On November 30, 36 Krypton WISE2022 the king of New economy · Break the 2023 China Capital Market Financial Summit was held in Hangzhou. Gu Feiyong, general Manager of NetEase Blockchain Business Division, was invited to attend the event and shared the practice of NetEase Blockchain team in WEB3 industry and the potential value of WEB3 new technology and new concept to China’s digital economy prosperity in the future in a keynote speech titled “The Practice and Imagination of Domestic WEB3”.
Gu Feiyong, general manager of NetEase Blockchain Division
From the perspective of definition, WEB3 mainly refers to the next-generation distributed Internet with blockchain as the core, which is widely believed to be able to solve the problems of data island and user privacy in the last Internet era. In order to better clarify this concept, Gu Feiyong introduced the features of WEB3 open collaboration from the project practice of NetEase blockchain team.
According to reports, NetEase blockchain team developed a set of distributed identity system under the guidance of a public security institute, which can record the data including name, ID number, medical certificate, airport boarding ticket and so on in the identity information system, so that it can be freely used on any platform.
In other areas close to daily life, the “lotto grab Moutai” has also used WEB3 technology. In the “i Moutai” platform launched in May this year, NetEase Blockchain and Hangzhou Internet Notary Office built a set of blockchain-based trusted lottery system, which can assign users the unique lottery code on the blockchain and automatically generate results through the blockchain smart contract, serving tens of millions of people every day.
On the other hand, the ideas and technologies of WEB3 can put more power in the hands of users and creators. Blog posts in the WEB2 era are mainly stored in the platform database, and once the site is closed, the user’s content data and subscription relationship disappear. In the WEB3 era, blog posts are saved on the individual blockchain, which can realize the free transfer between platforms, thus forming a non-monopoly and open platform economy.
According to GrandView report data, by 2030, the global Web3.0 blockchain market size is expected to reach $33.53 billion, with a CAGR of 44.9% from 2022 to 2030. However, from the actual situation, the immature business model and the lack of motivation for WEB2 blogs to actively transform to WEB3 are still common problems faced by industry participants.
In Gu Feiyong’s opinion, many large enterprises around the world have joined in the exploration of WEB3, mainly from some existing pain points in the industry, from the perspective of distribution, from the data ownership reform, from the openness to find a variety of Internet applications, including video applications to combine, “if these aspects are explored clearly, A $3 trillion WEB3 market is possible.”
In addition to the market potential of WEB3 itself, Gu is also optimistic about the improvement it will bring to the entrepreneurial environment. In the era of WEB3, data base and application can be separated from each other. Enterprises do not need to spend money to buy users, but can focus on products and business, so that “it is easier for enterprises with better creative ideas to emerge, rather than enterprises with better financing ability to emerge”.
New times need new ideas to break the game, and WEB3 as the representative of the new technology, new cognition can often open a new situation. As Gu Feiyong said, as more and more practical cases are gradually implemented in China, the open and collaborative concept of WEB3 will be further popularized, creating great value for the prosperity of China’s economy and digital economy in the future.
