web2.0, it is a process of deepening the two-way information interaction between users and the Internet.The specific embodiment is that the user is the main body of participation, and the App is the application carrier, but at the same time, it also brings a problem, that is, the rapid expansion of platform power. When a user creates an online identity on the Internet platform, it is more like applying to become a vassal of a “digital lord”. Whether the content produced by the user on the platform is illegal or infringing will be determined by the platform.

The Web 2.0 era once aroused social concerns about the platform’s governance structure. The centralized network services and power of the platform make users only “passengers” of the Internet, but cannot truly own the Internet. With the current iterative innovation of various information technologies, the Internet is showing a trend of evolution to the next-generation Internet, and the era of Web 3.0 is accelerating.

Compared with Web1.0 and Web2.0, Web3.0 will be a “readable + writable + ownable” Internet, which is based on the concept of decentralization and uses digital technologies such as blockchain to create a fusion of multiple scenarios. An integrated new digital ecosystem will become an Internet infrastructure owned and trusted by users and builders.

Beijing News: Why is Web 3.0 "the future of the Internet"

▲At the “Light of the Internet” expo of the World Internet Conference in 2021, new technologies and new products in the fields of cloud computing, big data, artificial intelligence, blockchain, network security, etc., as well as various fields such as economy, society and government, were displayed. The latest application achievements of the industry’s digital reform, including exhibitions, new product and new technology release, digital economy talent docking and other sectors.Figure/IC photo

Web3.0 will reshape the basic pattern of digital economy and society

With the popularization of new technology concepts such as blockchain, Non-Fungible Token (NFT), and Metaverse, Web 3.0 will gradually become the main form of the future network, playing a role in the development of the global Internet important role.

The reason why Web3.0 is so important is that it is a global transformation of the centralized digital ecology, allowing the ownership of digital content circulating on the digital network and the corresponding value distribution rights to truly return to digital content creators In hand: Unify creators and value owners. This change is reflected in three aspects.

First, Web 3.0 will reshape the “domination-dependency” relationship between users and platforms, forming a new digital identity system. In the era of Web 2.0, the centralized platform has absolute control over the user identity information and data information stored on the platform. In the era of Web 3.0, distributed digital identity (Decentralized ID, DID) makes it possible for users to control their own identity management information, and can use this information to authenticate and log in to any platform and program.

Web3.0 shapes a new digital space vision, trying to build a new economic system where users and builders share property rights. Its biggest feature is the concept of decentralization, which devolves the power originally belonging to Internet service providers to users. It shows that users own their identity, data and algorithm autonomy, and no big platform like Facebook is responsible for storing and using users’ data, and it is no longer necessary to log in to the platform with an account number and password.

Therefore, Web3.0 not only improves the privacy and information security of users, allowing them to master their digital identity, data information and digital assets, but also breaks the platform’s monopoly on information management and algorithms, and guides people to spontaneously coordinate behavior through mechanism design , completely changing the rights and obligations relationship between users and the platform. This decentralized model greatly challenges the monopoly of the platform, and users can choose decentralized alternatives.

Second, Web 3.0 will reshape the rule system for wealth digitization and digital financial transactions, and establish a new digital property rights system. In specific applications, NFT, a blockchain-based technology for determining the property rights of digital assets, has completely subverted the platform’s centralized property rights management system.Users can make and record NFTs on the blockchain themselves to form NFTs of digital assets. At present, NFT has been widely used in the property protection and circulation of digital products such as pictures, music, and videos, as well as various UGC products.

Combining the concept and technology of decentralized Web3.0 with financial business will produce “Decentralized Finance” (DeFi), which may revolutionize the financial industry. Transaction information of financial products will be more transparent and secure. In this scenario, the user’s account is located in a distributed network, and the mutual trust-based agreement between platforms can reduce barriers, focus more on the pursuit of product services and value innovation, and reduce the impact of other factors such as geography and user qualifications. restrictions to promote the free circulation of digital assets.

Finally, Web 3.0 will reshape the boundaries of economic and social activities in reality and digital space, and promote the integration and development of physical and digital industries. Based on distributed ledger technology, Web3.0 realizes the disintermediation of the end-to-end access process through a new decentralized DNS root domain name governance system. Users can name and resolve domain names by themselves, and technology can be applied to digital assets, digital entities and other resources to better integrate reality and digital space. For example, the value of on-chain digital assets and off-chain physical assets can be mapped. This can not only integrate the virtual and real worlds, but also further reconstruct the economic forms of various industries and realize the linkage between real and virtual assets.

Beijing News: Why is Web 3.0 "the future of the Internet"

▲On September 30, 2021, Hong Kong, China, Asia’s first large-scale digital art fair was held in Hong Kong, with an area of ​​more than 1,800 square meters, exhibiting high-tech art creations by more than 40 international and Hong Kong artists.The picture shows visitors taking selfies and taking pictures in front of the 360-degree immersive art installation by Turkish multimedia artist Refik Anadol in the United States, which will be converted into NFT (Non-fungible token) and auctioned online at Sotheby’s . Figure/IC photo

Web3.0 in China: Opportunities and Challenges

In the United States, relevant people represented by Brian Brooks are vigorously promoting the introduction of more supportive federal policies. Some of the members of the US House of Representatives Financial Services Committee who attended the hearing publicly shouted that “the Web 3.0 revolution must be guaranteed to happen in the United States”.

Web 3.0 has huge industrial development prospects in the future, and is becoming the strategic commanding height of the competition among the world’s major digital economic powers.

In general, the development of Web 3.0 in my country is currently more placed within the framework of the development of the digital economy: people pay attention to how the infrastructure based on Web 3.0 will help the digital transformation of the real economy and promote the development of China’s digital economy.

At present, the main Web3.0 industries in China are distributed in four fields: digital collections, alliance chains, Gamefi chain games, and virtual digital people. Discussions about Web3.0 are often placed on keywords such as “value Internet” and “digital economy”. Together.

It is worth noting that the future development of my country’s Web3.0 industry will face two challenges.

First, from an international perspective, geopolitical-based risk factors are rising rapidly. At present, many countries are committed to developing an autonomous Web3.0 industrial system and adopting different regulatory policy systems, but international geopolitical competition may extend to the field of technology.

The decentralized nature of the Web3.0 distributed network may accelerate the transformation of the global digital space pattern from the Internet to a “split network”. Based on the consideration of international competition and digital sovereignty security, fierce international competition may lead to multiple Web3.0 digital ecosystems. System parallel pattern.

Affected by events such as the Russian-Ukrainian conflict, non-Western countries will seek a more independent digital supply chain system and a diverse source of digital service providers, which will bring new development opportunities for Chinese technology companies to enter the international market. The influence of mutual sanctions by major powers aggravates the international uncertainties of industrial development.

Second, from a domestic perspective, Web 3.0 will have a certain impact on the existing governance system, and how to determine new regulatory boundaries will become a new topic. The decentralized concept of Web 3.0 will bring new governance and regulatory challenges.

On the one hand, the demand for decentralized infrastructure challenges the existing infrastructure provision methods. Building an infrastructure based on blockchain technology requires a lot of manpower and material resources. At present, large-scale platforms, mainly Web2.0, have the ability to build them. But that could in turn lead to control of blockchain services back into the hands of the platform.

On the other hand, the decentralized Internet form will bring major changes to all walks of life, generate new organizational and industry forms, and bring new risks and management issues. For example, the anonymous community under the blockchain technology will bring challenges to network supervision; the financial risks contained in DeFi products will also test the supervision and prevention capabilities of the financial management department; and more illegal crimes accompanied by more organizations and industry forms Risk issues also need to be guarded against.

In December 2021, the CCTV-2 Punctual Finance column disclosed the scam of a blockchain game called “Farmer’s World” “boosting service”. The “booster” company claimed that players “earned 140,000 yuan in two weeks”, which was actually a pyramid scheme. , fraud, illegal fundraising.

It should be noted that the current Internet infrastructure construction is still in the transition stage from Web2.0 to Web3.0 , and there is still a lot of technical accumulation, and there are some regulatory vacuum areas. For immature projects, investors who pursue short-term profits and blindly follow the trend will face greater risks.

Therefore, when formulating the Web3.0 industrial policy system in the future, how to balance development and security, efficiency and fairness, vitality and order, domestic and international relations, and promote the healthy development of China’s digital industry in the Web3.0 era will be very important.

Web 3.0 provides new scenarios and opportunities for the development of the digital economy, but risks and challenges also follow. How to seize the opportunity of this era, vigorously support the innovation and development of related technologies, and explore the development path of Web 3.0 suitable for my country, and help the development of my country’s digital economy, is an important topic.

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