This year we have seen web3 transform from a hyped new chapter for the Internet into an empty promise. The bear market and the series of crypto scandals (Terra, Celsius, FTX) did much of the damage.

However, one fundamental truth has not changed: web3 has the potential to spawn a free market with a currency (Bitcoin), a governance system (Ethereum), a financial structure (DeFi) and an entertainment complex (NFT and GameFi). . That proposition hasn’t changed, check that out, it’s bolstered by the 2022 drama.

There is something else. Web3 can offer a civic square based on protocols (Social Protocol).

age of pericles

We have seen many successful cases in the monetary, governance, financial and entertainment systems, and the Civic Plaza, as an integral part, will surely bring magnificent evolution and development in the future.

Think of it as a digital version of Athens in the Age of Pericles.

At the heart of the project, web3 Social aims to escape the internet giant’s monopolies and focus on data rights attribution, benefit sharing, privacy and security.

Web3 Social can be divided into two parts: protocol layer and application layer.

protocol layer It takes “personal identity (DID) → relationship (graph)” as the basic framework to span various upstream and downstream protocols (eg, storage, communication, content distribution, reputation/certification, etc.).

application layer has two subcategories, native apps (various on-chain social products like IM/forum/Discord etc) and up-to-date apps (Web2 social app plugins).

important report

In a web3 social research report, Bonfire Union, the investment fund of the Mask Network ecosystem, focuses on a review of the important protocols that have emerged on web1 and web2 and provides a comprehensive summary of the current social landscape and opportunities. from web3.

https://drive.google.com/file/d/1-zDNWbEwSZdEkOjI6jPlwGmoEmCjz2v1/view?usp=sharing

The 57-page report traces the history of the Internet from the 1960s to the present, carefully exploring its growth from the birth of the ARPANET to the introduction of the Internet into every home.

The Web, of course, is the most powerful feature of the Internet. To solve problems in Web 1.0, Web2 changed from a world dominated by protocols to one where centralized platforms control everything. This means Google, Facebook, Netflix and other global web platforms.

Forget the giggles… This is why the metaverse will prevail

Internet, broadband, mobile computing… Radical change takes time and the metaverse will be no different.

The next phase will be decentralized because Web2-centric social media platforms are stifling third-party innovations, hitting the glass ceiling on their own user and profit growth.

The next phase will be decentralized. Each generation of the Internet, from Web1 to Web3, has provided solutions to some of the problems that arose in the previous generation of the Internet, but each has created new problems; While we have moved from a world based on protocols to a world where centralized platforms control everything, it can be of great benefit to Internet innovation to take us back to a world where protocols dominate platforms.

Blockchain-based social protocols and applications deconstruct the capabilities of the past. Like clay pots, apps contain user data that in the past has been broken down into small modules, which are relinked through a unified account system to become the new blockchain-based social ecosystem.

Social networks that support the web3 protocol and open APIs that allow access to more protocols will be commercially valuable in the future because organizations and individuals can easily use the infrastructure and get traffic from the open ecosystem. In addition, the relationship between projects changes from competitive to collaborative.

We get insights from the evolution of Web1 to Web3 to truly support digital sovereignty to users through a more open approach:

1. Envision Web3 social network to incorporate protocol-first decentralized governance ethos of Web1 with the improved usability and social elements by Web2
2. Visualize future business value to be measured by your robust social media ecosystem powered by Web3 protocols and allow more protocols to access your open API
3. Wear innovative designs and technologies counter the centralized and monopolistic behavior of Web2 and fight Return the right to information and digital identities of the platforms to netizens

Evidence has shown that centralized social media platforms on Web2 are stifling third-party innovations, hitting the glass ceiling in their own user and revenue growth.

Decentralization is the most optimal way out for new builders and the giants themselves. Witnessing how Web3 technologies (blockchain, cryptography, P2P networks) have shaken the order in the global economy gives us enough faith for the emergence of a new order.

Understanding and being part of the historic movement towards decentralized social networks will make us, builders, investors and cyber citizens, more agile and relevant.

4. As we continue to emphasize web3 composability, the ecosystem of blockchain-based social protocols should look like this:

Building on the reconstructions of the monetary system, financial market, and labor forces in the aftermath of the Web3 revolution, we are now at a historic tipping point where decentralization of social media is inevitable.

Cyber ​​citizens need a new age public forum and marketplace for information that aligns with the values ​​of a decentralized cyberspace. even more important in the Web3 era, especially as its public attributes conflict with the current model of profit-driven centralized platforms.

Independence

In the Web3 era, social networks still function as marketplaces for ideas and public forums. The Web3 revolution is cultural, financial and social, and the impact of this revolution will permeate all corners of cyberspace. From this perspective, the prerequisites for a revolution are all in place:

• An independent treasury (BTC, ETH)

• An independent financial system (DeFi)

• Independent Arts and Culture Alliance (NFT)

• New forms of human collaboration and workforce organization (DAOs)

The missing puzzle is a new infrastructure and ecosystem for cyber citizens to come together and engage in public discourse.

human nature

Today, most of the people heavily use the Web2

communication technology (Discord, Twitter, Telegram, Google) to do so, but the various restrictions of Web2 social networks will inevitably make early adopters of Web3 feel constrained and demand change.

Human nature needs social interaction. In the world of web2, social interaction is hailed as the crown jewel of the Internet, and the social track will definitely have hundreds of billions of dollars worth of companies on web3. The opportunities that networking brings are almost a repeat of the past, which will lead to great investment and business opportunities.