Web 1.0: Read-Only (1990-2004)

The original Internet provided an experience now known as Web 1.0.  Websites were built using static HTML pages that could only display information. There was no way for users to change the data or upload their own. There was close to zero interaction between users and individuals seldom produced content.

Web 2.0: Read-Write (2004-now)

With Web 2.0, users were able to interact with websites through databases, server-side processing, forms, and social media. Web 2.0 brought an increased emphasis on user-generated content and interoperability between different sites and applications. Web 2.0 was less about observation and more about participation. Web 2.0 also birthed the advertising-driven revenue model. While users could create content, they didn't own it or benefit from its monetization.

Web 3.0: Read-Write-Own

The term "Web3 "was coined by Gavin Wood, Polkadot's founder and the co-founder of Ethereum in 2014. Gavin put into words a solution for a problem that many early crypto adopters felt: the Web required too much trust. 

Web 3.0, while not fully defined, can leverage peer-to-peer (P2P) technologies like blockchain, open-source software, virtual reality, the Internet of Things (IoT), and more. Web 3.0 also aims to make the Internet more open and decentralized. In the current framework, users rely on network and cellular providers that access their personal data and information. With the advent of distributed ledger technologies, that soon might change, and users could take back ownership of their data.

Core ideas of Web3 Although it's challenging to provide a rigid definition of what Web3 is, a few core principles guide its creation.

• Web3 is decentralized: instead of large swathes of the internet controlled and owned by centralized entities, ownership gets distributed amongst its builders and users.

• Web3 is permissionless: everyone has equal access to participate in Web3, and no one gets excluded.

• Web3 has native payments: it uses cryptocurrency for spending and sending money online instead of relying on the outdated infrastructure of banks and payment processors.

• Web3 is trustless: it operates using incentives and economic mechanisms instead of relying on trusted third-parties.

Bixin Wallet – Secure Your Bitcoin In An Easier Way. Launched in 2014, 8 years of safety and 0 accidents! Welcome to “Bixin Q&A”, a talk show launched by Bixin Wallet, mainly focused on the cryptocurrency market. Bixin will invite friends in the industry to express their opinions together. Some of them are senior practitioners, some are technical developers, and some are market traders. They are all active in the market and can provide the latest valuable information in the market. In each issue, Bixin Talk will select a hot issue to discuss, analyze it from multiple dimensions, and help you filter the value points. Our aim is to “gather more views and seize more opportunities!” Bixin also welcome you to use Bixin wallet to manage cryptocurrency assets, Website: www.bixin.com In this issue, Bixin Talk interviewed two Web3ers from the top 100 universities in the world. The first is Jack, a Columbia University Alumni who is a crypto researcher. And the second is Leo, an UCLA Alumni who is a Web3er. They are both active members of the Bixin community.

Why is Web3 important? Jack: Now Internet companies have a unique business model is to use free or extremely cheap products or services to attract users, and then get the user's information by pushing ads to the user to make money, What is it like? The company has planted a lot of grass on this land to attract sheep to graze. While the sheep are grazing, the wool is pulled off their bodies and sold it .In this model, users are ok as sheep for a long time, because there is indeed a lack of good products in the market. There are too few delicious grasses, and sheep don't care so much about themselves of wool. With the deepening of Web2 which is the mature development of the Internet, there will be more and more products. At this time, what is scarce is no longer grass, but becomes the data on users that is wool. That's why someone proposed the concept of web 3.0. Humans need more ownership in users of data and freedom on the Internet. Leo: Web2, which people are now experiencing, is the era of centralization, in which a large part of communication and commerce occurs on captive (closed) platforms and is owned by a handful of technology corporations, subject to centralized control by regulators and government agencies. Web3 emerged as the next iteration of the internet that aims to reduce dependency on large technology companies using decentralized protocols. Web3, therefore, can be seen as a power shift from big tech to consumers and the greater public.

What are the benefits with Web3? Jack: Instead of relying on a single, centralized server, Web3 is being built on top of blockchain networks, powered by cryptography that makes it possible to store data across distributed devices (also known as “nodes”) around the world. And such distributed devices can be anything — computers, laptops or even more robust servers. These devices serve as the framework of blockchain networks, communicating with each other to enable the storage, dissemination and preservation of data transactions without the need for a trusted third-party validator (such as an institution, corporation or government). Leo: In Web3, self-sovereign identity and data ownership are managed by the indvidual users themselves via digital wallets such as MetaMask and BixinWallet. These digital wallets work more or less like a wallet in the real world. Thus, a digital wallet serves as proof of your Web3 identity, securely holding both your currency and your data. This wallet is interoperable, meaning that it can easily be created on the internet and work with various products and systems, allowing the user to choose which decentralized applications have access to their data and identity.

What impact will Web3 have in the future? Jack: Some of today's popular social networking platforms have begun to make the transition to Web3. For example, Reddit is testing the virtual currency Karma points, and users who earn them can govern the Reddit subcommunities they belong to. However, there is still centralization here, as Reddit owns and controls the platform. New decentralized social networks are also emerging. Aether, billed as a Web3 alternative to Reddit, is open-source, and user-governed, and users have the right to vote and impeach moderators. Users can also review whether the content in the platform is compliant, and obtain tokens through this contribution.

Leo:Today, individuals must use their Facebook or Google login to access many online applications, which forces them to hand over their data to these companies. In Web3, by contrast, individuals will own their digital identities. By replacing third parties with blockchain technology, Web3 unlocks entirely new business models and value chains where centralized intermediaries are no longer favored. Ultimately, Web3 takes power away from intermediaries and gives it back to individuals.

What are the current concerns with Web3? Jack: Today, a lot of learning and experimentation is required in the average user's journey in using Web3 technologies. The lack of current user-friendly design in Web3 applications hampers the user experience and results in a steep learning curve. In fact, such factors are a significant barrier to entry for most people.

Leo: It is indeed still early days for the Web3 industry, and everyone is in the exploratory stage. There may be many bad entrepreneurs, hackers, and industry bubbles. Some people remain skeptical due to the lack of government oversight, which is a very understandable stance. But this also means that everyone can compete on an equal starting line. There are no boundaries, no rules, or even clear definitions. Everyone is marching toward the better Internet that they have imagined.

The above is all the answers of the two interviewed guests in this issue. Web3 is an extremely important advancement to the functionality of the internet that allows users to participate in it beyond reading and writing by owning their personal content to reduce dependency on large technology companies. This has become possible through the use of decentralized protocols. It gives individual users power over their data, identity, digital assets, security, and transactions. Thank you for reading. If you have your own opinion on cryptocurrency and are interested in sharing your own opinions, feel free to dm us on Twitter, and we may come to visit you next time!

The second-largest .eth domain sale was when “000.eth” was bought on July 4 at 300 Ether (ETH), which was worth around $320,000 at the time of sale. The highest selling ENS domain in history was "paradigm.eth" at 420 ETH, which corresponds to Paradigm, a well-known crypto investment fund.

The strong start in September follows an impressive ENS sales month in August, which saw more than 300,000 new “.eth” registrations and monthly revenue of 2,744 ETH, the third-highest month since ENS was founded in 2018.

What is the Ethereum Name Service (ENS)?

The Ethereum Name Service is a distributed, open and expandable naming system that interacts with the Ethereum blockchain. Similar to the role of the DNS, the role of the ENS is to map human-readable names such as "uni.eth" to a machine-readable name such as a wallet address like "5asdfdl23vsd9xl." Through the ENS, users can buy and manage their own domains, meaning that secure and decentralized transactions can take place without having to deal with long and complex addresses. It also reduces the likelihood of any input errors when typing out the recipient’s address to send funds. Now, the ENS may sound identical to the DNS system developed in the 1980s, but its architecture differs greatly. Like the DNS, the ENS uses a system of hierarchical names called domains, with the creator and owner of the domain having control over his top-level domain and subsequent subdomains.

Compared to traditional domain names of the past, ENS domains also have a variety of utilities.

One is to act as a receiving address, capable of receiving a variety of blockchain-based assets. Second is the value of NFT empowerment, ENS domain name not only has the function of identity proof but also has DIY form. People can create and trade their own names, which makes ENS domain names have the attributes of NFT creation, trading and so on. The third is the practical scenario applications, such as web hosting, decentralized websites, hosted IPFS sites, subdomains, etc. Fourth is identity representation, ENS domain name can not only store your personal data and other information but can also be the business card of all digital resources. Fifth is the formation of communities. People with the same attributes form a community DAO. For example, the 10k Club in this digital war, their members all have four-word domain names, three-word domain names, and many Influencers, with a large number of blue-chip NFTs, they use ENS domain names as a sense of belonging to form a community.

Bixin Wallet - Secure Your Bitcoin In An Easier Way. Launched in 2014, 8 years of safety and 0 accidents!

Welcome to "Bixin Q&A", a talk show launched by Bixin Wallet, mainly focused on the cryptocurrency market. We will invite friends in the industry to express their opinions together. Some of them are senior practitioners, some are technical developers, and some are market traders. They are all active in the market and can provide the latest valuable information in the market.

In each issue, we will select a hot issue to discuss, analyze it from multiple dimensions, and help you filter the value points.

Our aim is to "gather more views and seize more opportunities!"

We also welcome you to use Bixin wallet to manage cryptocurrency assets, Website: www.bixin.com

In this issue, we interviewed two Web3ers from the top 100 universities in the world. The first is Justin, a Stanford Alumni who is a crypto researcher. And the second is Jenny, an NYU Alumni who is a Web3er. They are both active members of the Bixin community.

Why is ENS important?

Justin: Because the ENS was developed for Ethereum smart contracts – and is native to the Ethereum ecosystem – it doesn't suffer from security issues faced by a DNS system. DNS records of domains and names are stored on a centralized server. That means they are prone to hacks. Conversely, ENS records cannot be destroyed and are secured by the Ethereum Blockchain.

Jenny: Through the ENS, names and addresses become more transparent and easier to interact with. Anyone can create or register an ".eth" domain by participating in an auction process. The highest bid will win the domain name, allowing the winner to create subdomains as well as lease the domains.

Why can ENS survive in Bear Market? 

Justin: ENS has the full support of the Ethereum Foundation. Long strings of Ethernet addresses are difficult to remember and trade, and having an ENS domain name makes for a better experience in the Web3 world. In addition, ENS does not charge royalties and are not controlled by a fully centralized entity. Ens gives users on the Ethereum blockchain a unique opportunity to set up shop on the Ethereum network and become a clear point of contact within a sea of addresses.

Jenny: Based on the number of Web3 user wallets and the actual number of ENS registrations, the need for one ENS domain name is still far from being met. People recognize the importance of domain names on the Internet, as well as the very low gas free in recent times. 

I believe a good product can cross bull and bear market cycle, and ENS is NFT 2.0.

Why is ENS Valuable?

Justin:Many well-known people have used their ENS names as Twitter usernames, such as Ethereum founder Vitalik Buterin (vitalik.eth), basketball star O’Neal (shaq.eth), and more. Some brands have also deployed here. Budweiser has acquired the ENS domain name Beer.eth for 30ETH, and Puma has changed its Twitter account name to Puma.eth.

Jenny: If NFT is compared to a car, then BAYC may be a supercar, and ENS may be a license plate, and some license plates are even more expensive than cars. On top of that, the scarcity and "show-off" of ENS is something special. In the real world, special numbers like 8888,001 have demonstrated a strong willingness to pay for rarity, be it a license plate or other entity.

The above is all the answers of the two interviewed guests in this issue. The high popularity of ENS in recent months is largely due to the entry of hot money and speculators, but there are reasons to believe that the value of ENS itself will not be a flash in the pan. In addition, ENS domain names are difficult to be priced. Domain name meaning, commercial value, coverage, awareness, shortness and cleanliness are all factors that can determine the value of a domain name, especially when purchasing a domain name or a domain name with a premium after squatting expires We must not only take decisive action on potential domain names, but also do our homework in advance to find a suitable price range.

Thank you for reading. If you have your own opinion on cryptocurrency and are interested in sharing your own opinions, feel free to dm us on Twitter, and we may come to visit you next time!

Bixin Wallet - Secure Your Bitcoin In An Easier Way. Launched in 2014, 8 years of safety and 0 accidents! Hello everyone, welcome to "Bixin Q&A", a talk show launched by Bixin Wallet, mainly focused on the cryptocurrency market. We will invite friends in the industry to express their opinions together. Some of them are senior practitioners, some are technical developers, and some are market traders. They are all active in the market and can provide the latest valuable information in the market. In each issue, we will select a hot issue to discuss, analyze it from multiple dimensions, and help you filter the value points. Our aim is to "gather more views and seize more opportunities!" We also welcome you to use Bixin wallet to manage cryptocurrency assets, Website: www.bixin.com

The topic we are going to discuss in this issue is "ETH2.0 is live = Bullish? , discussing the following five questions:

1. Any impact on cryptocurrency holders?

2. ETH stands on $2000 or Bearish?

3. Any change on cryptocurrency trend?

4. Buy the dip now?

5. Any profitable opportunities this time? In this issue, we interviewed two friends. The first is Xiao Hei (pseudonym), an active member of the bixin community who is a 7-year professional trader, and the second is Allen (pseudonym), an entrepreneur of all in web3. No matter how much impact the ETH2.0 upgrade has on the market and ecology, they can basically give the latest feedback on the objective reality in the market.

6. Any impact on cryptocurrency holders? ETH2.0 is live = Bullish?? The biggest hot topic recently is the ETH2.0 upgrade. The market has also recovered a lot in the past two weeks. However, the closer to the launch time, the greater the storm. What will the ETH ecology follow in the future? Black: ETH upgrade 2.0 actually does not have much to do with ordinary users. If they were long-term holders, the only impact may be that it adds more forked coins. Allen: After ETH switches to POS, the role of TOKEN is no longer just gas free, the financial attributes of the token itself will increase, and the number of coin holders will increase.

7. ETH stands on $2000 or Bearish? Xiao Hei: It is still in the bear market stage. As a mainstream encrypted asset, ETH is difficult to get out of the independent market. Unless the global market picks up or the encrypted market ushered in an inflection point, it is still relatively difficult for ETH to break through 2000, even if there is an extreme market that exceeds 2000 US dollars, and will return to its original soon. Allen: The ETH2.0 launching is actually at the ecological level of the public chain, which brings the greatest changes to miners and developers, and has no logical direct relationship with the market price. The launch of ETH2.0 is just a new stage of public chain development. The beginning of a new stage, not the price. ETH will inevitably break 2000 in the future, but the reason will certainly not be a simple "ETH2.0 launch".

8. Any change on cryptocurrency trend? Xiao Hei: No, until the global COVID-19, politics, war, and inflation issues are resolved, the global financial market will not reverse, and the cryptocurrency market will not be independent. Won't getting better. Allen: The landing of ETH2.0 is exciting, but it also faces new problems, such as regulation, forks, and so on. Maybe it can bring more good news, but such good energy is still not enough to change the whole market.

9. Buy the dip now? Xiaohei: I think if you are ready to hold the coin for more than two years, then it is a good time to buy the dip at this stage. Allen: I don't predict the market, and I don't encourage all in, but I personally think it's a good time to invest now.

10. Any profitable opportunities this time? Xiao Hei: If you are not a professional trader, it is recommended to pay more attention to the progress of the project. Every good news and every hard fork team may bring a windfall to the coin holder. Allen: After the POS is launched, there will definitely be some changes on chain ecology. You can pay attention to and deploy defi projects that are more suitable for ETH2.0.

The above is all the answers of the two interviewed guests in this issue. Let’s briefly summarize: The ETH2.0 upgrade will bring a certain reaction to the market, but the fundamentals of the market will not be bearish. When the market is difficult in the winter, everyone can It is a good opportunity to gradually build a position. After the launch of 2.0, it will bring some changes to the ETH public chain ecology, and it is also a good time to ambush the new layout. (The above is the content of the interview guests, and does not represent the views of Bixin) Thank you for reading. If you have your own opinion on cryptocurrency and are interested in sharing your own opinions, feel free to dm us on Twitter, and we may come to visit you next time!