New generation Internet? Goldman Sachs, Musk and Dorsey talk about what Web3 is.

Recently, Web3 has become a hot topic in the use of tech, crypto, and trading capital, and even gained popularity from two world famous techs, Tesla CEO Elon Musk and Twitter co-founder. Dorsey (Jack Dorsey).

Web3 or Web 3.0 is the next step in the continuing evolution of the Internet paradigm from Web 1.0 to Web 2.0. It's still a vague concept, but in the eyes of Web3 commentators, the best online utopia is an independent internet monopoly based on blockchain technology.

But while Musk's notion of Web3 is more of a 'buzzword' than it currently is, Dorsey believes that Web3 will ultimately be controlled by the investment market through a strategy of transferring power to others. . It is a form of monopoly. However, Goldman Sachs believes that within the framework of Web 3.0, changes in the Internet industry will be drastically altered and the moats of the great will be threatened.

"Has anyone seen Web3? Can't find it."

Recently, Musk posted a few tweets expressing his confusion about the future of the Internet and Web3.

On Sunday, Musk posted a 1995 interview with Bill Gates and David Letterman on the internet and asked:

Then he himself announced another twitter called Web3.

"I'm not saying Web3 is real. Now that sounds more like a buzzword than real. I just want to know what the future holds for the next 10, 20 or 30 years. It's like a crazy futurism in 2051! "

A day later, Musk posted another tweet.

"Has anyone seen Web3? Can't find it."

When Musk asked Web3 about ethics, Twitter CEO Dorsey launched some sort of direct attack. Like Musk, Doshi is a cryptocurrency fan, having stepped down as CEO of Twitter last month and focused on payroll start-ups.

Dorsey posted on social media a few days ago:

Users are not the owners of Web3 products. The real owners of Web3 are venture capitalists (VCs) and limited liability partners (LP) behind the project. Web3 cannot be separated from the support process they have put in place. Ultimately, Web3 will be the happy medium with different characters.

To Musk, the question "Has anyone seen Web3?" Dorsey replied "enter Z". Andreessen Horowitz, a U.S. private venture capital firm also known as 16z, has always been a strong supporter of blockchain, cryptocurrencies, and Web3.

On December 21, Chris Dixon, partner of a16z, responded in the media that all numbers, data and memberships at Web3 were open source and scarce for venture capitalists (e.g. li a16z).

What is Web3?

Like NFT and Metaverse, Web3 is a tech theme that has received a lot of attention and funding over the years.

What is Web3? It starts with the iteration of the Internet update.

At the Web 1.0 level, the user receives the information through the browser, which is a means of delivering the website to the user. Websites representing the Web 1.0 era include portal sites such as Sina and NetEase.

Web2.0 pays great attention to user interaction, users are not only visitors of website content, but also creator of website content. Representative websites include the most popular social media sites such as Weibo and Twitter.

Web 3.0…

The emergence of a giant in the age of Web 2.0 has brought convenience, but also raised a lot of concerns in the market. Critics say the forces are Amazon, Google, Apple, Facebook and they control a lot of data and content sharing on the internet.

There is currently no clear definition of Web3, but its main promoters are Internet applications.

In the world of the Web3, sharing photos, communicating with friends, and shopping online cannot go through one big tech company, but through a few small competitive blockchain services. This means you can bypass all the costs, regulations, and restrictions currently set by the tech monopoly giants. In the online world, people manage their data and create public records of all these activities on the blockchain.

Esther Crawford, CEO of Twitter, believes Web3 means platform owners, entrepreneurs and employees, and many others, can share any costs they create.

There is also speculation that in the future, Web3 will operate on the side of Web2.0, becoming a global equation rather than an exchange on the Internet.

Matt Dryhurst, a researcher who teaches future internet courses at New York University, believes that social networks and blockchain-based businesses can grow and prosper in the years to come. But Facebook, Twitter or Google will be confused. These companies will also integrate the Web3 concept into their services in due course.

James Grimmelmann, professor of law and technology at Cornell University, believes the concept of Web3 is inconsistent, and part of the reason is to oppose the disclosure of personal information belonging to large tech companies. , the blockchain is not because it allows more Data. interesting.

Grimmelmann pointed out that the development of the Internet has been fraught with divisions and ideologies. If one direction is too high, the energy recoil will try to pull it in a different direction. Web3 represents the spirit of optimism at work. .

Massive Internet Destroyer?

There is still a lot of polemics and controversy surrounding Web3, for example criticizing Musk and Dorsey, but Goldman Sachs, who is always concerned about something new, recently announced heavy warnings on Web3.

According to Goldman Sachs, the global Internet is between the middle and the end of the Web 2.0 innovation curve, and the “leader” of this Internet wave is now solid. The characteristics of the Web 2.0 leaderboard are heavy users, mobile level / application / service functionality, and zero to zero shipping costs.

However, Goldman Sachs believes that as part of Web 3.0, the enterprise market will experience major changes that include distribution, multiple regions, and multiple targets. These patterns can negatively affect the platform's current moat, strength, marketing strategy, revenue, etc. As the Internet moves towards Web 3.0, advertising and marketing can change.

Goldman Sachs believes Web3 will have:

Users have more control over their data (including data on their devices).

It is more decentralized (whether it is end-to-end business or the relationship between the platform and its users).

People come across as producers and manufacturers can earn money directly from "fans".

increase decentralization (the mobile operating system / app store distribution model will collapse in the next 5-10 years);

flexibility of payment mechanisms;

Goldman Sachs points out that, like with every new wave of IT, the damage done by Web3 will have a bigger impact on today's market than any other capability (like personalization).