A16z Partner: Blockchain is a revolutionary invention, INTO Web3 is a huge opportunity

The video "Is Web 3.0 Dead" presented a discussion by a16z partner Chris Dixon on the topic "Is Web 3.0 Dead", which is worth deep consideration. It extensively mentioned the pain points of the centralized social platforms like Facebook, YouTube, and Twitter in Web 2.0. As the centralization of power in Web 2 continues to intensify, decentralization is the future. INTO Web3 social is emerging in this internet revolution, driven by technology as the core driving force. The future will definitely be oriented towards the application and implementation of technology, and those Web3 social platforms that can truly solve user needs and provide a quality experience will stand out. The a16z partner Chris Dixon shared that Crypto is indeed facing some challenges, especially in the FTX incident in the US and the Terra Luna incident in South Korea. Although there have been many unpleasant events in the past few years, he does not believe that Crypto is dead. In fact, every innovative technology goes through ups and downs. It is wrong to infer that "the misuse of some technologies" means "the technology itself is not good", because technology itself has no good or bad. The continuous intensification of the centralized internet trend in Web 2.0 As the internet based on Web 2.0 emerged in the 2000s, Dixon also immersed himself in it. This movement emphasized "read-write" capabilities, giving rise to many related conferences and blogs. The core idea is that the internet should not only be a passive platform for receiving information, but an interactive platform where users can not only consume content, but also create content. The rise of social media platforms like Facebook and Twitter is a manifestation of this concept, making the internet a truly participatory medium. In the 2000s, network-based services became the dominant force on the internet. Platforms like Facebook, Uber, and WhatsApp, which connect people with people, have a strong "network effect" - the more users, the greater the value of the service. As these services expanded, their influence also increased. However, we are facing a risk: the internet may ultimately be dominated by a few large technology companies such as Google, Amazon, Apple, and Facebook. I believe this is not good for the innovation of emerging companies and the entire society. The internet was originally intended to establish a decentralized network, returning power and wealth to ordinary users, rather than concentrating them in the hands of a few large companies. In the traditional media industry, especially television and radio in the United States, resources and income are highly concentrated, controlled by a few major channels. In the 1990s, when I and many of my colleagues began to venture into the internet, we were extremely excited about the potential of the internet - it had the potential to redistribute wealth and power, returning them to the edges of the network, that is, to ordinary users. In the 1990s, the internet did achieve this to some extent, but by the 2000s, this decentralization trend began to gradually disappear. Fast forward to today, the top five technology companies account for 50% of the market capitalization of the Nasdaq 100 index, and more than 95% of the traffic and revenue on the internet is concentrated in these few companies, and all trends indicate that this centralization will continue to intensify. At the same time, the development of AI is remarkable, but if not properly constrained, it will further accelerate this centralization. Because AI technology requires a large amount of capital, data, and powerful computing power, which are exactly what large companies possess. In my book, I propose a solution: a new generation of internet services based on blockchain technology. Essentially, these services aim to eliminate intermediaries, such as "gatekeepers" and "toll booths". Take Facebook, Uber, Amazon, YouTube, and Twitter as examples, these platforms all have cash flows, whether it's advertising fees or transaction fees, they all charge a certain percentage of commissions, which is called the "take rate" in the internet industry. The "take rate" of internet services is very high, usually between 50% and 100%, and most of the flowing funds go into the pockets of these service providers. In addition, these companies also control the entire network, deciding who can access the network and who will be banned, and determining how the algorithms work. They often change the rules, such as whether the links or content types you post will affect whether they are recommended or downgraded, and these algorithms are highly opaque and completely controlled by these companies, while users and content creators who depend on these networks have no say. These centralized service providers actually control the fate of users. This is why I value the potential of blockchain technology, as it can bring a new attribute to the internet - ownership. Web3.0 is still in a very early stage Blockchain is a revolutionary invention that can enable many functions, which I see as a new type of internet computer. They are cloud-based and can perform a variety of tasks, but the most critical is that they can give true ownership of digital assets. For example, one of the most interesting features of Bitcoin is that the owner of the private key is the true owner of the Bitcoin, which does not exist on Twitter or Facebook. For example, I have accumulated many followers on Twitter over the years, but if the owner of Twitter decides to close my account tomorrow, my account will be gone tomorrow, and in this sense, I am not the true owner of this account. This has happened many times on the internet, whether it's virtual items in games, content on social media, or your account on PayPal, in the mainstream internet model, users have almost no real ownership. Bitcoin has introduced a new concept - users can own digital assets. Since the birth of Bitcoin, technicians have extended this concept of ownership to a wider range of areas, such as Non-Fungible Tokens (NFTs). The core idea of NFTs is that you can own a work of art, a game prop, or even an NFT representing a social media user name. In this new blockchain-based model, users can truly own these assets, and these assets cannot be easily taken away.

Imagine if I had my own username and follower list on social media, and I was dissatisfied with a certain service, I could take my username and follower list to another platform. In this new blockchain-based Web3 social model, I can own my username, follower list, data, and even the dataset I provide to AI algorithms. In the current mainstream internet model, only the service provider or the company behind it can own these data and resources. Early internet protocols like email also had similar characteristics. The revival of newsletters is an example. Many journalists have chosen to leave traditional media and start their own newsletters on platforms like Substack. This is because when you have your own newsletter, you truly own your subscriber list and their email addresses. Platforms like Substack only take a commission of around 10%, which has attracted many people to use them. If these platforms change their rules, you can completely choose to leave and switch to other services. Blockchain-based services are also based on the same concept of ownership. The technology is in whether it is used for good purposes or bad purposes. We are now at a critical juncture, where Web 2.0 companies like Facebook have billions of users, while the number of blockchain service users, including Crypto users, is only in the hundreds of millions. Although the number of users of emerging blockchain games and social media is around tens of millions, it is still a relatively small proportion of the entire internet user population. Therefore, we are still in the relatively early stages of development, which I believe is related to several factors. Blockchain is the infrastructure. For example, when you play a blockchain-based game now, the experience is still different from non-blockchain games. The underlying infrastructure of these services is still in the early stages, and it will take some time to reduce costs and improve the user experience. But I am full of expectations for the breakthrough progress that may occur in the next few years. In addition, in my book, I wrote about two cultures in blockchain: a "casino culture" with a speculative nature, and a "computer culture" that is more focused on technological development. The casino culture is more concerned with the short-term buying and selling of tokens, while the computer culture is committed to building the next generation of internet services that return digital ownership to users, reduce intermediary fees, and are controlled by users. The latter is what we are more willing to promote and invest in, but unfortunately, the casino culture seems to be dominant at the moment, which is not conducive to the healthy development of the industry. I hope that there will be wise policies and regulatory measures to curb speculative behavior and promote the positive development of technology. Unfortunately, some policy decisions in the United States in recent years have actually fueled this unhealthy trend. For example, last month, the number of Meme coins created reached a historic high of over 500,000. At the same time, regulatory policies have imposed restrictions on the productive computer culture behaviors, which is contrary to the wise regulatory policies we hope to see. I hope this situation can change, and there have been some positive signs recently. Although the Crypto field has faced some challenges, such as the FTX incident in the United States and the Terra Luna incident in South Korea, this does not mean that the entire field has failed. Technology can be used for good purposes or bad purposes. A hammer can be used to build a house or to destroy a house; fertilizer can be used to grow crops or to make explosives. AI can be used for fraud and scams, but it can also be used to enhance human creativity. Blockchain can also be used for improper purposes, but it can also be used to create a new wave of internet services that return funds and power to internet users. The way to ensure that technology is used for good is to set rules for it. I believe that confusing the application of a particular technology with the technology itself is a mistake. In the book "Read Write Own", I strive to comprehensively describe the productive uses of blockchain. Jumping from "this technology has bad uses" to "therefore this technology itself is bad" is a mistake. The technology itself is neutral, the key is how people and governments guide the potential of this technology in a positive direction. History tells us that every interesting technology goes through ups and downs. When people think a technology has reached the end, the best opportunities are often hidden. The internet has its ups and downs, Crypto has its ups and downs, and if you want to wait until the situation improves before taking action, you will find that you are doing the same thing as a large group of people. Whether it's the internet or Crypto, they will go through ups and downs, but the key to success is to maintain faith in these fluctuations and dare to invest. INTO Web3 is making efforts in the direction of applying technology to real-world applications, which is the "computer culture" that focuses on technological development. Only by truly applying technology to real-world applications can we solve users' actual problems and meet users' needs, and become the mainstream of the future Web3 internet. INTO Web3 is moving in this direction, and it is doing so in the largest social track of the internet - Web3 social, which is the track that a16z partners are most concerned about. INTO is a highly integrated and feature-rich comprehensive infrastructure built specifically for Web3, integrating cross-chain cryptocurrency wallets, Web3 social, and a multi-functional mini-program ecosystem, aiming to provide users and developers with stable and efficient digital solutions. By integrating Web3 instant messaging social, cross-chain cryptocurrency wallets, AI technology, and a rich mini-program ecosystem, INTO has created an interconnected and mutually reinforcing comprehensive business model, which will provide users with a one-stop Web3 social experience. The instant social function of Web3 can realize real-time and efficient communication between users. In this social scenario, users not only can communicate freely, but also can ensure the security and privacy of information based on blockchain technology, replacing the value of traditional Web2 social. The wallet provides users with cross-chain asset management services, greatly enhancing the user experience of social functions and mini-programs. In the Web3 internet, the cryptocurrency wallet is the basic carrier, and accessing Web3 Dapps such as DeFi, DEX, and RWA all require wallet connection, so the cryptocurrency wallet is also one of the largest traffic entry points of the Web3 internet. Social platforms can use content creation and interaction to incentivize users, which not only can enhance the stickiness of the platform, but also can bring user traffic to the platform. Through incentive mechanisms and DAO governance, the participation and loyalty of users can be enhanced, laying a foundation for stabilizing the community and long-term growth and development. The mini-program ecosystem provides innovation space for developers and creators, covering various popular fields such as entertainment and financial services, with rich application scenarios to meet user needs and bring business opportunities. By developing the mini-program ecosystem, the interaction and transactions between platforms will be effectively promoted, such as in-app purchases and advertising payments, which can realize profit-sharing models, achieving a win-win situation for the platform, developers, and users. These will encourage more developers and creators to join, further enrich the mini-program ecosystem, and drive the sustainable development of the platform.

In the Web3 social track, INTO is the first Web3 application that integrates instant messaging social, cross-chain cryptocurrency wallet, and a rich mini-program ecosystem, which is pioneering in the industry. As the Web3 internet continues to develop, Web3 social will definitely become the mainstream form of future internet social. INTO has started to layout and build in the early stage of Web3 internet development, and it will occupy a favorable position in the future competition, becoming the leader in the Web3 social field. In summary, Web3 is at a critical moment, and the development of technology will go through a process of ups and downs, but as long as we adhere to the correct application and innovation of technology, the future of Web3 social will be full of infinite possibilities.