Web 3.0 is a grand concept that encapsulates our aspirations and visions for the next generation of the internet.
It is a data revolution, where data “ownership” and identity “autonomy” will return from large platforms to users, making the internet more equal, open, and aligned with the interests of the community. It is a trust revolution, where the information internet will evolve into a trustworthy value internet, giving rise to distributed economies and distributed finance that differ from traditional models.
It is an organizational revolution, where the traces of corporations may be “erased,” with no board of directors, no management layer, and no corporate charter… Relying solely on algorithms, various business activities can be carried out, and the “organizational power of non-organizational forms” will become the intrinsic driving force of the economic system.
It is an experiential revolution. The internet will become more intelligent, more humanized, and more personalized. Through forms such as AR (Augmented Reality) / VR (Virtual Reality) / XR (Extended Reality), wearable devices, and human-computer interfaces, people can experience an unprecedented sense of interaction, immersion, and participation in a three-dimensional holographic space.
It is a social revolution, covering social interaction, entertainment, production, consumption, business… various models may be restructured and endowed with new connotations.
01 What is Web3.0?
It could also be a transformation in production relationships. In the words of Ethereum founder Vitalik Buterin, everyone will have their own “Soul” in Web 3.0, gathering together from the bottom up in the community to create a new type of “decentralized society” (DeSoc).
Ultimately, it is a fundamental technological transformation that covers a wide range of cutting-edge technologies such as industrial internet, chips, artificial intelligence, cloud computing, blockchain, big data, cryptographic technology, virtual reality, and bioengineering. It is known as the “Cambrian Explosion of Innovation”.
Some people believe that this fundamental shift may take 25 to 30 years, but others think that the shift has already begun.
Many high-tech companies are accelerating their Web 3.0 layout. “+Web 3.0” has become another opportunity after the mobile Internet. “Social + Web 3.0,” “Entertainment + Web 3.0,” and “Business + Web 3.0” are gradually becoming trends.
In 2021, Zuckerberg renamed Facebook (Facebook) to Meta (Meta) and announced that he would bring the ultimate interconnected experience depicted in science fiction novels to the real world within five years, building Meta into a “Metaverse company.”
Twitter has implemented various applications related to Web 3.0 in its main product.
Google stated on its official blog that the Web 3.0 craze is like the rise of the internet 10 years ago, and it formed a Web 3.0 team in May 2022, making a big splash into Web 3.0.
Mastercard has partnered with Immutable X (a Layer 2 scaling solution for NFTs on Ethereum) and seven other NFT (non-fungible token) companies, introducing its payment network to Web 3.0, allowing users to directly purchase NFTs with debit and credit cards.
The wave of Web 3.0 is not only happening on desktop, but also showing great potential on mobile devices.
In terms of the application layer, DApps (decentralized applications) have already far exceeded one million, and have given birth to products with millions or even tens of millions of users, such as StepN (a Web 3.0 application that allows users to earn money while running) and Metamask (an open-source Ethereum wallet); on the more foundational layer, Web 3.0 wallet projects (equivalent to App Store) have exceeded 95, and public chain projects (equivalent to Apple’s operating system) have reached as high as 127.
02 Web3.0 or will be the new outlet
From public chains, wallets, DApps, to DApp stores, and then to Web 3.0 mobile software and Web 3.0 mobile phones, a complete system is likely to change the mobile ecosystem, and even subvert the current mobile internet.
The innovation of Web 3.0 has become a development direction that is highly concerned and valued by countries. On March 9, 2022, U.S. President Biden signed Executive Order No. 14067, the “Executive Order on Ensuring Responsible Development of Digital Assets”.
This administrative order is intended to prevent risks associated with digital assets, while also maintaining and protecting the United States’ leading position in the field of digital asset innovation.
On May 6, 2022, Japanese Prime Minister Fumio Kishida stated in the House of Representatives Budget Committee: “The arrival of the Web 3.0 era may lead to economic growth in Japan. We believe that integrating new digital services such as the metaverse and NFTs will bring economic growth to Japan. As we enter the Web 3.0 era, I strongly believe that we must firmly promote this environment from a political perspective.”
China places great emphasis on digital transformation and the development of the digital economy. In December 2021, the State Council issued the “14th Five-Year Plan for the Development of the Digital Economy,” proposing that by 2025, China’s digital economy will enter a comprehensive expansion phase, with the added value of the core industries of the digital economy accounting for 10% of GDP (Gross Domestic Product).
On June 24, 2022, the General Office of the Shanghai Municipal People’s Government issued the “Shanghai City Cultivating the ‘Metaverse’ New Track Action Plan (2022-2025),” which puts forward the overall requirements, main tasks, and key projects for the development of the future metaverse new track in Shanghai.
Nowadays, all countries and sectors are actively exploring and continuously searching, which precisely indicates that this is an exciting frontier field.
This article is reprinted from the viewpoint of a columnist who has settled in PANews. It does not represent any position of our company, does not bear legal responsibility, and the article and viewpoints do not constitute investment advice. Please treat it with caution.
