jakiro
Author: JamesX Source: X, @0xJamesXXX
Why do I say that Web3 is not far from Mass Adoption?
Or the ending of Web3 mass adoption is actually Web2.5.
And introduce several projects and product ideas that can really help web3 implement mass adoption.
The following picture is the answer given by me after I asked GPT: “What other problems do web3 have on the road to implementing mass adoption?”
To be honest, there is nothing wrong with it, and it is basically stuck in the pain points of the industry.Among them, 3 and 5 are difficult to solve by product innovation and optimization in the industry, but the other problems are constantly optimized and solved by teams in the industry.
Moreover, in recent years, I have also been using the process and researching other research reports and data, and found that there are several very eye-catching projects that are already helping the web3 industry, getting closer and closer to the goal of mass adoption, so it is simple.Write this content and share it with practitioners in all industries.
1. Web3 platform login Why is it a wallet?
“Connect wallet” and one wallet and one account experience have always been the core advantages that web3 industry practitioners think are better than web2 industry.
But this is also the biggest obstacle to preventing most users from trying to use the Web3 platform, because the learning threshold and risks of obtaining on-chain initial assets and using web3 wallets are too high.
Therefore, why don’t we use the web2.5 perspective to allow users to use various web3 platforms and register accounts without any web3 wallets. At the same time, we add the constantly optimized AA wallet products to allow users to use oneInside the web3 application of non-wallet/centralized exchange, cross the door to the web3 world.
In this direction, @privy_io, the most core product, supports almost all web2 and web3 account login systems, and currently has more than 3 million users.
If you are a user/practitioner who likes to try the latest web3 products, you will also be amazed from your recent use to how popular Privy’s login/account/wallet components have been in the recent months.and the silkyness of its experience.
I even have apps that have no web3 asset interaction requirements at all. In order to attract high net worth web3 users who meet their user profile, I am also using the login component of Privy.It can be seen that web2 and web3 are not two relatively isolated industries. Once the user experience of the product is silky enough, the web3 platform logs in, why ask the user to have a wallet?
I have a bold assumption about the future, and there may even be a type of DeFi platform (or on-chain financial platform). Users do not need a web3 wallet at all, and can complete traditional payment accounts (paypal, apple pay, credit cards)Get on-chain assets to deposit to one-click operation in on-chain protocol.(Of course this cannot be separated from the progress of payfi narrative we will talk about later)
2. Cross-chain interoperability / multi-chain account management – a track that will definitely be unified at the user experience level
The current ETH ecosystem has a variety of L2s, as well as the liquidity separation problem with the Solana ecosystem, Move language ecosystem and even BTC ecosystem with different technical architectures, is a major core pain point that plagues all on-chain user experience.
Recently, there is also a project that many people are talking about in the Chinese-speaking area. @dappos has launched an intend asset, a type of asset that can be used to help the user ecosystem through asset pledge, which can solve the high demand for users to pay to a certain extent.User pain points of cross-chain cost and complex operational steps.
But I actually want to say that this is essentially a semi-centralized product model, and there is another role in the industry that can provide similar services to help users obtain a multi-chain through pledging assets and transfer them at any time.And the “Intend asset” used, the role of this industry is actually CEX.
Because: 1. The user experience of user deposit assets to Dappos hosting is not much different from your deposit assets to CEX.2. CEX exchanges, especially the leading CEX, are actually the largest participants in cross-chain liquidity management/services now.3. CEX is born to not wanting user assets to be mentioned on-chain appeals, so pledge the assets to CEX and ask it to help you provide an “intend asset” for you to use in the on-chain environment, which can help CEX to bring more users.Assets, stay on your own platform.4. The top CEX has the endorsement of better compliance and financial management security in the current industry context.(CEX that may be thunderous and will be issued with P assets are not included)
However, due to the psychological shadow left by FTX before, whether there will be a model of providing users with large-scale services in this narrative direction remains to be discussed in the industry. Everyone is also welcome to leave a message below to communicate and discuss..(I have foreseeed that someone must think that this idea is sb)
Let me state: I am not saying that various cross-chain/ecological interoperability protocols & cross-chain bridges are useless, but the experience, handling fees and security are not friendly enough now. I also look forward to a more chain-native future.Decentralized and trustworthy solutions.
In another direction, the current multi-chain users have another major pain point, which is the multi-ecology + multi-chain wallet management system. Although all mainstream wallets are constantly providing native support for new public chain ecological wallets, such as okx wallets,Phantom has already supported the management of multiple ecological wallets for one account (including but not limited to EVM, BTC, Solana ecosystem, etc.), but when users transfer money, they still need to open the wallet and click the address bar at the top to find the corresponding different ones.Copy the address string again.
Although there are various address abstract services in the EVM ecosystem with ENS as an example, such as .BNB .ARB, etc., and the Solana ecosystem also has its own .SOL services, what users actually hope is to use a product service to complete multiple addresses across the ecosystem.Management experience.
Debank provides a Web3 ID minting service, but the registration fee is close to 100U and I have already been persuaded to refund me (and I also require depositing the assets on Debank L2 first and then registering and paying the fee. The user experience is really bad.
It was not until recently that I saw another project @clustersxyz that I felt a bright feeling.
Cluster is an All-Chain Name Service product based on Layerzero. Its product logic is also very simple. Users need to register an account name such as “jamesx/” and bind a main wallet. After that, they can generate multiple chains with one click.Wallet management account. After that, if you want to transfer money to my sol account, you can directly enter “jamesx/sol” and then it can be parsed into the solana address under my account by the integrated application.
Currently, there is a “xxxx/” account. One click will generate the corresponding addresses of 8 mainstream web3 public chain ecosystems by default.
As long as there are enough protocols to integrate address resolution of clusters accounts, this experience can be said to be very convenient (and the registration fee is currently at least 0.01E, which is about US$30, compared to the cost of registering .xxx accounts one by one and not unified.For management products, the cost and experience are very competitive. )
It is worth noting that Clusters’ Founder is actually @delegatedotxyz’s Founder. It already has sufficient industry history and resources to help Clusters become popular in the industry faster (and the support behind Layerzero).
So the expectation for the future is: when collecting payments, I can use any jamesx/xxx as my collection account (even the email address after the product integration of privacy may also become the collection address of cryptocurrency), and I am managing multiple chainsWhen it comes to assets, cross-chain can be as convenient as the experience of transferring funds directly from different accounts on CEX exchanges.
3. What is the essential difference between Web3 social and traditional social application track?
Web3 Social is a topic that cannot be avoided in the end of Web3’s move towards Mass adoption. The recent popular Ton/Telegram ecosystem and the Farcaster ecosystem that announced a valuation of US$1 billion this year have all been highly expected by the industry.
Many people think that the core essence of web3 social interaction is “decentralization”, “censorship resistance”, “permanent preservation on the chain is immutable”, etc. In fact, I don’t think so.
Let’s talk about the following: I think many users or practitioners have not figured out the 2 most essential differences between web3 social and web2 social.
Difference 1 (also the core difference that many practitioners have already obtained): Web3 Social essentially has the underlying conditions for creating a brand new asset type.
This is actually easy for everyone to understand, because the current web3 social projects will rely on the public chain ecosystem.Once there is a public chain, issuing various assets will become extremely convenient.The first social application with NFT Gated was found. Users need to purchase NFT before they can use the corresponding social application. Then there is Token Gated social software. They must hold the corresponding token/NFT before they can enter the corresponding communication group. These are all first.Assets, then socialize based on assets.
Afterwards, everyone figured it out, I can create more value if I issue an additional asset.There are Key fans of http://Friend.tech, Degen Tips token airdrops of the Farcaster ecosystem, and various recent Telegram ecosystem projects + Lianlianlian to earn coins issued, all for social platforms.Users have created a new logic of asset types and distributed them. This logic has indeed created a considerable wealth-making and circle-breaking effect, allowing users to have higher expectations (an expectation of making money).
This is indeed something that the web2 social platform cannot do. For example, I cannot directly airdrop assets that can be traded in the secondary market to users of the Snowball APP, otherwise the result will definitely be even more exaggerated.
Difference 2 (there is still a difference between whether most practitioners have gotten it): the availability of social data and the fundamental subversion of social application development logic.
In the traditional social media track, each application is actually a data island, so each social application needs its own independent account + data service system. Most platforms do not open external data acquisition interfaces and have external data APIs.The data acquisition cost of services such as Twitter is also very high, so the third-party platforms you see for Twitter account management/data services generally charge a not-cheap membership fee to cover the data acquisition cost and make profits.
Telegram is actually one of them, opening up a certain data API to miniapp developers. However, since TG itself is a timely communication application, data such as address book or chat information is private data, ordinary users will not want to develop it.open permissions.So the Ton ecological references based on TG that you see can also obtain some simple user information to decide how many tokens to airdrop you.
Development documentation for Telegram miniapp: https://docs.telegram-mini-apps.com/packages/telegram-apps-sdk/init-data/user
However, for Farcaster, this type is itself the underlying technical architecture of Web3 social, which is benchmarked against Twitter’s open social platform logic. For developers, it is equivalent to a Twitter where all user data can be obtained freely.For example, all public content published in your account and all social interaction data forwarded by likes and comments can be obtained by any developer of the Farcaster ecosystem and used as a basis to build your own social application.
The simplest logic is that you can see that in addition to the official client of Warpcast, there is also the Takocast client made by the @TakoProtocol team, the recaster client independently developed by the @0xHaole boss, and more than a dozen I have experienced.A totally different client application.
Each has a different interactive experience, each has a feed stream with different recommendation algorithms, and each has its own unique functions that integrate some applications on other chains.However, every user can browse all content in the Farcaster ecosystem through any client (although some platform algorithms will actively block some).
The logic of this application development is disruptive. In the traditional social application field, it is completely impossible to achieve except for the situation where there are several social project teams under the same company (such as Facebook, ins and Threads).
To give a more direct example, assuming that the underlying layer of Twitter is built on the web3 social protocol similar to Farcaster, I can completely develop an algorithm that only recommends edge/porn content “Twitter old porn version” to this customerOn the other hand, the recommendation algorithm will only let you see content that matches this label, and the application team does not have to be a “content creator” growth at the beginning, because it is enough to directly filter and recommend the content data that is already available on Twitter.
This is the essence of web3 social that most subverts traditional social applications, the development acquisition of user data and the convenience of ecological applications.This is also why I say that BTC/ETH has built an open and anti-centralized financial operating system for the world, and a protocol like farcaster has built an open underlying technical architecture for social, content and identity for the world.The application ecosystem derived from above will definitely not be smaller than the current DeFi or the so-called “Crypto” industry.
Moreover, these logics do not rely on any tokens, and users can also use them directly. Additional tokens or new asset types will only be a more attractive point in this ecosystem in the early stage.
For example, I can even do social applications based on your social data. I can do e-commerce applications and automatically recommend products and recommend various products based on your social data, social graph data and even on-chain asset data.service consumption scenarios.
(Of course, in response to concerns such as privacy rights of user data, I believe that in the process of the development of the industry, there will be continuous regulations and technical standards to improve to meet the needs of more users.)
4 The popularization of Web3 finance still shows the compliance and PayFi track that the traditional financial industry is promoting
Two core logics of Web3 finance
a. Crypto assets are recognized and accepted by mainstream markets as store of value and investment targets.I won’t talk about this anymore, this is also the lowest narrative of the entire Crypto industry.
b. On-chain assets are used as settlement tools/payment tools to subvert the traditional off-chain payment system
This reminds you to pay attention to the incremental data of the US dollar stablecoin issued by Paypal, a leading company in North American payment system. I remember that it should have exceeded the order of $1 billion.
Friends with North American life experience also understand that once paypal company makes efforts, PYUSD’s payment and settlement channels will be fully expanded.
Moreover, once PayFi is designed to provide offline payment requirements, it must have very strong local compliance requirements (refer to domestic digital RMB), so those who can do this business must require very strong traditional financial industry or local resources, which meansNot suitable for small developers (unless your business funding flow is gray).
Some people may ask, does DeFi financial management have more room for development?I personally think that the narrative space is not large. Just look at the semi-centralized Ethena and the upgraded SKY of MakerDAO. It still requires a certain centralized financial team to intervene. Then there will definitely be more in the process of the industry’s continuous growth.Strict compliance regulatory requirements.On-chain DeFi is more suitable for meeting some simple and direct income logic, such as simple lending functions (and it is also over-mortgage lending).
However, after companies like Paypel better help users complete the experience of depositing US dollars to U on-chain, the business and data of the defi track should have a relatively rapid growth in the short term, which can also solve the problem of users in the entire web3 industry.The issue of high entry threshold.
Therefore, the future popularization and promotion of web3 finance is also a definite trend, but it has less to do with DeFi, and it is more about “on-chain finance” supported by traditional financial companies.
So the above is my expectations for the future Mass Adoption of Web3. Let’s briefly summarize:
1. More web2 experience user login/account experience.
2. Cross-chain/cross-ecology, more convenient asset transfer (cross-chain) and more optimized address management experience.
3. A new social application development ecosystem created by the underlying technical architecture of the web3 social.
4. Daily on-chain financial payment/settlement experience (payfi) driven by more traditional financial forces.
But it will look at it over the top. Do you think it should be better to call them web3 or web2.5?
