What is Web3.0? This question may be difficult to give a sufficiently accurate answer in a few words even for the old Jianghu who has been in the currency circle for more than ten years. In fact, as early as 2006, Berners Lee, the father of the World Wide Web, had already proposed the concept of Web3.0, but at that time, Satoshi Nakamoto was not in his early days, and the concept of Web3.0 was naturally nothing like blockchain Money has nothing to do with it. It was not until 2014 that Gavin Wood, the former CTO of Ethereum and the founder of the Polkadot project, officially linked Web3.0 and the blockchain, building the current largest consensus in the chaotic concept of Web3. Blockchain technology is the road to realize Web3.0.
How did Web3.0 get out of the circle? This is also thanks to a hearing on the development of the digital economy held by the US Congress in late 2021. At this hearing, a congressman made an ambitious public statement: to ensure that the web3.0 revolution takes place in the United States. Suddenly the world was in an uproar. Will Web3.0 become the key to dominating the world in the next 20 years?
Sister Sa’s team has been paying attention to and researching web3.0 for a long time. Today we will discuss with you a series of practical issues: Under the current regulatory environment, whether Web3.0 will take root in China? possible? Copy it or change it? What is the cost of compliance?
What is Web3.0?
Although Web3.0 is not a new thing as mentioned above, in fact, this concept has been accompanied by huge controversy since its birth. After the introduction of blockchain technology, Web3.0 has attracted everyone's attention. There are a thousand Web3.0 in the eyes of a thousand people.
With the huge controversy, no one can see the future of Web 3.0 clearly, but whether it is criticism or praise, we must first understand what Web 3.0 is.
In fact, Web3.0 is not a rigorous term, but an emerging concept jointly created by venture capital companies and Internet practitioners to describe the next generation of Internet. To understand Web3.0, we have to mention the two concepts of Web1.0 and Web2.0.
The so-called Web actually refers to the Internet, and Web1.0 is the nascent form of the Internet. It is generally said that web1.0 is a one-way link between the network and users, and the Internet platform produces and manufactures information and data for users to browse. The characteristic of Web1.0 is the one-way transmission between Internet content and users, the platform is the one-way exporter of content, and the user is the one-way receiver of content. In other words, the Internet in the era of Web 1.0 is like a canteen that eats from a big pot. Dachang is not only responsible for buying, washing and cooking vegetables, but also responsible for serving and serving them. Whether users like it or not, they have no choice but to Can obediently eat and pay the bill and leave.
In the era of Web 2.0, which is the period of Internet development we are currently in, users are no longer just passively receiving products provided by major Internet companies, but also creators of Internet content themselves. Internet content has changed from one-way transmission to In the two-way interaction between users, the network assumes more of the role of an information interaction platform. However, in the Web 2.0 era, the content created by users does not belong to themselves, and most of the revenue generated by their works is obtained by major Internet companies. In the process of absorbing the revenue created by users, the major companies continue to grow themselves and grow into unshakable The virtual "Leviathan". In layman's terms, Web2.0 means that a big factory opens a buffet restaurant on its own site, and hires some users to buy, wash and cook vegetables for themselves, while other users who are hungry for food are self-sufficient with their own knives and forks. . Whether it is cooking or eating, on the site of the big factories, they have to pay for the big factories. Therefore, it is the big factories that make a lot of money in the end.
What Web3.0 wants to achieve is to raze the restaurants circled by big factories to the ground, and build a snack street where everyone can open a restaurant and make money based on their ability. It can be sent to the user's table when it is brought out, and the money can go directly into the chef's pocket when it goes out from the user's hand. There is no middleman to make the difference. This process of "removing middlemen" is also the process of "decentralization".
At present, the understanding of Web.3.0 mainly has the following viewpoints:
(1) Web3.0 is a new generation of network form that enables users to have ownership of network data
This understanding of Web3.0 comes from the famous hearing in the US Congress. At the meeting, parliamentarians, experts and scholars cooperated with each other to answer the nature of Web3.0 in an easy-to-understand manner, and intuitively expressed the importance of Web3.0 to Internet development and national strategic layout. At present, this is also the most well-known and accepted view of the public:
Web1.0, for "readable" (read);
Web2.0, for "readable + writable" (read+write);
Web3.0 is " readable + writable + ownable " (read+write+own).
This point of view highlights the core feature of Web3.0: data can be held. It is also based on this feature that people who hold this view believe that the reason why Web3.0 is the future development direction of the Internet is that it gives users the ability and rights to truly own "data content" . On the one hand, users "creation is income" and no longer be inferior to the platform in terms of profit distribution; on the other hand, it greatly weakens the market dominance of major Internet companies, perfectly embodying the idea of "decentralization".
(2) Web3.0 is a completely decentralized future Internet
This point of view also has many supporters on the Internet, mainly based on the role played by major Internet companies in the network as the core judgment indicator. Those who hold this view believe that the mission of Web 3.0 is to take the Internet back from the hands of big companies, and truly make the Internet a paradise where everyone is equal and distributed according to their work. Therefore, some view holders believe that:
Web1.0 is a "semi-centralized" network;
Web2.0 is a "centralized" network;
Web3.0 is a "decentralized" network
(3) Web1.0 and Web2.0 essentially convey information and focus on consumption; while Web3.0 conveys value and creates wealth.
Those who hold this point of view regard the anti-tampering and data holding functions of the blockchain in Web3.0 applications as the core evaluation indicators . Based on this, those who hold this view believe that Web1.0 and Web2.0 are the Internet of Information, and Web3.0 is the Internet of Value. The most essential difference between Web3.0 and the previous two networks is that it enables data to be held, thereby endowing data with economic value. Since then, illusory data has become a commodity that can be confirmed, quantified, and priced . Therefore, Web3.0 is delivering value and creating wealth. NFT and big data are the best proof that in today's era, data is a new key factor of production
In addition, Gao Xinmin, vice chairman of the Internet Society of China, also expressed his own views on Web3.0. He believes that there is no unified definition of Web3.0, but there are three understandings: (1) Web3.0 is the next generation Synonymous with the Internet; (2) Web3.0 is represented by the Internet, mainly based on the perception network, and expanded to a communication network between people and people, things to things, and things to people; (3) Web3.0 is based on basic data information support, structuring data and developing new applications for the network.
In the final analysis, from the contentious and complicated views on Web3.0, we seem to be able to find that in the vision and blueprint of realizing Web3.0 , decentralization, data ownership, interest redistribution and diversified interactions seem to be The greatest common divisor and common feature among many Web3.0 ideas.
What is the relationship between Web3.0 and the Metaverse?
"If Web3.0 is the existence form of the next-generation Internet, doesn't this coincide with the positioning of the Metaverse?" This must be a question in the minds of many readers. Indeed, as the digital twin of the real world of human beings, the Metaverse has opened up a feasible path for human society due to the collection of high-speed communication networks, cloud computing, VR/AR, brain-computer interfaces, Unreal Engine and other technological "single products". development path. How can Web3.0 compete with it and compete for the honor of "the existence form of the next generation Internet"?
In fact, we believe that Web 3.0 does not conflict with the metaverse, and even Web 3.0 itself can be included in the metaverse concept, because the relationship between Web 3.0 and the metaverse is "progressive". In other words, the Metaverse is not only an advanced Internet form that aggregates and connects technologies such as Web3.0, but Web3.0 itself is a transitional form of the Metaverse . In this sense, we can regard Web3.0 as the "primary metaverse" or "the reality of the metaverse under the current technical conditions".
We believe that Web3.0 and the ecosystem and industrial clusters within the metaverse will form a situation of highly overlapping and interactive development for a long time from now until the maturity and commercialization of various technologies Both the degree of aggregation and the degree of aggregation have exceeded the critical value that Web3.0 can accommodate, forming a real metaverse. Before that, the metaverse will walk on the vast land with the merged posture of the Web3.0 body for a long time.
China's Web3.0 Industry Development Status
At present, the Web3.0 industry that China has begun to develop can be mainly divided into five categories: (1) digital collections ; (2) virtual digital humans ; (3) games ; (4) social networking ; (5) supply chains . Compared with overseas countries, China's Web3.0 industry has a certain gap in terms of quantity and quality, which is largely related to China's strict supervision of cryptocurrencies and various measures to prevent financial risks. In addition, the block Chain technology is an emerging technology that was born not long ago. The lack of relevant legal system research, imperfect legislation and unclear law enforcement standards have also become important factors restricting the development of the Web3.0 industry in China.
At present, the digital collection industry is the industry with the best development, the most vitality, the strongest capital liquidity, and the most public participation among the five types of Web3.0 industries. According to the "2022 Digital Collection Research Report" issued by the Computing Power Think Tank Research Institute! NFT: The Differentiation Road of Chinese and Western Value Capture" At present, the scale of China's NFT digital collection industry is growing rapidly, but there has been a relatively obvious differentiation. At present, the first echelon of NFT digital collections is eight digital collections represented by Whale Phantom Platform, these eight companies not only have endorsements from major manufacturers behind them, but also have relatively complete various qualification certificates. The second echelon is the platform represented by a certain art, a certain return, etc. These digital collection platforms have a large number of active users, high liquidity of digital collections, and strong platform stability. Finally, there are many digital collections of the third echelon, and there are hundreds of them, large and small.
However, we have also noticed that the development direction of China's Web3.0 industry represented by NFT digital collections seems to diverge from that of the overseas NFT market. "The road of development, by issuing digital collections on the alliance chain and restricting the development of the secondary market, has abandoned the financial attributes of NFT to the greatest extent. This is the Chinese transformation of NFT, and it is also the price for the compliant development of the digital collection industry .
Looking at other Web3.0 industries, the development of my country also faces some difficulties, which are caused by its own technical limitations and legal research lag. In the virtual digital human industry, which is mainly developed by the Internet giant Yiyi and a mango-shaped local station, it is also facing compliance issues. Need to go through administrative approval and obtain certain qualifications . In the virtual digital human industry, issues such as the copyright of works, the marketing model of digital human beings, and whether digital human beings have name rights, portrait rights, and reputation rights often cause disputes and controversies.
In terms of chain games, there is currently no company that has successfully passed the review and obtained the game version number, and legally and compliantly launched P2E and X2E chain games in China. On the one hand, there are often many criminal activities in the current market that wear the skin of chain games and commit fraud, which seriously disrupts the financial order and social stability of our country; It is strong but low in playability, and it is difficult to distinguish it from ICO and other activities, which is also an important reason for its long-term "notoriety" in my country. Therefore, it is difficult for the big cake of Web3.0 games to even have room for compliant development in China . Even if some big companies have the courage to explore, they often implement specific actions overseas.
Is it possible for Web3.0 to survive in China?
It can be seen from a glimpse of the leopard in the tube. So, is it possible for Web3.0 applications to survive in China? Let's give a conclusion first: yes, but compliance transformation is required. In the final analysis, the core of compliance transformation is determined by the regulatory thinking of the regulatory agency. Therefore, understanding regulatory thinking and red lines is a compulsory course for Chinese Web3.0 entrepreneurs.
(1) China's Web3.0 industry is led by the government and developed from top to bottom
Observing the development of China's Web3.0 industry from overseas hot industry tracks such as digital collections, virtual digital humans, and chain games as an entry point, it can be concluded that there are currently no Web3.0 applications in my country, but the development is certain. are restricted to a certain extent.
But if we take a wider view, we can find that China's blockchain applications are exploring the realization of value transfer on the chain in the fields of digital bills, cross-border payments, energy transactions, etc.; In the field of data sharing, intelligent manufacturing and energy distributed production; in the field of supply chain, it also realizes the chain storage and traceability of agricultural products, industrial products, electronic medical records, electronic invoices, judicial evidence, etc. In addition, let us not forget that the promotion and pilot work of the digital renminbi is also in full swing.
The application of these blockchain technologies is also part of the Web3.0 industry, and these fields are flourishing under the leadership and support of the government .
It is true that these fields have certain thresholds, and it is not easy for entrepreneurs to participate in them. Throughout history, the government-led development model has certain disadvantages in technological innovation, especially it is difficult to achieve breakthroughs and leadership in key technological fields ( This is also an important reason why many people think that Web3.0 is difficult to survive in China). But we should also see that the government-led development model has a significant effect on social and economic stability and the maintenance of financial order, which is also in line with China's current national conditions . Therefore, if Web3.0 wants to survive in China, it needs to grasp the bottom line of social stability and develop in compliance.
(2) Financial security is the red line
Due to the complexity of the current international situation and the slowdown in economic growth caused by various reasons such as the epidemic, maintaining financial security and stability has become the biggest red line of current technological innovation. Since the p2p tide, resolving all kinds of shadow banks and preventing systemic financial risks has become the direction of our government's efforts. After all, financial security is related to the most basic social stability and people's livelihood and well-being.
The "no currency" compliance transformation of NFT digital collections was produced and implemented under this idea, but in fact, due to the financial attributes inherent in NFT, even after transformation, the hype and financial risks it carries are only Can be reduced but not completely eliminated. On April 14 this year, the China Internet Finance Association and others jointly issued the "Initiative on Preventing NFT-related Financial Risks", calling on the market to stop improper speculation on NFT digital collections, return them to the category of ordinary commodities, and achieve healthy development of the industry. This also means that the NFT digital collection industry has officially entered the regulatory field of vision, and regulatory measures may be introduced in the next step to rectify the digital collection industry.
Therefore, current Web3.0 entrepreneurs must grasp the red line of financial stability, and must do a good job of preventing hype in the process of technological innovation and marketing.
write at the end
With the promulgation of laws such as the Cyber Security Law, the Data Security Law and the Personal Information Protection Law, new requirements have been placed on the collection, processing, flow and storage of corporate data. At the same time, intellectual property protection has increasingly become an unavoidable and important field in the Web3.0 industry, and a little carelessness may lead to legal risks. Due to the length of the article, we will not discuss it today. However, Sister Sa’s team must remind you that the current compliance business of Web3.0 enterprises needs to have a more comprehensive and systematic knowledge system compared with the compliance of traditional enterprises. Only with a strong and long-term vision can we effectively prevent various legal risks .
China is neither a paradise where Web3.0 grows barbarously, nor a barren land where not a single blade of grass grows. It can be said that there are two keys to the development of the Web3.0 industry in China: a clear business acumen and a comprehensive and meticulous compliance construction that keeps pace with the times .
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