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Mysterious, Web3, what is it?

Time : 11/05/2022 Author : mqead6 Click : + -
        In simple and fast terms, Web3 is an Internet integrated by blockchain, or an Internet that integrates cryptocurrency and NFT on the platform. In a more complex expression, Web3 is the so-called "user owned Internet". Cryptocurrency supporters particularly like the latter statement, and think that what is pieced together with blockchain technology will be a truly equal Internet. The logic is this: the current Internet is mainly controlled by a few companies &mdash& mdash; Including Facebook, Amazon and Google. Oligopoly has led to electronic feudalism, and Internet users can only operate on the assets of a few large factories.
        Gavinwood, the co-founder of Ethereum, once mentioned in his blog post in 2018, "taking our online payment method as an example, users have no right to pay and must contact financial institutions to pay on our behalf. Even if it is such a simple and ordinary thing as paying water bills, we have no right to operate by ourselves. On the Internet, everyone is an incapacitated minor and can only rely on a third party to do things.". In contrast, Web3 supports payment through cryptocurrency, in which the open source agreement will replace financial institutions and let us really transfer money from one place to another autonomously. Take Facebook as an example. Instead of landing on the stock market, its Web3 version designs a cryptocurrency token and is subscribed by early users.
        With word of mouth, the influence of media platforms is growing, and users can also get token rewards in communication. These tokens can also correspond to certain governance functions, such as voting on content reviews or other policy issues. Since the ultimate value of the token is determined by the success of the platform, every holder has the motivation to make Facebook as peaceful and comfortable as possible. The Internet, which was originally controlled by a few enterprises, was broken up and handed over to every user. But critics believe that this is a daydream and technically impossible. The first iteration of the Internet refers to the Internet in the 1990s and early 2000, also known as the "read-only" Internet.
        At that time, what you saw were basically static web pages. We could only view and slowly download some information, and there was almost nothing else to do. At that time, the Internet was still trying to replicate the previous media: magazines, newspapers and newsletters. But the important point is that the protocols used by the Internet at that time were open source. It is the "readable and writable" Internet that emerged around 2004. "Able to read and write" means that you can both download information and upload information, such as sending photos on Facebook and videos to Youtube. The emergence of web2 has also opened the curtain of the social media era, freeing the Internet from the shackles of traditional media and having its own presentation form.
        At this point, it began to really erupt and quickly overwhelm all media carriers in the past. Chrisdixon, a partner of andreessenhorowitz, a famous Silicon Valley venture capital company, said in the autumn of 2021, "we are at the beginning of the Web3 era, which will combine the decentralization and community management spirit of web1 with the modern advanced functions of web2 era.". Just as platforms such as Facebook and Youtube are the products of technologies such as data upload and cloud storage, many people believe that metauniverse will also become an inevitable product after the maturity of blockchain technology.
        Facebook announced its name change to meta last October, representing the upgrade from a web2 enterprise to a Web3 enterprise. These virtual worlds contain a fixed number of virtual lands, which cannot be added or deleted. People can buy land here and use it freely: create games, shops and fashion blocks, attract investment as advertising spaces or build houses. (snoopdogg owns a mansion in sandbox, where he once held parties and concerts.). But the land in the virtual world is also really not cheap. The price of a plot of land ranges from thousands of dollars to millions of dollars. The reason why it can be realized is that everything in the meta universe is owned by users.
        For example, when we create a project in sandbox, we can hold it in the form of NFT and sell it as cryptocurrency. We can also design games and charge other users who participate in the game. The most important thing is that this space belongs to you completely, and you can toss it about as much as you like. We might as well compare it with centralized metauniverses such as second life or fortress night. In these virtual worlds, creators can completely control the virtual appearance and who can enter. And meta, which has made bold statements, will the meta universe established in the future be centralized or decentralized? People have given their own guesses and inferences.
        To ask what the shortcomings are, it depends on which angle to analyze. Many people believe that the token behavior of virtual world such as Facebook and twitter at all costs will eventually poison the entire environment. Elonmusk even directly questioned whether Web3 existed. The Tesla and SpaceX founder said, "compared with reality, the current Web3 can only be regarded as a marketing term.". Besides, we are not sure whether Web3 is technically feasible for the time being. Critics believe that the kind of Web3 Utopia described by supporters cannot be realized without a certain degree of centralization.
        As the most respected underlying blockchain in the Web3 camp, Ethereum has always been known for its low efficiency, high transaction costs and exaggerated energy consumption. People are studying solutions, hoping to build applications on Ethereum more efficiently, and even turn to carbon neutral blockchains such as Solana. But in most people's view, the idea of putting all activities on the chain is still not technically feasible. Programmer stephendiehl once pointed out in the discussion last December, "from the perspective of computing, the blockchain network cannot be expanded at all, and the only way is to transform it into their most despised traditional centralized solution.
        The maintenance cost of blockchain solution is much higher than that of centralized version, and its efficiency of providing data to customers is far lower than that of centralized facilities. ". Major venture capital companies have successively invested heavily in Web3 technology, with nearly $18billion in the past year alone. Jackdorsey, the co-founder of twitter, believes that these financially strong companies will eventually dominate the entire industry. Dorsey emphasized in his tweet last December that "this will only constitute a centralized entity with the label of" decentralization ", which is no different at all.".
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