Disclaimer: The text below is a press release that was not written by Cryptonews.com.
As the next generation of Internet, Web3 marks the breakthrough in technological innovation, for which both the traditional industry and the blockchain industry enterprises are trying to catch up with it. In the Web3 world, blockchain technology rebuilds the connection, service, and data access digitally. Compared with the centralized structure of Web2, the decentralization, represented by Web3, emphasizes users’ ownership of their digital identity, building the ecosystem to profit from value growth, and is becoming the common sense of the Internet. In the initial stage of the market, discussing how to build the path to Web3 is largely equivalent to exploring how to resolve the problem of user identity value and ownership.
On May 19, Blocklike held a panel roundtable themed “From Web2 to Web3: What does it take?” to focus on user identity value, the next long-term investment field. Leaders of the Web3-oriented projects GEMS, Atem, Nuke Chains, Corite, Zombie Club, Crayon DAO and United World were invited to join in the live broadcast to focus on the core elements of Web3, the ecology on-chain, and other topics. The panel was on both Binance Live and Mars Finance Live, and attracted viewers as many as 40,000. The following are some excerpts from the discussion.
Binance Live: https://www.binance.com/en/live/video?roomId=2103177
1. Web3: Vision and its technology foundation
Web2 is characterized by traditional Internet companies, featuring the data ownership belonging to the central server, user value belonging to companies and user identity being not unified across different platforms.
Web3, in contrast, can avoid some inherent mistakes and flaws of Web2, and is better than Web2 in terms of being able to solve the problems of data ownership, identity, privacy and security, which is a beautiful vision. In Web3, we’ll build a decentralized, open, compatible and trustless network based on the bottom blockchain technologies and infrastructures such as DID and distributed consensus.
Leo Li, Founder of Atem, believes Web3 has a long way to go. The difference between Web2 and Web3 is not just about reading and writing, the biggest difference lies in the data right of control – belongs to the platform or back to users. When Web2 users switch to different social platforms, they needn’t carry the data with them.
Alex Ng, CTO of Nuke Chains thinks that, for the game industry, Web3 is rebranding it with digital encryption technology. NFT, the unique value carrier, and dApps allow a new level of interaction between users of community.
As Disco.eth, Co-founder of Zombie Club, puts it, building GameFi and NFT ecology requires the foundation of VR, AR, AV and other technology to provide consumer immersive experience in the Metaverse with their equipment. Web3 has formed its own culture in the field of NFT collectible, as the community. The core value of Web3 is unique: ownership gets distributed amongst its builders and users.
2. User education: Not the only way to move from Web2 to Web3
User is at the heart of Web3, and the digital revolution brought by Web3 is a revolution of user experience, which aims to give the right of control and self-governing back to any participant in the network. Although Web3 has penetrated into the mainstream culture, it’s still difficult for the native project of the industry to transit ordinary users into Web3 and create the scale effect. For the traditional giants, the key to turning to Web3 lies in the technical transformation.
On the one hand, getting Web2 users to move into Web3 is a complex process. Web2.0 or Web2.5 users may be curious about crypto, but they are not in the mindset of readiness to learn about the Web3 knowledge and have to endure its tediousness. On the other hand, it is not enough to have a strategy to attract and retain users. It’s also necessary to build an eco-economic model to benefit both the user and the platform with incentive measures. Therefore, in the early stage of crypto market, projects should focus on solutions to make user operation simple and convenient.
As Tamer Saudi said, who is the Head of Asset Management of United World, football and the crypto industry share the same spirit – open, inclusive and community-featured. So for most traditional industry entities including United World, they are chasing the Web3, making changes to get access to the decentralized world.
Leon Kim, Founder&CEO of Crayon DAO, notes that it’s not only about user education, it’s also a process of our adaption to Web2. Web2 is a traditional world with fixed regulation, and Web3 as the newcomer has to be adapted to it in terms of compliance and integrity, which is necessary until we reach a turning point. As the Web3 stepping into adulthood, the Web2 judicial system needs to develop to be more compatible with the Web3 categories.
3. From Web2 to Web3: Synergy and interconnection in user experience
The premise for Web3 to go mainstream is that the user experience reaches the same level as the Web2.0 era. While the benefits of decentralization can compensate for some drawbacks, the front-end interaction design and operational performance are critical to maintaining user traffic for a Web3 infrastructure or application.
The Web2.0 era gave birth to social platforms, UGC and payment applications; In the Web3.0 era, there are also phenomenal demands for e-commerce and payment in GameFi and SocialFi that have emerged to be popular, and it’s one of the Web3 builders’ tasks to meet these consumer needs to build a large and strong decentralized ecosystem. They should also link different scenarios together to establish synergy in collaboration, seek the user needs in time, and roll out new applications to ultimately realize ecological prosperity.
Mattias Tengblad, Founder of Corite notes that the growth of Web3 is similar to Web2 in the early stage, from not being recognized to being well accepted by the public. At present, the traditional Internet application and service system are impossible to be replaced, but this won’t lose Web3 the opportunity to develop and challenge Web2. On the contrary, we will see substantial user growth in Web3, with the establishment of the unified on-chain application platform and identity ownership. Before that, we can build up the brand strength through efforts in brand cooperation and community establishment to accumulate fans with high loyalty and prepare for the booming development in the future.
Alex Ng talks about the growth methodology that, they are currently managing to onboard users of the Web2 world, and the traffic acquisition for Web3 products is similar to that of Web2. To survive in the competition with Web2, GameFi projects can attract users with the chance of being free or way cheaper. On top of that, the user experience of Web3 should be very simple.
In Leo Li’s view, with blockchain technology, Web3 helps developers find a better way to understand users than Web2. With the trustless, neutral protocol that enables the creation and ownership of digital assets, developers of dApps can deliver the best service for all users without gathering users first. There is no room for monopoly.
4. Increase user identity value, build the ownership system and economic model
The economic value of digital identity is as important a topic as user onboarding in the process of Web3 development. Users and enterprises will be a closer community of interests. For example, in the distributed system of DAO, members participate in the organizational operation according to programmed rules, and the consensus mechanism is widely used in decision-making. Web3 entities can pay attention to ecological diversity, establish a sound cooperation mechanism, and work with users to expand traffic.
Disco.eth thinks that with the participation of community members, the NFT project can offer a programmable product to make the whole community contribution system better, working in the way of users working to improve the protocol and earn their identity and reputation. All the data collected will reward the user in some way, giving the data value back to themselves.
Leo Li notes that in the future, the Web3 community will be connected by NFTs. Unlike the Web2 forum that mostly creators create and the users join, the Web3 community is more than a forum, attracting people by the same virtue and to contribute together to it. The user-owned community is based on NFTs, making users easily engaged, socialize and also earn their rewards and reputation on chain.
Andy Koh, CEO, GEMS
- Leo Li, Founder, Atem
- Alex Ng, CTO, Nuke Chains
- Mattias Tengblad, Founder, Corite
- Disco.eth, Co-founder, Zombie Club
- Leon Kim, Founder&CEO, Crayon DAO
- Tamer Saudi, Head of Asset Management, United World