Web 3.0: The New Network Era is Coming

In 2021, the domestic Metaverse is out of the circle, and Web 3.0 is hotly discussed abroad. In particular, Web 3.0 was discussed at the US Congressional hearing in December 2021, and the positive and positive views of Congressmen on Web 3.0 were surprising. Since the U.S. Congress has the function of guidance and supervision over the U.S. government, the impact of this hearing will be far-reaching, and I am afraid that it will be felt many years later.

The great changes brought about by the Internet are recognized by the world. Since the advent of the Internet, some people have been proposing the next generation of the Internet, and various Web 3.0 concepts have continued to emerge, but no consensus has been reached, and the US Congress has not opened a hearing for discussion. In the past, the US Congress also held multiple hearings on cryptocurrencies, but most of them took a skeptical attitude. But this time is different. The U.S. Congress is very actively embracing this version of Web 3.0, and because the concept of this version has not been fully defined, it means that they have realized that it will bring huge economic benefits to the United States. The new era of technology has finally arrived, which is very different from the past.

In the future, the impact of Web 3.0 on technology, finance, markets, and policies will only become stronger, and it will extend to many areas including law, culture and art, and technology including network security, software, hardware, applications, virtual reality, etc. The magnitude of this change will far exceed the impact of Web 2.0. In fact, the United Kingdom also issued a similar view in June 2021, thinking that this is the largest economic system reform in the United Kingdom in a hundred years, and it is a reform brought about by technology. Mention this point.

But the British view is mainly focused on the central bank digital currency (Central Bank Digital Currency, CBDC) reform of the economic system, which is the economic system reform led by the central bank. This time, Web 3.0 contains more technologies and scenarios, so its influence will exceed the influence of CBDC on society. In the second half of 2021, many innovations have appeared. The concept of Metaverse has been vigorously promoted by Facebook (now renamed Meta), which has had a huge impact. This has adjusted the reform route and expanded the application scope of Web 3.0. Now the point of view of Web 3.0 is becoming more and more clear, the economic benefits are obvious, and the development of science and technology is also real.

In this series, we will analyze Web 3.0 and put forward suggestions for the development of China’s digital economy in this new historical period.

The concept of Web 3.0 is still being expanded. This article analyzes the different definitions of Web 3.0, including the definition of the early semantic web and the definition that has appeared recently, and reviews the background and development context of the emergence of Web 3.0, especially in the United States in December 2021. Congressional hearings discuss some of the views of Web 3.0. And explain why the recently proposed Web 3.0 is the real Web 3.0.

There are three articles in this series. The next one will discuss the features of Web 3.0 and compare the differences with Web 2.0. The last article will put forward the development route of Web 3.0.

1. The three stages of Internet development

In 1989, a group led by British computer scientist Berners-Lee at CERN (European Institute of Particle Physics) submitted a new protocol for the Internet and a document system using the protocol. The new system is named World Wide Web, or WWW (World Wide Web) for short, and its purpose is to enable scientists around the world to use the Internet to exchange their work documents.

The Internet era from 1990 to 2005 was Web 1.0, and the important feature was dominated by open protocols. The network is based on the HTTP protocol and email is based on the SMTP protocol. These are prototypes and the basis for building platforms. In the Web 1.0 era, Internet content is only readable, similar to magazines, which can only be read but not interactive.

We are currently in the Web 2.0 era, starting from about 2005. Specifically, the model is a simple development from “reading” to “writing” and “joint construction”; from passively receiving Internet information to actively creating Internet information. The innovation of the Web 2.0 era is that Internet content becomes readable + writable. Internet users can not only receive content, but also create content. However, these data have been commercialized by a few Internet giants. Belong to them, such as Apple, Amazon, Google, Tencent, Alibaba, Huawei and so on. These companies collect a large amount of user information every day, and use this information to make a lot of money, and users who provide data and information not only have no income, but they also have to bear the risk of personal privacy information leakage.

In the future, Web 3.0 is an Internet owned by users and builders. The innovation of Web 3.0 is that it will gradually weaken or even cancel the functions of centralized companies, returning value and control to creators and users, and solve the problem. Data ownership issues. First, the platform contributor owns the platform, not the company owns the platform. Second, the data is open and transparent. Since the data exists in the blockchain or distributed system, security is reliable. The data will be protected by the user’s private key, and you can use your own private key to selectively access and close your data when needed. Finally, from the developer’s point of view, all code is open source and will have more composability and innovative possibilities.

In short, Web 1.0 is read-only, and Web 2.0 is to read/write dynamic data through Web services, customize websites and manage projects. Web 3.0 is read/write and own/control.

2. What exactly does Web 3.0 mean?

The definition of Web 3.0 is constantly changing. In the early days, Web 3.0 mainly referred to Semantic networks. After the emergence of blockchain, more and more people gradually regarded Web 3.0 as a decentralized network (Decentralized Networks)¹. But what is a decentralized network has not yet been determined. If the decentralized network is a blockchain-based network system, but different blockchain systems have different architectures, algorithms and protocols, and differently defined Web 3.0 can appear. There is no unified definition of a decentralized network.

Note¹: Decentralization is translated into “decentralization” in most dictionaries, which is a commonly used concept and architecture in management. Under decentralized governance, power is delegated from the center to the local, but the center is still there, so it is not “decentralized.”

In 2006, “New York Times” John Mark Kauf (John Markoff) is the Web 3.0 called “Smart Web”, instead of “Semantic Web”. Web 3.0 may offer “microformats, natural language search, data mining, machine learning, recommendation agents and artificial intelligence techniques that emphasize understanding of machine-assisted information in order to provide more effective and more intuitive user experience.” This The definition emphasizes the intelligent side of Web 3.0, but it does not highlight its most important features, you can have it. The inventor of the World Wide Web, Tim Bernes-Lee, put forward the concept of Web 3.0 very early. He believes that Web 3.0 is the “Semantic Web” and his vision is that the Semantic Web can use Ontology to analyze the Internet All of the data allows machines to handle many tasks without human intervention. The Semantic Web is about data integration. The Semantic Web uses metadata to transform “display only” data into meaningful information. Software agents can access the ontology, which contains the vocabulary, semantic relations, and simple reasoning and logic rules of a specific domain. These agents locate and combine data from multiple sources to provide users with relevant information [23]. This definition of Web 3.0 is controversial. Web 2.0 only appeared after the Semantic Web. After everyone accepted Web 2.0, the scholars of the Semantic Web marked it as Web 3.0. In addition, Bernes-Lee believes that the “semantic web” will become the core of this evolution, but the result has not developed that way. The next generation network that people now think will be based on security and encryption technology.

After the emergence of the blockchain, the Web 3.0 concept has changed again. Some people hope to create a new Internet architecture to provide decentralized network services. In particular, the “Prism Gate” incident² that occurred in 2013 revealed a terrifying truth to the public: the intelligence agencies of the United States and Britain, without legal authorization and without the knowledge of the public or even Congress, are launching large-scale investigations on their citizens. , Monitor almost unlimitedly. In response to the existing Internet monopoly problem exposed by Snowden’s “Prism Gate”-giant companies control the data and information of all participants, and enjoy the dividends of Internet development, while users can only sell their own data and information Etc., Ethereum co-founder and current Polkadot (DOT) founder Gavin Wood (Gavin Wood) proposed that Web 3.0 may be called the post-Snowden era Web. The reimagining of things, but the interaction model between the parties is fundamentally different. The publicly available information is released, and the consensus information is placed in the consensus ledger. Private information will be kept confidential and will never be leaked. Communication is always carried out through encrypted channels, and only an anonymous identity is used as the endpoint. Never carry any traceable content (such as an IP address). In short, since no organization can be trusted reasonably, the system design is executed mathematically [6].

Remarks²: In June 2013, Edward Snowden disclosed the secret documents of the Prism monitoring project of the US National Security Agency to the Guardian and The Washington Post, and was wanted by the US government immediately. He was in Hong Kong at the time and then flew to Russia. Snowden later re-exposed the British secret intelligence surveillance project through the “Guardian”. This incident is also known as the “Prism Gate”.

3. Why does the US Congress recognize Web3.0 this time? In short, Web 3.0 is a set of inclusive protocols that provide building blocks for application manufacturers. These building blocks replace traditional web technologies such as HTTP, AJAX, MySQL, and provide a new way to create applications. These technologies provide users with a strong and verifiable guarantee, thereby ensuring the security of the information they receive and provide, and keeping the information they pay confidential. The controversial aspect of this definition of Web 3.0 is that the decentralized network can only be a utopia without the death of the country and cannot be accepted by the government.

At 11 pm Beijing time on December 8, 2021, a seminar entitled “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation” (Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation) in the United States) The hearing was held in the United States Congress.This hearing is of great significance in the history of the development of the Internet and digital tokens. This is the first time that members of Congress have used the platform of the committee hearings to emphasize that Web 3.0 is the future of the Internet. Brian Brooks, former acting administrator of the U.S. Office of the Comptroller of the Currency (OCC) and current CEO of BitFury, attended the hearing and made a science popularization of Web 3.0 for lawmakers: The difference in Web 3.0 is that users can own the ownership of Internet content. You can’t own the current Internet (that’s Google and other companies), but you can own Ethereum³. Web 3.0 allows users to become the owners of the Internet, not just a monopoly. In short, Web 3.0 is readable, writable, possessable, and credible.

Remarks³: This view is not necessarily accurate, because today, users can buy Google stocks, which is equivalent to owning the Google network. And now the market value of Ethereum is too high, even if someone owns other coins, it cannot influence the development of Ethereum.

Web 3.0: The New Network Era is Coming

Brian Brooks attends the hearing

This time, the atmosphere of the hearing is very friendly to digital tokens in the U.S. Congress, which shows that the two parties in the United States are rapidly changing their views on digital tokens and Web 3.0. Because of the huge controversy over digital tokens, governments of all countries have increased the supervision of digital tokens. Although some parliamentarians still expressed concerns about the role of digital tokens in carbon emissions, anti-money laundering, and impacting the status of the U.S. dollar, more content is about understanding the technology of digital tokens and their current functions in order to better supervise them. And actively promote Web 3.0 in the United States, thinking that it is an important innovation and advantage of the United States, rather than criticizing it from a negative point of view. At the hearing, Republican Congressman Patrick McHenry said: “Digital tokens may have a greater impact on the future than the Internet… We need reasonable rules… There is no need for legislators to subconsciously supervise just out of fear of the unknown… Regulation due to unknown fears will only stifle America’s ability to innovate and put us at a disadvantage in the competition… How do we ensure that the Web 3.0 revolution takes place in the United States?”

Web 3.0 will become a new generation of the Internet. It has been proposed many times in the past and has been rejected many times. And why was it accepted by the US Congress this time? The possible reasons are as follows:

1) Digital stable coins may become the medium of Web 3.0 financial transactions; 2) Web 3.0 is promoted by multiple parties, not only the advancement of digital tokens, privacy protection, Metaverse and digital tokens are all bound together, Web 3.0 integration points DeFi, NFT, Metaverse: The explosive growth of the DeFi market will replace the functions of some financial institutions; Metaverse appears, using digital tokens, and many companies join; NFT emerges, changing the possibility of unlimited replication The market value is very large and is still growing in a large amount. A few weeks ago, the value of NFT increased by 1 billion US dollars every month, now it is increasing by 1 billion every day, and it may increase by 1 billion in a few hours in the future; 3) Not a single digital token, no A single enterprise, but an ecological formation, with a large number of companies and personnel participating. In 2020, the top ten banks in the United States have already participated. Below we will analyze this one by one.

1. Blockchain-based World Wide Web, with digital stablecoins as the transaction medium

As the cornerstone of the Internet of Value and the Trusted Internet, blockchain technology is becoming more and more mature, and with the popularity of digital tokens and the exchange of digital tokens becoming a reality, it is particularly important for the realization of Web 3.0, especially for digital stablecoins. use. Since the International Monetary Fund stated that the liquidity of digital stablecoins is at least 20 times that of bank currencies, Web 3.0 should use digital stablecoins as a trading medium to promote the market.

However, digital tokens have always been controversial, and they are also very controversial in the United States. A major controversy in 2021 turned out to be digital stable coins. As the Federal Reserve has repeatedly expressed different views on digital stablecoins, different internal views will appear in the media publicly in the middle of 2021. At this congressional hearing, many stablecoin institutions came out to express their views.

Paxos CEO Charles Cascarilla (Charles Cascarilla) demonstrated the security of stablecoins. Cascarila talked about the concerns about banks caused by stablecoins, claiming that stablecoins are backed by funds in FDIC-insured bank accounts or funds in Treasury bills, which means that stablecoins are safer than bank deposits. This is indeed a new point of view.During the discussion, a question was raised: Why haven’t digital stablecoins caused a bank run phenomenon? Has it not happened yet, or has it been suppressed by human manipulation?

American regulatory technology companies pointed out in 2020 that there are still a large number of people who continue to use digital stablecoins with huge risks. An important reason is that these people will only put their funds on stablecoins in a short period of time (maintain extremely High liquidity), with a fluke mentality, thinking that they will not be so unlucky, they have run on these days. Although they all know that these stable currencies are not backed by US dollars, the risk is very high, but the liquidity is really too great. , They believe that the possibility of a problem is very small. As a result, there are still large sums of money coming in and out every day.

In addition, many representatives publicly believed in Congress that stablecoins helped the U.S. dollar and were the vanguard of the U.S. dollar. This is the view we have been holding since 2018. But at the beginning of 2021, the Fed did not all agree with this view. There were even fierce disputes within the Fed, and the content of the dispute was made public in July 2021. One group believed that digital stablecoins hindered the U.S. dollar⁴, and the other group believed that it helped the U.S. dollar⁵. In 2020, the U.S. Treasury Department believes that digital stablecoins will help the U.S. dollar, and in January 2021 issued a policy that allows all U.S. banks to issue digital stablecoins on their own. However, after the change of the US government, the new Treasury Department reconsidered the policy introduced in January.

Remarks⁴: This view comes from the theory of Digital Currency Areas (DCA), because commercial banks are still private companies, and stablecoins issued by private companies will compete with fiat currencies or CBDCs issued by the National Central Bank. Due to the large liquidity of digital currencies, ordinary people will choose digital stablecoins, so that digital stablecoins challenge the U.S. dollar. So the United States should squeeze digital stablecoins. This school assumes that CBDC can come out soon and challenge digital stablecoins in the market. The thinking of this school is that the digital currency reform is led by CBDC.

Remarks⁵: This view is also derived from the DCA theory, but there are different interpretations. The CBDC of country A and the digital stable currency of country A should be a friendly relationship, not a competitive relationship; and the CBDC of country A and the digital stable currency of country B have a competitive relationship. And now the CBDC has not yet come out, since it has not yet reached the stage to compete, there is no need to consider competition issues; if there is a competition scenario in the future, the banking system can also be used to govern, because the United States may only be a “bank” to issue digital stability In addition, digital stablecoins can be used overseas. When used, they actually represent the U.S. dollar. In fact, they help the U.S. dollar instead of competing with the U.S. dollar. Since compliant digital stablecoins have bank deposits in the back, they can be used in places where U.S. dollars cannot reach. Digital stablecoins circulate overseas to help the U.S. dollar; and CBDC has a great impact on the country. Digital stablecoins should be tested first. If digital stablecoins happen, it will only have a partial impact, not a national impact. Therefore, the United States does not need to worry about digital stablecoins challenging the U.S. dollar. Instead, it should encourage the issuance of digital stablecoins. Obviously, this school assumes that CBDC is not easy to come out, and there are still many technological and policy issues that have not been clearly thought out. In this case, digital stablecoins should not be suppressed, but support should be encouraged. This school believes that the digital currency reform is led by banks, because banks issue digital stablecoins.

2. Web 3.0 integrates decentralized finance (DeFi), NFT, and Metaverse. It is obvious that Web 3.0 companies strongly believe that digital stablecoins support the U.S. dollar, rather than hinder the U.S. dollar, and the recent views of the new Ministry of Finance are getting closer and closer to the former fiscal. Ministry of View. In this way, the possibility of using digital stablecoins in Web 3.0 is higher and higher, and the financial derivatives brought by digital stablecoins are also increasing. After the baptism of Web 3.0, the digital stable currency will be completely integrated into the US financial market. The financial market will be fully digitized, and it is not a CBDC, but bank currency, to become a digital stable currency reform. Since the development of CBDC requires a lot of work, the current approach seems to be to let compliant stablecoins try first, learn from this process, and launch CBDC after sufficient knowledge and experience. Among them, the figure proposed by the US Department of the Treasury in January 2021 Stablecoin management rules will play an important and key role.

The impact of DeFi

Since the second half of 2020, decentralized finance (DeFi) elements have exploded, and at the same time the quality of infrastructure/data/tools has been greatly improved, and it has helped the industry to truly open practical commercial applications beyond speculation. As the cost of capital in Web 3.0 converges with the real world, the DeFi stack for term structure, hedging, and swaps matures, and the physical certificate custody + recourse is gradually developed, this field should be able to generate heavyweight enterprises and businesses. In October 2021, the market observation agency Statista provided data that the DeFi market began to grow explosively from May 2020, and predicted that DeFi will grow 10 times in 2022, while Diginex, a digital asset agency, predicted that DeFi will replace part of the financial sector. The function of institutions, the data in Figure 2 also confirms this trend, a large number of loans have been completed through DeFi.

Web 3.0: The New Network Era is Coming

Figure 1: The DeFi market began to explode in May 2020 (from https://www.statista.com/)

Web 3.0: The New Network Era is Coming

Figure 2: DeFi assets exceed 253.8 billion to provide alternative financial services (from https://news.coincu.com/31238-defi-could-be-100-times-bigger-in-5-years-t han-it-is -today/)

Metaverse influence

2021 is the first year of the Metaverse, which is the early application of Web 3.0. From the consumer Internet to the industrial Internet, application scenarios have been opened. Communication and social networking are becoming video-oriented, video conferencing and live broadcasting are rising, and games are becoming cloud-oriented. With the promotion of new technologies such as VR, new hardware and software in various different scenarios, people have begun to realize in recent years that the large-scale online digital world is not just a place for games and entertainment, but a new way of social interaction and daily life in the future. space. Against this background, the concept of Metaverse has gradually become clear, and it has become a new topic of widespread concern and discussion in the world’s major media, science and technology circles, investment circles, and industry circles.

The impact of NFT

NFT will have the opportunity to become another major sector of Web 3.0, and it is most likely to build a complete ecosystem and evolve itself. According to Google Trends data on December 24, in the week ending Christmas, the global search volume of the term “NFT” (non-fungible token) has surpassed the term “cryptocurrency”. The sharp increase in NFT searches clearly shows that digital collectibles have entered the mainstream, and the transaction volume on OpenSea, the most popular NFT auction and sales platform, has exceeded 10 billion U.S. dollars. Cointelegraph Research predicts that by the end of 2021, non-homogeneous token sales may reach $17.7 billion. This means that NFT may have as much impact on the world as cryptocurrency.

The impact of NFT will not be limited to encrypted artwork, which is just a breakthrough point for NFT. Traditionally, electronic files can be copied unlimitedly, which has a great impact on the copyright owner of the intellectual property rights. Once an intellectual property right is released, others can easily copy it. But NFT changed this phenomenon. Even if it appears in electronic form, uniqueness can still be maintained.

3. A large number of ecological enterprises have prepared to build a super large Web 3.0.

A large number of companies have entered the game, including distributed exchanges and aggregations represented by dydx, asset securitization agreements represented by Centrifuge, cryptocurrency games with on-chain assets represented by Axie, and work collaboration platforms represented by Gitcoin, The investment collaboration platform represented by Syndicate, the NFT-related platform represented by NBA Top Shot… More than 100 protocols of cross-chain/cross-layer #DeFi stack appeared, from the rapid rise of BNB, the subsequent rise of MATIC to the present booming development With LUNA, SOL and DOT, it can be seen that the multi-chain and multi-layer ecology built with DeFi wealth effect is about to be born, and together with a large number of enterprises, it will promote the formation of a new many-to-many Web 3.0. This is not a mainstream Web 2.0 enterprise, but a new era enterprise. Meta also announced that it will combine social systems with Web 3.0 technology, and Web 2.0 companies have also begun to transform to Web 3.0. Just as Web 2.0 companies (such as Google) are different from Web 1.0 companies (such as American Online), each new era has new leaders.

Web 3.0: The New Network Era is Coming

Web 3.0 new enterprise

4. Why is Web3.0 real this time?

This time Web 3.0 is not a Semantic Web (but can use Semantic Web technology), nor is it a decentralized network, but it also uses a decentralized network. The new Web 3.0 is not a single technology, but integrates multiple technologies, integrating 5G, the World Wide Web, digital currency, blockchain, Metaverse, cloud computing, chips, and edge computing. It is at least ten thousand times more powerful than the previously defined Web 3.0.

In the previous semantic web version of Web 3.0, although there were a large number of papers, research projects, and landing projects, there was no large-scale deployment and use, and no ecology was formed. The new Web 3.0 has market value, related companies, infrastructure, consortium support, and national attention. It is not only supported by congressional hearings, but now there are 3 trillion US dollars in assets in the digital currency. This is in Satoshi Nakamoto 2008 It didn’t exist before the white paper was written in 1 year. The market value of the digital currency alone has exceeded the GDP of the United Kingdom (ranked 5th in the world).

The most important thing is that the new Web 3.0 also involves the development of a series of new technologies and applications, and new global infrastructure. An important difference between the reform of Web 3.0 and Web 2.0 is the reform of financial infrastructure, which will create a new global The digital economy even gave birth to new business models and market economies, and produced a large number of bottom-up innovations. This includes the reform of technology, finance, commerce, culture and art, and infrastructure. In the financial field, it is the reform of payment, the reform of banks, the reform of financial infrastructure, and the reforms started from banks (banks issue digital stable coins). Reform not started with the central bank (CBDC). Since digital stablecoins already exist and many new technologies are emerging, the new Web 3.0 is not the future, but has already begun.

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