The next batch of 1 billion users in the future industry From Web 3

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Recent geopolitical events have further exacerbated the polarization of the world. Partisan and ideological differences have further divided the Internet, and its gatekeepers have trampled on the right of millions of people to access financial services. Countries are waking up to the reality of having neutral agreements and national stacks.

Web 3, known as the next generation Internet, will have the ability to resist sanctions and eliminate data islands. Gavin wood, co-founder of Ethereum and founder of Polkadot and Kusama, coined the word web 3 in 2004. Five years later, the bitcoin (BTC) white paper was released in 2009, which further consolidated the need for decentralization. Will decentralization always exist? Let’s see why web 3 is becoming more and more popular today.

Web 3: decentralization in the innovation economy

Web 3 can provide a global digital track to facilitate innovation and independence. The voice of governing big technology has promoted the discussion around web 3. The dominance of big technology on the Internet and its control over personal data have contributed to the call for decentralization. The famous Silicon Valley venture capital company a16z published its policy document “how to build a better Internet: 10 principles for world leaders to shape the future web 3”. It points out that data ownership and monetization will bring new business models in the web 3 era:

“Millions of people need the opportunity to innovate in the digital economy and enable them to lead their lives.”

The basic premise of the Internet revolves around connecting people. In the past 30 years, with the continuous development of the Internet, our interaction with the Internet has also changed. Despite these changes, the era of online community can be roughly divided into three periods.

“Privacy is necessary for an open society in the electronic age,” said Eric Hughes, an American mathematician and founder of the cyberpunk movement. He stressed the importance of privacy and why it is more important in the decentralized Internet. The current situation of the Internet, namely Web 2, is full of monopoly of large technology companies; Today, Facebook (now meta), Amazon, apple and Google own and manage the Internet.

Supporters of web 3 call for the future of the Internet to be based on the first principles of decentralization, self sovereignty, data ownership and resistance to censorship. The core of Web3 is the concept of decentralized Internet infrastructure to ensure personal privacy.

Web 3 has not reached its full potential. At this point, the idea of individuals exercising full ownership of their data and privacy seems rather mysterious, as adoption is currently very slow and limited to individuals proficient in encryption technology. It is necessary to solve the entry friction in web 3 space.

Web 3 Adoption

The lofty ideal of ownership in a truly decentralized economy can be realized only when we create tools and complementary infrastructure compatible with Web 2 and web 3. The adoption of web 3 is still in its infancy, although some Web 2 companies have gradually begun to migrate to web 3 and embrace decentralization. However, there is still much to be done to establish easy-to-use services and infrastructure to ensure the seamless integration of users in the web 3 era.

The idea of portable digital identity and ownership on the Internet depends on providing everyone with an easy-to-use web 3 wallet, including a general audience of non cryptocurrencies. Voucher management combined with the custody of digital assets is the missing link to curb web 3 adoption. A composite wallet enables users to confirm their identity in the physical and digital fields, store vouchers, digital assets, such as NFT tokens, ensure payment, mortgage, etc. At present, players’ uplink (from legal currency to cryptocurrency) and downlink (from cryptocurrency to legal currency) services are far from satisfactory, which undoubtedly needs to be solved from the perspective of user experience in order to achieve large-scale adoption.

Web 3 and ownership economy

Web 3 will bring a paradigm shift in the way technology is used in online communities. The creation and distribution of value will no longer be at the mercy of centralized actors, and decentralized groups will realize new forms of ownership and co creation.

Games is a $200 billion industry in 2021 and the way forward to integrate users into the web 3 ecosystem. Emerging game markets, such as India, have more than 450 million gamers. The low per capita income in emerging markets creates a huge opportunity for gamers to earn income through blockchain based games.

In the long run, the web 3 games with the leading financialization are expected to grow further. Web 3 is the core of discourse, focusing on creator and ownership economy. JPMorgan’s recent report “opportunities in the meta universe” emphasizes the importance of single wallet user experience in web 3 and meta universe e-commerce. The report states that a single wallet should include the following:

Web 2 traditional financial payment channels, digital currencies and digital assets

Web 3 cryptocurrency, NFT and digital assets

Verifiable digital identity certificate, KYC and AML compliance key, and reputation point.

Multiple aliases for privacy and digital freedom

Tools and services based on privacy protection and self sovereignty are essential to take advantage of the full potential of web 3 and the trillion dollar opportunities in the metauniverse. The improvement of user experience is crucial for mainstream adoption.

Author: guest authors | editor and translator: Maya | source: cointelegraph Chinese more reading: the 12 hot science and technology words metauniverse, web 3 and NFT were listed in the future industry in 2021 | the White House released the entrepreneurial observation of the new American innovation strategy 2015 | why do I hate “unicorn” enterprises so much and the culture and online education they breed? How far is the future? （3） : where is online education going in primary and secondary schools in China? Groupon financial report: 2013 Q2 Groupon revenue of $608 million, an increase of 7% year-on-year. 2015 survey on the development trend of China’s agricultural products circulation industry. Bank of America Merrill Lynch: what is the upper limit of the fair price and market value of bitcoin? From 2000 to 201: those listed Chinese Internet companies 36kr: 2016.4.4-2016.4.10 weekly report on investment and financing 2014 double 11 top ten e-commerce websites with high performance pkdyn: in August 2014, the capacity of international bottom routing equipment reached the maximum limit. In depth report of smart water meter industry: Welcome smart water and embrace smart water meter upgrade 3.0 (with download) is content marketing the emperor’s new clothes or the future of marketing? Overview and brief analysis of the development of online education in China observation on dairy Economy: China dairy economy monthly report in May 2021

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