The core feature of Web3.0 (the third generation Internet), which is different from Web1.0 (the first generation Internet) and Web2.0 (the second generation Internet), is that it is a credible value Internet centered on users, an intelligent three-dimensional holographic Internet, which can greatly improve the user experience.
This is a data revolution. The ownership of data and the autonomy of identity will return to users from large platforms, and the Internet will become more equal, more open, and more in line with group interests. In Web 2.0, a large amount of user data is concentrated on the Internet platform. Once leaked, it will cause great damage to user privacy. For example, similar events have occurred on Facebook. In Web3.0, user data is stored in a distributed system after being protected by a password algorithm. The user decides who to share the identity information with and what the data is used for. A typical business case is an automatic distributed credit scoring system. The on chain smart contract will first retrieve all transaction information related to each wallet, then input the machine learning model, and finally get the user's credit rating. Only the credit report signed by the customer can be used by all parties to effectively prevent data and credit report from being abused.
This is a trust revolution, and the information Internet will evolve into a credible value Internet. Web1.0 and Web2.0 are only information networks. Although they can transmit text, pictures, sounds, videos and other information, they cannot deliver value point-to-point like sending emails and text messages. Web3.0 is the Internet of Value, which can realize point-to-point transmission of value without relying on specific intermediaries. The most typical business application that can understand Web3.0 is digital currency, such as USDT. The form of value transmission in the Internet can also be digital assets. The hot spot in the past two years is NFT (Non homogenous Token). At first, NFT tested the waters in the field of cartoon and games. Later, artists, auction houses, digital media, cultural companies, and sports leagues poured various cultural IP (well-known cultural and creative works) into NFT, making digital culture and digital collections available for direct online circulation through NFT.
This is a change of experience. The Internet will become more intelligent, more humane and more personalized. Through AR (augmented reality)/VR (virtual reality)/XR (extended reality), wearable devices, human-computer interface and other technologies, people can experience an unprecedented sense of interaction, immersion and participation in the three-dimensional holographic space. In the virtual world, every action is the same as that of a real person. In addition to vision and hearing, the tactile sense that players feel in the virtual world can even be transmitted to themselves through clothes made of special materials. In contrast, Web 1.0 and Web 2.0 can only deliver vision and hearing.
For example, Baidu launched a metacosmic social app (application) called "Xirang", in which users can create virtual avatars, and can also communicate with friends in real-time voice and interaction. The Hong Kong University of Science and Technology announced the establishment of the world's first "entity digital" twin campus based on the metauniverse. JD tries to introduce virtual people into e-commerce scenes, adopts virtual anchors, and opens a new model of "virtual people+live selling". Gucci launched GucciGarden on Roblox, which is a series of brand themed rooms, echoing similar physical spaces launched.
Nike has its own meta space Nikeland in Roblox. BMW is trying to create a digital twin of the entire factory and design products using Nvidia's Omniverse meta universe technology. In addition, the "meta universe+" government is also a hot spot. Seoul, South Korea plans to build a public service metauniverse by 2023. The Dubai Virtual Assets Regulatory Authority has set up the Metauniverse Headquarters on The Sandbox, making it the first regulator in the emerging digital field. Web3.0 is not only a concept, but also has a value of trillions. Many mainstream technology companies and start-ups have invested resources, which really covers the technology innovation ecology of social networking, games, e-commerce and other industries.
This is a fundamental technological change, covering cutting-edge technologies such as high-performance chips, high-performance computing clusters, high-performance networks, VR, digital twins, digital modeling, image rendering, cryptography, blockchain, artificial intelligence, edge computing, cloud computing, etc. The development of Web3.0 should closely focus on the strategic positioning and policy orientation of the country's current advocacy of innovation driven, technology independent and controllable, and serving the development of the real economy. In terms of technological innovation, Web3.0 should focus on technology autonomy and controllability. In Web3.0, we are facing the same challenges as in Web2.0. In the field of Web3.0 applications, the world's major economies are at the same level, without intergenerational differences,
China even has its own characteristics and advantages; In the field of basic technology research, China still has "choke" phenomena such as chips, core systems, encryption algorithms, etc; In terms of participation in and formulation of international standards, China may also have weaknesses. For the lessons we missed in Web2.0, we must not only make up for them in Web3.0, but also catch up with them, or even surpass them.
In terms of technology application, Web3.0 should focus on serving the real economy. At present, China's economy is under the triple pressure of shrinking demand, supply shock and weakening expectations. It is at a specific stage that is superimposed by the shifting period of growth speed, the painful period of structural adjustment, and the digestion period of early stimulus policies. New economic growth points are needed. Web3.0 and the metauniverse may reconstruct the traditional business model and stimulate new economic growth points. McKinsey's research shows that 95% of senior executives expect that the Metauniverse will have a positive impact on their industry in 5 to 10 years; It is estimated that by 2030, Internet users will spend an average of 6 hours a day on the experience of the metauniverse; More than 50% of the sites
The event is likely to be held in the metauniverse; From consumers discovering brands to visiting virtual stores, more than 80% of business activities may be affected by the metauniverse. The potential value of the metauniverse will reach $5 trillion, equivalent to the size of Japan's economy. The future of Web3.0 is worth looking forward to.
China attaches great importance to digital transformation and the development of digital economy. In December 2021, the State Council issued the "14th Five Year" Digital Economy Development Plan, proposing that by 2025, China's digital economy will enter the expansion period of fully understanding Web3.0, and the added value of the core industries of the digital economy will account for 10% of GDP. In July 2022, the General Office of the Shanghai Municipal People's Government issued the Action Plan for Shanghai to Cultivate a New "Meta Universe" Track (2022-2025), which proposed the technical route, main tasks and key projects for the future development of the new meta universe track in Shanghai. In August 2022, Beijing Tongzhou District People's Government and other four departments jointly issued the Action Plan for the Innovation and Development of the Meta Universe of Beijing Sub center (2022-2024), proposing to build the sub center into a demonstration area for the application of the meta universe and a theme park for the meta universe in the next three years.
On the eve of the advent of Web1.0, in 1993, the Clinton administration of the United States issued the strategic plan of "national information infrastructure", vigorously building a "highway" in the information age, thus gaining the global leadership of Web1.0 and Web2.0. At present, we are at an important point in the evolution from Web2.0 to Web3.0. We believe that we will seize and make good use of this major historical opportunity to write a new chapter of high-quality economic development.
At present, the connotation and extension of the concept of Web3.0 are still being enriched and expanded. This is a dynamic evolution process. How to timely follow up, identify the direction, orderly compete, and lead innovation needs the industry, academia, and regulatory authorities to pool their wisdom and jointly promote.
(Author Yao Qian is Director of the Science and Technology Supervision Bureau of the China Securities Regulatory Commission)
