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A16z: Web3 ecological panorama

2022-01-27 00:44:34 Afar rabbit Research Notes

There are two main purposes of compiling this article :

firstly ,A16Z Is the pioneer of American encryption Fund , Earlier on the whole overseas Cryto The track has systematic research and layout , Study A16Z The report of , It is valuable for us to understand the whole encryption market .

second , It's on the market about Web3 There are relatively few systematic explanations . This article is relatively simple and easy to understand , Getting started as a foundation , Suitable for Web3 Interested readers read , You can understand the whole from a macro perspective Web3 Concept of ecology ( Pay attention to the attached to each section Reading List).

notes : The copyright of this article belongs to A16Z all , The translation is public welfare , Just to help everyone learn together , Does not constitute any investment advice .

* Most of this article belongs to generating electricity for love , Welcome to forward .
* Based on the independent and objective starting point , This number does not accept any PR demand .

source |A16Z

compile | Alfa rabbit


this paper 6000 word , Reading time requires 10-20 minute .

Link to the original text :

We firmly believe that : The innovation of the next wave of computer wave , Will appear on the basis of Distributed Technology , Innovation also includes the overall organizational form of the new economy .

Web3 The development of has gone beyond its own financial origin and boundaries ( Here it means Crypto The track originated from bitcoin in the financial field ) Whole Web3 The composition of the community (Community), From art practitioners to small businessmen , And the general public . therefore , Intelligent regulation must be considered Web3 Diversity of potential users , And the diversification of application cases .

Decentralized technology , For the current digital world ( Controlled by monopoly forces such as technological oligarchs ) Provides alternative solutions : to open up 、 The infrastructure built by the democratization system , It can provide power for the future economy and institutions . To achieve this vision , take It depends on how the government and the private sector cooperate , Cooperation includes the development of regulatory frameworks that encourage innovation , Manage the risks of various applications .

a16z yes Web3 The largest investor in the field : The investment team includes former officials from various US government departments ,a16Z Be cognizant of , This important new industry needs to be regulated responsibly (Web3). When the decentralized system gradually becomes the mainstream , We look forward to working with regulators and legislatures , Jointly formulate clear rules , This is for consumers 、 Entrepreneurs and creators (Creators) It's all good .

The field of encryption is technology oriented , Fast iteration . therefore , Ben Web3 The introductory manual will introduce some interesting application cases , Each case is accompanied by a list of additional reading materials , Interested friends can read further . I hope this manual will show Web3 Amazing diversity and potential , Help decision makers better understand how to use Web3 Tools , Provide solutions for the communities they serve .

Web3 application App
  • Decentralized autonomous organization (DAO)
  • Decentralized Finance (DeFi)
  • Stability currency and central bank digital currency (CBDCs)
  • Privacy and digital infrastructure  
  • The creator economy (Creator Economy)
  • Chain Tour (Gamefi)

Web3 App( application )

Web3 App( application ) What is it? ?

The first era of the Internet (20 century 80 S to 21 At the beginning of the century ), Services are built on open protocols ( Such as TCP、IP、SMTP、HTTP: Network communication protocol ), Created a stable 、 A level playing field , On this basis, the Internet ecosystem is constructed , In this period of chaotic innovation , Internet giants began to start businesses and develop .

The second era of the Internet ( from 2000 From the mid-1980s to the present ), Enterprises have established a second layer of proprietary services based on the open protocol of the Internet 、 Closed agreement . The era of centralization began , With Google 、 Apple 、Facebook、 Represented by Amazon 、 Profit oriented technology companies , Software developed and services provided , Rapidly surpassing the first generation of open protocols , for instance :

Simple mail transfer protocol (SMTP) It is an open protocol to realize e-mail . Google owns Gmail( service ), Microsoft owns Outlook, But no company has an email enabled protocol itself .

however , in many instances , These closed agreements are not the core business of technology companies : Individuals don't pay Google to use Gmail, It is Gmail Support Google's core business of collecting data and selling advertising . This is it. Web 2.0 The world of , stay Web2.0 In the world :" If the user doesn't pay , Users are not customers , It's the product ".

We are now in the process of development web3 Early stage of , During this period , Community use and maintenance Web3、 Development Web3 The core infrastructure of , Can be motivated and rewarded

Web3 App Why is it important ?

Web3 The decentralized network of , It provides an alternative to the status quo of the fragmented digital age .

Through a centralized network , Billions of people have access to extremely advanced technology , Many are free to use , however , Such networks also stifle innovation : Enterprises with networks have unilateral power , For example, who can get the right to use the network ? How to distribute income ? What functions are supported ? How to ensure the security of user data . thus , Start-ups And other groups such as creators will find it more difficult to develop their own businesses , Because they have to worry and pay attention to the central platform to change the rules , Take away their users or profits .

The challenge of decentralized networks in the traditional sense yes : They are public goods ( Products that are non competitive in consumption or use and non exclusive in benefits ), If there is no central body to make decisions , Make a profit , It is difficult to encourage the maintenance and development of decentralized networks . however , encryption (Crypto) Through decentralized coordination , Provide economic incentives to solve the problem of encouraging development .Web3 Will devolve power to communities rather than companies .

Decentralized network is an important counterattack force against fragile centralized applications : for example , stay 2021 year 6 month ,Fastly The company was paralyzed by software vulnerabilities , Users cannot connect to well-known websites such as 《 The New York times 》、《 The guardian 》、Twitch、Reddit Etc. home page . Decentralized system can avoid single point of failure . The decentralized network can also neutralize the unilateral control imposed by the centralized platform .

DAO Distributed autonomous organizations

DAO What is it? ?

DAO Is a community shared by online members , Managed by consensus rather than centralized leadership . Characteristic is :

  • De centralization : Rules cannot be changed by a single person or a centralized party ;

  • autonomous : Voting statistics and decision execution , Both follow the logic of writing smart contracts to calculate votes and execute decisions , There is no need for human intervention ;

  • Organizational characteristics :DAO The organization can coordinate the activities among stakeholders in distributed communities ;

although DAO The concept of sounds complicated , But we also have in real life DAO Application example of : image Publix Grocery Stores, Green Bay Packer, They are all cases of public ownership structure without centralized leadership .

(Publix Grocery Stores It's a community grocery store owned by employees )

DAO On behalf of " Governance on the chain " The use of . for example , In traditional corporate governance , The company's articles of association that prescribe certain policies , How to elect a board of Directors .DAO Similar policies and regulations can be coded into smart contracts , Continue to extend this concept to the digital world .

Smart contract is a stable computer program , Run on the blockchain network , It's like a legal contract , Smart contract is a commitment , It's just that they're written into computer code , It can be executed automatically and autonomously .

DAO Why is it important ?

DAO It is a new organizational governance model : It is a new type of organization built around transparency and inclusiveness . These principles can be applied to all kinds of organizations , Including non-profit organizations 、 collective 、 Cooperatives and investment funds .

The governance structure determines , How an organization makes decisions that are in the interests of its participants . Many existing forms of organization , The challenge is , Decisions are not made in a transparent manner , Moreover, the threshold for ordinary participants to participate in organizational governance is usually very high .

Extended reading :

A Beginner’s Guide to DAOs by Linda Xie

Decentralized Finance (DeFi)

DeFi What is it? ?

Decentralized finance or "DeFi " It refers to the financial field ( savings 、 Loans and foreign exchange ) Decentralized application of .

Decentralized applications (dApps) It's a computer application , Coding is based on smart contracts in related fields . These contracts are commonly referred to as " agreement (protocols)”dApps The difference from ordinary applications , lie in dApp Usually permanent , As long as the blockchain hosting the relevant agreement exists ,dApp There will be , Cannot be altered or manipulated by malicious actors .aApps It's also open , It means , Any computer can participate in the network , Access is not limited to a single or predefined group .

Blockchain based payment , Realize point-to-point digital transaction . In bitcoin (BTC) Before , Digital payment must rely on centralized records ( data ) Management , For example, banks and credit card companies . Even if the user passes PayPal or Venmo Such services are remittances , In fact, it's a message that depends on the bank's infrastructure " Financial claims (IOU)".

Cryptocurrency is very similar to currency : It can be regarded as the pricing unit in the system (a unit of account) 、 The medium of exchange (medium of exchange) And the means of storing value , And you can... Without a centralized third party , The transfer of real value in digital form .

DeFi Why is it important ?

Cryptocurrency (Cryptocurrencies) Support low cost 、 real time 、 Borderless 、 Point to point value transfer , Not subject to the business hours of mainstream financial institutions . most important of all , The entry threshold of cryptocurrency is very low .

This is for areas with insufficient financial services in the world , Offers a variety of opportunities . Blockchain based payment , For the world 20 About 100 million people without bank accounts open access to financial services . By using a mobile wallet , Foreign workers can be cheaper 、 It's easier to send your income back to your family in your home country .

Cryptocurrency can provide a safer store of value for countries experiencing hyperinflation . Of course , Most people think , Online remittance is as simple as sending e-mail , But this is just the experience of the lucky ones who have access to advanced financial services .

For more than 20% For Americans who have no bank accounts or lack banking services , The existing choice of financial services is slow 、 High cost and limited , The high threshold of financial services keeps millions of people out of opportunities in the whole economy .

Blockchain based payment may upgrade and improve the current payment system . For users who do not have a bank account to receive digital deposits , Cryptocurrency can be used to efficiently 、 Security 、 Low cost distribution of grants , At the same time, we can take advantage of the transparency of blockchain , To combat waste 、 Fraud and abuse of power .

If PayPal or Venmo Such fintech companies , The complete reform has changed the front end of consumer finance , that DeFi It completely changes the back end , specifically ,DeFi New pipes and tracks have been laid , Make financial services easier to use 、 visit 、 Audit 、 Upgrade and build . Participation in the financial system has become cheaper , It's simpler , This will bring unstoppable 、 Wider financial inclusion .

and , Like the Credit Union (Credit Unions) equally ( Another type of cooperative is linked to the microfinance service program for poverty and economic development , Mainly distributed in West Africa 、 Latin America, etc ), These financial services empower consumers , Let them control the consumer financial products they use , Become a member of the Alliance , This leads to better results . Decentralized financial services embrace the core value of open Internet , These values include :

  • Open to anyone in the world

  • Commitment to open source

  • Third party developers can adapt without permission

  • Low cost

  • The nature of security and privacy protection supported by encryption technology

  • Transparent management

Read more

1. Decentralized Finance: What It Is, Why It Matters by Marvin Ammori (Future) 2. Decentralized Finance (Ethereum) 3. A Beginner’s Guide to Decentralized Finance (DeFi) by Sid Coelho-Prabhu (Coinbase) 4. Cryptocurrencies Can Enable Financial Inclusion. Will You Participate? by Christine Moy and Jill Carlson (World Economic Forum) 5. Emerging Technology for Banking the Unbanked (Cryptopedia)

Stability currency and central bank digital currency (CBDCs)

Stable currency &CBDCs What is it? ?

Stable currency is a private cryptocurrency , Against the dollar or the euro , The stable currency will maintain a stable value for a period of time . Stable currency with legal currency collateral : For example, a stable currency linked to the US dollar , Keep the asset reserve of legal currency , To match the issue value of each token . Other projects are usually stabilized by mortgaging digital assets or algorithms that automatically execute smart contracts . Central bank digital currency (CBDCs) It is a digital currency issued by the government , It symbolizes national sovereignty and obligations .

Why are they important ?

Stable currency provides the advantage of cryptocurrency , And no volatility . Cryptocurrencies such as bitcoin and Ethereum , May experience huge price fluctuations in one day ; The stable currency is designed to maintain a constant price , This helps stabilize the currency as an effective trading medium .

As a low volatility asset , Stable currency helps to realize the transaction on the chain , Including a modern global payment system and the release of a wider range of financial services . Modern global payment system , Provide a wider range of financial services for people who cannot use banking services . They are the basic components of a series of important innovations and the basis of important innovations .

CBDCs It has many advantages similar to a stable currency : Although they raise some privacy and security issues , But stable currency and CBDCs Can coexist . People are stabilizing money and CBDCs Choose between , Can create competition that drives innovation , Bring new features and improve new functions .

Further reading 

1. 50 Years After Going Off Gold, the Dollar Must Go for Crypto by Niall Ferguson (Bloomberg) 

2. Thinking Big on Fed Accounts, Digital Dollars and Financial Inclusion by Chris Brummer 

Privacy and digital infrastructure

What is privacy and digital infrastructure ?

The limitations of many current blockchain networks are —— The design is completely transparent . however , Frontier research in the new field of cryptography , It makes it possible to prove the effectiveness of information mathematically , Without providing the information itself . for example , Users can prove to the website that the website knows the user's password , Websites do not have to store users' passwords in vulnerable databases . therefore , This solution can solve both privacy and scalability problems .

Why privacy and digital infrastructure are important ?

Privacy infrastructure is very important , it It can not only protect users' personal data , and , It fundamentally expands the design space of the application . in consideration of Web 2.0 The background of massive data leakage in the era , Data protection must be at the heart of the next wave of technological innovation . The layout of privacy infrastructure will lead to a series of more protective applications .

Privacy infrastructure will also make people more compliant . In the existing system , Users may not be willing to provide personal information to service providers or App, Because the information may be used to view the historical transaction data completed by the user . The privacy layer helps dispel these concerns , Users are able to apply to specific principals : If regulators disclose certain information , At the same time, prevent the full disclosure of information . It means , Without privacy risk , Regulatory compliance will be easier to achieve .

Further reading

1. How the Coming Privacy Layer Will Fix the Broken Web by Howard Wu (Future)

The creator economy

The creator economy ( Creator Economy) What is it? ?

The creator economy , It's an emerging community of creators , Like an artist 、 musician 、 Game developers and so on , Directly with supporters ( fans ) contact , Cooperate without an intermediary , Creators have access to independent sources of income .

Substitutability (Fungibility) Refer to , A unit of a commodity is indistinguishable , And exchange . for example ,1 Dollar bills can be compared with any other 1 Dollar notes are exchanged . meanwhile , Irreplaceable is a work of art 、 The attributes of unique commodities such as collectibles and real estate .

NFT It is an unforgeable digital asset , Value due to uniqueness . for example , One NFT May represent a unique digital artwork , for example ,NFT May represent a unique digital artwork 、 a sheet Mickey Mantle A baseball card or a physical real estate in North Carolina .NFT In exchange for any other token ( Such as COINS ) identical .

Why is the creator economy important ?

For many people , Especially young people who spend more and more time on the Internet and digital space , Owning digital versions of physical assets is becoming more and more popular . Books 、 music 、 Movies and photos , In the form of digital files on hard disk or cloud .

When users buy NFT when ,NFT It belongs to the user , You can control them according to your needs , It's like buying real goods :NFT Can be transferred , sell , mortgage , lend , Or keep it for yourself to enjoy .NFTs Early examples include digital art 、 game 、 Sports souvenirs and Collectibles .

NFTs It provides a new way for creators to make profits , Bypassing the traditional gatekeepers( Refers to the intermediary who takes a commission ), Fans can directly participate in the creator's career , Witness their success ,NFTs The model is more beneficial to the creator , They can sell their works directly , You don't have to rely on middlemen ( for example , Artists who used to sell their works in galleries , The gallery will draw or charge a fee from it ). For fans ,NFT The model is better , Because fans can directly become NFT Owner , When fans support artists and creators , Can have more share .

Artists and creators , Has benefited from this new distribution model . for instance : The artist Matt Kane Sell oil paintings in local galleries for a long time ; last year , He sold a digital artwork on the blockchain , value 10 More than $ . The photographer Justin Aversano Put him "Twin Flames " In the series 100 A portrait as NFT sell , Earned 13 More than US $10000 . front MLB players ( Later became an artist )Micah Johnson, Sold for more than 100 Thousands of dollars in NFT, Representative works include a digital painting sculpture , as well as 30.5 Million dollar physical sculpture .

NFTs Have unique advantages : That is to use blockchain technology to track them , therefore , Artists can get a commission from secondary sales . 21 Year old artist Robbie Barrat stay 2018 In the past years 176 A digital artwork was sold for $ , When this work is in 2021 In the past years 100 When an Ethereum is resold , Made about 11000 dollar , Resale is Robbie Earned from original sales 62 More than times .

2021 In the spring , As more well-known participants enter NFT field ,NFTs The popularity of has exploded .NBA Top Shot( come from NBA The official authorized collection of ) The total sales reached 2 Billion dollars , But marketing costs are low . Pop music Katy Perry and NFL player Rob Gronkowski Launched for fans NFT. image Ellen DeGeneres And King Leon (Kings of Leon), Novel coronavirus pneumonia worldwide pandemic , Days without performances , sell NFTs, Raise money for charity .2021 year 4 month , Sotheby's and famous digital artists Pak cooperation , For the first time NFT The auction . because NFT Is a verifiable digital property right , Outside the creator economy , There are also many potential applications .

Further reading

1. NFTs and a Thousand True Fans by Chris Dixon

2. Designing Internet-Native Economies: A Guide to Crypto Tokens by Patrick

Rivera (Future)

3. What Critics Don’t Understand About NFTs by Jonathan Zittrain and Will Marks

(The Atlantic)

4. A Beginner’s Guide to NFTs by Linda Xie

5. The Furry Lisa, CryptoArt, & The New Economy Of Digital Creativity by Scott Belsky

Chain Tour

What is chain tour ?

Chain Tour : Blockchain based games , It refers to games built on blockchain technology . Chain tour and fortress night 、Roblox or Minecraft A key difference between popular games such as : Everything in the game can be traded into currency and then exchanged for other resources in the game .

And this is just the beginning : It is expected that blockchain based games can bring a new digital world and economic development .

Why is chain travel important ?

Blockchain games are examples of how decentralized technology can create new ways of making profits for creators : Items in blockchain video games , Such as tools 、 The skin 、 upgrade 、 Avatar and experience value -- Is owned by the player NFT, Can be sold with real-world money , Trading on the secondary market , And pass... Between games .

Blockchain games also promote " From play to earn " Model development . adopt Axie Infinity Such a game , People can earn real-world money by playing games . stay COVID-19 During the pandemic , Some Filipinos rely on similar Axie Infinity Make money from your games , Ease the economic difficulties caused by isolation .

Although we are far from experiencing the boundless digital world described by science fiction writers , There's still some distance to go , But the epidemic does accelerate people's familiarity with immersive virtual experience . For example, people use virtual identities to attend parties or meetings , Meeting in a virtual conference room , All these provide possible clues for the possible future manifestations of the meta universe .《 Fort night 》 The users of the game , Will buy various digital applications for their identity in the game , Will also participate in Travis Scott stay 《 Fort night 》 Concert in ( exceed 1200 Million users attended ). Although these games and platforms , It is still a centralized platform controlled by developers from top to bottom , But these explorations have gradually begun to show the prospect of a boundless meta universe in the future —— Everyone can contribute to its development .

Further reading

1. The Creator Economy Comes for Gaming by Joost van Dreunen (Future)

2. People in the Philippines are Earning Cryptocurrency During the Pandemic by

Playing a Video Game by Christian Nunley (CNBC)

----- In this article, thank you Wayne:)

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