Whenever someone talks about Web3, I always wonder, "Wait, what do you mean by Web3?" I ask this because the term is so ambiguous.
The Ten Thousand Interpretations of Web3#
Let me briefly explain how ambiguous this term is. Web3 is a concept that has been around for a long time, but initially, it referred to a very cool next-generation network built using technologies such as natural language processing, VR/AR, and human-computer interaction, as shown in this video. Oh, right, back then it was called Web 3.0. However, today in 2023, the more well-known concept of Web3/Web3.0 was proposed by Gavin Wood, co-founder of Ethereum, in 2014. It roughly means a decentralized network built on blockchain and digital currencies.
Here, we may need to distinguish between Web3 and Web3.0, although there is no particular reason for it. Maybe it's just easier to say, and gradually people started calling Web3.0 as Web3. However, we still see people insisting on using the term Web3.0, as if everyone is talking about the same thing when they say Web3, but I dare say that most of these people are dissatisfied with the current state of Web3... like Tim Berners-Lee: https://www.cnbc.com/2022/11/04/web-inventor-tim-berners-lee-wants-us-to-ignore-web3.html. But even if we go back to the term Web3, everyone has their own interpretation. Zhang San says that without decentralization, it cannot be considered Web3, Li Si says that having tokens and liquidity is Web3, Wang Wu says that his centralized information aggregation platform for DeFi services is also Web3...
In short, the term Web3 carries too many meanings. Those who want to speculate or revolutionize have come together at this point in time. But in this article, I will still use this term. I don't want to use any other term. On the one hand, I don't want to distance myself because, regardless of anything, the negative aspects of Web2's centralization and the ideal of a decentralized internet in Web3 can be known by more people, which has an impact on everyone in this industry. And I believe in the principle of having enough food in the granary before knowing etiquette. Until the time finally makes these different concepts clear and separate, I will continue to identify with what I am doing as Web3. On the other hand, to put it bluntly, Web3 is currently a popular concept, and I hope my voice can ride on this wave of popularity.
My Vision of Web3 is about Power and Revolution#
So, going back to the beginning of the story, what did I initially see in Web3? As I became more involved in the industry, my understanding and imagination of a better internet and better ways of connecting people continued to expand and evolve. But in this article, I want to revisit what I initially saw in Web3, what I wanted, and why I jumped into this rabbit hole without hesitation.
It is meaningful to revisit this question today because there are too many lies in this world, too many lies that I can't distinguish between truth and falsehood, or even lies that I'm starting to believe myself. And by recalling the initial passion, I can find the support and strength to continue.
So what is Web3 to me? To me, Web3 is a decentralized internet revolution that is not limited to the internet alone but is more about power - the power to mint coins, the power of discourse, the power of pricing, the power of governance, the power to set the rules of the game, and so on. The invention of Bitcoin sounded the horn for this revolution. An electronic payment system that does not rely on financial institutions, it broke the monopoly of coin minting previously held by financial institutions. And behind the power to mint coins lies the economic foundation of a society. So, from Bitcoin, I see not only technological change and an internet revolution, but also the possibility of more autonomous organizations and more exciting social revolutions.
In terms of "small things" in daily life, every time I open social media and see the recommended information, it's what "they" think I should see. This is the asymmetry of the power to set the rules of the game. On a larger scale, having grown up in an authoritarian country, I often feel indignant about why a group of people should obey the arbitrary decisions of another group of people, and even bear the consequences. This is the asymmetry of the power of discourse. And in Web3, I see the potential for change in all of this from the infrastructure level. Yes, infrastructure. The economy and information are the infrastructure of a society/organization, and now we have the building blocks to create a better world. We should actively explore how to use them. This is the reason that initially guided me to jump into the rabbit hole.
The understanding of power that I propose here is fundamentally consistent with the concept of Web3 being "readable, writable, and ownable." "Ownable" does not mean that there is now a way for people to own data in the world, but rather that each individual can own their own data instead of it being monopolized by large institutions. And this is also the beginning of the decentralization of the power of discourse and pricing.
Does Web3 necessarily have to have tokens?#
Another discussion I often hear is whether Web3 must have tokens. I believe it does. Power systems have hierarchies, and economic power is usually at a lower level. Only by having economic power can other powers such as discourse power and pricing power be possible. And an economic system naturally relies on tokens. What's even more exciting is that with the promotion of the ERC20 standard, the power to mint coins has been completely decentralized, and each of us can have our own tokens. Any valuable behavior that can be mapped on the blockchain can be captured with tokens. The meaning of an economic system has been greatly expanded in the context of Web3, and perhaps it is more appropriate to call it a "value circulation system" rather than a traditional economic system. And compared to traditional economic systems, a value circulation system with broader coverage also provides a more robust foundation for the decentralization of higher-level powers.
Regarding the transformation of Web3 in terms of value circulation, this is not something I initially realized, but as my understanding became richer, I also saw its "asset" aspect beyond the structure of power. At the same time, I also realized that these two are usually coupled - "ownership" is a form of power, but it is also a manifestation of an asset.
Today, Web3 has attracted a lot of capital because of its asset attributes, resulting in many unrealistic expectations and a lot of bubbles. But the coupling of power and value is a law of the world's operation, and we cannot separate them. We need to respect this rule.
I know that the disappearance of bubbles is an uncomfortable and difficult stage. That's why I wrote this article, hoping to gain the strength to get through this difficult stage from the beginning of the story. I also hope that every reader who has ideals about Web3 and reads this article can remember the beginning of their own story and gain strength from it.
There will be bread. We will eventually meet in a place without darkness.
Advertisement: In 2021, I met four like-minded partners @joshua, @anniiii, @diygod, @hey, and we started working on RSS3 because we were dissatisfied with the current monopoly of information distribution on the internet. In 2022, we were not satisfied with the pace of information distribution and continued to explore ownership and the social field based on the ideal of liberating the information society, starting a new project - Crossbell. As I mentioned earlier, from Web3, I see the hope of social change. As the foundation of society, we should never compromise in the field of social interaction. We should not use other concepts to blur the meaning of Web3 and deceive ourselves into avoiding difficult issues.
Finally, I welcome any individuals, teams, or projects who are interested in exploring decentralized social interactions to chat with me and collaborate. Of course, it's also okay if we don't collaborate. In the cold winter night, it is enough for us to see each other:)