In the preface to the book “WEB 3.0: Enabling a New Era of Digital Economy”, renowned economist Chu Ka Ming said that a new era led by Web 3.0 is coming. 2022 was indeed the year when a new era led by Web 3.0 will arrive.
At the beginning of 2022, the AET community started to build a new community ecosystem in the era of Web3.0. The community that AET wants to build is a community in which all AET members are masters, all members build and govern the community together, and share the results of their own creation.
In the AET community, AET members are the owners of the AET community, they are both the contributors and beneficiaries of the community. In Web3, the future of a community is a user-centered people-oriented community.
Web 3.0 is a more open, fair, and secure network. With the development of blockchain technology, in the new web world, users can create a decentralized universal digital identity system. Relevant user data can be stored through a distributed database, managed only by the users themselves, and autonomously authorized to carry out what operations with what identity information, ensuring the user’s data rights and value attribution. , while protecting privacy and security, coupled with smart contracts and other technologies to achieve a more equitable business model. Web 3.0 is fairer and more accessible than Web 2.0.
From Web 1.0 to Web 3.0, the Internet has seen a shift from users only able to read and write information to be able to own the Internet itself. The digital economy has evolved in stages starting from the information economy to the platform economy to now the pass-through economy. Emerging concepts such as DeFi, NFT, and DAO have reshaped the entire Internet, driving the world into the Web 3.0 era while truly returning the ownership of data to users and empowering the new era of the digital economy in all aspects.
The core value of the so-called Web 3.0 is to build a new network of decentralization, value co-creation, and distribution by contribution. A network on which users create and own the value of data assets, which can meet the requirements of industry and society for platform decentralization, elimination of data and application silos, and construction of a data governance framework.
In the Web 3.0 era, network participants can obtain rights and interests through such
passwords as AET and derive a passbook economy from them. Everyone can enjoy decentralized services in various fields such as computing, storage, and assets. Everyone can be the controller, manager, and owner of their own information data, challenging the traditional corporate system. However, this stage is still in its early embryonic state.
Web 3.0 has a clear positive value for the development of the digital economy, mainly in four aspects:
Firstly, it realizes a new paradigm of network organization and value circulation; Web 3.0 realizes digital content association based on blockchain technology, and users can control the use and flow of digital assets through self-controlled private keys, making it easier for users to provide forward-looking solutions for value circulation.
Secondly, Web 3.0 establishes an open technology ecology based on blockchain and reduces centralized security risks through distributed data storage, peer-to-peer communication protocols, and contract utilization of data circulation rules.
Thirdly, Web 3.0 returns data rights and interests to data subjects through digital content association, allowing users to create and consume content through passes, gain ownership of their own content creation, and protect personal privacy and security.
And finally, Web3.0’s digital asset system can strengthen and expand the digital economy, reduce the cost of trust between multiple parties, promote the emergence of new business models for value flow, create an immense “digital native economic system” market in the digital world, and expand the growth of the digital economy.
The core of Web 3.0 is to solve the problem of data ownership and value expression in the digital world, which is expected to transform the Internet in three aspects: technology, industry and economy. The core of Web 3.0 is also to promote innovation in production methods, organizational order and economic forms. In the era of the digital economy, those who participate in the construction of Web 3.0 will change from users to owners and participate in the construction of an equal and open economy, as participants, consumers, contributors, etc.
Through passwords such as AET, the connection will be converted into ownership, and they will truly control the digital autonomy, guaranteeing that “those who work get what they want” and spreading the wealth to the entire creator community and all ecosystem stakeholders. In view of the success of the AET community, the LB community is also building a new type of community in the context of the Web 3.0 era to share the fruits with its co-constructors.
The road ahead for Web3.0 is still long and full of challenges, says Jia Ming Zhu. With the concept of building Web3.0 together, AET community and LB community have gathered many Web3.0 builders, and with these participants, the new era of the Internet will eventually come faster.