Everyone talks about Web3, but what are the core elements of Web3? | AMA highlights
At 20:00 on June 15, 2022, the latest informal pomelo talk column of the EOS Network Foundation will be broadcast. The topic of this issue will focus on Web3. As an AMA column launched by EOS Network Fund, each session of Informal Pomelo Talk will invite blockchain industry leaders to chat about hot topics in the encryption field, share the development trend of encryption technology, and reveal the stories behind the encryption world.
In today’s program, we are very fortunate to have Mr. Pan Zhixiong, the founder of ChainFeeds, Mr. Funny from 7 O』Clock Capital Partner, AmbrusStudio CTO Minako Kojima and HelloPool founder Zi Cen are the guests of this AMA, and have an in-depth discussion on the topic of Web3.
This is an edited recap of the highlights from this AMA event.
Self-introduction link
First of all, let us welcome the arrival of all the guests, and invite the guests to introduce themselves to you.
Pan Zhixiong:
Hello everyone, thank you for the invitation of the EOS Network Foundation. I am the former research director of Lianwen. I am very concerned about the development of the Web3 field. I am currently working on a new content aggregation tool called ChainFeeds, Welcome everyone to pay attention, thank you.
Funny:
Hello everyone, I am 7 O'Clock Capital Partner Funny, I am mainly responsible for some investment work of the first and second level. I am very glad to come to the Twitter Space event held by the EOS Network Foundation today. I am happy to discuss Web3 with all the guests today. The Web sector is one of our research directions. Our fund company has also invested in some projects. I hope to discuss with you in today's event and gain some inspiration. Thank you!
Minako Kojima:
Hi everyone, I am Kojima. The co-founder of Matataki, the first Social Token project in the Chinese community, and Meta Network, a decentralized Substack solution, and many of the guests are old friends from the last round of bear market. We have also built many projects in the EOS ecosystem before. , the first prize in the Token Economy Design Contest jointly organized by Fenbushi Capital and Xorder is the divisible Bounding Curve treasury I designed for DAO based on EOS.IO, which is half a year earlier than Uniswap's plan, and it is still a Very forward-looking design.
The earliest prototype of the Social Token community Matataki was also developed by me based on the EOS account system. At present, Xiongshi is also in Ambrus Studio, a Web3 game team, working with everyone to Earn.
Zi Cen:
Hello everyone, I am Zi Cen, the founder of HelloPool, and also the founder of HelloEOS before. Many old people in the EOS ecology should have a good impression of me haha, thanks to the EOS Network Foundation Invitation, I am very happy to celebrate the bear market with everyone again.
Question and answer session
Question 1:
In 2022, the wave of Web3 revolution can be said to be intensified. Projects such as Web3 social networking, Web3 games, and Web3 identity They have emerged one after another, and they often receive high attention and outstanding financing performance. However, these projects can be regarded as subdivided tracks in the Web3 world. The industry does not seem to have a more official and unified explanation for what Web3 is.
So I would like to ask you to talk first: what do you think is Web3, and what are the core elements that make up Web3?
Pan Zhixiong:
I think why do you mention Web3? It is definitely hoped to solve some problems of Web2. The most important thing is the problem of user ownership. Users do not get the corresponding value on the platform. For Web3, the most important thing is to be able to redefine user ownership. Behavior has complete autonomy.
I think all of this can start with the user's assets. You can sign on the chain through the public key and private key , autonomously control its own assets, not based on the platform. Secondly, Web3 needs to be built on the premise of no need for trust, so it also needs open source technology and advanced cryptography technology to realize it.
Funny:
In fact, the previous guest teacher mainly shared from the demand side of Web3, which is also a mainstream view at present. The emergence of Web3 is a problem about the distribution of production materials, that is, the problem of content. Web2 belongs to the platform, and Web3 It is a new form of decentralized and distributed Internet, and Web3 users have real ownership.
Current Web2, including user registration information, identity, etc., is centrally controlled and distributed by large enterprises. The centralized form gives large companies or platforms great power, but at the same time creates many problems, such as title bans, information leaks, prohibition of speech, etc., and in Web2, major players obtain the largest part of the currency created on the Internet value. And Web3 uses a decentralized network to redistribute value to developers, creators and users.
In addition, I think, in fact, the ultimate goal of the blockchain is the Metaverse, but the goal of the Metaverse is too big. In the process, a lot of hardware facilities are still not enough, so we have a long way to go to achieve such a long-term goal.
In fact, we have seen that the Ethereum Foundation has actually set a very interesting tone some time ago, which is called decentralization If it is a keynote of a decentralized society, then the tone of a decentralized society will go a little further, which is actually Web3, because we know that in the entire decentralized society, Web3 is actually a very important step.
Therefore, I think the core elements of Web3 mainly include:
The first is decentralization; the second is privacy; the third is an identity that completely belongs to Web3, or an identity in a decentralized society; the fourth may be DAO organization The distribution of interests, including the incentive mechanism, creates a new way of value distribution. Finally, there are some tokens similar to non-homogeneity, which are also a kind of identification symbol.
So I think the concept of Web3 should be said to have been changing with time, but the core elements are still the above-mentioned point.
Minako Kojima:
I very much agree with Mr. Pan and Funny’s point of view, and I think that in addition to the ownership of data, accounts, and assets, users also need to use the ability of Self Host, so that I can The props in the game, the content I sent, my social relations and other user assets will not be rented by giants, nor will they be rugged because of the collapse of a small team or the abandonment of products by a large company.
For example, the open source Minecraft program Minetest that I participated in maintaining recently, many community server providers support users to download all world files by themselves, A copy can be forked at any time.
The Minetest team also uses Mastondon, which can also be a Self Host, as their main social media, and even their Follower numbers on Mastondon, Twice as many on Twitter.
In addition, SHLUG, the largest LInux community in China, has also moved the Hacking Thursday event every Thursday to online , and use jit.si, an open source conference solution that can also be used as Self Host, to organize Meet Up. Although these are not examples of Crypto in the traditional sense, they all convey the concept of Web3 very well.
So I think Web3 is not just a rebanding of Crypto and Dapp, it also includes other open source technologies.
Zi Cen:
In fact, all the design of Web3 has always revolved around a core logic, which is the redistribution of rights and interests compared with Web2.
This means that Web3 needs at least three core elements, open source community (transparent rules), user autonomy, and system dividends Sharing (incentivizing contributions). These underlying logics have already been finalized as early as 2013 when BM proposed the DAC concept, and later when V God proposed the DAO concept.
This is a very efficient collaboration method, which has been popular internationally and for many years, and everyone is familiar with it. So I won't say much.
Question 2:
An interesting saying is that we are now in the Web2.5 era, which is the key construction period for the transition from Web2 to Web3. Do you agree with the statement of Web2.5?
What is the current pattern of Web3 ecology? What do you think is the best entry point for Web3 landing?
Pan Zhixiong:
I mainly share the issue of the best entry point. We can see that last year and the year before last, the applications on Crypto were relatively popular, but everyone can clearly feel that they are mainly based on DeFi or NFT Yes, what are the characteristics of these applications?
First of all, it is not an application with relatively high bandwidth requirements, and its relative frequency of use will not be very high, because The limitation of the underlying facilities lies, so like various applications, there is actually no very good technology to support them.
I think the entry point of Web3 should start with some applications with relatively low bandwidth requirements: on the one hand, like video, audio In the field, the bandwidth they need is relatively large, and for example, the storage layer is not well prepared, and the performance of IPFS and other issues do not have a particularly good foundation; on the other hand, such as DeFi, blogs, etc. are very simple entry points , does not require a large bandwidth, but it is a high-frequency requirement that everyone needs very much. We can also see from last year and this year that the development of Mirror is also very fast. Mirror.xyz starts from the content publishing of users. In the future, it will definitely need to expand to more fields like video and audio.
Funny:
There are still some reasons for the emergence of the term Web2.5, mainly because on the road to Web3, our underlying infrastructure, middle-level middleware, including distribution platforms, etc. They are not perfect yet. For example, as a fund at 7 o'clock, they have also invested in many infrastructure projects. However, the development progress of these infrastructure projects is still relatively slow, and many of them have not even launched the beta version.
But on the other hand, the reason why we say that we are currently in the Web2.5 stage is because our application layer For example, Stepn, which was very popular some time ago, is known as the Web3 movement, including more game projects. In short, the application layer is ahead, but the infrastructure is still lagging behind.
About the best entry point for Web3 landing, first of all, I also agree with Mr. Pan’s bandwidth problem. The public chain really cannot support the construction and wide application of large-scale applications such as social networking and games, so I see these entry points:
The first is Layer 2. Many public chains have already begun to expand, including ETH, because everyone realizes that without expansion, everyone may always stay in relatively simple needs like DeFi. If you want to make applications like games , expansion is necessary, including miner fees, which is actually a very big problem. ETH can be regarded as a representative of mainstream infrastructure. If all infrastructure public chains can be integrated into a large network, then the entire ecology’s needs for infrastructure will be satisfied, and then there will be some middleware construction.
Judging from recent market investment trends, everyone is more inclined to invest in some high-frequency and low-bandwidth applications. We have seen that many subdivisions are transitioning to Web3. With the improvement of infrastructure, Web3 will flourish.
Question three:
If Web3 is a scenario, then the public chain is the underlying infrastructure that carries the Web3 scenario. So I would like to ask everyone to share: what actions should the public chain take to enjoy the development dividend in this wave of Web3?
For an old public chain such as EOS that has been running stably for 4 years, will the realization of EVM compatibility bring new opportunities for EOS to develop Web3? More opportunities?
Minako Kojima:
I think public chains such as Ethereum, Polygon, and BSC have done a lot of good demonstrations in the last cycle. For example, the recently popular Gitcoin Grant has become the most popular Web3 startup team. An important publicity position, not only will not be rent-seeking by the public chain, but also can receive various subsidies, grow together in groups, and get roadshow opportunities. These benefits are crucial for various small Web3 teams to survive in the bear market, just like Dota We often say that only when you stand still can you output.
Not only did I apply for two projects, but I also participated in the community of the Gitcoin Grant Chinese community project. It is expected that we will meet on Friday There will be a Twitter Space event focused on roadshows and answering user questions.
EOS has its own advantages in many technical aspects, even today's emerging blockchains, such as Flow in many technical designs It also imitated EOS on the Internet. From today's perspective, if EOS could incubate a project similar to Gitcoin in the last cycle as a position to protect developers, then the situation today will be very different.
Regarding EVM compatibility issues, in fact, even today, I still think that many technologies of EOS are remarkable. So I think EOS can achieve EVM compatibility is optional.
Zi Cen:
For this issue, my point of view is highly similar to that of Kojima: attach importance to developers. The core of public chain competition up to now is to innovate around the question of "what blockchain technology can do". Developers innovate and create hot spots, and the market follows and copies. EOS has accumulated a large number of high-quality developer communities in 2018, and they have created a lot of dApps based on EOS.
So I think that if the public chain wants to enjoy the development dividend of Web3, it must pay attention to the developer community.
Question 4:
For the public chain, the foundation has always played an important role in ecological incubation. The function of the EOS Network Foundation is to provide support for EOS ecological development in terms of funds, technology, operations, future planning, and ecological construction, and to further develop EOS as a high-level The full potential of the performance blockchain.
What role can the Foundation play in the development of Web3?
Funny:
First of all, as the host said, the foundation should provide financial help. This is also a very important thing for a public chain. If you want to attract developers to develop based on the public chain, you must introduce corresponding financial support and incentive policies.
I also have a deep understanding of the EOS developer community. At that time, many high-quality projects emerged in the EOS hackathon. Therefore, the support provided by the EOS Network Foundation in terms of funds, technology, operations, future planning, and ecological construction is an important boost to help the EOS ecosystem build a huge developer community.
Second point, the foundation needs to help the ecology determine some Web3 priority issues. For example, the game track, we all know that the game can definitely gather a large number of users, but so far we have seen all Play to Earn games, the bandwidth is very small, the mode is simple, and it cannot even be called a game. A high-quality game is like a triple-A game, which needs to contain a huge story, playability, and a very refined economic model, but such a game has very high requirements for the performance of the chain.
Imagine: If a certain project has a large number of users, and this part of users can be well given to developers and projects Positive feedback, then can we give these specific track projects very large technical support on the entire technical network? It can even be said that these triple-A masterpieces can operate very smoothly on the chain, and there will be no downtime when the number of users grows rapidly.
For the EOS network, I think this may be a very good development opportunity, because maybe everyone pays attention to profit at the beginning , but the development of the public chain ultimately depends on technology.
Minako Kojima:
In 2018, I participated in the hackathon activities held by EOS in Hong Kong and San Francisco, which can be said to be the two hackathon activities with the best experience that I have never participated in , learned a lot.
But since then, there have been not many similar activities for EOS. In contrast to ETH, there will be large-scale hackathons every few months, and there will be continuous support for the ecology. For the EOS Network Foundation, it is worth copying homework. For example, the secondary financing to Gircoin (EOS has a secondary crowdfunding platform Pomelo), reactivating the community through various measures.
Question five:
Last question: The market bear market sentiment has been spreading for nearly a month, and you are all community leaders who have been deeply involved in the industry for many years, so I would like to ask you to share:
As ordinary users, how should we deploy Web3 in the bear market?
Pan Zhixiong:
This question may be divided into two roles: ordinary users and developers.
For ordinary users, even in a bear market, the market will still burst out a lot of fresh business and innovative products. On the one hand, financial-related parts are risky, and everyone should remain rational and cautious, but you can still try more products and functions that are not related to finance, such as content sections related to the creator economy, etc., using various Web3 Be curious about new tools, maybe have feedback.
For developers, the various technology stacks of Web3 are also iteratively improving, researching various new platforms and technologies, Do some exploration and experimentation with various technologies.
Zi Cen:
I believe that decision-making should be goal-oriented. If your goal is to change the world, then stick to your chosen track and continue to cultivate; if your goal is to make money, then say something else.
If you are a Web3 practitioner, please be sure to love your career, your project and your Boss, then invest in BTC and ETH. If you are an investor, be sure to keep an eye on the Web3 ecosystem, keep up with active development teams, and invest in BTC and ETH. If you are a user, please pay more attention to Web3, the wool can be squeezed out, and then invest in BTC and ETH. The reason why I say this is because I think that Bitcoin is the fundamental of the entire encryption industry, and Ethereum is the fundamental of the entire public chain ecology. If you understand this sentence thoroughly, you can make the right choice at the right time.
Of course, investment is risky, and everyone should make their own judgments and choose carefully. It is only one family's opinion, and everyone can continue to observe the market and make their own judgments.
Community questioning session
< p>In the previous Twitter warm-up stage, users can leave a message and guests can ask questions freely, and each user who is selected by the guests to answer the questions will receive 25 EOS rewards.
We would like to thank everyone for your enthusiastic questions. Now that the 4 lucky questions are out, let me see what questions people are asking!
Community Question 1:
< p>
Funny:
In general, Institutions will pay more attention to subdivided tracks, and generally make some investment in the layout of each subdivided track. Once a project comes out, the returns will be very considerable. But for ordinary users, many Web3 projects are in the very early stage, and they have not even reached the public offering stage, so it is difficult for ordinary users to access this investment opportunity. As mentioned in the topic of Web2.5 just now, in fact, 90% of the current projects may not survive Web3.
For seven o’clock, we are optimistic about the Web3 subdivision track includes: subdivided into plate track: basic Facilities, Middleware, Privacy, SocialFi, DAO, GameFi, Creator Platforms, Gaming Guilds, etc.
If the questioner is a retail investor, in fact, you don’t need to care about the track, you only need to care about how to make money in Web3 , the simplest point is the airdrop. For high-quality airdrops, you can pay attention to Layer2, such as Arbitrum, zkSync, etc. These airdrops have not yet been released; you can also pay attention to identity authentication projects, such as Spruce recently voted by a16z.
The other is the multi-experience project, you can pay attention to the cross-chain aggregation track; under the current market conditions, it may be difficult for SocialFi to get out. But GameFi can still play a bit.
Community Question 2:
< p>
Zi Cen:
The advice to ordinary investors is: when we are pursuing ten times or one hundred times the return, we can first suspend our thinking about the business model and pay more attention to the timing. Then look for opportunities with concentrated chips and good performance in the secondary market.
Of course, if the questioner is a very powerful developer, then the ecology of course requires developers to think about the way forward to build products.
Community Question Three:
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Pan Zhixiong:< br>
Web3 and Crypto have promoted the iteration and evolution of many technologies, such as the early discussions on distributed consensus systems, but now Everyone thinks that various cryptography technologies headed by zero-knowledge proof will become a technology with more possibilities in the future. We can see the application of zero-knowledge proof technology in blockchain expansion and privacy, and it will be more important in the future.
I think tokens are not a necessary option for Web3 protocols or projects, but everyone is now paying more attention to the benefits and benefits brought by Token governing power. There are still many ways to expand the difference between Web3 and traditional applications, such as more open protocols, standards and the underlying technology based on cryptography.
In addition, many people pay attention to the problem of decentralization, but I think the characteristics of decentralization are more about solving problems, and Not a goal.
Community Question Four:
< p style="text-align: center;">
Minako Kojima:
A significant shortcoming is definitely a usability issue at present. The page load takes 0.4 seconds, and the page with 30 search results takes 0.9 seconds to load, just 0.5 seconds slower. The latter reduces Google's overall traffic and revenue by 20%. Not to mention the user experience of Web3, which has made great progress in the past 2 years, but still needs to be improved.
Another hidden limitation, I also want to talk about it, is the orthodoxy of the narrative, mentioned by many creator communities Web3 thinks of NFT, and when it comes to NFT, it thinks of Scam. There was a joke before that an OG spent half a day explaining to outsiders what is Web3, what is Ownership, what is NFT, etc. As a result, everyone opened OpenSea and saw text and shit... probably what Web3 developers are currently facing The status quo.
Conclusion
Thank you The guests' answers lead us to further understand the value and opportunities of the NFT market. So far, this issue of informal pomelo talk (Talk With ENF) has also come to an end.
Thank you for your wonderful speeches, thank you for your active participation, and thank you for the cooperative media 7 O'Clock Capital and Planet Daily , Block Rhythm, Chain Catcher, Foresight, Jinse Finance, Deep Chain Finance, The Way of DeFi, Carbon Chain Value, and WebX Labs strongly support this event.
In the future, the work related to the EOS Network Foundation will continue to advance at a high speed. Able to start the next chapter of thriving development.
Meet the next informal pomelo talk (Talk With ENF), we will see you soon.
Talk With ENF
Talk With ENF was initiated by the EOS Network Foundation to listen, communicate, and connect blockchain communities at home and abroad. The EOS Network Foundation will invite high-quality project leaders in the blockchain industry from time to time to chat about hot topics in the encryption field, share the development trend of encryption technology, and reveal the stories behind the encryption world. In addition, the EOS Network Foundation will prepare surprise benefits for everyone in each program. Actively participate in the live Q&A to have a chance to win benefits.
About EOS Network Foundation
EOS Network Foundation is a non-profit organization that aims to listen to the voice of the community, convey the will of the community and support the development of high-quality projects in the community, become an information sharing bridge for the EOS community, and provide funds, technology, operations, Key infrastructure support such as future planning and ecological construction will further develop the full potential of EOS as the world's fastest governance-based blockchain.
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