Web3.0 Revolution and the Road of Development with Chinese Characteristics

The era of Web1.0 has become a thing of the past with the continuous development of mobile communication technology, and the era of Web2.0 is also being divided up by a number of Internet giants, and the traffic and market are gradually drying up. Whether it is based on the need for information technology upgrades or to save the global economy that has been plagued by the epidemic and continues to slump, the capital, market and technology fields urgently need an industrial revolution to inject new momentum into economic growth.

In this context, Web 3.0 was born, and more and more countries and enterprises actively embraced Web 3.0 and rode the waves in the new round of Internet revolution.

Web3.0 Revolution and the Road of Development with Chinese Characteristics

On May 26, Fumio Kishida, the prime minister of Japan who just took office, began to launch his Web3.0 development plan impatiently, and promoted the development of Web3.0 to the national strategic level. For this reason, Japan not only approved a series of Web3.0 The reform policy, but also specially set up a Web3.0 minister to promote NFT and DAO, intends to use a single country to promote the development of Web3.0. In the era of Web 2.0, Japan has missed the era of mobile Internet, which has led to the failure of Japanese Internet companies to develop. The upcoming Web 3.0 may provide new opportunities for Japan to overtake on curves.

Compared with Japan, India is more favored by capital. Two “heavy players” in the capital markets this month expressed their preference for India. Sequoia launched a venture fund of about $2 billion in India, exceeding the sum of the funds raised in the past five years, which immediately refreshed the annual investment scale of Sequoia in India. It is reported that some of the funds will be used to expand the Web3 field. Investment; After (June 19), Binance executive Tigran revealed its development plan in the Indian market, he believes that India can become the global center of Web3.0 talent.So what exactly is Web3.0, and what charm can we expect from it?

Viewing Web3.0 from the Development of Internet

Web 3.0 is a revolution about the Internet and a reshaping of the roles and functions of Internet users.

Web1.0 Era – Information Transmission Value

Web1.0 is the first generation mode of the development of the World Wide Web. In the early 1990s, with the three basic technologies of the World Wide Web (WWW) released by Berners-Lee, the Internet has since entered the Web era. Web 1.0 is represented by portal websites and is characterized by editing. Website information is usually presented in the form of text or images. Users can view what the website provides. Users can only read, but cannot write.

Web2.0 Era – Interaction Generates Value

From 2004 to the present, it is in the period of Web2.0. Web 2.0 is based on social networking, with the majority of Internet users as the main body, and is currently the most extensive interactive application model in the Internet industry.Compared with the users in the Web1.0 era who are the receivers of information, Web2.0 pays more attention to the user’s interactivity. Users are not only website users and information receivers, but more importantly, they can participate in it and have the authority to write.

Web3.0 Era – Decentralization Creates Value

Web3.0 is a development and extension of the Web2.0 era. The development of blockchain, 5G, and augmented reality technology gave birth to Web3.0. It can be said that the era we are currently in is the transition from Web2.0 to Web3.0.0 stage. In the era of Web 3.0, users have the authority of Own. Users are not only the receiver and creator of information, but also the owner of information value.

Web3.0 Revolution and the Road of Development with Chinese Characteristics

From the development of Web1.0 to the iteration of Web3.0, it can be seen that the changes of the Internet are accompanied by technological progress and changes in the relationship of information production. The disadvantages of the previous generation often become the driving force for the innovation of the next generation.

In the Web1.0 era, the PC Internet is mainly based on information transmission, and users are the recipients of information. However, with the popularity of the Internet, some users who have such clear preferences and fully express their desires are no longer satisfied with themselves as just a piece of information. The recipient of the Internet has put forward higher requirements for the Internet, which has also promoted the development of the Internet.

In the era of Web 2.0, users have the authority to write, and the mobile Internet has replaced the PC Internet as the mainstream. Users can participate in the Internet more widely, and super scenarios such as social networking, entertainment, and e-commerce have gradually become the market. The main body, and users are also constantly creating value in it. However, as users participate in the creation of more and more value, the value obtained from it does not increase, and the distribution is unfair, which makes more users question the current information survival relationship and begin to pursue the reconstruction of production relations. At this time, Web3.0 came into being. It is intended to provide more value distribution rights and data dominance for non-platform ecological participants, and to build a more equal ecosystem.

Web3.0 Revolution and the Road of Development with Chinese Characteristics

The web3.0 concept aims to create a decentralized yet secure internet where people can exchange money and information securely without the need for middlemen or big tech companies. Unlike Web 2.0, which stores data in a single database or cloud provider, Web 3.0 applications run either on the blockchain or on peer-to-peer nodes (servers).

In short, Web 3.0 will be an era that will not depend on any central organization and will be completely controlled by users. Its arrival will completely break the monopoly of the current technology giants, rewrite the current operation of the digital economy, and trigger a lot of bottom-up innovation.

Looking back at history, whenever the global economic development reaches a bottleneck period, human beings can always pass through, and technological change reshapes the world. Now, in the face of the epidemic and economic downturn, in the same magical year of 2022, the entrance to the new world may be Web3. 0.

“Chinese Characteristics” of Web3.0

Although Web3.0 is still in the early stage of development, its basic framework has been relatively complete, especially its application in DeFi and NFT, which has attracted the favor of some Internet capital, and some overseas Internet companies have actively joined Web3 In the development of .0, for example, Meta, based on the Metaverse ecology promoted by Oculus, expressed an attitude of embracing Web3.0; Twitter officially launched the decentralized social media Bluesky in August 2021, and officially opened the platform based on the next month. The Bitcoin tipping function of the Lightning Network; Google has newly formed a blockchain department, which mainly includes research in the fields of blockchain, next-generation distributed computers and data storage technology.

Compared with the positive attitude of foreign Internet companies, due to the relatively cautious attitude of domestic supervision, the layout of Web 3.0 by my country’s Internet companies is more focused on blockchain technology and digital collectibles, which are relatively open to supervision. For example, in 2021, Ant made a whale scout (digital collection APP) based on Ant Chain’s reference to foreign NFT products; in December of the same year, JD’s NFT distribution platform “Lingxi” launched the JD APP applet, and Tencent also released its own app in the same year. The NFT digital collectibles APP “Phantom Core” and so on.

Web3.0 Revolution and the Road of Development with Chinese Characteristics

China’s cautious attitude towards blockchain has led some pessimists to think that China will take a crack at Web 3.0, but in fact it is not.

Those who have this kind of thinking regard the blockchain technology based on Web3.0.0 development and the blockchain technology of encrypted currency as one, but it is not the case. The two can be distinguished. After practice, the application of funds in the future Web3.0 will not be limited to one kind of virtual currency. The digital legal currency issued by the central banks of various countries, such as China’s digital RMB, can also be used in the Metaverse and virtual currency built by Web3.0. Circulation in the interaction of the world and reality. So opposing cryptocurrencies does not mean that China will not develop Web3.0.

On the one hand, from the analysis point of view, China has not developed Web 3.0 with the same fanfare as Japan, which is partly due to the distrust of Web 3.0 decentralization. From ancient times to the present, the Chinese ideological environment has emphasized more on groups, people generally have more trust in centralized institutions, and the characteristics of centralized operation of social structure are extremely obvious, which is in great conflict with the theory of decentralization advocated by Web3.0 .

On the other hand, unlike European and American countries, China is more optimistic about the alliance chain. A consortium chain refers to a blockchain in which multiple institutions or organizations participate in the management. Each institution or organization runs one or more nodes, and the data in it only allows different institutions in the system to read and send transactions, and record transaction data together. In terms of transaction speed, the alliance chain is faster than the public chain in Web3.0, and it is more in line with the domestic policy of “controllable and controllable”. On January 27, 2021, 27 alliance member units jointly launched the “Changan Chain Ecological Alliance” in Beijing. It marks the establishment of the first self-controllable blockchain software and hardware technology system in China.

Previously, the Blockchain-based Service Network (or “BSN”) initiated by the State Information Center, China Mobile Communications Corporation, and China UnionPay Co., Ltd. has also started operation and has been established globally. Or 128 public city nodes are being established, including 120 domestic and 8 international, distributed on six continents except Antarctica. Therefore, around Web3.0, China is not without action, but the direction of efforts is different from that of other countries.

Web3.0 Revolution and the Road of Development with Chinese Characteristics

Image source: Zero One Think Tank

On the whole, China is more inclined to use the alliance chain and digital RMB as a springboard to enter the web3.0 era, connect various real economies through blockchain technology, and explore a Web3.0 development path suitable for China’s national conditions.

We3.0 is not a panacea yet

What cannot be ignored is that although the future potential of Web 3.0 is beyond doubt, we should also face up to the potential risks behind its immature technology and regulations. For example, although the attributes of decentralized transactions and anonymous transactions are reduced to a certain extent It increases transaction costs and enhances personal privacy, but it also brings potential risks such as money laundering and tax evasion; Token token mechanism penetrates into all aspects of Web3.0, and investors will also produce heavy losses due to the imperfect Token mechanism. Wait.

Web3.0 Revolution and the Road of Development with Chinese Characteristics

These challenges are destined to make the development of web 3.0 full of risks. For countries like Japan to develop Web 3.0 with the strength of the whole country, the cost of failure will be very high, because once it is found that the direction is wrong in the later stage, and then modify it, not only the early stage All the investment is wasted and precious time is wasted. Japan has actually suffered losses in this regard earlier. For new energy vehicles, Japan chose hydrogen energy as vehicle power, and invested a huge amount of money. It also created technical barriers to hydrogen energy in an attempt to harvest the world. BYD and Tesla, electric new energy vehicles developed by China and the United States, have achieved corner overtaking. Therefore, sometimes choice is more important than hard work, especially when the direction is not clear, it is more important to be able to calm down to think and explore a path that is more suitable for oneself.

Every technological progress is a structural change caused by the accumulation of its quantitative changes, and the key to it is the transformation of “structure” and “application”. We may not know how Web3.0 will develop in the future, but in the future Web3.0 world, China will not be absent.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/web3-0-revolution-and-the-road-of-development-with-chinese-characteristics/
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