Web3, the representation of breakthrough of Internet technology innovation, is approaching and has attracted traditional and crypto industry to join the competition. Defined by decentralization, openness, distribution, and data autonomy as a common consensus, Web3 will rebuild various connections, services and data access in the digital world on the basis of the public chain, protocol, cross-chain and other infrastructures to realize value flow and equal interaction. Nowadays, the booming domains in the application layer are GameFi, SocialFi, and NFTs. Regardless of the market change, there is a general focus – the user identity value and ownership. In the early stage of the Web3 market, focusing on the user value will help to clarify the trend and logic of project development on the blockchain, and prepare for taking the competition predominance in the future Web3 ecology.
On May 26, Blocklike held a panel roundtable themed “From Web2 to Web3: Creator and user economy” to focus on the prospect of ecology on-chain. Leaders of Web3-oriented projects GEMS, Cassava, Blocksport, Canoe Finance, Parsiq/IQ Protocol and Film Token were invited to join in the live broadcast. The panel discussion was on both Binance Live and Mars Finance Live, attracting viewers as many as 35,000. The following are some excerpts from the discussion.
1. Web3: Vision and its value reconstruction
Web2, characterized by traditional Internet companies, takes control of the data ownership in terms of the storage and usage determined by the platform, leading to the value and influence of user identity limited to the single platform. Web3, in contrast, aims to empower the individuals on the network with autonomy and ownership, leveraging the reconstruction of data value to create a decentralized, open, compatible and trustless data exchange network.
Web3 is a beautiful vision, but to make it takes a long way and requires a lot of technical efforts, not only in the bottom layer but also in the application layer.
Obasi Francis, CEO of Cassava, believes thatblockchain technology leads the Fourth Industrial Revolution, and Web3 is part of that. Such financial products and services like DeFi dApps push forward the potential development of the economy worldwide. And now developing countries are chasing the opportunity in it that has been missed several years ago.
Tom Tirman, Co-Founder of Parsiq/IQ Protocol, holds the belief that with the nature of blockchain being decentralized and permissionless, the Web3 innovation is unmatched in speed, especially with the explosion of DeFi and NFT application layers, and will develop more innovative use cases. In the transition of Web3, where the cryptocurrency, DeFi and NFT play a part, the whole structure or model operates around users and their right of autonomy – identity, business behaviors, profits, and even data used as a form of digital wealth. In the ideal cases, the Web3 users can take full control of their output, and make the free transfer of value among diverse platforms.
2. User education: Not the only way to popularize Web3
Web3, which is user-centered and aims to empower any participant in the network with autonomy, is revolutionizing the user experience. Despite the penetration of Web3 into mainstream culture, it remains to be a challenge for blockchain-oriented projects to mass onboard users to the real World of Web3. As for the traditional industry entities, the key to developing Web3 lies in technological transformation, DID, Zero – Knowledge Proof, Oracle, for example.
It’s a complicated process to get Web2 users to dive into Web3, for the reason that they may be curious about crypto, but not enough to learn about something new in Web3. Therefore, on the one hand, the project can make strategies to attract users, and retain DAU/user engagement through incentive measures. On the other hand, they should focus on how to simplify user operation procedures with corresponding solutions.
Andy Koh, CEO of GEMS talks aboutthe user education of Web3. In some way, it determines the depth and width of market exploitation, considering there are limited blockchain projects focusing on education or assistance tools. In the future, the market is in an emerging need of comprehensive projects that integrate on-chain access such as web browsers and wallet Apps, as well as building the interface standard to access Web3 for developers.
As Vladimir Liulka, CEO&Co-Founder of Blocksport puts it,traditional sports and entertainment industries, such as football clubs, are embracing the blockchain and digitalization. They tend to have a large fan base who can be guided to Web3 scenarios. Through the bridge of blockchain, fans can enjoy the transformation of role play from original Web2 users to Web3 players, engage more and create more in the blockchain-based economic ecology.
Obasi Francis has noted that it is also important to leverage the media to build a better image of the blockchain and crypto industry, which is related to the overall and long-term interests. In the combination with the regulatory environment of particular countries, projects can make self-marketing promotion around the application value of industry and technological breakthroughs.
3. From Web2 to Web3: User synergy and experience optimization
One of the important driving forces for Web3 to go mainstream is that the user experience reaches the same level as Web2. Although the shortcomings of Web3 dApps, including usability, infrastructure efficiency and after service, can be offset to some extent by decentralization, the front-end interaction design and back-end performance are still critical to increasing traffic of Web3 applications.
Like the Web2.0 era, Web3 also has phenomenal demands such as GameFi and SocialFi payments. It is a long-term issue for Web3 builders to build a decentralized Web3.0 ecosystem to meet user needs while linking different scenarios and capturing user needs in a timely manner.
In Asif Bashir‘s opinion, who is the Co-Founder of Film Token, user ownership is primary for Web3 and is critical to unlocking the applicational potential of blockchain. In Web3 world, users can more easily do the value exchange in the field of crypto economy with creators and communities. Fans can directly share with creators the economic success surrounding cultural products and projects, giving back the identity rights to users.
Talking about the future development of DeFi, Jamee, CMO of Canoe Finance,holds the belief thatDeFi applications are an important part of Web3, which requires a higher level of friendliness in user interface and the community-centered financial architecture. The modular DeFi function will enable the developers to build user-friendly on-chain financial service solutions depending on different scenarios, making it lower transaction fees without sacrificing security.
Tom Tirman, thinks that with the maturity of Web2 development, problems have been exposed caused by the concentration of institute power. As the representation of the trend of decentralization, Web3 has the technical guarantee to confirm the independent status and exclusive identity ownership of users to ensure that there will be no incidents of platform intervention and damage to the interests of ordinary users.
4. Build the user identity ownership system and economic model
In the Web3 world, users and enterprises can be a closer community of interests. For example, in the distributed DAO system, members participate in the operation of organization according to the pre-programmed rules, and the consensus mechanism is widely used to make decisions and maximize interests.
The establishment of Web3 identity value needs the support of a sound ownership system and economic model to distribute the benefits back to users, the real creator of value. With the ecological diversity and a sound cooperation mechanism built up, the Web3 enterprises can help users master their digital identity value and influence, and create value with joint efforts on the ecology.
In Jamee‘s view, Web3 and DeFi are a form of infrastructure of MetaFi. The logic of Web3 financial system can be integrated with traditional finance to free the liquidity of the entire Metaverse. With the development of Web3 and the Metaverse, DeFi is bound to boom again, unlocking more value of decentralized domains.
As Vladimir Liulka puts it, the fan economy in Web2.0 can be the entry point for the popularization of application scenarios including DeFi smart contract and NFT. The interaction between fans and stars/KOLs in Web2 takes an intermediary, while with the support of blockchain and digital technology, the passive consumer experience will be transformed into direct connection, joint participation and self-management among people, making a digitally decentralized entertainment ecological platform.
Panel Host: GEMS, Andy Koh, CEO
Speakers:
- Cassava, Obasi Francis, CEO
- Blocksport, Vladimir Liulka, CEO & Co-Founder
- Canoe Finance, Jamee, CMO
- Parsiq/IQ Protocol, Tom Tirman, Co-Founder Film Token, Asif Bashir, Co-Founder
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