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OWN Insights 06: The Realization of Web3

Enjoy the latest OWN Insights, by our Head of Operations, Cedric Ding.

The end of Web2 and Web3

Since the birth of the concept of Web3 (Web3 in this article generally refers to a network form that confirms and empowers everyone’s data and assets through decentralized technology), some people regard it as the terminator of Web2. It’s as if Web2 is the wicked dragon and Web3 is the knight to save them. In their eyes, Web3 will eventually replace Web2. But in my opinion, this cannot and will not happen. Kevin Kelly has put forward a point of view called “candle economy”, that is, as long as it exists, it will not disappear with a high probability. Just like today, when electric lights are so popular, the production of candles is the highest in human history. In my opinion, the final outcome of Web3 and Web2 is coexistence, and the proportion of both is not small. They will probably exist in a state where there is a bit of them in each other, and Web3 may account for 20%, 50% or 80% of them. The process must be a two-way journey between Web2 and Web3. Web3 will be a tool that some people use when dealing with some things and some relationships.

Evolution of DAOs

Decentralized Autonomous Organizations (DAOs) are an emerging form of organization under Web3, but autonomous organizations are not. As social animals, human beings have established autonomous organizations from the very beginning, dividing labor for gathering, hunting, and distribution. In modern times, with the increase in human needs, such autonomous organizations have become richer and more subdivided. The establishment of autonomous organizations is bottom-up, and a group of people establishes organizations and divides labor for a common goal. The DAO adds the attributes of anonymity and transparency on the basis of the original autonomous organization and influences the decision-making and strategy of the project through voting on governance tokens. Finally, token holders can directly enjoy the benefits of the project. This sounds similar to a joint-stock company today, the only benefit is that the return of the token is guaranteed by the blockchain and contract, not bound by contract or corporate law.

Product innovation and iteration

We all know that the issuance and circulation of project tokens is not equal to Web3, nor is blockchain technology equal to Web3. What can really realize Web3 is products and applications, and what can really make Web3 widely used is easy-to-use products. With the exception of fundamentalist Web3 geeks, the vast majority of user groups don’t use a product just because it’s labeled Web3. It must be a product that solves the user’s problem and has a better user experience than Web2 to attract a large number of users.

Technology and infrastructure support

In addition to the lack of “genius” inspiration, the lack of excellent products is also due to the fact that current technology cannot support such products. Blockchain technology is recognized as one of the important and necessary technologies to realize Web3. As the infrastructure and carrier of blockchain solutions, the public chain has always been one of the focuses of development, and the most widely used one is Ethereum. However, Ethereum has also faced a series of problems such as low throughput and high handling fees for a long time; the PoS upgrade has been repeatedly delayed, and the sharding is far away; the contract that has just passed the separation of ownership and usage rights has not yet been practically applied, etc…

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