Web3.0 is the continuation of Web2.0 and the application chain is the implementation tool

Original title: “Octopus Network Liu Yi: Web3.0 is the continuation of Web2.0, not to be de-platformed丨2021 World Blockchain Conference”

At the “Web3.0 Forum” on the afternoon of the 25th, Liu Yi, the founder of Octopus Networks, attended and delivered a keynote speech “Developing Application Chain and Realizing Web3.0”. Liu Yi said in his speech that Web3.0 is the continuation of Web2.0. The economic feature of Web2.0 is platform economy. Web 3.0 is not to be de-platformed. It can make the Internet more open, fairer and safer.

Web3.0 is not separated from the Internet, Web3.0 is still a Web application. For the era of Web3.0 to come, there must be a batch of good Web3.0 applications in various markets to replace the existing Web2.0 or traditional intermediaries.

The following is to organize some of the speech content:

Web3.0 is the continuation of Web2.0, and the economic feature of Web2.0 is platform economy. The definition of the term “platform economy” is that a platform is a type of business that creates economic value by facilitating or matching transactions or interactions between different types of participants. In short, it is an intermediary.

All the giants of Web2.0, whether it is the old BAT in China, the new giants of Meituan and Didi, including Toutiao, or the five Internet giants in the United States, they are all platforms.

B2C e-commerce is a platform between e-commerce merchants and e-commerce buyers; online car-hailing platform is an intermediary between drivers and passengers; take-out platform is an intermediary between restaurants and take-out consumers.

Why is the platform so important to become an economic phenomenon, or some people say that the platform is eating the world? Because this platform has a magic-network effect. Network effect refers to the phenomenon that as the number of participants on the platform increases, the services provided will get better and better. The most typical one is WeChat. WeChat is an intermediary between people who send messages and people who read them.

When the scale of the platform reaches a certain level, it is like a “black hole”, attracting participants at both ends of the market, and sticking to this platform, we cannot leave it. This is the characteristic of the Web2.0 experience.

Why engage in Web3.0? The reason is that although the Web2.0 platform has made our lives better and more efficient, its drawbacks are also emerging. The core drawback is that the platform is operated by a certain company, and the company’s mission is to operate. It is to create profits and maximize shareholder returns. It is not for our customers. Its operating function is to serve the interests of shareholders.

When the scale of the platform reaches a certain level, when both service providers and service users cannot do without it, it has to expand its share in business transactions. We call it “rent-seeking” in economics. Rent-seeking is not an issue. Good word, your contribution in economic transactions has not changed, but because of your special status, you can seek a larger piece of profit. This is rent-seeking.

In fact, the current Internet giants are already at such a stage.

Now everyone has seen the issue of platform supervision. The government has realized that the development of the platform economy has reached a critical point. It has improved the efficiency of this society, including technological innovation, and its so-called involutionary contribution to the polarization of the rich and the poor, and competition. Will has reached a critical point, and its negative contribution has exceeded its positive contribution, so the platform must be suppressed.

We need to change to a different economic form, not to remove the platform, because economic intermediary cannot be removed, economic intermediary is because there is a huge information asymmetry between the parties to the transaction, we need to transform the intermediary form from the platform owned by the company into a community The encryption protocol owned by the community and the encryption protocol owned by the community are what we call decentralization. This encryption protocol is not at the hands of a single person or a small group of people, but owned by the community.

What is a community? If there is an encryption protocol for taxi-hailing, the protagonist of the community is the online car-hailing driver, and there are some auxiliary roles, developers, early investors, and online car-hailing users. These online car-hailing users promote this agreement and become active in this community. member. The core role of a food delivery community is these restaurants, and the protagonist/controller of the encryption protocol of the e-commerce should be these e-commerce sellers.

The use of community-owned encryption protocols to replace company-owned platforms will enter the Web3.0 stage, because it can make the Internet more open, fairer, and more secure. Why is it more open? It is not allowed anymore. You don’t need Didi to review if you want to make online car-hailing, as long as you meet the community norms.

Fairer means that the agreement itself does not pursue the maximization of its own interests. It must pass the profit to the service provider and lower the price to make the service more competitive. This is what we call Web3.0 .

It’s safer because we all use anonymous IDs, addresses, DIDs, and data on encrypted blockchains. This is what we are talking about bringing the Internet to a new stage through such a revolution. For the era of Web3.0 to come, there must be a batch of good Web3.0 applications in various markets to replace the existing Web2.0 or traditional intermediaries.

We need to have excellent Web3.0 applications. First of all, it is an excellent Web application, which is ignored by many entrepreneurial teams. If you don’t understand the Internet, can blockchain technology be able to do Web3.0 entrepreneurship? Actually no, we can’t forget the root, because Web3.0 is still a web application.

Web3.0 is the continuation of Web2.0 and the application chain is the implementation tool

At the same time, we need to establish a decentralized equity and power structure. How this agreement distributes benefits and how to distribute rights needs to be implemented on a new form of decentralized ledger platform, while ensuring that it has decentralized properties , Will not be controlled by individuals. This is the problem that the blockchain has to solve. It should have high security, low cost, high performance, easy-to-use wallet, upgradeable, and orthodox upgrades. After a consensus is reached by the community Upgrade. Don’t just say that the expansion of TPS is advanced, all these things are done well to form a decentralized equity structure to support an encryption protocol owned by a community.

We talked about the application chain. The application chain is another, or a new way to implement Web3.0 applications. The original Web3.0 applications are all running on a public chain through smart contracts. The problem is that It can only be in the entire blockchain technology stack, and only the application logic can be modified. The other consensus protocols, execution environment, wallet interaction, and governance all follow the big public chain, which causes a decline in user concepts. There are too many to compete with Web2.0. Ethereum has been online since 1.0, in 2015, and it has been six years now. No application can win mainstream Internet users.

DeFi began to explode last summer, and now it has a daily active life of only 10,000, which is 5 or 6 orders of magnitude lower than mainstream Internet applications such as WeChat. This is a particularly good thing.

This is the case, this is a great achievement, mainly because the user experience of smart contracts is too bad. A new user who uses smart contracts has to install MetaMask, buy ETH and charge it into his wallet, and he needs to know what Gas is. Participate in the use of these Dapps, most of the users are blocked outside.

The application chain uses the framework of the blockchain to make a dedicated chain for the application, which gives you many benefits, one is the extremely fast performance, because you have exclusive access to the processing power of a chain. In addition, the consensus cost is very low, and users can even use it without spending money.

It is highly customizable, all parameters can be adjusted, you can modify the execution environment, modify the wallet, modify the consensus environment, to optimize for this application.

A good example recently is the game of great fire, Axie Infinity, which ushered in an explosion since it launched its own customized Ethereum strategy in April, because it reduced transaction costs by five orders of magnitude, at a fast speed, and in the wallet. The integration of fiat currency payment makes the entire agreement usher in an explosion, which is the advantage of the application chain. In addition, the application chain can have on-chain governance. You can go to the community to reach a consensus and upgrade the agreement, otherwise it can quickly evolve to adapt to new needs or eliminate software defects.

There are also disadvantages to the application chain. Although the ability is very strong, it requires higher investment and knowledge. Fortunately, there are now tools to reduce the cost of developing an application chain to a level equivalent to that of a smart contract.

It is more convenient to develop an application chain, but it takes a long time to run an application chain and requires huge investment. Because a chain not only needs to be developed, but also needs to have the security of a chain, it needs to have cross-chain capabilities, it needs to have a series of infrastructure such as blockchain browsers in addition to the chain, and the community must pay attention to this application Chain, you get the support of early users and early investors. The Octopus network is to deploy and run the service network that starts the application chain. We are a two-layer network built on the NEAR Protocol. By joining the Octopus network, the Substrate network can obtain a trustless cross-chain with NEAR and Ethereum. We have already done so. A complete set of infrastructure is used by the application chain, and our community is a community that actively supports and serves the application chain.

The structure formed after the launch of Octopus is part of the blockchain Internet that Cosmos envisioned six years ago. In addition to connecting with the NEAR cross-chain, the application chain of the Octopus network can be connected to the Ethereum cross-chain through the Rainbow Bridge. Independently decide to interoperate with all Cosmos chains through the IBC protocol. In addition, we can also interoperate with all Polkadot parachains to form this multi-chain network.

Our economic model is the application chain. In addition to development, we will cover all other infrastructures. The Token of the application chain gives us the function of QOS. The Token of the Octopus Network is the only Token used to securely rent the application chain.

Assuming that a chain pays a security rent of 500,000 US dollars here, it can get a security of 10 million US dollars, and each new chain can create a demand for 10 million US dollars for collateral OCT coins.

In addition to the community work to transform WEB developers and smart contract developers into Substrate developers, of course we are assisting Parity in doing it.

At the same time, we use the Octopus accelerator to support these application chain teams. Now there are many ecological projects, and we have also received some capital support, including strategic investment from NEAR.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/web3-0-is-the-continuation-of-web2-0-and-the-application-chain-is-the-implementation-tool/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2021-07-26 12:48
Next 2021-07-27 03:09

Related articles