Forging the soul of WEB3 is the greatest opportunity in the future
Author: Han Feng
Source: Han Feng Blockchain Studio, Weiyang Network, Wudaokou School of Finance, Tsinghua University
This article is Mr. Han Feng's speech at the Shuzang Web3 conference.
Han Feng: Hello everyone. Today I'm at Tsinghua Science Park. Since I can't go to Shenzhen, I was invited by the Gem Director of Shenzhen Innovation University to share and exchange a video with everyone.
First of all, I would like to congratulate the Shuzang Web3 Conference on being successfully held under the auspices of Shenzhen Innovation University!
A few days ago, I had a conversation with Mr. Gao Hongbing, vice president of Ali Group. Yesterday, I had an in-depth exchange with Director Gem, so I also used this opportunity to discuss with you how the cryptocurrency industry should develop in the future.
In fact, we only discussed one topic, which is how to make Zhang's three industries develop sustainably. Of course, everyone knows that this industry experienced last year's bull market. Of course, now it's a bear market. Various events have occurred, especially those that have just entered the industry. I feel that the industry is particularly unstable. Today, this project came out, and it hasn't been around for a month or two. If any industry wants healthy long-term development, this is impossible; it must find a really good scientific development model.
Of course, this industry has been around for a long time. I joined the industry in 2013. This industry has a great wealth effect, so let me not mention it. It is very appealing to everyone, including me. In 2017, I was also basically able to have freedom of wealth by relying on it. However, it is true that there has been no particularly good solution to the problem of sustainable and stable development for a long time. We are all exploring, including Vitalik, the so-called V God. He probably wrote an article with Microsoft Research experts in May called Finding the Soul in Web3, and is also discussing this issue. I read it at the time and combined it with my own CreDA practice, and I quite agree with him. What is his most basic opinion? He said that the reason why the industry seems so unstable, full of ups and downs is clear, because the industry currently only has digital assets that can be traded, such as all kinds of coins, including NFTs, so basically the main act of everyone entering is hype, triggering all kinds of excessive speculation and creating many bubbles, not to mention it.
Of course, there is a huge wealth effect in the middle. We have all experienced situations hundreds or even thousands of times, but it is seriously unstable, because it can only be speculative and hyped up, excessive financialization, according to God V.
Why is this happening? I think they did some basic analysis, which is in line with our past analysis and practice, including developing a decentralized credit system like CreDA. The conclusion is basically the same. In other words, in the Web3 world, decentralization is currently emphasized, but there is a lack of creditworthiness, or entities that lack responsibility. In real life, we know that without the concept of a legal representative, no one can actually sign a long-term cooperative commercial contract. If the two encounter a deal, they can only buy and sell, excessive hype, and excessive speculation. Exactly, in real life, there are credit subjects like this. If we have a legal representative and an ID card, we can have long-term economic cooperation. There are many longer-term economic credit practices, not to mention, including being able to issue credit cards, credit loans, and unsecured loans. Therefore, the traditional form of business in the economic world is much richer and more stable than today's cryptocurrencies.
Vitalik and they came to the conclusion that we should forge the soul in Web3. In fact, one of the easiest explanations for the soul is a decentralized ID. You have a DID status, but it's not a central agency that sent you, not a government that sent you, but instead relied on calculations to meet W3C Microsoft's standard DID, of courseYilaiyunIt's already been developed, and Elastos is the one I'm wearing. At the same time, Yilaiyun's DID also has a major feature, which was introducedBitcoinMore than half of the computing power is jointly mined to protect this DID. Because since it is a decentralized mechanism, it requires computing power protection, otherwise it can be easily hacked and tampered with by hackers. If your DID is hacked in the future, the consequences will be very serious, if the future is really newWEB3The economic format has been established.
Of course, after having DID, you still have to bind all kinds of credit to DID. Most directly, you need to bind to all kinds of wallets you have in the past and use the assets and transactions in your wallet, including what is now called a social graph, to connect with other wallets. Because if you frequently trade with a few wallets, chances are that you are friends, this is a decentralized model that proves your social relationships. Using this on-chain data, you can first establish basic credit and bind it to your DID. This is the beginning of a WEB3 soul, and the whole process is decentralized.
Of course, as Creda has scanned 80 million wallet addresses and is preparing to structure such an initial decentralized credit in the future, we are also very excited. This is a concept that is non-transferable, but can be pledged, liquidated, and can be used as a credit and responsible subject in the future. In the Web3 world, we have now developed a product called SBTKey, using the SBTs concept of Vitalik Soulbound Tokens. In English, we are called SBTKey. Translated into Chinese, I think the more appropriate name is spiritual key, key, private key, not medicine for taking medicine.
With this thing, the entire business format in the future will be very different from what it is now. I discussed it with Director Gem. For example, if you participate in a project in the future, it's not just about trading coins. No matter what the project is like, you can trade NFTs on a large scale. These are all on-chain actions. As long as you have Yilaiyun's DID, you can start forging your soul. Projects may come to an end, but by participating in various projects, your soul will only continue to be enriched. Your credit will only continue to improve, and you can participate in longer-term economic cooperation, such as credit loans, such as longer-term smart contracts that use credit to participate in creation and design. All in all, in real life, such economic formats, including games and games. If you enter a soul identity in the future, you have a soul with particularly high credit, it is likely that it will be airdropped, and it will be taken seriously, and you will be given one directly Higher levels, and even the previous threshold for various fees has been reduced to zero for you.
In this way, we can imagine that if the future cryptocurrency world actually has such a trustworthy soul, we call it Spirit Key, the future business format and innovation will be fundamentally different from the current one, so I think the spirit in V God Web3 is equivalent to the smart contracts he proposed in 2013 and 2014. This has guiding significance and strategic direction for the development of the entire industry in the future, so I appreciate it, respond immediately, and follow up immediately. Everyone knows that in the last round of 2015, I invited V God to Tsinghua, that is, after this (referring to Tsinghua Science Park), to give a lecture at iCenter. I understood his smart contract at the time. As a result, I seized an opportunity and paid 30,000 yuan for 3 yuanEthereumOf course, now everyone knows what kind of opportunities that will give you. I just said that after making such a deal, my future wealth will basically be free, so it is particularly important to seize opportunities in the future.
I think seizing the “soul” of the future of Web3 can forge a trustworthy soul for everyone. For future development in the cryptocurrency world, that is, not only to enter the cryptocurrency world, but to participate in speculation, no matter what you do in the future, I believe your future development space, including various innovative business models and gameplay, will continue to emerge, and give everyone much more opportunities. All in all, entering this world, as written in my “Blockchain Wealth of Nations Theory”, the most fundamental thing is for everyone to obtain wealth effects and prosper our economy by continuously reaching new wealth agreements, because only the emergence of large amounts of wealth and the emergence of wealth consensus will allow our economy to continue to prosper. This is not an empty theory. Professor Xiang Shuai of Peking University thought she did a good job in the last wave of the Internet economy. It was because of our real estate. Real estate created 65 trillion US dollars of wealth for China. I won't talk about how it was formed in the middle. I analyzed this process in detail in “Blockchain Wealth of Nations Theory.”
All in all, if our country and nation are to continue to develop, and if the market economy is to prosper and set off a climax, we must continue to reach a new wealth consensus before the market climax can arrive. Why does the Web3 we face now give us so much hope? Because it can confirm everyone's data, so that everyone's data is owned by everyone. I think this meaning is equivalent to when real estate certificates were issued in 1998, housing rights began to be confirmed, and privatization began, and there is a possibility that it will have a huge wealth effect in the future.
Today, I'll share so much with you. All in all, let's make a big difference in the future of Web3 and win us a beautiful and happy future. Thank you all.
Copyright Tsinghua University Wudaokou School of Finance Weiyang Network
