Web3.0 has nothing to do with China

I recently saw an article saying that employees from major Chinese Internet companies are migrating to Web3.0 companies.

They want to escape from their current positions and pursue new revolutionary ideals.

Web3.0 in 2022 is what Web1.0 was in 1999 .

Seeing this, I almost vomited blood.

What parallel world do you live in? You can imagine such a wonderful future.

Looking around, is there any Web3.0 ecological environment in China?

Not to mention anything else, the public chain at the bottom of Web3.0 has been developed for so many years, but none of them has grown up.

What can you do? What can you dare to do ? Where can you migrate to?

Attention employees of large companies : these days, having enough food to eat is the most important thing.

Don't move , just wait until 2022 .

Three Understandings of Web3.0

So what is Web3.0 ? Let’s first clarify this issue.

To simplify, we can understand it from the following essence .

The first understanding:

Web 1.0 is “ readable ” (read);

Web2.0 is "read +write ";

Web3.0 is “ read+write+own ”.

For example: Web 1.0 is represented by portal websites such as Yahoo and Sina , which provide information to users; Web 2.0 is represented by blogs , Twitter , WeChat , and Tik Tok , where content is generated by users ; in Web 3.0, the content data generated is owned by the users , not controlled by the platform.

It may seem like a small change, but it is a replacement of the underlying logic , which actually hides earth-shaking changes .

The second understanding:

Web1.0 is “ semi-centralized ”;

Web2.0 is “ centralized ”;

Web3.0 is " decentralized ".

For example: In the Web 1.0 era, in addition to central portals, personal websites also occupied half of the market , and the two formed a " semi-centralized " ecology; in the Web 2.0 era, information islands were formed, and large companies monopolized data; the Web 3.0 era is purely " decentralized ", and data is dominated by users .

The third understanding:

Web1.0 and Web2.0 are information internets ;

Web3.0 is the Internet of Value .

Web1.0 and Web2.0 are essentially about transmitting information and focusing on consumption; while Web3.0 is about transmitting value and creating wealth .

Therefore, Web3.0 can be simply understood as the Internet with the addition of blockchain technology . It aims to reverse the current Internet's " central monopoly " problem, help users regain their data sovereignty , and thus recreate a higher-dimensional Internet world in the digital world.

Key nodes for the transition to Web3.0 in 2022

If you truly understand the above changes , you will realize that Web3.0 is revolutionary .

We can intuitively draw the following conclusions:

1. It will rebuild a wealth system based on data ;

2. It will reconstruct the future cross-border digital payment system;

3. The emergence of a user database that truly operates across product platforms ;

4. The emergence of digital identities based on private keys that cannot be tampered with;

5. Everyone has their own data sovereignty and can use it freely ;

6. It will realize modern finance on a global scale without friction in the virtual world;

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Each of these will bring about a new change to mankind.

The emergence of the Internet is a major revolution in human technology and has had profound impacts.

There has been a lot of talk about hard technology in recent years, but Internet soft technology cannot be ignored.

The changes brought about by Web3.0 will be the stage for the decisive battle between major powers in the next 20 years .

Whoever understands and develops Web3.0 first will have the opportunity to stand at the new heights of the century.

In 1993 , Clinton introduced the " Information Superhighway " plan, which created a glorious decade and gained global control over Web 1.0 and Web 2.0 . To this day, the United States leads the world with the help of Internet technology.

In 2022 , the world is at a critical juncture in the transition from Web2.0 to Web3.0. Whoever establishes a complete Web3.0 ecosystem at this moment will have the opportunity to lead the era in the next 20 years.

Many people like to talk about national destiny , this is " national destiny ".

A country's destiny is not achieved through empty talk, but through serious struggle .

The "Web 3.0 War" is approaching a fever pitch

Web3.0 is so important, how is its development in the United States now?

What is Wall Street planning and what is Silicon Valley planning ?

a16z , this shining Silicon Valley venture capital firm, is a leader in the Web3.0 field.

Coinbase , which it invested in in 2013, had a market value of up to $ 85.8 billion when it went public in 2021; OpenSea , which it invested in, controls most of the NFT market's trading volume, and Yuga Labs, a company it led, created the famous " Bored Ape ". Today, a16z has launched three cryptocurrency funds, raising a total of more than $ 3 billion .

On April 1 this year, a16z also invested in a cross-chain company LayerZero Labs . This ambitious company has a valuation of US$ 1 billion and may become one of the top predators in the Web3.0 world in the future.

In addition to a16z, Sequoia Capital, one of the world's largest venture capital firms, has invested in 20 Web3 companies in 2022. Its competitor , Coinbase Ventures , an investment company with a natural Web3.0 gene, has invested in 80 companies this year. As a capital force in the outpost battle of the industry, it is making arrangements in a hurry, and the " Web3.0 war " is approaching a fever pitch .

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The above is only part of the US Web3.0 layout that is on the surface. They are already in a hurry to get down to business .

Where is China's layout?

What about China ? Has it seen the layout of Web3.0?

Where is the public chain ? Where is the wallet ? Where is the cross-chain ? Where is the timestamp identity verification ?

Where are the DeFi contracts ? Where are the DAO companies ? Where are the Turing machines ? Where are the NFT companies ?

The only relatively well-developed Web3.0 product - " digital collectibles " - is still self-castrating day by day.

A good and decent person was turned into a eunuch .

Where are China's enterprises , where is the market-oriented power, and where is the long-term layout?

Do those companies that have created brilliant achievements in the Internet era really not see the prospects of Web3.0?

Answer: Of course not .

The South China Morning Post, which Alibaba acquired in the early years, established the NFT company " Artifact Labs ";

Tencent invested in Immutable , an Australian gaming startup based on Web3.0 technology, with a valuation of US$2.5 billion;

TikTok (the overseas version of Douyin) has joined Immutable X and launched NFTs with Immutable X.

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NFT Architecture

Did you see that? Even when Chinese companies take action, they do so overseas .

Why can’t domestic elites see the global trend of Web3.0 ?

Of course not, what is the reason?

Logically speaking, this fertile Internet land in the East should have confronted the United States head-on in Web3.0 or even taken the opportunity to surpass it. This would have been an excellent opportunity.

But this land where the flowers of Web1.0 and Web2.0 bloomed has become quiet in the Web3.0 era, so quiet that it is a bit suffocating . Why?

Why? Here are some simple summaries:

1. Without studying the essence of technology , all blockchain underlying tokens are regarded as a scourge ;

2. They do not study future trends and immediately adopt management strategies that “ throw the baby out with the bathwater ” when they discover a problem ;

3. Without analyzing the specific reasons , they would immediately make a one-size-fits-all decision when an outlier appears, “ better to kill the innocent than to let him go ”;

4. Without any legal constraints , all strict controls and supervision are vague and capricious ;

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In such a regulatory environment , which company would not be afraid, and which Web3.0 entrepreneur would not be trembling with fear ?

Therefore, how can such an entrepreneurial environment produce the Chinese ecosystem of Web3.0?

In this era, if you ask people to leave big companies to start Web3.0 businesses , wouldn't that be misleading ?

Web3.0, the world of geeks

A friend of mine started a business in the blockchain world very early on.

Since 2013 , I have started businesses in various technical fields, of course, there have been more failures than successes .

But Web3.0 is indeed very attractive. For a technician , it is not just an Internet upgrade, it is truly a geek world.

Now he has decided to make a wallet , and the benchmark product is METAMASK .

A good wallet can be the entrance to the Internet world in the future, and it may also become the entrance to the metaverse , which is really cool.

If they don't do it now, it will be too late . He knows of at least 20 teams starting businesses in this area.

But it is impossible to complete this kind of VIE structure startup in China, so he decided to go to Singapore in the second half of the year and leave this familiar city. In fact, there are enough technical talents here, but the risks are unpredictable. You will be tossed to death by any report. The final operation must also be overseas . You can't do anything in China. It's better to choose to go there early. This is the price of Web3.0 startup.

I asked him why he didn't go to Hong Kong , which is closer and more convenient. He shook his head , a little sadly, and said he would go to Singapore.

It’s not that we are afraid of regulation, but that we are afraid of regulation without boundaries.

I have another friend who does research on both software and hardware and also has his own company .

The mining machines he made have been sold to Africa .

Because the underlying technology involves computing power, it involves 5G , edge computing , and blockchain .

Smart contract operation mechanism

In his opinion, entering the Web3.0 world is his last chance in life.

Only in the Web3.0 era can he surpass traditional monopoly Internet companies and use blockchain technology to achieve " user independence ", " privacy protection " and " data recovery " to create highlights in his life.

But these veteran entrepreneurs all know that Web 3.0 will more or less cover areas such as Public blockchains, Tokens , DAOs , DeFi , and NFTs . However, from the perspective of China's actual environment, each of them may be a minefield .

He said he would go to Macau for a transition first, then he said he would go to Singapore , and finally he chose the UAE .

I don’t know if he was joking, but he sent a photo with an Arab man who “ has a piece of cloth on his head , he is either scary or rich .”

And he said very proudly: If I open a company here, the prince will receive me.

Many Web3.0 companies like this have left, and most of them have gone to Singapore .

Of course, there are also some that remain in China . The basic attitudes of these technology companies are basically the same. In fact, they are not afraid of regulation, but they are afraid of casual regulation, regulation without boundaries , and regulation without legal provisions .

Leave or die

China's early start in Web3.0 was not late, and it can even be said to be at the forefront of the world.

Taking the most important Web3.0 infrastructure public chain as an example, let’s review the early attempts of Chinese technology geeks in this regard.

Eight years ago , when Ethereum founder Vitalik Buterin came to China, at the Shenzhen Umbrella Coffee, V God was just a big boy in the eyes of many Chinese blockchain company founders , and his gentle speech there did not arouse anyone's interest at all.

Six years ago , after the release of the Ethereum public chain, many Chinese public chains came into being to seize the new world, including Ant Financial, VeChain , Bytom , Quantum , Ontology , Metaverse , Tron , etc.

As various public chains have developed to this day, Ethereum stands at the top of the pyramid.

Various protocols such as ERC20 (homogeneous token), ERC721 (non-homogeneous token), ERC-1155 (evolved version of non-homogeneous token), EIP-1559 (burning protocol), and EIP4844 (data sharding) are emerging one after another.

Ethereum 2.0 Serenity architecture diagram

Ethereum has formed a financial empire, with exchanges like Uniswap and Sushiswap , banks like Maker and Compound , NFTs that create miracles like CryptoPunks , LOOT with black background and white text that became popular overnight, and even imaginative gaming communities like Axie Infinity , The Sandbox , and Decentraland .

However, China's public chains have been silent, and only a few public chains that have drifted overseas are still performing their own legends, hoping to break Ethereum's monopoly .

Entrepreneurs have their own problems. Many times, we are indeed eager for quick success , but is it all the entrepreneurs’ problem? What can domestic public chains do? Even if you provide NFT services to a company, you can only quietly castrate yourself into a consortium chain .

If they let go and work hard, digital collection platforms such as Huanhe and Jingtan will also enter the world, instead of treading cautiously like they are now.

Why? Over the years, domestic Web3.0 companies have come to a conclusion that they dare not make public: either leave or die .

Web3.0 behind the Metaverse

Do you know why Chinese entrepreneurs have always wanted to create the metaverse ?

In addition to the fact that the Metaverse itself is a technological crystallization with a long-term plan , there is another core reason, which is that everyone avoids talking directly about Web3.0.

Once we talk about Web3.0 , we will inevitably talk about blockchain , and when we talk about blockchain, we will inevitably talk about encryption technology . When we talk about encryption technology, it will inevitably be related to cryptocurrency , and finally it will involve the most basic tokens . So this path cannot be continued.

Therefore, it is better to skip Web3.0 and enter the Metaverse, because in the world of Metaverse there is not only Web3.0, but also 5G+AI+XR+cloud computing , Unreal Engine technology , brain-computer interface , artificial intelligence , edge computing , 3D operating system , etc. This will dilute the concept of Web3.0 and allow more people to accept the Metaverse.

But in the world of the metaverse, those geeks who are familiar with the underlying technology , who doesn’t know that the core elements of the metaverse, “ digital identity ” and “ economic system ”, are closely related to Web3.0?

Even if the Metaverse has been disguised and taken several steps back , entrepreneurs can still feel that the Metaverse project still faces many obstacles in moving forward.

Do you think such a Web3.0 entrepreneurial ecosystem can take root in China?

Conclusion

Web3.0 is a global trend that no one can stop.

The United States is already allowing a hundred flowers to bloom , so what should China do?

Over the past 20 years , the development of the Web in China can be said to be still vivid in our memory :

By introducing Web 1.0 technology, China has narrowed the gap with the United States and produced many excellent companies;

Some companies are beginning to take the lead in the world by developing Web 2.0 technologies;

But today, when faced with Web3.0 technology, everyone is silent and helpless .

What is the reason for this? Shouldn't we reflect on this?

The introduction of any great technology is bound to be risk- free.

Were there no risks when Web 1.0 technology was introduced in the 1990s ? But we cannot throw the baby out with the bathwater just because there are risks. Such a regulatory approach is lazy and stupid .

If China wants to keep up with the United States, it must form its own Web3.0 ecosystem .

It is important to note the following points:

1. Understand the essence of blockchain and don’t regard the crypto industry as a scourge;

2. We should look at the individual and the whole separately, and not blindly judge the whole industry ;

3. Listen to more suggestions from Web3.0 industry players and then develop an effective management system ;

4. Form a clear legal system to let entrepreneurs know the boundaries of what they can do;

5. Crack down on real Ponzi schemes and don't let go of those who destroy the ecology .

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Otherwise, the best Web3.0 entrepreneurs will have no choice but to go overseas, and the Web ecosystem accumulated over the years will only castrate itself . Web3.0, which was originally a good hand, will eventually end up in a dead end because of its own repeated troubles .
This is really not a small problem . Imagine if China had missed the Web 1.0 era 20 years ago, what a loss it would have been for us. It is unimaginable, unimaginable.
Therefore, Web3.0 cannot waste time and must quickly build a complete ecosystem in terms of the legal system and the market.

I would also like to advise entrepreneurs to first understand the Chinese ecosystem of Web3.0.

In such a time and space where the future is uncertain, survival must be the priority.

If you want to leave a big company, think twice .