（1） Development concept

The evolution from Web1.0 to Web2.0 and then to Web3.0 reflects the upgrading of the concept of Internet development. Web1.0 is based on the idea of providing information services to consumers. Its typical application is the portal website represented by Yahoo, Sina and Sohu. Its main feature is that the portal website dominates the creation and provides services to consumers. Users can only passively browse text, pictures and simple video content. Web2.0 is based on the concept of matching workers and consumers. Its typical applications are intermediary platforms represented by Taobao, Meituan and Didi, and content social platforms represented by WeChat, Weibo and Diaoyin. The main feature of Web2.0 is that the platform acts as an intermediary to match the multilateral market. Users are not only consumers who enjoy services, but also workers who provide services, Trade labor, create content or conduct online social activities on the platform. Web3.0 is a new generation of Internet based on the concept of distrust, disintermediation and digital capitalization, with blockchain as the underlying key technology, and digital production and consumption as the main economic form. Its main feature is to use distributed ledger technology to reconstruct Web2.0 application logic, and use blockchain trusted collaboration, distributed execution, data protection Assets transfer and other capabilities further integrate information flow, business flow and value flow, replace existing Internet application services with more standardized and concise on chain smart contracts, and eliminate dependence on central institutions.

Evolution of key characteristics of the Internet

The concept of blockchain based Web 3.0 was first proposed by Gavin Wood, the co-founder of Ethereum, in 2014. If we use one sentence to explain Web 3.0, Gavin believes that Web 3.0 is to make the Internet "less trust, more truth". In his eyes, Web 3.0 is to reduce users' "trust" in Internet centric institutions by using distributed systems, cryptography and other technical means. In the article "Web 3.0, in a word", Messari Research, a Web 3.0 research institution, defined that the feature of Web 1.0 is "read"; Web 2.0 is characterized by "read+write"; Web 3.0 is characterized by "read+write+own". Coinbase explained in the article "Introduction to Web3 Architecture" that "Web 3.0 gives users the ownership of their creative content, and users control the ownership of data and assets through the blockchain". Chris Dixon, partner of A16z, said that "Web 3.0 is an Internet jointly owned by builders and users with digital assets as the medium". In March 2022, Yao Qian, Director of the Bureau of Science and Technology Supervision of the China Securities Regulatory Commission, published an article in China Finance that said "Web 3.0 is an Internet infrastructure owned and trusted by users and builders, and a new economic system built and shared by users and builders".

The current Web 3.0 has multiple definitions to meet the value proposition of different participants. The broad sense of Web3.0 refers to the next generation Internet, while the narrow sense of Web3 refers to the current global blockchain industry ecology. Web3 is only one of many technical concepts in the Web3.0 stage. Whether Web3 can develop into the next generation of Internet remains to be discussed. Web3 contains two core value propositions: digital capitalization and disintermediation. From the perspective of digital assets, Web3 emphasizes the circulation of value, and believes that digital property rights in the digital space can be efficiently circulated, and anyone can create value, share value, and obtain value on the Internet. From the perspective of disintermediation, Web3 emphasizes development and co construction, and believes that Internet application services should be open enough in technology, data, intellectual property, algorithm code, functional interface, financial market and other aspects, so that ordinary users can participate in the production, exchange, consumption and other aspects of Internet application services.

Core value proposition of Web3.0

（2） Key requirements

The underlying logic of the rise of the Web3.0 concept is the change of people's demand for the Internet and digital space.

First, the demand for science and technology to be good. Web3.0 is a social movement that evolved from open source culture, geek spirit, cryptopunk and other cultural trends with the original intention of "science and technology for good". One of the driving forces behind the rise of the Web3.0 concept is to solve the "monopoly" and "evil" problems existing in the current development of the Internet. Geeks hope to create a digital space of identity autonomy, data autonomy, algorithm co governance, de monopoly, and de vicious competition based on the blockchain's distributed, tamper proof, publicly verifiable, code is law and other characteristics.

The second is the demand for openness and co construction. With the continuous evolution of blockchain, artificial intelligence, virtual reality, digital twins, human-computer interaction and other new generation information technologies, the independent development of various technologies is facing the bottleneck of large-scale implementation, unable to form a closed-loop business ecosystem. The emergence of Web3.0 has provided a newer, larger and more focused concept and business model for various technologies, so as to facilitate the deep integration of the whole industry chain and further promote the commercialization.

The third is the demand of digital nativeness. With the development of economy and the improvement of people's living standards, the needs of Internet users are also constantly advancing towards higher dimensions. People's needs are gradually developing from material consumption to spiritual and cultural consumption, from meeting basic needs such as physiological needs and security needs to meeting high-level needs such as social needs, respect and self realization, and from physical form to digital virtual form, From digital migration to digital native development, as people's sense of material scarcity generally decreases in the future, human cultural and entertainment needs will usher in a new height, and digital native goods and services will become an important part of the Internet industry.

Key Technologies of Web3.0 from Maslow's Hierarchy of Requirements Theory

Web2.0 means that the Internet today is an information Internet with information as its core object. Its core feature is the interaction between algorithms and information. Using algorithms to generate and distribute information, it has realized the trend of information flow towards "zero marginal cost", and has realized the digital economy development model with platform economy as its core engine. Web3.0 is an Internet of Value with digital assets as its core object. Its core feature is the interaction between algorithms and assets. It uses algorithms to generate and distribute digital assets, realizing that asset flow tends to "zero marginal cost".

Web3.0 marks digital space resources as digital assets through blockchain and smart contracts, and users can own part of the digital property rights of the Internet based on digital assets. For example, Web3.0 emphasizes that users have ownership of personal data and the right to participate in governance of Internet platforms and applications. At the same time, digital assets are a new type of digital equity certificates. The introduction of digital assets means that an endogenous new equity trading market has been established on the Internet. Users can create, trade and consume their own digital property rights in the online market. The digital property economy it brings will completely change the development mode of the digital economy.

Measurement of the scale of digital economy generated by the Internet over the ages

（4） Key characteristics

The software development model is divided into cathedral model and market model in Cathedral and Market. The cathedral model is a typical top-down closed source business model in Web 2.0, with a top level dedicated team as the executive leader. Users need to fully trust enterprise personnel to manage funds and execute services. The market model is a typical distributed open source development paradigm of Web3.0. Users no longer trust people, but trust the technology itself. Alliance chain and public chain are exactly the products of blockchain technology in two modes. In the future, the two modes will also derive two schools of the metauniverse. In the end, the two models will converge. The church needs to expand its users with a more open model if it wants to be bigger, and the market needs to form more strict access rules and supervision system if it wants to be bigger.

Web3.0 is a digital upgrade of the open source business model

Web3.0 emphasizes the openness and co construction of builders and users. Open source is the basic feature supporting the open and co construction of Web3.0. Open source implementation is not only a benefit to consumers, but also a manifestation of the spirit of Web3.0. The industry's recognition of Web3.0 mainly comes from its open and inclusive ecology, and its technology applications are open and transparent in data, algorithms, functions, interfaces and other levels.

Web3.0 not only allows users to directly verify the authenticity of the system at the code level, but also provides users with a more thorough security verification mechanism. Moreover, applications are completely transparent in production and operation, fully eliminating the negative impact of the algorithm "black box". Because of the basic features such as open source code, open governance, and transaction availability, Web3.0 can derive some advanced features, such as the openness and co construction of the network, the composability of algorithms, and the portability of data.

Web3.0 emphasizes giving users more autonomy. Cryptography is the basic technology supporting Web3.0 user autonomy.

Web3.0 has a value of private property protection. It hopes to transfer the digital property rights controlled by the Internet platform to users, which is a core driving force for the development of Web3.0. Starting from the fundamental cryptography, Web3.0 hopes to develop a new set of digital property rights system through blockchain and smart contract. Token is a smart contract at the technical level. It is a digital property management tool guaranteed by cryptography in essence, and can represent the use rules of digital property rights in the digital space.

Opening and co construction of the network: Web3.0 will open and share data, algorithms, computing power and other digital resources on the blockchain and verify digital rights. Organizations or individuals can independently participate in network infrastructure construction, provide storage, computing, network bandwidth, digital content and other resources for Web3.0 digital space, and ensure that the labor and resources provided by users can be effectively recorded and verified through cryptography.

Combinability of algorithms: Different data, algorithms, computing power, identities and applications can be combined randomly, like "Lego bricks". One application can become the creative material of another application, and different applications can be combined to become larger applications.

Data portability: Web3.0 gives users the right to carry data. User data can be "freely migrated" and "changed from door to door" between applications. If users are not satisfied with one application, they can migrate their data to another application at any time.

Autonomy of algorithmic governance: The correct operation of application rules and digital society system is ensured through cryptography. Users participate in the governance of application business functions and development directions based on digital equity certificates, so that each participant can master the voice of algorithm governance.

Autonomy of identity data: Through cryptography, users can control their digital identities, control the flow of personal data, protect personal privacy information, and effectively avoid chaos such as "information cocoon room", "one out of two", "algorithm discrimination", and "big data killing".

Changes in the rights and interests granted to users by the Internet over the generations

（5） Core values

First, it is expected to shape a new system of Internet technology. The data collection, storage and use of Web2.0 are mainly centralized, and there is motivation and risk of excessive collection and abuse. However, Web3.0's technology governance system based on open source and cryptography can effectively avoid such chaos as "information cocoon room", "one out of two", "algorithm discrimination" and "big data killing". First of all, the core idea of Web3.0 is to transfer data ownership from the platform to individual users, realize data ownership confirmation based on blockchain and cryptography technology, and ensure that data owners can independently authorize whether personal data is allowed to be used by others, so as to realize the transformation from data abuse to data autonomy and control. Secondly, Web3.0 emphasizes the correct application of technology and contributes to the realization of open and co governance of algorithms. Web3.0 will open source the algorithm code, establish a self certification trust mechanism through cryptography, ensure the correct operation of applications as required, allow the core team, independent developers, and users to jointly govern the business functions and development direction of applications based on digital equity certificates, so that each participant can master the voice of algorithm governance, So as to realize the transformation from algorithm abuse to algorithm openness and co governance. Finally, Web3.0 regards the blockchain as the public infrastructure for Internet logic processing and data storage. All infrastructure, components and applications can be accessed through the digital wallet, and they can communicate, verify and exchange value with each other without obstacles. This not only reduces the platform's monopoly on data, but also provides an effective solution for cross application data sharing.

Second, it is expected to optimize the Internet development model and industrial pattern. With its technology and channel advantages, Web2.0 large-scale Internet platforms have intensified capital monopoly, dominated the rule making of economic benefit distribution, and further reduced marginal costs through the scale multiplier effect to enhance the voice, leading to a "winner takes all" situation in the market. The decentralized transaction processing mode of Web3.0 is an attempt to solve the problems of monopoly of the central platform and unbalanced benefit distribution. On the one hand, Web3.0 reconstructs the traditional centralized closed business with a multi-party collaborative distributed architecture, and forms an open, interoperable and participatory business ecosystem through a more transparent business cooperation mechanism on the chain. Public data accumulation and diversified applications in the open ecology will continue to enable technology and application innovation, so that more SMEs, micro organizations, independent builders and creators can benefit from the open ecology. On the other hand, the creator economy in Web3.0 will promote the creation and dissemination of digital content as well as cross domain comprehensive utilization, form a global digital content circulation market, and open up new development directions of the Internet industry. The development of Web3.0 is expected to help China's excellent culture go to sea on the basis of optimizing and strengthening China's cultural innovation, cultural consumption and digital culture industry.

Third, it is expected to build a new paradigm of Internet economy. Web 2.0 has solved the problem of information flow among various subjects, but it has not solved the problem of value flow above data flow. Relying on the blockchain's original token economy system, Web3.0 maps data and assets into various digital equity certificates without the support of third-party credit. It is an innovative attempt to solve the problem of data value circulation by means of digital certificate circulation to realize data rights confirmation, data transaction, data circulation and other applications. Web3.0 forms a complete set of "digital native society" operation mechanism by establishing basic social elements such as identity, community, activity, commodity, finance, etc. on the blockchain. The emergence of NFT has brought digital primitive goods to the digital primitive society, making the production and consumption of the digital primitive society form a value closed-loop. Users can "organize production - consumption - expanded reproduction" in the "digital primitive society" to form a "digital primitive economy" system. On the basis of optimizing and strengthening the digital economy, Web3.0 can create a self recyclable "digital primitive economy" market in the digital space, and expand the new space of the digital economy.