Since the early 90s, the boom of the Internet has changed the way all of humanity lives, communicates and operates economically. The Internet is now undergoing a paradigm shift from Web2.0 to Web3.0. If Web2.0 was an upgrade from of Web1.0, Web3.0 is now looking to revolutionize Web2.0. People may hear about AI, blockchain, big data IoT and other technologies frequently, but it is difficult to understand what kind of changes these underlying technologies and innovations will bring from the user’s perspective, and what Web3.0 represents for the average person.
What is web3.0?
Web3.0, also known as Web3 (we will use Web3 below instead of Web3.0), was first introduced by Gavin Wood, co-founder of Ether and creator of Polkadot, in 2014.
Simply put, Web3 will be a new network system with features such as decentralization, openness, artificial intelligence, and high value addition, where all the interactive features typical of Web2.0 become more powerful. In the industry’s prediction, Web3 collects blockchain, AI, AR, VR and other technologies that can decentralize almost all applications, giving users access to absolute privacy and open Internet space.
Why do people need Web3?
Looking back at the history of Internet development, in the Web1.0 era, the Internet was basically a read-only network with content produced by website operators. Web 2.0 era created a new model of interactive network led by the production and sharing of user content, which gave the Internet a new value carrying feature.
However, problems have soon become evident. Examples include the emergence of firewalls, the creation of a closed ecology of applications, and the monopoly of centralized servers. All this has deviated from the original purpose of the Internet.
According to the 2022 “Global Internet Phenomenon Report” released by Sandvine, a network monitoring company, Google, Facebook, Netflix, Amazon, Microsoft and Apple are the six companies that generate more than 56% of global web traffic. And they already generate more traffic in 2021 than all other Internet companies combined. Users of major Internet services are served by centralized subjects who control their accounts, privacy, and interactions and shape the current development of the Internet world.
People could say that we are like a group of children using parts of the Internet under established rules. For example, when people use WhatsApp to chat with a friend, He need to raise his hand and tell an adult (the server) what he said to my friend, and then the adult (the server) goes and relays it to the other person. Even though this process is extremely quick, there is no denying that the adults (servers) have all his chat data and can decide what not to send.
This is the case in almost all Web2.0 applications, where not only users data and privacy are not properly protected, but even the content users create doesn’t truly belong to him. Originally, Web2.0 was intended to create an Internet world where users and platforms would be mutually fulfilling, but unfortunately, “the dragon slayer grew scales”. In the process of replicating the socio-economic structure of the Internet in the physical world, the technology giants clutched the control and completely put the spirit of the Internet, which represents “freedom, equality, openness, cooperation and sharing”, on the shelf. The upgrade from web1 to web2 did not solve the problem of centralization, but with the massive online transmission of information and data, the problem of centralization became more and more prominent.
Do the centralized Internet industry giants really exist to provide value to users? Obviously not, these giants exist for the benefit of shareholders and investors, and for this reason they have shaped the current set of rules of the Internet world in which users “sell” their private data and attention (traffic) in exchange for services. As a consequence, the concept of using user data and traffic as fuel also drives the definition of the four major cash models: games, advertising, e-commerce, membership services.
Therefore, people started to demand a decentralized and transparent network such as Web3. The decentralized, de-trusted and attack-proof nature of blockchain is the tool that puts users in control of their own data and identities. Web3 fundamentally changes the traditional power structure of the Internet world.
Insights into the future of web3, MEME exchange makes its debut
MEME exchange is a fully functional decentralized cryptocurrency exchange and it’s the world’s first web3 decentralized exchange. Users do not need to register but they can link to MEME exchange directly with their wallets. This guarantees that users’ funds are kept in their own wallets, with absolute autonomy and privacy. Asset interactions are carried out through smart contracts, which cannot be tampered with and ensure 100% openness and transparency of transactions. Moreover, MEME exchange has been realized to support cross-chain, multi-chain multi-currency and multi-asset transactions to achieve value flow, which greatly enhances the liquidity of decentralized exchange assets.
In MEME exchange, users have 100% control of their assets through wallet applications such as Metamask and MathWallet. With these wallets, users can perform more flexible and free operations, with lots of options available. Also, they can interact directly with the different applications on the underlying protocol to complete various complex operations to save time.
The decentralized, de-trusted and tamper-proof characteristics of blockchain are well aligned with the characteristics of Web3: creating a new Internet that respects the concept of “individual value”. MEME exchange fills the gap in the current market and builds a trend for future development. The user experience from the MEME exchange portal will cover a wide range of categories and, together with the multi-layer ecology from multiple chains, it will contribute to a many-to-many decentralized exchange ecology, which will be a great step forward for the entire Web3 industry.
Web3’s vision is to create an open, participatory, license-free, decentralized network for everyone. MEME exchange, a decentralized exchange based on web3, will soon shake the world.