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Qu Zhaoxiang: The Web3 revolution is the renaissance of cyberspace

On July 14th, the first "Global Web3 Eco Innovation Summit Singapore" (GWEI 2022 - Global Web3 Eco Innovation Summit -Singapore) was held at the Marina Bay Sands Convention and Exhibition Center in Singapore. Co-hosted by Financial Technology Node (SUSS NiFT) and Babbitt's new overseas brand "The Way of DeFi".

The summit is sponsored by Ouyi OKX, the world's leading Web3 ecological builder.

In the keynote speech in the morning, Babbitt partner Gavin Qu delivered a speech on the "Global Web3 Ecological Innovation Observation Report". Gavin said that the history of Web3 can be traced back to the conception of a borderless, decentralized and non-discriminatory network at the end of the last century. In terms of the current development status of Web3, the blockchain is the infrastructure plus five key applications (DeFi, NFT, games, etc.) , Metaverse and DAO) constitute the basic pattern of Web3. And combined with external regulation and the international economic situation, the future development of Web3 will push society into a new model.

The following is the speech organized by The Way of DeFi:

Today, I will release the "Global Web3 Ecological Innovation Observation Report" jointly produced by Babbitt's international brand DeFi Way and the Inclusive Finance Technology Node of Singapore University of Social Sciences.

Essentially, my report is also defining what is Web3, so our meta question is: what is Web3? This also leads to two main parts of this sharing: what is and what should be, that is, what Web3 actually looks like, and what Web3 ideally looks like. In the actual part, we will look up at the starry sky above our heads, that is, to study the actual situation of Web3 infrastructure construction, application, and external environment. In the should part, we follow our inner morals, and we will explore several major trends of Web3.

Of course, before these two parts, let us talk about the background of this report.

First of all, we chose to release this report in Singapore because Singapore is a country with relatively stable policies and diverse ethnic groups, which naturally has the advantages of globalization. At the same time, the GWEI Summit is the world's first industry event that emphasizes both Chinese and English. We also hope to take this opportunity to better connect Chinese and Western communities and promote the exchange of Web3 culture.

Secondly, why did we choose to release this report now? The reason is actually very simple. We cannot grasp the past, because the past has become history. At the same time, we cannot grasp the future, which is the confluence of countless trends. So no matter what time it is, "now" is the most important thing.

For example, in the "now" of 1993, Eric Hughes put forward the "Cypherpunk Manifesto" facing the old world. In the "now" of 1996, John Perry Barlow confronted the past with a "Declaration of the Independence of Cyberspace." In the "now" of 2005, Nick Szabo designed bit gold in the face of the failure of DigiCash. In the "now" of 2008, Satoshi Nakamoto announced the birth of Bitcoin in the face of imperfect bit gold. In the "now" of 2014, developers represented by Vitalik developed ETH in the face of the imperfect Bitcoin and proposed Web3. For example, now on July 14, 2022, we stand on the shoulders of giants and come up with such an industry report.

The reason why we produced and released this report is actually very simple. What we just mentioned is the right time and place. At the same time, we also communicated with many friends in the community, received a lot of support, and expressed our willingness to participate in the production of this report in the form of a DAO, so why not do it? So this is the overall environment for us to produce and publish this report.

Next, let us return to the main content of this report. The main content of this report is divided into three parts, namely: infrastructure construction, application, and external environment of Web3.

In the infrastructure section, we mainly studied various major blockchain selections and their supporting functions. After studying the selection of mainstream blockchains in the market, we will include Bitcoin, Ethereum, L2 network, multi-chain architecture represented by Cosmos and Polkadot, other public chains, and some consortium chains. Here, we have several conclusions:

1. Different chains are just trade-offs under the impossible triangle of blockchain;

2. It is difficult to directly distinguish between different options, so our judgment of the future is more likely to be a world where multiple chains coexist;

3. Any solution may be a product of the environment. We would like to mention the alliance chain in particular, which may be a solution in the special environment of some regions.

When it comes to the functional support of the blockchain, it mainly refers to DID, which is a decentralized identity system, which is essentially a change form of the private key and belongs to an entry-level product. The second is distributed storage, which is the type used to expand data. Cross-chain, the purpose is to realize the information transfer between blockchains. The oracle machine can help the entire blockchain obtain more external information to achieve more functions. And the browser, helping to improve the presentation form and speed of the overall data. These functions are usually not bound to a specific blockchain, but choose the state of multi-chain development.

The second part of the report is the various applications born based on the Web3 infrastructure. These major application directions are developed one by one along the timeline of the blockchain. Speaking of DeFi at the very beginning, Bitcoin is the earliest DeFi project, which has relatively basic payment and transfer functions.

And DeFi Summer, which started in 2020, can be understood as putting some relatively uncomplicated but important tasks in the traditional financial world on the blockchain. For example, trusteeship is a matter that requires trust, but in fact the specific operation is not that complicated. Dex with some AMM mechanisms like Uniswap is also the beginning of what we now call DeFi. However, the current DeFi is limited by the complexity of the overall technical architecture and the natural complexity of finance itself, and is in a state of relatively stagnant development.

NFT is essentially an extension of Token. From currency to information, this transformation seems to be final at present, which is part of what we said at the beginning of "three living things". More types of NFT and more will appear in the future. A complex NFT, or a collection of NFTs. Among them, PFP, which is what we often call avatar NFT, represents a new membership system, which can further develop the relationship between enterprises and customers, and Blockchain Game is an expansion of the virtual world. Finally, we talk about DAO, which embodies the requirements for productivity and creativity, and is a new organizational form scheme in an environment where control must be weakened. And we will find that it is highly consistent with the blockchain and Web3 we are talking about now.

In the third part of the report, we discussed some important external environmental factors that affect the development of Web3, including industry regulation and investment and financing.

After writing this industry observation report, we summarized three major trends in the development of the industry: deeper, wider, and higher.

Deeper, it refers to the entire industry from Bitcoin mining at the earliest, to blockchain development later, and then to the current Web3 and Metaverse. We can clearly see that the topics of the industry are becoming more and more in-depth.

At the same time, we have also found that the fields and scope of Web3 are getting wider and wider. Recently, we can see that many traditional industries are also accessing Web3, such as metaverse projects, such as traditional technology industries. They also want to be in Web3 Do more in the field. Under such circumstances, we need a framework, a Web3 framework that can accommodate all players who want to enter. On the one hand, this means the expansion of our overall narrative; on the other hand, it also shows that Web3 itself is an open system, and we cannot, will not, and have no way to prevent anyone from joining. As for the wider trend, this also shows that in the future, more industries and more tracks will be able to join the entire Web3 wave.

Higher refers to an increase in the level of needs. We can see that the thriving community DAO and Web3 applications have shown us what kind of power can be generated in cyberspace based on the same values and mission among strangers on the Internet. With the evolution of infrastructure, there may be countless possibilities to be expanded in the future.

Finally, let's go back to several Takeaways reported:

1. First of all, the first conclusion of the report is that the current fiery Web3 revolution is more like a renaissance after injecting original economic blood into cyberspace;

2. Second, there is still no doubt that Bitcoin will become the cornerstone of the Web3 world and is unstoppable;

3. The infrastructure construction of Web3 is still in a very early stage, which also means new opportunities. At the same time, the emergence of more complex applications also depends on the further development of infrastructure;

4. In the face of industry regulation, we should adopt an equal cooperation rather than an attitude of obedience, so that it is possible to strive for a more ideal living space for the industry.

Obviously our report is not perfect, just like Web3, so we also hope to work with all readers to make it more perfect.

That's all for my sharing, thank you all!

Attachment: Download URL of "Global Web3 Ecological Innovation Observation Report"



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