Beijing has released a web3 white paper to promote the industry’s development. The white paper, Web3 Innovation and Development White Paper (2023), highlights that web3 technology is an “inevitable trajectory for the future progression of the Internet industry,” as per a report from a local news source called The Paper. The release of the white paper took place at the Zhongguancun Forum by the Beijing Municipal Science & Technology Commission, also known as the Administrative Commission of Zhongguancun Science Park. The commission has set its sights on transforming Beijing into a global hub for innovation in the digital economy. In pursuit of this goal, the city’s Chaoyang district will spend at least 100 million yuan annually until 2025, as stated by Yang Hongfu, the director of the Zhongguancun Chaoyang Park management committee, during the forum. Zhongguancun is often referred to as the Silicon Valley of China… Read the full article at The Block Read the full version of White Paper from Wu Blockchain Source: The Block, Wu Blockchain, The Paper If you have any questions about launching or promoting your Web3 products or NFT, feel free to contact us for professional advice!
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What is Web3? We might have heard of it as an evolution from its predecessor, Web2, but it is likely that a clear idea cannot be formed from the mere mention of a word. Web3 and Web2 are both umbrella terms that cover a wide range of subjects within their concept. Each of them represents a generation of the internet, sharing some similarities to a certain extent. The easiest way to understand these two however will be learning their differences, as it can tell you how Web3, which hinges largely on blockchain technology, progresses from Web2. There are two main aspects where Web3 and Web2 diverge. Web2 vs Web3: Centralization and Decentralization Web2 is the version of the internet that we are using today. It entails the concept of a centralized system where all of the end-users can share their information or content on the online platforms such as the social networking sites, however, the online platforms will end up being the ones taking hold of the information. This system signifies users’ reliance on them and their services, and its mechanism simply does not allow users to really own the content they publish or transfer data with the platform. Actions are monitored and limited by the platform. Web3 aims to remove such dependency by decentralizing the system with blockchain technology. Acting as a digital distributed ledger that contains information shared with any users from anywhere in the world, it enables us to view and access the information anytime. Once a record (namely a transaction) has been stored on a block, it’s immutable. This means there will be no single party or authority that can own, modify or delete the data of any user or take down the entire network, granting users the true ownership of their digital assets. This crucial difference goes on to further create changes and disparities in the usage of the internet between Web2 and Web3 versions: Transfer of Assets or Transaction Web2 needs intermediaries like banks to authorize the transfer of money, assets or simply transactions. They then extract profit, or information from users during transactions or transfers. On the other hand, the way transactions run according to the Web3 concepts no longer require the transfers of digital assets or any transactions that are made on blockchain to go through any banks or money transfer services, giving users more transparency during the process of exchange. These actions won’t be monetized or charged an extra fee by the financial services for their own gain. Censorship In addition to the transfer of the assets, decentralization implies that there is no centralized authority to oversee the information exchange. Third parties cannot implement content rules or censor any content that infringes the law. In the world of Web2 however, any social media site can remove posts they deem as offensive or harmful to the community. Sometimes a site can get overly restrictive with its censorship, making the room for freedom of expression vastly limited. Web3 can provide an uncensored and unfiltered space for users to share their content for everyone to see. Web2 vs Web3: Top-down Structure and Bottom-up Structure Web2 has a top-down structure in terms of the way the system operates. Most technology corporations or organizations have board of directors or executive management team to set the main goals, then pass on tasks to the lower leveled staff teams for distributing the work and execution. In the case of the services provided on the internet during the era of Web2, the developers who invent their own program or software typically have absolute sovereignty over it. As it expands into an entity that operates as a business organization, they will be the sole decision-makers with regards to the technical updates and business changes towards the program and the network. There may be employees who are allowed a certain level of authority to enforce changes to the system, but these type of actions are strictly prohibited for the end users as they are unauthorized to influence the decisions. To adhere to the decentralization of the internet, Web3 adopts a bottom-up approach for the structure of the governing body that runs the system, which is the polar opposite of Web2. Whereas Web2 offers a version of the internet that only permits the developers or top level management to modify the codes of the software or the platform, Web3 itself is open source, spawning an internet that is filled with public-owned programs and platforms, building a permissionless infrastructure; end-users can make changes to the codes and participate in making critical decisions by themselves without the need of authorization. This was how the existence of Decentralized Automomous Ogranizations (DAOs) emerged, coming into play within the framework. They are the organizations that utilize blockchain technology to ensure its operation, which can be to create new applications or serve as a means to fund more blockchain or NFT projects. DAOs are governed by their individual members, allowing them to make important decisions collectively and vote on proposals. Only through reaching consensus can they move forward with the change. The authority spreads across the hands of the users, forming a structure that passes the power from the few to the many. Here are the 13 essential terms you need to know before venturing into the world of Web3: 13 Essential Terms You Must Know to Get Yourself Familiar with Web3 If you have any questions about launching or promoting your Web3 products or NFT, feel free to contact us for professional advice!
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Web3 is making huge waves in the world right now with its ever-growing popularity. It influences many facets of our lives, particularly how we conduct business, and how businesses interact with their customers. To adapt to a future world powered by this trending technology, you can start by getting yourself familiarized with basic concepts, and learning their terminologies and glossary. Through understanding 13 Essential Terms of Web3, you will form a better picture of the whole idea behind Web3. Here are the 13 essential terms you need to know before venturing into the world of Web3: Airdrop Airdrop means a distribution of cryptocurrencies, tokens and NFTs to wallet addresses for free by any Web3 or crypto projects as a form of reward or incentive to their users who for example use, invest, or join their projects. It is regularly utilized as a marketing strategy to generate more interest and encourage more support towards a launch of a project. Blockchain Blockchain is a type of digital distributed ledger that is open for public access. It stores all the transactions and records which are shared on a network of computers, without being managed by a centralized authority. Each block contains a list of verified transactions. When all the blocks, which consist of previous transactions link together, it forms something identical to a chain. Cryptocurrency Cryptocurrency is a form of digital asset that is meant to be used as virtual currency or a medium of exchange, and can only exist on blockchains. All the cryptocurrency payments are secured by cryptography, which enables them to take place without the need for a bank. The transactions can happen at any time between anyone. DAO DAO stands for “decentralized autonomous organization”, which is controlled by all of its members and has no centralized leadership to spearhead, or any conventional hierarchical structure of a company. The transactions or financial records of the organization, along with its rules as program codes, are kept on the blockchain and are open to all members for access and viewing. This creates a safe, transparent, and collaborative space for the members to contribute and build with, and exercise their rights together. There are various categories of DAOs including social, investment, or entertainment types. FOMO FOMO is short for “Fear Of Missing Out”. It originated as a common term to describe a psychological state or a phenomenon that emerged during the age of social media. In the world of cryptocurrency and investment, it describes a situation where an investor decides to buy a digital asset when its price has gone up significantly, as they fear they may not be able to capitalize on the increase before a pullback happens, missing the opportune time to invest. FUD FUD is an acronym for the term “Fear, Uncertainty, and Doubt”. Considered to have the opposite meaning of FOMO, FUD refers to the exaggeratedly negative and pessimistic mindset about a certain digital asset or the market in general, which usually turns out to be unjustified. FUD can be used as a tactic or method to spread fear and uncertainty about a digital asset, preventing the investors from further buying, keeping the asset at a lower price. HODL HODL is a misspelling of the word “Hold”, and now it is frequently meant as an abbreviation of “Hold On for Dear Life”. The slang term originated as a typo of the word “Hold” on the Bitcointalk forum, which was explained to have a meaning of holding one’s bitcoin when the price has dropped. Rug Rug is short for “Rug Pull”. Rug pull refers to a fraudulent act or scam in which a developer or founder promotes their crypto project to drive up its price rapidly on purpose, but has the project abandoned or canceled abruptly as soon as they collect enough money from the investors for their own gain. This type of scam happens usually in the decentralized finance (DeFi) world. Metaverse A metaverse is a digital space that theoretically exists on a blockchain network. Connecting multiple shared virtual worlds and elements such as online game consoles, computers, mobile devices, social media and augmented realities together. People can join in and live as their own avatars in this virtual environment. The goal of a metaverse is to make social interactions and bonding between people from all over the world possible without physical constraints, and to link the real world with the virtual world. Mining Mining denotes the process of verifying cryptocurrency transactions on a blockchain network, storing the record on a block which will be then added to the whole blockchain. The validation process can avoid double-spending of a coin or the virtual money, usually due to it being run by verified and trusted miners from the network, and using a Proof of Work consensus. Normally, they will be rewarded coins for adding a block or mining successfully NFT NFT is an acronym for “non-fungible token”. Each of the NFTs is a token that represents the ownership of a unique digital asset recorded on the blockchain, and is not interchangeable with any other token and cannot be replicated. Unlike cryptocurrencies which are fungible, NFTs can represent various items such as digital artwork, a limited edition product, a game item, a domain name, a collectible, a voucher, or even a property. Most NFTs can be found on the Ethereum blockchain. To The Moon “To The Moon” is a phrase regularly used by cryptocurrency investors when they see the price or valuation of a cryptocurrency or an asset go up remarkably, indicating a big return. The phrase is a figure of speech to say that the price spikes so much that it almost reaches the height of the moon. Whale A holder who has a large amount of a particular cryptocurrency is called a whale. The amount of cryptocurrency they hold allows them to potentially manipulate or influence the market price. If you have any questions about launching or promoting your Web3 products or NFT, feel free to contact us for
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