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

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"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.

An important part of Web3 is the distribution brought by DAO, but people will gradually realize that the whole distribution is not the best result.

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's not, and won't be, the final version of the Web3 world.

In April 2021, voting for PancakeSwap, the DeFi platform project on smartchain, became a negative example of "full distribution". The button was eventually pushed by the whale, who voted 94,500 without a vote in favour, making him the highest vote against the proposal, with a final vote of 65% on request, usually. Thus, a whale blocks an often hoped-for expression.

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 referred to the division of the DAO, saying: "The advantage of the DAO is that the participants can reject the agreement and elect new leaders. But too open community governance is a step in back.. Decisions should be made by a consensus group that knows when to listen to its customers. The information 99% of the time."

The reason for this is that total decentralization equals majority control, which always leads to disaster as people do not have a long-term stimulus for the development of knowledge, experience and skills.

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.

Using this description for "asset-based operations" like Bitcoin is real, but putting reasons like this into "performance-based applications" seems unlikely, while meeting industry expectations. After all, there is no need for high performance like XMR and the legacy BTC token, and performance is the most important feature of the app. Yielding “decentralization” to “performance” in the face of the “imperfect triangle” relies on Web3 development.

2022年Web3的“十大不确定性”(上)

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

Led by 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 of companies, and more than has been reported. With over 570,10,000 NFTs, nearly 10% of the top 50 GameFi projects are on 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 at Solana, and "less decentralized but secure blockchain" is already a scalable concept among Ethereum competitors such as "Avalanche/Luna/Cosmos/Polkadot".

We still take the old crypto OG approach and say "distribution is the only measure" for newbies. How does Web3 pass the billion mark? 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 management and compliance with the global Web2, but the distribution of "wait 30 minutes for 1,000 yuan of business" is not required. After all, expensive is not a fact. Balancing these factors can be a huge undertaking and sit at 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? But in a later script, Netscape was launched first by the IE browser, then 10,000 feet by the Google browser, and Yahoo and AOL ended the Web2 era with a different backdrop.

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.

2022年Web3的“十大不确定性”(上)

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!

2022年Web3的“十大不确定性”(上)

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.

2022年Web3的“十大不确定性”(上)

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 growth cannot be achieved, the Internet industry has no choice but to support existing users. Join a race or find another way. Facebook's renaming last October was an important step in Mark Zuckerberg's transition from Web2 to Web3. Success is a matter of the future, but at least the steps are: clean.

2022年Web3的“十大不确定性”(上)

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

2022年Web3的“十大不确定性”(上)

× × Distance FiThe 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.), tokens and access rights (NFT ), DeFi (corporate finance services/web3 loans.). Assets), Metaverse (people living in digital creation in an environment like games, Community Management (DAO, Organization for Justice) and other large groups, and subgroups like GameFi.

The most important development in the second half of 2021 will be GameFi. With the rapid rise of the AXS token from June to October 2021, as well as the rise of Axie Infinity, the giants see the potential of the GameFi project, so the soul Future First is the hard and fast work and the expensive use GameFi tracks.

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 Benchmark 2020 Major investments and financial events before and after the events of Summer 2021 and Summer NFT 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. ×× Fi still had a long way to go before its design changed, including GameFi.

Due to the length of this article, this article is divided into sections, and the second part of this article, "Top 10 Web3 Uncertainties in 2022 (Part 2)" will be announced on January 19. .

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