Whenever someone talks about Web3, I always wonder, "Wait, what do you mean by Web3?" The reason I ask this is 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 mainly 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 that is readable, writable, and ownable.
Here, we may need to distinguish between Web3 and Web3.0, not for any particular reason, but probably because it sounds smoother. Slowly, people started calling Web3.0 as Web3. However, we still see some people insisting on using the term Web3.0. It seems like everyone is talking about Web3, but I dare say that most of these people are dissatisfied with the current state of Web3... For example, Tim Berners-Lee: [link to article]. 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 and those who want to revolutionize happen to 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 from it. Regardless, the evil of centralization in Web2 and the decentralized internet ideal of Web3 can be known by more people, which has an impact on everyone in this industry. And I believe that it is only when the underlying concepts become clear and separate that I will acknowledge that what I am doing belongs to 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: 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 connections between people continued to expand and evolve. But in this article, I want to revisit what I initially saw in Web3 and what I wanted. Why did I jump 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. By recalling the initial passion, I can find the support and strength to continue.
So, what is Web3 to me? For me, Web3 is a decentralized internet revolution that is not limited to the internet itself 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. 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, the recommended information is what "they" think I should see. This is an asymmetry in the power to set the rules of the game. On a larger scale, growing 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 an asymmetry in the power of discourse. From Web3, I see the possibility of changing all 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 essentially 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 now own their own data instead of it being monopolized by large institutions. This is also the beginning of a more decentralized power of discourse and pricing.
Does Web3 always have to have tokens?#
Another discussion I often hear is whether Web3 must always have tokens. I believe it does. Power systems have hierarchies, and economic power is usually at a lower level. Only by having economic power is it possible to have power in discourse, pricing, and other areas. And of course, an economic system 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. Each of us can have our own token, and 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. A value circulation system with a broader coverage provides a more robust foundation for the decentralization of higher-level power.
Regarding the transformation of Web3 in terms of value circulation, this is not something I initially realized, but something I came to understand as my understanding became richer. Beyond the structure of power, I also see its "asset" aspect, and at the same time, I realize that these two are usually intertwined - "ownership" is a form of power, but also a manifestation of assets.
Today, Web3 has attracted a lot of capital because of its asset attributes, resulting in many unrealistic expectations and the creation of many bubbles. However, 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 overcome 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, and Hey. Dissatisfied with the current monopoly of information distribution on the internet, we started working on RSS3. In 2022, we were not satisfied with just information distribution and continued to explore ownership and social domains, holding onto the ideal of liberating the information society. We started a new project called Crossbell. As I mentioned earlier, from Web3, I see the hope for social change. As social interaction is the cornerstone of society, we should never compromise. We should not use other concepts to blur the meaning of Web3 and deceive ourselves into avoiding difficult issues.
Lastly, I welcome any individuals, teams, or projects who are interested in exploring decentralized social interactions to chat with me and collaborate. Of course, if we don't collaborate, it's okay. It is enough for us to see each other in the cold winter night:)