Original Author: Jerry, Cherry, MetaJames, BeeGee
We are entering the Web3 application era of integration of technology and industry, and there is no need to say more about the value investment and research opportunities of this track at this stage. But we have to start with solving the problem, because if the following problems cannot be solved, Web3 will not be able to release the potential energy of technological change industry.
1. Lower the threshold for users to enter the Web3 world;
2. Strengthen the circulation and management of users data/assets/tokens in various application systems;
3. Improve the convenience for users to communicate between different application ecosystems.
To this end, we carry out a series of content planning on this theme, including TwitterSpace seminar salons and investment research articles; this article is the first in the series of breaking the topic, which was co-created and completed by TheprimediaDAO; the second stop of Looking for the next round of bull market After breaking the three major barriers of Web3 technology and industrial integration in the seminar salon, we interviewed SafeTreasury, an asset management platform on the chain, for the second topic, which focuses on providing asset management services for Web3 and DAO Builder users and promoting Builder For user collaboration projects, please look forward to Breaking Questions II.
1. Value logic
Although the early decentralization preaching was filled with too many plots of hype and harvesting in the currency circle, we still need to establish beliefs—user information and data in the Web 3 world are valuable, and individuals own all identity elements/digital assets. Dealing with permissions, on this basis, combined with DeFi, GameFi, NFT, DAO and various Web3 applications, we are entering the construction of grand future scenarios such as DeSoc and Metaverse.
And this constructed narrative concerns each of our users, which is the charm of Web 3. We believe that the value logic of Web 3 lies in how to complete the grand vision from industrial ecological iteration, economic relationship reshaping, digital age change and metaverse social evolution in the context of User Builder Economy. This historical process is unprecedented in the history of human beings. Previous social iterative processes all come from the top-level design of top-down design, but the social practice of Web3 is bottom-up and voluntary Builder participates in the contribution and construction composition.
The practice of DeFi has successfully demonstrated the charm of the User Builder Economy, but classic designs such as liquidity mining are still limited to investment/speculation. If Web3 applications are to be accepted by the general public, the most important stage is de-financialization. It needs more business scenarios other than financial tools, such as social networking, payment, and creator economy. These business scenarios are bound to carry A large amount of user data and user requests, and the most basic low RT (request response time).
Therefore, the basis of the discussion in this article is to lower the threshold for users to enter the Web3 world. For a long time in the past, in the world of Web3, decentralized technology and application value cannot have both. This has also caused a paradox between the grand vision of Web3 and the stagnation of the actual ecological construction, and even the process of encryption ecological construction has been penetrated by the desire for wealth in the currency circle. However, after experiencing this round of bull-bear conversion, the Builder has forged ahead. In the public chain narrative of Ethereum’s transformation into POS and the division of labor between Layer 1 and Layer 2, we have the opportunity to choose a path to enter the era of web3 applications. Therefore, The value logic of this can be explored.
1. Social products are the cornerstone of the application ecology of Web 3, and its strategic significance is more prominent than the importance of social applications on the Web2 side in the Internet system——Web 3 social applications will combine with DID to form the Web 3 world/DeSoc/Metaverse The value logic related to the User Builder Economy such as the corresponding user identity, contribution, assets, reputation, etc. can be established.
Of course, it is necessary for us to clarify the concept of Web3 social networking by denying the badly hyped SocialFi in the currency circle. SocialFis social mining uses Token tokens to stimulate users to use products, and the activity is achieved by creating information, importing traffic, and making big data. This is doomed to fail to complete the transformation of function > hype and truly retain users who meet real needs.
The Web3 social graph, that is, the graphization of social relationships, should be understood in the iterative process of Web2 social networking sites: in the existing social network, there is a phenomenon of reverse flow of information flow and data flow—the information between users The flow flows in both directions, but the data behind it is not synchronized; the information flow between individuals forms a centralized node in the communication; the monetization of the data flow is monopolized by the platform, which is equivalent to the invisible legal exploitation of the individual by the platform.
Web3 social graph information flow and data flow flow in the same direction, and the relationship can be tokenized, there is no central node (decentralized social applications should be componentized, in different groups, I am the edge node and the central node can exist at the same time), there is no difference in the weight of DIDs value return based on contribution; in addition, the social graph can be cross-chain and interactive, which will naturally dispel the centralization of content. Social Graph can also be combined with DID to form an upgraded version of the privacy system On-Chain Credit System, which provides value guarantee for the encrypted economic ecology based on Web3 applications.
For example, based on programmable credit expansion, Metahub proposed the programmable credit consensus mechanism of the protocol market maker (PMM), realized the credit expansion curve of the point-to-pool (NFT: FT), and passed the FT token through the automatic clearing and settlement (AMO ) is packaged into NFT dynamic credit; through the continuous adoption of NFT dynamic credit, NFT credit expansion is promoted, dynamic credit is nested into the Rebase contract, positive external income is obtained, and dynamic credit is credit enhanced.
2. The value of Web3 lies in the return of creative rights to the hands of individuals, and the creation itself has thus begun to surface. With the purpose of creation itself and the value orientation of retention on the chain, such a Web3 creator economy is worth looking forward to.
For example, Crossbell, a content monetization/ownership platform, returns the data sovereignty of individual created content to creators, and the information generated by social activities will be the initial form of user data ownership on Crossbell. Its a game-changer with built-in capital design that empowers users to take back ownership of their data.
Here we want to further emphasize the value of NFT in the Web3 application era of User Builder Economy - NFT can widely exist in GameFi, Metaverse, and DeSoc, and its functional direction is monetized by content.
For example, Polygon released the new NFT Minter, which allows the use of custom programs to create NFTs without Gas fees, encouraging more users to participate in the Builder Economy.
On this basis, monetization of content can be understood as the tokenization of personal value. When it enters the world of Web3 applications more frequently and widely, the basic rights and interests of the User Builder Economy will be guaranteed.
3. From To business to ToBuilder, this is also the iteration of SaaS services in the Web3 world to the Web2 era. Behind the change of users is the upgrading of production relations and the evolution of economic forms.
In the case of Dune and Nansen, such tools are more likely to be infrastructured. Dune and Nansen do not need to include transaction functions, and users can customize function modules. In essence, this is a pipeline device. After users develop good habits in the process of continuously querying and accumulating data, the traffic will naturally have commercial value. Another example is the Skiff decentralized mailbox + cloud document office suite service. All records of email communication and cloud document collaboration between the two parties are stored directly on IPFS without going through a centralized server; this service can be used for personal daily writing and communication , can also replace Google workshops office suite, and is completely implemented based on IPFS.
In the social graph and creator economy based on the User Builder Economy, SaaS has a universal application demand in the Web3 world, and because DID empowers the social graph and creator economy, this iteration of ToBuilders SaaS service scene will inevitably bring Come value opportunity.
2. Realization path
At present, many web3 projects lack a sense of reverence for users, thinking that users should do this and teach users what to do. There are only two technical differences between web2 and web3 products: 1. The login authentication has changed from centralized account verification to a third-party wallet link. 2. The database has changed from a table style like MySQL to a chain. However, the current web3 products show these technical differences to users nakedly, and even need to bear the data and asset risks brought about by imperfect technologies.
If it is necessary to lower the threshold for users to enter web3, these technical details must be improved and guaranteed by the underlying technical facilities. Then Layer 0, Layer 2, DID, smart contract wallets, and zero-knowledge proofs need to be fully developed. The co-creator of the content of this article, Cherry, has some personal thoughts as a technical developer: the technical implementation of the application is not for developers to challenge themselves, but for users to think about their pain points from the perspective of users.
1. We need to cover up the cumbersome public and private keys that make users unaware of these, and let users wallets be managed by programs through account abstraction. The vision of Ethereum developers has always been a technology that is gradually being implemented—smart contract wallet. Users do not need mnemonics, and all EOA account interaction details are proxied by the program.
Account abstraction can complete smart contract agent wallet interaction. However, for wallet recovery, we still need a more convenient solution than social recovery, such as MPC + cloud storage of private keys. Both Bitizen and Unipass have done a good job in this regard, and can log in with social accounts /Create an account and restore an account, the former is an MPC wallet, the latter is a smart contract wallet and uses MPC technology
2. It will be more difficult for users to transfer Tokens held on one public chain to other chains - which chain the application itself chooses, just like choosing MySQL or Oracle database, is a matter of the data layer and should not be perceived by users . The Layer 0 cross-chain bridge has become a solution for the interaction between public chains.
[Stargate finance](https://twitter.com/StargateFinance) is the first product launched by Layer 0 Lab. Using Stargate, users and dApps can transfer native assets across chains, while accessing the unified liquidity pool of the protocol, with instant guarantee Finality.
3. The high gas fee and long waiting time are all due to the high calculation cost of data uplink operations, but these calculations can be handed over to an independent layer, and only the final results are recorded on the chain, then Layer 2 is the solution to this problem (the Layer 2 solution is familiar to everyone, and there is no need for a case presentation here); in terms of application, the smart contract wallet interaction is hidden in the program in the form of an API, and many steps can be implemented by the program itself. substitute.
The NFT wallet + social platform [DTTD] (https://twitter.com/dttd_nft) developed by the Hong Kong team is an L2 wallet + social platform on mobile phones. The users recharge/NFT transaction/transfer is all completed in the mobile phone program, the program interacts with the smart contract through the API, and the users gasfee can even be paid with any token
4. The addresses of the information sender and receiver are a long list of public keys. If there is no record reminder, it is difficult for the user to know who the other party is. At this time, a tag is needed to mark the information of the public key, similar to ENS. There are many people in the world named cherry, this information is not enough to describe a person, to describe a person with flesh and blood, DID can carry the mission of describing the user soul.
The next.id project is taking on such a requirement, integrating all web3 and web2 accounts together to form a users own avatar. Through the DID facility, users can quickly determine who the other party is, and their information and addresses on multiple platforms can be managed uniformly.
5. The risk of web3 users mainly comes from the openness of the EOA wallet itself and the public chain itself. To solve the problem of data privacy, we need to use the power of crypto to cover up personal information and personal behavior data through crypto. Only the user has the private key to decrypt it. When there is a platform that requires the users data as a parameter to verify, this matter is zero-knowledge The proof is no longer necessary, the user only needs to return true or false to the question asked by the platform.
[zkPass](https://twitter.com/zkPass) solves the problem of identity information disclosure in KYC verification. Project parties with KYC verification requirements can publish their own KYC verification activity information on zkPass, and users can generate ZKP of identity information on zkPass and give it to the project party to obtain access. During the ZKP generation process, neither zkPass nor the project party can obtain the users identity information, so there is no need to worry about data leakage
6. Search and recommendation are still huge traffic portals and traffic conversion portals. There is no isolation between web3 products. User interaction data and attribute data between various products can be integrated together. User data integrates payment, social, search.
[Lens Protocol](https://twitter.com/LensProtocol) is an intermediate layer built on Polygon. Users can register the Lens domain name to generate their own social graph NFT, and combine the content they publish with their own in the form of metadata. NFT link, any developer can build a dAPP on Lens and obtain the metadata of Lens user NFT.
MASK/BAND is backed by Twitter. With Elon’s drastic reform of Twitter and the promotion of Twitter payment, there has been a wave of huge gains
7. Provide a general API for pouring data into the platform to train the model to form the users own personalized recommendation.
The NFT wallet tracking platform [Context](https://twitter.com/context) uses Twitters API to inject user follow-up account data, obtains the ENS domain name in the users twitter follow-up list, and automatically performs address tracking and information flow delivery, so that Users can seamlessly connect with Web3 to the KOL concerned by web2
8. For financial transactions based on addresses on the chain, you don’t know who you are trading with but need to know whether the identity of the other party is safe and credible. This requires the information inspection function to become the infrastructure. Web 3 algorithm optimization can make accurate judgments based on the credit system without knowing who the other party is.
Current practice is limited, but traceable - contact verification toolGo+ Securityusers can verify more than 360,000 Tokens on the Ethereum chain, including more than 180,000 risky addresses and more than 20,000 phishing websites.
9. Security issues: One of the important factors for lowering the user threshold is psychological factors, and one of the important issues is security issues. Web3 is a value chain that carries real monetary value, so it is especially important to dispel users security concerns. Since the blockchain transfers value from central custody to individual hands, the idea is good, but it doesnt work for most people. Even crypto industry OGs get stolen from time to time. To this end, trustworthy security infrastructure and applications are required, including audit institutions, wallets with sufficient risk warnings, anti-virus software similar to web2, etc., and these all need to convert complex and professional expressions into easy-to-read and understandable description of.
For example, in terms of auditing, in addition to regular smart contract auditing, Certik also has SkyNet services to achieve continuous monitoring. The MetaMask wallet has improved in terms of risk warnings compared to before. Many anti-virus software companies have already done this. MetaShield will pop up a corresponding prompt if a user encounters a potential or proven risk website while browsing.
10. In the economic context of Builder, the management of web3 user contributions, that is, data/assets, is an important basic element function. This is also our second topic in the Space discussion, Enhancing the circulation and management of users data/assets/tokens in various application systems. After the discussion salon, we interviewed SafeTreasury, an asset management platform on the chain, a project that focuses on providing asset management services for Web3 and DAO Builder users and promoting Builder user collaboration. Please look forward to Breaking Question II.
Remarks 1. This article is based on the second stop of TwitterSpace Looking for the Next Bull Market planned by TheprimediaDAO. Breaking the three major obstacles of the integration of Web3 technology and industrial production. The participants in the salon include Dyson, consultant of TheprimediaDAO, Peter, founder of TigerVCDAO, and NonceGeekDAOFounder Li Dagou; Co-founder of CrossSpace and Type V DAO leonin web3; Chief Growth Officer of Assure_pro, Assure Wallet developer Terry
Remark 2. This article is the first article in the topic-breaking series, which was co-created and completed by TheprimediaDAO. The content co-creation collaborators include TheprimediaDAO initiator Jerry (@ThePrimedia), TheprimediaDAO Builder, Open Knowledge DAO core-builder Cherry (@cherry_yang_cn), TheprimediaDAO Builder, Redline DAO Managing Partner MetaJames (@MetaJames 8 ), TheprimediaDAO Builder, TigerVCDAO Investment Head BeeGee (@BeeGeeETH)
