The previous cryptocurrency bull market gave the public about WEB3.On January 11, the US Securities and Exchange Commission approved the first batch of spot Bitcoin Exchange Listed Fund (ETF), and investors can invest Bitcoin through securities accounts.What is the development of web3 recently, what is the relationship between web3 and Bitcoin, and what is the future development trend of Web3?We will share the thinking about web3 recently.
Let's talk about the origin of Web3 first, the birth of Bitcoin.Bitcoin is a point -to -point electronic cash system based on the blockchain as the bottom layer. It proposes that value can be spread directly without being controlled by third -party intermediaries.Ethereum, which is based on this foundation, achieves decentralized applications through smart contracts.Bitcoin and Ethereum have changed the pattern of payment systems, asset categories and international financial geopolitical.
The Singapore government has used Ethereum to build digital infrastructure, such as Tradetrust for international trade, and Opencert verification the authenticity of the certificate issued by education institutions.Singapore regulatory agencies have issued a license to Digift to Digift.The ERC 3525 of the Solv Foundation is used to build infrastructure for the Singapore Financial Administration and Ghana Central Bank.Other countries also use Bitcoin and Ethereum concepts to build a new payment system.The US regulatory agency understands the importance of centralized exchanges like Binance and has therefore participated in the board of directors.Losing control of cryptocurrency supervision will have a significant impact on the international trade and exports of a country.
In 2014, Gavin Wood, the founder of the Pokka and Web3 Foundation, defined web3.0, advocating the use of blockchain to record public information, protect personal privacy, and use smart contracts to eliminate the demand for trusted third parties with smart contractsEssenceThis is the first time to introduce blockchain into the Internet.Wanwei.com is web1. Users only read. The current Internet is web2. Users only read and post articles. Web3 allows users not only to read and write, but also control the content they posted.The emergence of Web3 is to solve the problems of Web2, including user rights deprivation, privacy leakage, creators weakness, and power abuse of centralized platforms.
Web3 has two important developments last year, namely INSCRIPTION and decentralized infrastructure networks (DEPIN).
Bitcoin, as a stored asset, developing an innovative ecology for Ethereum, has been a consensus for a long time.But after the Ordinals protocol, people began to explore the possibility of Bitcoin development and application.Under the agreement, Satoshi, the smallest unit of Bitcoin, was given the number system, the order number.Each Cong obtains a unique serial number based on the sequence of the excavation, which gives each Cong's irreplaceableness.The subsequent inscriptions can be recorded on Cong.The order number gives Cong with the characteristics of non -homogenization, and the inscription adds unique unique information to these Cong.The combination of these two has created a new token standard for the Bitcoin ecology, namely the BRC20.
The value of the initial inscription is driven by the consensus of the cryptocurrency community and the MEME culture. Psychological value is similar to traditional collections or pets.Because as a semi -simultaneous modern currency, the inscription is better than other non -homogeneous collections.The mechanism of the fairness issued by the inscription brings a fair and inclusive financing method.
The inscription has become an important category.Based on inscriptions, the Bitcoin ecosystem is developing, and miners' handling fees are greatly improved. After the bitcoin is dug in the future, how to motivate miners to maintain network security and find a way out.Bitcoin may also be realized in what Ethereum ecology can do.By then, Bitcoin is not just stored as value storage.
With the launch of Bitcoin ETFs such as Bellaide and other Wall Street giants, Bitcoin has moved from niche products to mainstream, and it is no longer just hedging or only for value storage.These will enhance the demand for US dollars, USD securities and debt.The pressure to sell US debt may be reduced.The international financial pattern is changing, and the concerns of Libra's Stable currency monopoly on Facebook are deepening.
Another application example that is about to detonate is DEPIN.DEPIN uses cryptocurrency incentives and coordinated decentralized infrastructure.DEPIN is an important link in the virtual encryption circle and the real world, which can effectively coordinate leisure resources.
In the early days of the start of the project, DEPIN uses token to inspire users to participate in ecological construction, attracting strong developers to provide more cost -effective products.As more and more users use services, the project party income increases.These income can be used for market value management and further marketing, giving demanders and suppliers in return to inspire more participants.DEPIN will have a good positive flywheel effect during the bull market.The research institution MESSARI predicts that DEPIN will reach a scale of 3.5 trillion US dollars (about $ 4.7 trillion) by 2028.DEPIN will promote electric vehicles to become the biggest application of Web3 in the real world.Consultation agency McKinsey predicts that from 2021 to 2030, global demand for electric vehicles will increase six times, and annual sales will increase from 6.5 million to about 40 million vehicles.The fastest -growing cryptocurrency in the virtual economy is combined with the important development of the engine electric vehicle in the real economy, and it is expected to jointly promote the development of the two industries to a large level.Entrepreneurship directions such as electric vehicles and components, use tokens to motivate charging piles or shared travel, MPC wallet solution to centralized platform control issues, etc., are only attracting bricks.From an economic perspective, this will make the market more efficient and asset utilization.The current electric vehicle industry is equivalent to Bitcoin in 2013. Although it has reached the scale of remarkable, its future growth potential is huge.The industry is facing price competition and the market is integrating. This is because neither the web3 and the electric vehicle industry have not considered the integration of the two.
In the Web3 wave, we are standing at important historical nodes.On the eve of the Financial Technology Festival last year, Temasek Trust signed a letter of intent to cooperate with the Singapore Financial Administration to jointly build an open source and mutually operating technical framework.According to this framework, the Flex Financial Technology Loan and Investment Exchange supported by the Global Fintech of the Global Fintech support, and the CO-AXIS platform of Temasek Trust, has become a fulcrum for exploring investment in fintech and social benefits.Fintech companies, web3 projects, and electric vehicle companies will enjoy the opportunities for free display on the Flex digital platform.Certified fintech professionals will be displayed in the talent resource system.This is not only the efficient docking of technology and capital, but also a significant improvement of the comprehensive strength of the Web3 ecosystem.
The first year of inscription and DEPIN in 2023, it is expected that web3 will launch new products at a speed of more than most people in 2024, providing unprecedented "assets and data ownership" for users in the Internet era, and for ourLife brings more beautiful possibilities.
Author Li Guoquan is a professor at Singapore Social Sciences and chairman of the School of Fintech
Zheng Jinsheng is a researcher and doctoral student of New Social Science and Technology
