Web3's "Top 10 Uncertainties" in 2022 (Part 1)

"Uncertainty" is the biggest industry in crypto, and it's also what makes Web3 feel.

Since Tim Berners-Lee announced the concept of the World Wide Web in 1989, the Internet industry has gone through two turbulent periods: Web1 and Web2, and now Web3 is booming. Sitting on the shoulders of Satoshi Nakamoto and other industry pioneers, this new tool accomplishes all aspects of wealth through encryption, regulatory law and legislation through smart contracts, taxation through declarations of tokens, and can be open and transparent. The list recognizes policy design and implementation, as well as financial and cultural integration through DeFi and NFT.

Everything is beautiful and refreshing.

If the writing stopped now, the startup looked more like a sales piece for a project than a target and unfair for the popular Web3 newsletter. There is no doubt that Web3 has become a priority in 2021 and the infrastructure from wallets to public chains has received a lot of attention. ""?

Complete decentralization of the rule of law is not a good solution.

One of the mainstays of Web3 is DAO distribution. However, people will gradually understand that classification as a whole is not the best outcome.

The name of the DAO is “Decentralized Autonomous Organization”. Open and transparent computer code is at the heart of DAO. Data exchange and process rules, fully protected by the blockchain, are the soul of the DAO. Vendor management is the ultimate DAO favorite. Basically, DAOs have become synonymous with self-regulation.

But does total decentralization really make Web3 possible? At least for now, it is not, and will not be, the final version of the Web3 world.

In April 2021, voting for PancakeSwap, the DeFi platform project on the smart chain, became a bad example of “full distribution”. The button was eventually pressed by the whale, who cast 94,500 down votes, making him the highest vote against the proposal, with a final vote of 65% on request, usually. As a result, a whale blocks the request that most hopes will be satisfied.

After repeated arguments and "tough demands" from producers, the giant whale was allowed to vote and the deal passed.

Take Axie Infinity as an example, in this NFT racing game, landscapes and players are at the heart of the game, and the AXS token just means the game is always running. AXS token, where the host controls the direction of game development. It becomes an important decision and the way to become the ultimate goal. If scientists were to hold AXS tokens and become decision makers in these games, it would lead to very slow game development, which is incredible for the performance of games that have the best gameplay and is one of the reasons for the decline of the token AXS. the price. a.

In January this year, the founder of NFTX discussed the splitting of the DAO saying, “The advantage of the DAO is that stakeholders can reject proposals and elect new leaders. But overly open community governance is a step backwards. must be made by a key group that knows when to listen to their advice 99% of the time. »

The reason is that full decentralization equals majority governance. This is always disastrous because the person lacks long-term support for the development of skills, knowledge and processes.

Although it is a powerful country like the United States, it has proclaimed itself a political party, which is very important in governing the country. Experts, the latter are scientists from the Endeavor plane.

Only the notion of “decentralization” can be abandoned.

When it comes to Web3, the most direct concept is "decentralization", and as such there is a tendency to think that the higher the distribution the better.

It's true to use this description for a "market-based project" like Bitcoin, but it seems hard to fit that logic into a "project-based project" when beards and eyebrows collide. For example, XMR and BTC do not have high performance requirements, and performance is the most important factor to work with depending on the application. "High Performance" follows Web3 development guidelines.

Therefore, in the future development of Web3, the concept of "decentralization" will be abandoned, and in fact, the encryption industry is echoing this change.

Taking Solana Network, the 5th largest public chain as an example, since 2020 the project has become the 5th largest crypto asset with a total market value of $47 billion, used to solve over 50 billion businesses, and more than reported. . Nearly 10% of the top 50 GameFi projects out of 10,000 NFTs in this network.

These achievements result from the high efficiency, low cost and ease of use of the Solana network, which has become one of the most popular connections for developers and users of micropayments, DeFi, NFT and Games. High performance, for example, public data shows that the average Visa TPS is 1700, but in theory the Visa network can perform at least 24,000 transactions per second. Ethereum currently trades around 15 markets per second on the mainnet (more on the second tier), while Solana has a theoretical TPS cap of 65,000.

Scalability is key with Solana and "less decentralized but secure blockchain" is already a scalable concept from Ethereum competitors such as "Avalanche/Luna/Cosmos/Polkadot".

We're still taking the old crypto OG approach and telling newbies less than "distribution is just a measure", but how can Web3 reach billions? users.

1,000 yuan, isn't that an industry response?

In January this year, Lightspeed Partner Amy Wu spoke about the distribution: "Next-gen Web3 users will benefit more from user experience than from decentralization."

The Web3 world needs management control to identify and balance governance and compliance with the Web2 world, but it does not require a split of the "one and one". After all, expensive is not a fact. Find the equation. At this point, you can expand your business and integrate it into the heart of Web3.

Keep looking for killer apps in the web3 world

The 1980s and 2000s were the first 20 years of the Internet, known as the Web1 era. This Era: Netscape's stock price rose from $14 to $28 per share, rose to $75 per share on the day of its listing, and had a market capitalization of $3 billion, equivalent to the Apple's market value at the time.

You may think you need to represent the internet. To the right? However, in a later script, Netscape was launched first by the IE browser, then 10,000 feet by the Google browser, ending with the Web2 era where Yahoo and AOL followed.

If blockchain technology was an internet update, Web3 wallet would be like Web1's mailbox, and Web3's civil war would often become Web2's and Web1's search engine. , before the end of the dust. , you will never know who chooses.

Late Netscape In a comeback, just days after Netscape was released, Microsoft released Internet Explorer 1.0 that came with Windows 95, and the two companies fought hard for years, but Microsoft isn't the key player at this stage.

However, that changed with the release of Internet Explorer 3.0 in August 1996, and Microsoft finally caught up with Netscape in browser technology. Microsoft also had a strong impact on Netscape by pre-installing the IE browser on all Windows.

Changes in the Netscape Navigator business partnership from 1994 to 2007

In August 2002, Netscape ended their seven-year separation, and there was no Netscape in the Internet world. It's a sad story, but it only brings us to tears and blinds us over time.

Looking at today's world of encryption, did Google, Apple, Facebook and Amazon in the age of Web3 really exist? Is it Ethereum? Otherwise... the revolution is not over yet and the comrades will still have to work hard!

Web3 Acceleration captures traffic from Web2.

According to "The Challenge and the Times of the Internet Industry in 2021" published by iResearch and Huawei, China's Internet share has steadily increased due to population decline, testing development and technology. increase in Internet access. In addition, the report also believes that Gen Z, small-town youth, and middle-aged and older people outside of heavy internet users have different characteristics, and believes that existing exploitation strategies have been weak to absorb new vehicles and new modes of operation. models depend on it. risk. , and rail advantages are not good, so that Internet companies are in a low growth situation.

In fact, low growth is a major contributor to the global Internet, and as of March 31, 2021, the number of Internet users worldwide stood at 5.169 billion, including 72.3% of the world's population. As of March 31, 2021, Internet penetration was highest in North America at 93.9%, followed by Europe at 88.2%. Nearly advanced cars.

If it does not expand, the Internet company has no choice but to support existing users. Join a race or find another way. Facebook's Meta name change last October was an important step in Mark Zuckerberg's transition from Web2 to Web3. Success depends at least in the future. Action.

Moreover, in the past six months, with little knowledge about the Web3 concept, the popularity of the Web3 search product on Google Trends has increased, even beyond the popularity of the Web2 search exploded around 2006.

×× Fi awayThe circle is still far away

Web3 includes cryptocurrencies (digital gold and fixed currency), smart contracts (L1/L2 platforms), decentralized hardware infrastructure (radio/memory/sensor, etc.), digital personnel and hardware (NFT), DeFi (financial services company / web3 lending). Assets), Metaverse (digital settlers created in an environment like gamification, community management (DAO) and other large groups and subgroups such as GameFi.

The most significant growth in the first half of 2021 will be GameFi. The rapid rise of the AXS token from June to October 2021, with the rapid emergence of Axie Infinity, led the giants to see the potential of the GameFi project, to work hard. , work fast and get GameFi running. spend a lot of money

According to incomplete statistics, there were 55 investments and financings from October 25 to November 14 last year, 22 occurrences in the GameFi sector, with revenue coming from Big gameFi campaigns, studios, game companies, etc. . Blockchain gaming platform Forte completed $725 million in Series B funding and gaming startup NFT Mythical Games received $150 million in Series C funding, bringing the company's value to 1 .25 billion dollars. DeFi 2020 Benchmark Major investments and financial events before and after the Summer 2021 and Summer NFT events indicate that GameFi has become a popular concept in the crypto industry, favored by capital.

However, after a lot of investment and money, it didn't come out of the cycle as soon as possible.

The reason for this is that Axi Infinity's quick start has been part of the team effort since 2018. Most other GameFi eventually became the platform for lagging wool gear and NFT selling. To jump. Recently, the number of consumers, the packaging industry and the total assets of the main business, Axie Infinity, have also declined. X×Fi, including GameFi, has a long way to go before it breaks out of actual circles.