What does WEB3 look like?

Recently, there have been more and more incidents related to WEB3. An article “WEB3.0 has nothing to do with China” became popular on the Internet within two hours of its launch, and then disappeared; the famous investment institution A16Z has invested in more than 90 WEB3 projects , attracted the attention of global investment institutions; the Japanese government released the WEB3 national strategy; the employees of well-known domestic manufacturers appeared in the WEB3 entrepreneurial wave.

Some people say that WEB3 is not yet qualified and there is no real WEB3 project. Some people say that WEB3 cannot be born in China and has no future. Some people say that the WEB3 revolution will happen in China.

There are many and contradictory views, which make people more and more confused.

The definition of WEB3 we usually see is, a decentralized Internet, a value Internet, an ownable Internet, and so on.

These are all correct. But when a website and an App are placed in front of you, can you distinguish whether it is WEB3 or WEB2? You want to start a business in the WEB3 field and seize future opportunities. Do you know where to start? Do you know if your project is WEB3?

v2-6df6b6884310fb8408735d95a070f5d8_720w.jpg

These questions are difficult to answer through the Internet of Value, decentralization, and user ownership of these definitions. Here we start with the application scenario to see what WEB3 looks like.

WEB3 applications must use DID login authentication

WEB3 applications are still implemented through websites and apps, and any website or app application requires the user’s registration, login or identity binding.

The difference is that WEB3 applications must use the decentralized identity authentication method (DID) to log in. At present, the blockchain digital wallet is the main DID login method. There will be more forms of DID in the future. This is the most obvious between WEB3 and WEB2. one of the differences.

Take opensea, the world’s largest NFT platform, as an example. When we log in to opensea with a digital wallet, the NFT assets in our wallet will be read out and displayed in the personal asset account of the opensea website. If you want to sell the NFT assets in your wallet, just click sell and fill in the price and other information. The NFT will appear in the product list on the website.

During this period, if the opensea website goes down or is hacked, your NFT assets will not be at any risk, because it is always in your own digital wallet, and your digital wallet and NFT assets are recorded on a certain public chain , has nothing to do with the opensea website, the website just displays your NFT information.

v2-552c5eb6a79c617e1965484aeed91acd_720w.jpg

Since you do not need to hand over the NFT to the website operator when you sell NFT, you can apply to sell the same NFT on multiple NFT trading platforms at the same time.

When a certain website reaches a transaction, your NFT will be transferred to the buyer’s digital wallet, and all websites will no longer display NFT sales information because your digital wallet is gone, which is the embodiment of the WEB3 decentralization principle.

The decentralization here is the decentralization of user identity and the decentralization of assets. If you have participated in NFT transactions on domestic platforms, verify how you log in. If a digital collection website requires users to register a user name, reserve a password, and then bind a mobile phone, then start to buy and sell NFT assets on the platform, This means that the NFT assets under your username are part of the website database.

The website just records the contract address of the NFT on the chain in your website account to prove that you own the NFT, but in the world of WEB3, it is not the case to prove that you own an NFT asset, but must be recorded in the in a digital wallet. This kind of website will never see your NFT once you close it, so it’s not WEB3, and you don’t really own the NFT assets.

Seeing this, you may suddenly realize that you also want a digital wallet, and then let the website send the NFT to your wallet.

Unfortunately, if you buy an NFT issued by a domestic alliance chain, they do not have such a thing as a digital wallet, which means that you cannot really own NFT assets in the sense of WEB3, at least for now, you can only hope The digital collection platform you participate in will not be shut down easily.

WEB3 applications must create and use digital assets

In the WEB2 application, the platform provides information connection and payment and settlement services. The WEB3 application platform provides asset creation and use services, which is to allow users to create their own digital assets and use digital assets to meet their needs.

If we change WeChat into a WEB3 version, it should look like this:

Users first log in with the digital wallet supported by the platform, and then each time they share a circle of friends, write an article on an official account, or publish a picture on the platform, the platform will provide the service of automatically uploading the data to the chain and issuing NFT. Automatically generate an NFT asset to confirm the ownership of the user’s wallet, and then display the articles, pictures and texts in the user’s wallet according to the user’s authorization.

If you are a celebrity, there may be many WEB3 websites discussing the issue of purchasing NFT display rights with you, so that the information you publish on one platform can be displayed on all the platforms you open and authorize. From this perspective, it not only protects your copyright but also improves the efficiency of dissemination. Whether it is the WEB3 social platform where you originally posted the information or any other platform that you authorize to display, you have no right to delete your information, but you can restrict the display according to the platform rules.

The NFT assets accumulated by users on social platforms may not all have value, but they guarantee their ownership of data assets. This case highlights the asset creation function, and many Metaverse projects express the asset creation function more fully.

If Taobao becomes the WEB3 version, it should be like this:

Here is just a case I designed that can be dismantled, “Nbuilder, an NFT creation platform”, the platform manages three NFT assets, namely store NFT, mold NFT, and picture NFT. The operator user logs in with the digital wallet, and uses the digital currency to purchase the mold NFT issued by the platform. Each mold represents a product customization right.

For example, cups, shirts, and pillows are all molds. With the mold NFT, you can apply for a free store opening. After obtaining the store NFT, you can implant the mold NFT, and define the price to complete the store opening. The consumer user logs in with a digital wallet, selects a certain mold in a certain store, such as a cup, and chooses a customized picture. The system will open the consumer’s wallet to read the NFT picture in it, select the favorite picture to submit, and the system will generate a 3D simulation rendering of the NFT picture printed on it, and pay for the order and wait for delivery.

In this application, the operator’s right to sell goods is obtained through the mold NFT, and the number of mold varieties is also available, and there will be no oversupply. The number of shops that can be operated is opened through an algorithm. But the number is also limited. This is to avoid vicious competition and encourage serious business operations.

Consumers use their own picture NFTs to customize goods, expanding the use value of NFTs. In addition, the system provides the image NFT authorization function, which allows users to authorize the image NFT to designated stores, designate molds to make designated quantities of goods, and specify the fee for each use.

This can further form the store’s competitive advantage and enhance the added value of the mold. High-quality image NFT holders can even establish independent brand IP through this charging authorization method, creating excess economic value. Nbuilder is a new species, which is very different from Taobao, but it can be used for reference in the creation and use of NFT assets.

The WEB3 version of Taobao can first make stores and windows into NFT assets and issue them to operators, and then the commodities in the windows are either native NFT digital commodities. For example, digital collections, virtual clothing, virtual land, or NFTs for the right to pick up physical goods.

To achieve these two points, when the operator logs in with the digital wallet for authentication, the commodity NFT in the digital wallet can appear in the store window, and all subsequent transaction records and related data will be recorded under the name of the store and the window NFT. So this becomes a distributed e-commerce platform. Even if the platform is closed, the data of consumers and operators will not be lost. The other benefits of doing this are the same as Nbuilder. This case highlights the realization of the use of asset functions, which is one of the design ideas for transforming a centralized platform into a decentralized platform.

WEB3 application must be paid in digital currency

WEB3 is a network with digital assets as the basic element. It is the most convenient and safest to use digital currency in the payment and settlement process, and it can achieve the ideal state of payment and settlement. Every transaction is a blockchain bookkeeping. No one is involved, so there is no need for auditing. The exchange rates of various digital currencies can be automatically converted. There are smart contract rules behind various digital assets and liabilities that can be identified. In this context, the traditional financial accounting method will undergo fundamental changes.

WEB3 is a good thing, whoever can make good use of WEB3 will have the opportunity to open up a new track in the next wave of trend dividends, but we need to solve the problem of public chain, digital wallet and digital currency first, we do not want WEB3 to have nothing to do with China , and do not want China to miss WEB3.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/what-does-web3-look-like/
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 2022-06-20 12:14
Next 2022-06-20 12:15

Related articles