GWEI 2022: The Present and Future of Web3 Infrastructure

GWEI 2022: The Present and Future of Web3 Infrastructure

On July 14th, the first “Global Web3 Eco Innovation Summit – Singapore” (GWEI 2022 – Global Web3 Eco Innovation Summit -Singapore) was held at the Marina Bay Sands Expo and Convention Center in Singapore. Co-hosted by Fintech Node (SUSS NiFT) and Babbitt’s new overseas brand “The Way of DeFi”.

This summit is sponsored by OKX, the world’s leading Web3 ecological builder.

In the afternoon roundtable on Web3 Infrastructure: Now and the Future, Nansen CEO Alex Svanevik, DFINITY Foundation CTO Jan Camenisch, Consensys Strategic Sales Director Marouen Zelleg, Avalanche Asia Head Wilson Wu, and Photon Storage CEO Zuriel had a great conversation, and Blockcast founding member Anndy Lian hosted the roundtable.

The following is the content of the roundtable organized by the way of DeFi (with some deletions):

Question 1: What do you think about the data part in Web3? And how to generate more value from data on the blockchain?

Alex Svanevik: I think the unique feature of the entire blockchain industry is transparency. If you compare it to traditional finance, or if you compare it to Web 2.0 or Web 1.0, you have a lot of information. With the blockchain, you have a lot of transparency.

So when something catastrophic happens, this transparency is great; an example that comes to my mind recently is the de-anchoring of the luna UST; we want to understand what is going on there, and who are the main parties? There are a lot of conspiracy theories about which entities were involved in this incident because you have this transparency. You have data from the blockchain that we can investigate in a short amount of time. If you compare it to Lehman Brothers during the last financial crisis, imagine how many doors you had to knock on to get the insight you needed to know what was actually going on.

And blockchain is also helpful for more positive purposes like understanding what people are actually buying and selling on the blockchain. If you want to trade NFTs, you might want to understand what are the biggest influencers of purchases? If someone has a good track record of investing in NFTs, maybe you want to keep track of the next series of NFTs they are minting or trading. The same thing happens with DeFi. If you want to know who were the first pioneers to use DeFi protocols, so here are a few different ways I think blockchain data transparency can help investors.

Question 2: Marouen, do you think wallets will be the core traffic portal of Web3? Are you laying out any other Web3 infrastructure besides MetaMask?

Marouen Zelleg: The mission of Consensus is essentially to build the decentralized Internet that we are all pursuing. We have two main directions. The first is users who really pay attention to this Internet, and the second is the developers and builders of this Internet. . So MetaMask obviously plays a big role on the user side. The main idea and the driving force behind it is to really create a safe zone where users can interact with Web3. This could mean that you can easily and efficiently trade your assets but also create some kind of safe space to avoid scams and malicious interactions on this decentralized network.

On the other side of building this internet, Consensus is actually more focused on infrastructure and tools for developers, so we have a platform called Truffle Suite that allows people to roll out their smart contracts really fast. The other part is security and due diligence done on smart contracts. Finally, because of the nature of Web3 and its interactive requirements for the blockchain, we are really very focused on providing the infrastructure business, so one of the products is called Infura, which is essentially an API that allows developers to A reliable way to interact with the blockchain.

So, we look at the industry as a flywheel, we want to enable people to build good applications, and then users can interact with it with the right tools. And obviously, MetaMask is a big portal, so we’re going from users and Looking at the problem from a developer’s point of view and trying to simplify the flywheel.

Question 3: The public chain is the foundation of Web3, it has been developed for many years, and the public chain is a very competitive market, then, Jan Camenisch, Zuriel, Zuriel and Wilson, can you share with us how you position yourself in Web3 your public chain?

Jan Camenisch: Yeah, I think we all seem to be embracing Web3, which means the user owns the application, and that means the blockchain is the best platform because the application can be tokenized, and then the user can Governance with these tokens. I think it’s also important that you can go further because the entire application itself is actually running on the blockchain, which is what we’re looking at with internet computers, making sure the application is unstoppable; the blockchain actually Web services can be provided directly to users, so with your phone, with your browser, you can connect an Internet computer to the blockchain without an intermediary.

But the blockchain has to be efficient and scalable; for example when it scales to the level of Facebook, the entire blockchain needs to scale. Another thing that I think is very important is that when users interact with applications hosted on the blockchain, the threshold needs to be lowered, and users should not need to buy tokens before interacting with these applications.

At ICP, we do this with what’s called a “reverse gas model”, where the app has to pay for it and can raise money from users.

Wilson: Since Avalanche launched mainnet in 2020, we have made significant progress in infrastructure, product building, and community building. I always try to tell people that if you look at a new ecosystem, it’s more like a city, so if you think Bitcoin is like Beijing, Ethereum is like Shanghai, and the new L1 is more like Shenzhen.

In order to build an ecosystem, you need to do two things well, one is you need a lot of good partners, basically good projects that really push the use case of the token, not just the money game, and the second is the user. So in the initial stages, we’ve spent a long time building an organic user base driven by committees. Then on the product side, we have developed our core strengths in the consensus mechanism, and we always describe consensus as the engine of a car or like the chip of a mobile phone. So what we want to do, not just make phones, what we want to do is make chips that you can use to make Samsung, Xiaomi, Huawei, and so on, to create this diversity and real use cases where people are using it. Because its demand comes from users, and we provide such an infrastructure.

And after building the core, we have the C-chain using EVM on it, you can run it on a normal machine and deploy any existing contract. But what about others who want to massively scale? We have subnets that allow them to scale on top of consensus, which can build things for very little cost. You can use EVM, you can use other virtual machines, or you can even build your own virtual machine on top of it machine, so it opens the possibility for the user to enter.

And then, for usability, I think the next phase, we should move in the direction of making it easier for users to use and adopt, such as building an overlay bridge. Zuriel: Alan Turing built his automatic computing engine in 1948, and eight years later, IBM introduced the world’s first hard drive, and the computing part naturally seems to evolve faster than storage because it makes people realize first To its power and storage helps to compute to be applied to more fields. At the end of the day, computing and storage are the two pillars of any Silicon Valley business, and the most profitable products of Google, Facebook, and TikTok are all built on big data and artificial intelligence.

The blockchain industry already has a lot of protocols working at the computational layer like Polygon, Solana, Avalanche and my favorite ICP, they all do it well and people create millions of NFTs on top of them, I recently I understand that some music companies want to put the copyright of music into NFT. If you buy an NFT, you can share a portion of the song’s copyright revenue and a small percentage of the composer’s copyright revenue. One problem that remains is that the revenue for the song still comes from a centralized company. If songwriters can upload their music onto a high-performance storage protocol, it can handle the load of being streamed directly by millions of listeners.

Photon will no longer focus on smart contracts but on providing high-performance data storage services. We are symbiotic with all non-storage blockchains, most of our adopters are Dapps from compute chains, for example, you can create a Web3 YouTube and put all business logic in ICP, but all video streams are Will be processed by Photon. We promote our ecosystem by focusing on innovative projects in other blockchains, and if any of them have a brilliant idea but are having trouble with hot data information structures, we will help.

Question 4: Which one do you think is more promising, a native Web3 project or a Web3 project transformed from a traditional industry? Why?

Alex Svanevik: First of all, I think there are a few different ways of looking at this. Maybe we can make an analogy that in the 90s and early 2000s, newspapers had to decide whether they wanted to participate in the Internet. In hindsight, it became clear that the right thing to do was to go online and create a digital newspaper. But at the time, what some newspaper companies actually did was spin-off separate entities from their main entities, which basically disrupted their own businesses. So traditionally, if you wanted to sell your house, or your car, you would put an ad in the newspaper. So this sentiment is going to pop up online very quickly, and you’ll see classified sites and so on, and I think, in a way, traditional financial firms are facing a similar dilemma today.

In my opinion, I believe blockchain will be the financial structure of the future. If that’s true, then basically, if you’re running a bank, you have to accept that or you’re going to be left far behind because blockchain could be a way to replace legacy technology. However, when it comes to Web 2.0 companies, I think it’s hard to judge. Obviously, there are a lot of very strong companies in Web 2.0 that have evolved in terms of technology, so if you switch to Web3, will the metrics be noticeable? Upgrading, this is not clear. But I do think that the user is the basic premise of the asset owner. Eventually, if you’re doing a game or a social network, users may start demanding that they own these assets themselves.

Jan CamenischZuriel: We see that some Web 2.0 companies may be being replaced by Web3 applications on ICP, and now we have medium and Reddit and LinkedIn dapp alternatives, some of which have been successful in a short period of time. For example, we have DSCVR, which is a clone of Reddit and already has about 90,000 users. On the other hand, if you don’t allow some web 2.0 services to connect, we won’t build Web3 properly because the internet is a common operating system, one thing that can call other things, we need to do the same on Web3, So I think it’s important. But on the other hand, smart contracts also need to be able to call, and if you have a centralized exchange, which is where you rely on price data, then you need to be able to call and get the data, right?

Maybe it shouldn’t be done as it is today, as oracles add another trust assumption, something that needs to be built into the blockchain natively.

Wilson Wu: Let’s talk about the Web3 experience; my first exchange account with Bitfinex, it took me two months for KYC registration, I got an email, and they told me that I passed the verification. I’ve forgotten about that account, and I’ve also experienced centralized wallets being stolen in the past, which required me to learn how to use cold wallets or something like that. Getting into Web3 the wrong way is a very painful process for the average person.

So, I think the opportunity for the next 6-12 months is in Web 2.5, and I’ve been talking to a lot of web companies, large groups, internet companies, and these are the people who are being urged to join Web3, but they’re in an awkward position. Existing Web 2.0 companies, if they want to move to Web3, who will lead the charge? Will they start a new entity? Or an old leader to do it? So I think the opportunity is actually in Web 2.5. Why do you say that? We’ve seen a lot of cases where some companies said, let’s move to Web3, but in reality, they only moved 2.2 or 2.3, they tried to move a little, but users didn’t see much change, so why try? And for the Web3 guys, they’re going to think it’s still a Web 2.0 product, so these are very awkward situations that I think Web 2.0 companies should avoid. So when you really want to do it, you have to do at least 2.5, or 2.6; at least you have a breakout.

Zuriel: I think bitcoin or Ethereum is valuable because there is a strong consensus; another way to express consensus is how many people use or trust it, NFTs have made a great contribution to the industry because it enables musicians, artists, sports and luxury goods and other industries are beginning to adopt it.

If we want Web3 to continue to grow, we need to strengthen consensus. Projects transformed from traditional industries have natural business logic, loyal users, and contribute to Web3 education, they may not create revolutionary products like Uniswap, but they will bring billions of users to Web3 , and the next Uniswap will be built by one of billions of users.

Question 5: Web3 is a grand vision. How long do you think it will take to get to the real Web3 era?

Alex Svanevik: It’s hard to say. It depends on how you define it. Actually, I think Web 2.0 will coexist with Web3. But I believe in 5 years, it will become more common to own your digital assets, for example, in games.

Jan CamenischZuriel: I think this has already happened, we have seen the first batch of dapps, and more and more will happen.

Marouen Zelleg: 4 years, 2 months and 7 days, it depends a lot on what happens in our world in the next few years, it will speed up or slow down, we will see.

Wilson Wu: I would suggest that if you look back at the big Web 2.0 companies like Apple, Facebook, Google, and Amazon, and look at their monthly charts over the past 15 years, going back to 2000, you’d see the growth of Web 2.0. So that’s going to give you a clear vision. We’re growing, but I think we’ll probably cut that process in half, so I think it’s another 7-10 years to develop it.

Zuriel: I think it will take 4-5 years when zero-knowledge-proof technology becomes more mature.

 

Original Source: https://blockcast.cc/news/gwei-2022-the-present-and-future-of-web3-infrastructure/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Web3 Infrastructure: The Present and Future at GWEI Summit 2022 (Organised by SUSS & 8BTC)

Web3 Infrastructure: The Present and Future at GWEI Summit 2022 (Organised by SUSS & 8BTC)

Global Web3 Eco Innovation (GWEI) Summit 2022 is an event jointly organised by the Singapore University of Social Sciences (SUSS) and 8BTC.

The summit has brought together founders and executives from leading crypto and financial enterprises, academic institutions, policy-makers, and enthusiasts from around the globe. They will explore frontier issues concerning fintech, cryptocurrencies, Metaverse, NFTs, Web3 infrastructure, and their development opportunities.

The panel titled “Web3 Infrastructure: The Present and Future” is moderated by Anndy Lian and with a panel of expert guests:

– Alex Svanevik | Nansen CEO
– Jan Camenisch | DFINITY Foundation CTO
– Marouen Zelleg | Strategic Sales Director – ConsenSys
– Zuriel | Photon Storage CEO

1. The panel started off with a quick introduction of each panelist.

2. This is the question for Alex. As we all know, Data is the crucial part and the essential infrastructure of the digital economy, with its value amplified in web3 significantly. So, Nasen is the leading data service company and plays a vital role in the space. What do you think about the part of data in web3? And how do you generate more value from the data on the blockchain?

3. The next question goes to Marouen. Consensys has been a pioneer in building Web3 infrastructure, and Metamask is one of the most popular wallets in crypto, with 30 million MAU. So my question is, do you think the wallets will be the core way for referral traffic in Web3? And can you share with us that besides Metamask, do you have any other layout in building Web3 infrastructure?

4. The public chains are the base of Web3. It has developed for years and now is a highly competitive market. Jan Camenisch and Zuriel, could you please share with us how you position your public chains in Web3? And do you have any plans to promote the public chain ecosystem?

5. This is the question for all. As for the native Web3 projects and the Web3 project transformed from the traditional industry, which one do you think is more promising? And why?

6. This is the last question and it is also for all of you. Actually, Web3 is a grand vision. So how do you think of developing the infrastructure in Web3 for the next two or three years? And how long does it take to get to the real Web3 era?

The GWEI Summit 2022 is a bilingual and hybrid event that aims to foster collaboration and communication for practitioners from East and West. It promises to provide attendees with the latest updates and comprehensive information on Web3.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j

Four Good Reasons to Be Optimistic About Bitcoin: Is Bitcoin the cryptocurrency of the future?

Four Good Reasons to Be Optimistic About Bitcoin: Is Bitcoin the cryptocurrency of the future?

So far in 2022, the entire crypto market has been impacted by wider economic and political uncertainties, led by Bitcoin (CRYPTO: BTC), with prices down more than 50% over the past six months and the price heading for the ninth consecutive red weekly candle. And while Terraform Labs successfully airdropped new Luna tokens to previous holders, the market sentiment continues to be bearish, with the Fear and Greed Index remaining in the doldrums.

One way to avoid panic selling when the price of cryptocurrencies drop significantly is to remind yourself of the essentials, to stick to your plan and don’t invest more than you can afford to lose.  Of course, that’s easy to say when you’ve lost money in Luna and seen your Bitcoin investments go down in value. However, there’s also an upside to the current market conditions as users can now buy Bitcoin at the new low price around the $30,000 mark.  But no matter what level your holdings in the current market, you should be optimistic about the long term viability of Bitcoin. Here are four key reasons to consider, to help re-frame your mindset and support your belief in Bitcoin going forward.

Mass adoption of crypto assets

According to relevant data, cryptocurrencies have reached a tipping point in 2021.  It has evolved from what many consider a niche investment to be a global, established asset class.  Venture capitalists are pouring money into the cryptocurrency market.  Among them, venture capital invested more than $30 billion in crypto assets and blockchain startups, with more than $10.5 billion in investment in the fourth quarter of 2021 alone. With an estimated $10 globally in the first quarter of 2022, reportedly the largest amount to date, and double the level for the same quarter in 2021. In fact, investment in crypto has continued to grow despite this year’s decline in Bitcoin price. “This decoupling is demonstrative of investors’ disbelief that a prolonged bear market in digital assets is forthcoming, as well as the significant amount of dry powder held by funds seeking to allocate to the sector,” said Alex Thorn, head of firmwide research at blockchain-focused bank Galaxy Digital in New York earlier this month.

Many major financial institutions are also exploring cryptocurrencies.  Recently, Fidelity, the largest retirement plan provider in the US with over $4.2 trillion in assets under management, said it would allow investors to deposit up to 20% of their retirement savings in the form of Bitcoin into their accounts.  While banking giant JPMorgan recently said that despite the crypto crash, its estimate of Bitcoin’s fair value is $38,000. “The past month’s crypto market correction looks more like capitulation relative to last January/February and going forward we see upside for bitcoin and crypto markets more generally,” the bank’s strategists said. In addition, both Visa and Mastercard have launched their own crypto cards.  And as the regulatory environment is catching up, ironically thanks in part due to the Terra collapse, there is reason to believe that cryptoassets will enjoy mainstream adoption in the future.

Countries adopting Bitcoin as legal tender

El Salvador was the first country to adopt Bitcoin as legal tender, led by President Nayib Bukele, but so far it remains uncertain whether the bold initiative will succeed.  As reported in the Wall Street Journal on May 14, “there are no indications that Mr. Bukele plans to change course. On Monday, he said on Twitter that El Salvador bought 500 bitcoin at an average price of $30,744. “El Salvador just bought the dip!” he added.” It’s not just El Salvador, the Central African Republic also recently approved Bitcoin as its national legal tender.  No one could have imagined that this cryptocurrency, which was only invented some 13 years ago, could become the legal tender of a country today.  If these experiments succeed other countries may adopt Bitcoin or other cryptocurrencies as their legal tender in the future.

Is Bitcoin the cryptocurrency of the future?

One of the appeals of Bitcoin and other cryptocurrencies is that it removes friction in terms of costs and transaction speeds from payments, especially international transfers.  Indeed, according to Ark Invest, cumulative Bitcoin transfers have grown by more than 463% in the last year.  ARK analyst Yassine Elmandjra wrote in the report ‘Big Ideas 2022’ that Bitcoin will settle $13.1 trillion in 2021, a figure that even exceeds Visa’s payment volume.

Ark Invest’s research also highlighted several areas where Bitcoin could take market share from traditional activities. These include international remittances, emerging market currencies, institutional investment and acting as a form of digital gold.  Some experts predict that if Bitcoin can make significant progress in advancing these use cases, its price could exceed $1 million by 2030.

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Source: ARK Invests Yassine Elmandjra tweet, Jan 25, 2022

Bitcoin’s innovation continues apace

Although Bitcoin is not run by a centralized organization, it continues to grow along decentralized lines.  There is a small core group of developers working on improving the network, fixing bugs and security issues, and improving functionality.  For example, last year Bitcoin implemented a major upgrade called Taproot to improve privacy, scalability, and security.  Another potentially significant move is the development of the Lightning Network, a layer 2 solution to Bitcoin that reduces costs and increases speed.  As reported in Cointelegraph on May 30, “Bitcoin Lightning Network capacity attained an all-time high of 3915.776 BTC, as evidenced by data from Bitcoin Visuals, displaying a commitment to the cause of improving BTC transaction speeds and reducing fees over the layer-2 protocol.” This follows news from CEO of Strike, Jack Mallers, at the Bitcoin 2022 conference, that the company’s plans to collaborate with point-of-sale behemoths Shopify, NCR, and Blackhawk Network to revolutionize the payments industry. As a result, online retailers that support Shopify can now accept payments via the Lightning Network, in turn allowing US merchants to receive payments from customers globally as US dollars. As the integration of the Strike wallet is with major online players in the US economy, this could potentially do a lot for the broader adoption of Bitcoin in the retail industry.

While there are good reasons to remain optimistic about Bitcoin, there are also still many things that investors and traders need to be careful about when investing in Bitcoin and cryptocurrencies.  Data in recent months confirms once again that cryptocurrencies are a highly speculative and volatile asset.  Cryptocurrencies are still a relatively new sector compared to traditional investments like stocks and funds, and while we don’t have certainty exactly how it will develop in the long term the potential is clear to see. “I believe Bitcoin is a viable long term investment both as a store of value looking to the future, with the price trending significantly upwards after each halving event. But also, I’m excited about the rapid development of the Lightning Network, for both retail players but also for financial inclusion across the globe,” said BigONE Chairman Anndy Lian.

Original Source: https://www.benzinga.com/22/06/27599358/four-good-reasons-to-be-optimistic-about-bitcoin-is-bitcoin-the-cryptocurrency-of-the-future

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j