Huobi Global: Transition from Web 2 to Web 3.0

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The first webpage was published by Berners-Lee in 1991, and the world has since made great strides into the age of connectivity and completed the transition from Web1 to Web2. The Internet has evolved from a “read-only information display platform” to an “interactive content production network”, and users are interacting with online content more than ever before.

As users increasingly took charge of content creation, the scale of the Internet began to expand rapidly. Search engines represented by Google, social networking sites such as Facebook and Twitter, video communities such as YouTube and Tiktok, and knowledge communities represented by Wikipedia have become a tangible and inseparable part of people’s lives.

It’s been 30 years since the first web page was launched and many digital advancements have been made since then. However, we are still in the era of Web2, and the drawbacks of this era are increasingly apparent. We have to go back to the original purpose of the web. The main purpose of the World Wide Web in 1989 was to alleviate the problems of transmitting and sharing information between researchers around the world.

But in the era of Web2, the Internet has deviated from its original intent. Changing the role of users from mere recipients of information to creators has not only altered their digital behaviors, but the data generated by their behaviors has been owned and used by tech giants Web2 for profit. The Web2 era has seen users’ personal data become their own and has been seen as an era that has seen a serious erosion of security and privacy. The coming Web3 era, however, promises to eliminate the notion of big tech giants and their ownership of user data.

In 2014, Gavin Wood, co-founder of Ethereum, first proposed the concept of Web3 in his blog Glimpses of a modern world and proposed a new mode of Internet operation: the information will be published and stored by the users themselves; it will be untraceable and will never be disclosed; no intermediary agency is needed to assist with data transfer.

Resolving Web2 weak points with Web3

In a blog post titled Why we need Web3, Gavin Wood explained how Web3 will fix Web2 network design flaws:

Web3 is an inclusive set of protocols to provide building blocks for application makers. These building blocks replace traditional web technologies such as HTTP, AJAX, and MySQL, but present a whole new way to build applications. These technologies give the user solid and verifiable guarantees on the information he receives, the information he gives, what he pays and what he receives in return.

By empowering users to act on their own in low-barrier markets, we can ensure that censorship and monopolization have fewer places to hide. Think of Web 3 as an executable Magna Carta – “the foundation of the freedom of the individual against the arbitrary rule of the despot”.

Will our lives be changed?

If Web 3.0 can truly give birth to a new global digital economy and create new business models and new markets, what impact will it have on people’s lives?

Some experts say that if the platform’s monopoly can be broken, we can avoid the platform’s invasion of our privacy and freedom. For example, in such a scenario, our online time, search history, photos, and Facebook posts will no longer be recorded and retained by Meta. Instead, our browser is our own personal database. We may transfer this information from Facebook to other platforms at any time.

According to Gavin Wood, Web3 will be hardly different from Web 2, at least initially, from the user’s point of view. “We will see the same display technologies: HTML5, CSS, etc. On the back-end, technologies like Polkadot – Parity’s cross-chain blockchain protocol – will connect different technological threads into a single economy and “movement”.

He also mentioned that in the web3 world, web browsers might be called “wallets” or “keystores”. Browsers (and components like hardware wallets) will represent a person’s assets and identity online, allowing people to pay for something or prove who they are, without needing to go to a bank or to an identity service.

Role of centralized exchanges in the transition

Based on the above analysis, we can conclude that Web3 should possess the following four characteristics in order to overthrow the current monopoly of Internet giants and protect the interests of every Internet user.

  • Unified Identity Authentication System
  • Decentralized operating network
  • Confirmation and authorization of data
  • Privacy and censorship resistance

Blockchain technology, with its unique characteristics of decentralized storage, immutability and encryption of information, will become the underlying technical facilities of Web3.

As the world’s leading cryptocurrency exchange, Huobi Global has been deeply involved in the cryptocurrency and blockchain industry for nine years. What role will it play in this change and how will it help users migrate from Web2 to Web3?

  • DID identification system for Web3 resident

Web3 requires a new identity system because it is a decentralized world. Decentralized Identifiers (DID) are the identification system for Web3 residents. DIDs can correspond to multiple identities and require more applications, including social networks, games, etc., to support on-chain data accumulation.

To date, Huobi has made significant progress in building DIDs – nearly 700,000 Huobi users have obtained DIDs. The year 2022 is expected to see social networks and NFTs used as gateways to provide more Web3 application scenarios to DID users.

  • Accelerate infrastructure construction

As the core infrastructure of the Web3 world, blockchain technology is still in its infancy. The challenges of infrastructure projects have been observed under three main aspects:

1) The demand for the application layer is growing too quickly;

2) Technical difficulties have been exposed and have not yet been fully addressed by the technical teams;

3) External factors, such as regulations, funding challenges, etc., that upcoming projects face.

With nine years of experience in the crypto and blockchain industry, Huobi is committed to leading the development of the entire technology innovation industry through various forms of support. For example, Huobi has invested in OptimismPBC, zkSync and other high-quality Layer 2 programs, and is ready to take on the role of an active partner in high-potential project teams to solve these pressing issues.

  • Entering the Web3 economy

Among the many crypto assets available today, NFT, with its characteristics of digital scarcity, uniqueness and verifiability, provides confirmation of digital ownership and plays a pivotal role in ushering in the Web3 era. NFTs undertake the transfer of value of real and virtual assets, allowing users to participate in offline and online virtual events. Huobi focuses on creating a cohesive NFT platform and community, allowing more developers, artists and creative users to participate and mutually enjoy the benefits offered by the industry.

In addition to NFT assets, Huobi Global has listed more than 500 high-quality crypto assets from various Web3 segments, including NFT, DeFi, GameFi, and SocialFi, to enrich the future of the World Wide Web. Infrastructure and application tokens, such as some Layer1 blockchain projects, are Huobi’s main considerations for listing, and these assets have enormous potential to play a vital role in the Web3 economy. Huobi will also provide several tools and services to accelerate user and business migration with its strong expertise in finance and research.

Conclusion

The transition from Web2 to Web3 presents many challenges for users. Centralized exchanges such as Huobi Global are well positioned to provide more opportunities for existing and upcoming innovative projects, allowing Web3 residents to not only keep up with the development of the industry, but also enjoy the benefits brought by this new promising. time.

As impossible as it is to predict when the first Web3 success story will arrive, Huobi Global and its users are preparing and quietly waiting for the Web3 world, which could give a whole new meaning to the phrase “the digital age”.

Disclaimer: This is a paid publication and should not be considered news or advice.

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