Roundtable record: Web3 and technology integration

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On July 14, the first "global Web3 eco Innovation Summit Singapore" (Gwei 2022 - Global Web3 eco Innovation Summit Singapore) was held at the Marina Bay Sands Convention and Exhibition Center in Singapore. It was jointly hosted by Singapore's new leap University of Social Sciences (suss), its inclusive financial technology node (suss NIFT), and Babbitt's new overseas brand "defi way".

The summit was sponsored by Ouyi OKx, the world's leading Web3 ecological builder.

At the round table Web3 and technology integration of room 2 this afternoon, Anthony Lim, chief security officer of NCS group project, Dr. Boyd Cohen, founder and CEO of lomob tech, Joseph Thompson, founder and CEO of aid:tech, and kanny Lee, head of OSL Singapore, had a wonderful dialogue on "Web3 and social values" and "Web3 and web2 technology integration". The moderator of this round table is Dr. Ryan orr, founder of chronicled.

The following content is from the round table dialogue recording, which has been sorted out by the way of defi (with some deletions and adjustments):

Ryan orr: do we see the integration of Web3 and social values?

Kanny Lee:First, evolution is difficult, and iteration is often accompanied by pain. Integration is a good way. There will be winners and losers in the new digital economy. As time goes on, there will be some mixed modes. In these modes, some companies try to launch Web3 functions. They claim to be Web3, but they don't do well in practice. As early as the 1990s, the core banking system tried to try the digital economy, and then came what we now call Web 2. They say that real e-commerce takes off when it breaks away from traditional systems. So I think there will be more subversion and integration.

As for whether Web3 is outputting social value, I think NFT will be a good example. NFT is a very personal thing. Due to the epidemic, the past two years have been difficult for social friends, but when you enter the metauniverse, you can use avatars to show yourself, or show off your bayc avatar. This can distinguish you from others. Of course, in the metauniverse, it is very difficult to distinguish your true identity, because you use a pseudonym, it is digital, and your identity is completely hidden.

Joseph Thompson:In my opinion, convergence needs to happen, but Web3 is not ready yet. By far, the biggest problem is poor user experience. For users in non encrypted circles, it is difficult to use metamask. I don't think Web3 will suddenly acquire all new users and convergence will not happen until these obstacles are overcome. As for the social value of Web3, I think carbon offset is a good use case.

Boyd Cohen:I think we have hardly done anything of social value in Web3, but there are many concepts about how Web3 can really change human beings and the earth. I am very optimistic about our development direction and goals, whether it is carbon offset or social inclusion. We have done research. If the whole world adopts our technology on a large scale, it can reduce carbon emissions by 3 billion tons per year, accounting for more than 2% of global emissions. As for some examples, I personally like what gitcoin does, using communities to promote the financing of public goods. I agree with Joseph that we haven't achieved much yet, but the potential exists. We have developed from speculative DFI to NFT and metauniverse, and we will begin to see the transformation of all these decentralized tools, and then really have an impact on the world.

Anthony Lim:I will talk about this problem from the following two points.

First of all, I like what Joseph and Boyd do in their company, whether it's carbon credit or renewable economics. But we have been dabbling in these things for a long time. What has happened cannot be called Web3. We may not have reached the stage of integration.

The second point is that the goal of Web3 starts with social purposes. We are eager for decentralization and do not want to be controlled by internet giants. To some extent, blockchain is a kind of social justice, which is about decentralization, public domain, community and open source. Therefore, by definition, Web3 has not reached the level of integration.

Ryan orr: Thank you for your wonderful answers. Next, let's move to the second question - will Web3 integrate with web2 or subvert it?

I found that at present, there are two obviously opposite statements in the industry. Some people believe that web2 companies will coordinate the development of Web3 and witness the exciting things that happen in Web3. For example, Facebook is using its user base to launch its own digital currency. Another point of view is that Web3 is unique enough, and web2 companies will find it difficult to develop towards Web3. So the second question is: will Web3 integrate with web2 or subvert it?

Kanny Lee:In my opinion, Web3 will overturn web2. I am a loyal Fitbit user. Over the past 10 years, I have paid extra for its advanced services to obtain additional statistics. However, when Web3 mode appears, when a move to earn mode appears, it will bring you instant satisfaction and motivate you to take more actions. Stepn earned $122 million in the second quarter through the move to earn model. In addition, stepn also announced that 1/3 of its users in the second quarter were non encrypted. I think this is the evolution of Web3, or the subversion of web2.

Joseph Thompson:First of all, I agree with kanny. I think there will be subversion in some industries, but some industries are too strong for subversion to happen. In terms of our experience in cross-border payment and remittance, blockchain technology can help achieve lower price and faster transfer. But the problem is that those whose identities cannot be verified by the government (such as women in some countries and regions) need to pay higher transfer fees. Therefore, it is not really important in terms of technology, and lifting these restrictions is the key. From this perspective, Web3 will integrate with web2.

But from another point of view, in terms of the "volunteer to earn" activity we have carried out in cooperation with some marriage organizations in the United States, the establishment of an online reputation system can eliminate the background investigation of volunteers, which may completely subvert the field of volunteer service.

Therefore, the answer to this question depends on the specific field.

Boyd Cohen:Personally, I agree with kanny to some extentWeb3 is ready to really disrupt many web2 industries. It creates a model that can be inclusive when sharing wealth with value creators, rather than extracting value from individuals who contribute value, and only give it to venture funds and founders of large companies. We will not see integration. I think what kanny said is correct. Many Internet companies are trapped by business models, shareholders and culture. They are all focused on extracting profits and do not know how to share them.

However, I want to point out that integration is also reasonable in my industry, at least in my opinion. In fact, many of our customers are web2 or traditional companies, such as railway operators and airlines. Therefore, some companies in these industries may not be directly subverted by Web3. They will become direct participants in Web3 by doing what we are doing.

Anthony Lim:In my opinion, first of all, Web3 is not intended to integrate with web2 or subvert it. I think it's more like an evolution. Even if Web3 subverts web2, it is just a by-product. We must realize that there is no need to get rid of web2. NFT or metauniverse are all built on the infrastructure of web2. Maybe we will finally witness the integration after a big cycle, but again, it's not intentional. Ideologues cannot do this.

Ryan Orr:I think this is an objective statement. When you set up Web3 in 2016 or 2017, there was a decentralized ideology, but later you actually need to index eth nodes, which requires a central server. You need to store some data. Maybe it is hosted by the cloud, but it is still the central server of some companies.

But now, we have decentralized versions of these infrastructures, such as filecoin, which provides distributed storage, and chainlink, a decentralized Oracle service. We have seen attempts to decentralize components. Over time, we will see more and more decentralized infrastructure. But as you said, I think there is still a considerable amount of web2 centralized infrastructure today.

Ryan orr: limited to time, is there anything else you want to share about this topic?

Joseph Thompson:I believe that in order for subversion to occur, we must pay better attention to products and let non encrypted native users join in. The user experience must be greatly improved.

Boyd Cohen:I want to continue Joseph's words. I think subversion can only happen in this case, that is, people don't even know that they are using encryption tools. Eventually, Web3 will be everywhere, and many tools, applications and our mobile phones will be decentralized applications. Experiments like Solana's mobile phone are interesting. I think soon, there will be web2 apps and Web3 apps on our mobile phones. I don't know which is which, but as long as it has excellent product experience, I will use it. We succeeded then, but we haven't reached it yet.

Anthony Lim:I think Web3 and web2 are symbiotic in the short term.


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