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Why web30 is "the future of the Internet" | Xinjing think tank

Time : 25/02/2022 Author : q1pgn3 Click : + -
        Yao, director of the science and Technology Supervision Bureau of the China Securities Regulatory Commission, recently published an article "Web3.0 is a new generation of Internet that is gradually approaching". He pointed out that the Internet is at an important point in the evolution from Web2.0 to Web3.0. Strengthening the forward-looking research and strategic prediction of Web3.0 is undoubtedly of great significance to China's future Internet infrastructure construction. Under the upsurge of Web3.0, relevant business models emerging at home and abroad ignite new investment enthusiasm. For many products and some blockchain games under the banner of Web3.0, investors need to be vigilant against the investment risks and hidden dangers under the concept speculation. On December 8, 2021, the Financial Services Committee of the US House of Representatives held a hearing entitled "the future of crypto assets and finance". Brian & middot, former director of the US monetary audit office and then chief executive officer of bitfury; Brooks introduced Web3.0 & mdash& mdash; "An Internet that can be owned by users".
 
        What is the difference between Web 3.0? Web1.0 is a "readable" Internet. The representatives of enterprises in this period are mainly traditional portal websites such as Sohu, Sina, Netease, Yahoo and Google. Users can only obtain information, not edit information; Web2.0 is a "readable + writable" Internet. Users can not only read the content provided by the website, but also express their opinions on the network with the cloud storage technology of the platform provider at any time. For example, from the early blogs and microblogs to the changes in the product forms of new media platforms such as wechat official account, station B and Tiktok, everyone can become a creator.
 
        From Web1.0 to Web2.0, it is a process of deepening information interaction between users and the Internet. Specifically, users are the participants and apps are the application carriers. However, it also brings a problem, that is, the rapid expansion of platform power. Creating an online identity on the Internet platform is more like applying to become a vassal of the "digital Lord". Whether the content produced by the user in the platform is illegal or infringing will be determined by the platform. In the era of Web2.0, the society was worried about the governance structure of the platform. The centralized network services and power of the platform made users just "passers-by" of the Internet, and they could not really own the Internet.
 
        With the iterative innovation of various information technologies, the Internet is showing the trend of evolution to the next generation Internet, and the era of Web 3.0 is accelerating. Compared with Web1.0 and Web2.0, Web3.0 will be a "readable + writable + owned" Internet. It is a new digital ecosystem that integrates multiple scenarios based on the decentralized concept and digital technologies such as blockchain. It will become an Internet infrastructure owned and trusted by users and builders. ▲ at the "light of the Internet" Expo of the 2021 World Internet Conference, new technologies and products in the fields of cloud computing, big data, artificial intelligence, blockchain and network security, as well as the latest application results of digital reform in various industries in the economic, social and government fields, including exhibition, new product and technology release, and digital economy talent docking.
 
        Figure / icphoto. With the popularization of new technology concepts such as blockchain, non-homogeneous token (NFT), and metauniverse, Web3.0 will gradually become the main form of the future network and play an important role in the development of the global Internet. The reason why Web3.0 is so important is that it is a global change in the centralized digital ecology, so that the ownership and corresponding value distribution rights of digital content circulating on the digital network can truly return to the hands of digital content creators: the creators and value owners can achieve unity. This change is reflected in three aspects.
 
        First, Web3.0 will reshape the "dominance dependency" relationship between users and platforms, forming a new digital identity system. In the era of Web2.0, the centralized platform has absolute control over the user identity information and data information stored on the platform. In the era of Web3.0, distributed digital identity (did) makes it possible for users to control their identity management information, and can use this information to verify and log in to any platform and program. Web3.0 has created a new vision of digital space, trying to build a new economic system in which users and builders share property rights.
 
        Its biggest feature is the concept of decentralization, which places the power originally belonging to Internet service providers in the hands of users. It shows that users have their identity, data and algorithm autonomy, and there is no big platform like Facebook responsible for storing and using user data, and there is no need to log in to the platform through an account and password. Therefore, Web3.0 not only improves the privacy and information security of users, allowing them to master their own digital identity, data information and digital assets, but also breaks the monopoly of the platform on information management and algorithms. Through mechanism design, it guides people to spontaneously coordinate their behaviors and completely changes the rights and obligations between users and the platform.
 
        This decentralized mode has greatly challenged the monopoly position of the platform, and users can choose decentralized alternative products. Secondly, Web3.0 will reshape the rule system of wealth digitization and digital financial transactions and establish a new set of digital property rights system. In specific applications, NFT, a blockchain based technology used to determine the property rights of digital assets, completely subverts the platform centric property rights management system. Users can make and record NFT on the blockchain to form NFT of digital assets. At present, NFT has been widely used in the property rights protection and circulation of digital products such as pictures, music, videos and various UGC products.
 
        The combination of the decentralized Web3.0 concept and technology with financial business will produce "decentralized finance" (defi), which may lead to the reform of the financial industry. The transaction information of financial products will be more transparent and secure. In this scenario, the user's account is located in a distributed network. The mutual trust based agreement between the platforms can reduce barriers, focus more on the pursuit of product services and value innovation, and also reduce the restrictions brought by other factors such as geography and user qualifications, so as to promote the free flow of digital assets. Finally, Web3.0 will reshape the boundary between reality and digital space economic and social activities, and promote the integrated development of physical and digital industries.
 
        Based on the distributed ledger technology, Web3.0 realizes the end-to-end access process through the new decentralized DNS root domain name governance system. Users can name and resolve domain names by themselves, and the technology can be applied to digital assets, digital entities and other resources to better integrate reality and digital space. For example, the values of digital assets on the chain and physical assets off the chain can be mapped. In this way, it can not only integrate the virtual and real world, but also further reconstruct the economic form of various industries and realize the linkage of real and virtual assets. ▲ on September 30, 2021, Hong Kong, China, the first large-scale digital art expo in Asia was held in Hong Kong. The venue covers an area of more than 1800 square meters, and the high-tech art works of more than 40 international and Hong Kong artists were exhibited.
 
        The picture shows visitors taking selfies and pictures in front of the 360 degree immersive art device of Refik Anadol, a multimedia artist in Türkiye, who is living in the United States. The device will be converted into NFT (non fungibletoken) and auctioned on Sotheby's. Figure / icphoto. In the United States, to Brian & middot; Relevant people represented by Brooks are vigorously pushing the federal government to introduce more supportive policies. Some members of the Financial Services Committee of the US House of representatives who attended the hearing shouted out in public that "we must ensure that the Web 3.0 revolution takes place in the United States". In general, the development of Web3.0 in China is now more placed in the framework of digital economy development: people are concerned about how the infrastructure based on Web3.0 will help the digital transformation of the real economy and promote the development of China's digital economy.
 
        At present, the main Web3.0 industries in China are distributed in the four fields of digital collections, alliance chain, gamefi chain games and virtual digital people. Discussions on Web3.0 are often combined with keywords such as "value Internet" and "digital economy". First, from the international perspective, geopolitical risk factors are rising rapidly. At present, many countries are committed to developing independent Web3.0 industrial system and adopting different regulatory policy systems. However, international geopolitical competition may extend to the technical field. The decentralized feature of Web3.0 distributed network may accelerate the global digital space pattern from the Internet to the "split network". Based on the consideration of international competition and digital sovereignty security, countries may lead to the parallel pattern of multiple Web3.0 digital ecosystems.
 
        Affected by the Russian Ukrainian conflict and other events, non western countries will seek more independent digital supply chain systems and diversified sources of digital service providers, which will bring new development opportunities for Chinese science and technology enterprises to enter the international market. However, they may also be affected by the mutual sanctions of major countries, which will aggravate the international uncertainty of industrial development. Second, from the domestic perspective, Web3.0 will have a certain impact on the existing governance system, and how to determine the new regulatory boundary will become a new topic. The decentralized concept of Web 3.0 will bring new governance and regulatory challenges. On the one hand, the demand for decentralized infrastructure challenges the existing way of providing infrastructure. Building an infrastructure based on blockchain technology requires a large amount of human and material resources. At present, it is mainly the large platform of Web2.0 that has the ability to build, but this may lead to the return of control over blockchain services to the platform.
 
        On the other hand, the decentralized Internet form will bring major changes to all walks of life, generate new organizational and industrial forms, and bring new risks and management problems. For example, the anonymous community under the blockchain technology will bring challenges to network supervision; The financial risks contained in defi products will also test the supervision and prevention ability of financial management departments; As well as the illegal and criminal risks associated with more organizations and industries, need to be prevented. In December 2021, CCTV-2's punctual finance and Economics program disclosed the deception of the blockchain game "Dailian service" called "farmer's world". The "Dailian" company claimed that the players "earned 140000 yuan in two weeks", which was in fact pyramid selling, fraud and illegal fund-raising.
 
        It should be noted that at present, the construction of Internet infrastructure is still in the transition stage from Web2.0 to Web3.0, and a large amount of technology needs to be accumulated. At the same time, there are some regulatory vacuum zones. For immature projects, investors who pursue short-term profits and blindly follow the trend will face greater risks. Therefore, when formulating the Web3.0 industrial policy system in the future, it will be very critical to promote the healthy development of China's digital industry in the Web3.0 era by balancing development with security, efficiency and fairness, vitality and order, and domestic and international relations. Web3.0 provides new scenarios and opportunities for the development of digital economy, but risks and challenges also follow.
 
        How to grasp the opportunity of this era, vigorously support the innovation and development of related technologies, and explore the development path of Web3.0 that is suitable for China, and help the development of China's digital economy is an important topic.
 
        
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