On October 31, the Financial Secretary of Hong Kong officially released the “Policy Declaration on the Development of Virtual Assets in Hong Kong”, stating that Hong Kong is an international financial center and holds an open and inclusive attitude towards innovators engaged in virtual asset business around the world. The Hong Kong government believes that Web 3.0 has the potential to become the future development trend of finance and commerce. Relying on Hong Kong’s world-class financial infrastructure, Web 3.0 will be able to improve efficiency and transparency, thereby reducing or even solving current problems in settlement and payment. Positively embrace the next 50 years. Hong Kong has a thriving virtual asset ecosystem, which can be manifested through non-fungible token (“NFT”) issuance in the market, metaverse developers, and even trade finance adoption of DLT activities.
The adherence and openness of the spirit of Lion Rock
In recent years, Hong Kong, the Pearl of the Orient, has experienced many twists and turns under the influence of the global economic environment and the epidemic. But this is a great city full of legends, full of wisdom, beauty and kindness. The spirit of Lion Rock has not been extinguished. Openness, tolerance, rationality and innovation are still its background colors.
In the past 50 years, countless legends have been written on both sides of the Hong Kong Strait, but it cannot be denied that Hong Kong, which launched the “Cyberport” as early as 1998, was once an empty tom.com. Recently, the Financial Secretary of Hong Kong officially released the “Policy Declaration on the Development of Virtual Assets in Hong Kong”. We can fully expect that the new generation of Hong Kong government will never want the next generation of Internet Web3.0 to still have nothing to do with itself, especially the specific proposal of NFT and digital Hong Kong dollar. Forging, it is a good opportunity to gain insight into traditional finance and encrypted finance. The sooner a neutral digital currency is issued, the more early currency credit can be established. Once you have a stable digital currency, it is equivalent to building a new world-class payment system. This is the starting point for fully analyzing the future world development pattern and analyzing the evolution trend of the encrypted world. As a transit point for world trade, Hong Kong needs a lot of stablecoins; the Hong Kong dollar is anchored to the US dollar, then the Hong Kong dollar is indirectly anchored to the US dollar; Hong Kong is the largest offshore center of the RMB, and the stable currency is a backup channel; at the same time, Hong Kong has a strong foreign exchange Reserves also have enough stable chips, which further affirms the Hong Kong government’s confidence in digital currencies.
This declaration can be said to be at the right time. Taking advantage of Hong Kong’s financial infrastructure, turning around magnificently, and rushing into the new world of Web 3.0, this is a breakthrough for the country, itself, and the people.
The road to new technology is long and difficult
Web2 makes it possible for anyone in the world to access and interact with knowledge, resources, bank accounts, online courses, encyclopedias, social networks, side jobs, full-time jobs, inspiration and therapy. Web2 product managers start off with user experience, making the internet fun and easy, not a corner that confuses tech nerds.
At present, Web3.0 is still in a relatively early stage of development. After all, only 2% of people in the world have their own encrypted wallets. If you want to try Web3 products, first of all, you must understand a lot of relevant knowledge and choose a wallet that suits you. Set a string of 12 to 24 digit passwords. Before trading tokens, you must understand some complex concepts such as “gas fee”, “swap”, “slippage”, “cross-chain bridge” and so on. The inevitable result is that most people will give up entering the Web3 world, because people are always used to products that are beautifully designed and flawless. Compared with Web3, the user experience is very bad. Not only is it difficult for laymen to interact with decentralized applications, but also features such as computer-only use, multiple inspections, and unattractive visual effects make users less interested in trying decentralized applications. applications, let alone applying them.
From the perspective of the global WEB3.0 industry, we are still in the “early adopter” stage of the technology adoption cycle. Although OpenSea will have $14 billion in transaction volume in 2021, it has only about 250,000 active buyers and sellers; 70% of its transaction volume comes from only about 20,000 users. And Ebay has 183 million buyers. Looking at us, the current understanding of WEB3.0 is still in its infancy.
Technology Adoption Lifecycle
Only when people stop using obscure words (“Ethereum”, “blockchain”, “fungibility”) and stop thinking of Web3 as a mysterious black box, but as a set of easy-to-understand concepts (“scarcity”, “access”, “community”), they will be more open to this new model.
The trial and error and innovation of the forerunners of the road to simplicity
Apple’s success: Steve Jobs designed a personal computer for ordinary people, not for tech-savvy programmers. WeChat Success: Zhang Xiaolong has built a platform based on user priorities, making it so easy for users to communicate and interact.
Most people don’t understand how vending machines work, but the average person spends $62 a year on a vending machine. People don’t need to understand the inner workings — unless they’re a vending machine repairer. But people know enough: you put money in and a can of soda comes out. This is enough.
followThe principle of the avenue to simplicity,Web3 shouldn’t make it difficult for first-time users, and they shouldn’t be confused about what they’re doing. Web3 needs more than just philosophical ideas to inspire people; it needs to have real empathy for the average user, and it needs to resonate with every normal person like you and me.
In the 1990s, the web was just as elusive. Ordinary people simply don’t know how to access it. Then, AOL came along. AOL’s slogan is “Easy to use, No. 1”. AOL has greatly helped everyone with a user-friendly interface, simple and easy to understand: Ted Leonsis, who has led many of these movements, said, “I spend most of my time keeping things simple.” One of the most appropriate and well-known An example would be audio that rewards users for returning to the service again and again. It announces the reward in three simple words: “You’ve got mails!”
To reach the general public, Web3 needs two things. 1) Easy to use product 2) Killer use case.
When ordinary users are swimming in the Web3 world, the experience and use are simple and easy to understand, and they need it every day. That is the feeling that ordinary users need. Only then will more than billions of regular users use it regularly without barriers, and the vast majority will never have to know that they are interacting with the blockchain, as its complexity is hidden behind a beautiful and familiar interface.
Only in this way, the value of Web3 can be truly realized.
what is that? ——
The answer is very simple. If you compare AOL, in today’s era when everyone has a mobile phone, AOL in the new century can only be a Web3 mobile phone. Fortunately, the VERTU mobile phone, controlled by Guoding Fund registered in Hong Kong, held a London conference on October 24 and launched the world‘s first Web3 mobile phone.
At the launch event, VERTU showed off its latest device, METAVERTU, a Web3 phone that can run its own blockchain node and turn photos and videos into NFTs with one click.
All models feature a ceramic frame and VERTU’s signature sapphire glass screen, powered by a Qualcomm SnapDragon 8Gen1 CPU, a 6.67-inch, 2400×1080 AMOLED display, triple-lens camera, and a 4600mAh battery. The entry-level model comes with a carbon fiber finish, 12GB and 512GB of RAM, and costs $3,600. The high-end model has 18GB of RAM and 1TB of storage, and is wrapped in “Himalayan Crocodile”, 18K gold and diamonds. The price is $41,000.
VERTU CEO Gary Chan said at the phone launch, the problem with Web3 is that its complexity frustrates new users. They want to reinvent the smartphone and make Web3 simple.Metavertu can switch between Web2 mode and Web3 mode. In fact, what you get is our common standard Android operating system. Users can create a wallet with just a few clicks. The private key is protected by the phone’s Trusted Execution Environment (TEE). , and access a set of decentralized applications (dapps) through an Android-style interface.
The dapps allegedly include VOS, which enables phones to be used as “validators, light nodes, and light clients” on the Ethereum blockchain. Another app, Vshot, enables users to mint an NFT by clicking on a photo or video. The phone also features Vtalk, an encrypted peer-to-peer instant messaging app that integrates decentralized social networking features, including the use of a DAO.
Meanwhile, SolanaMobile, a subsidiary of Solana Labs earlier this year, launched Saga, a flagship Android phone with unique functions and features, tightly integrated with the Solana blockchain, enabling transactions and management of digital assets in Web3 ( such as tokens and NFTs) becomes easy and secure.
The Saga has a 6.67-inch OLED display, 12GB of RAM, 512GB of storage and the latest Snapdragon® 8+ Gen1 mobile platform with security features that will enable the seed bank of Solana’s mobile stack. By adding a secure element to the device, the private key, seed phrase, and secret are separated from the application layer, but still able to interact with applications running on the device or in a mobile browser.
Monopoly and hegemony of giants
Fifteen years ago, Steve Jobs created the era of APP, and there was also a period of prosperity when APP creators and users were short-lived. Whether it was on Android or Apple platforms, all kinds of APPs flourished. But then, the major Internet giants began to frantically develop their own separatist forces, keeping users in their own APPs, refusing to contact and interact with each other, and not allowing users to jump to each other within the APP, even third parties Developers are similarly limited.
Looking at it now, I don’t know how many third-party clients developed using APIs were killed by the closed nature of the platform after a moment of glory? And when the platform becomes “pure”, the person who lifted the hammer then became the one who was smashed in 1984…
From a practical point of view, such “drawing the ground into a prison” is successful, and the giants have made a lot of money, allowing the market value and stock price to “fly soar”. Facts have also proved that banning users is effective, but the rules of the game have changed. After the users are completely divided, there is only the drama of how the giants compete for each other’s users.
So, with the situation you and I are facing now: giants have launched products or services that make users more addicted and take up more time. It becomes an unsolvable zero-sum situation where your gain is my loss and vice versa.
This also means that no one dares to let go first, and no one is willing to give up today’s territory and truly enter Web3 without hesitation.
The Exploration and Opportunity of WEB3.0
In April 2022, SpaceX and Tesla CEO Musk visited the U.S. Air Force Academy, where he delivered a speech to the dean of the academy and nearly a thousand students. He made a very sharp point:Winning future wars depends on technological innovation, and disruptive innovation depends on taking risks and breaking boundaries.
In September 2022, Ethereum merges successfully, which will be the most important infrastructure in the web3 world. If you can believe that the changes brought by web3 are comparable to the early Internet, then you can also default to the future growth rate range of Ethereum: the growth rate of 3-5 years can be maintained at 100%, and the growth rate of 5-10 years can be maintained At 80%, the 10-15 year growth rate can remain at 40%. 15-20 years growth rate can be maintained at 20%.
It took 7 years to reach 100 million users in the PC Internet era, but after entering the mobile Internet era, it took only three years for the number of users to reach 100 million. This means that the acceleration of the development of the Internet from web1 to web2, and then to the future web3 will be faster and faster. Today we see that the number of monthly active addresses in the entire Ethereum network is only 16M, the number of active addresses on the 7th is only 501K, the average daily active address is less than 100K, and the annual growth rate in the past four years is 140%. We conservatively use a growth estimate of 110%. This means that in 4 years, the number of 7-day active addresses on the Ethereum network will reach 100 million.
Just as mobile phones and laptops went mobile before, countless teams in the Web3 world are firmly betting that mobile is the future of the industry. As of 2019, more than 2 billion people access the internet via smartphones alone. The World Advertising Research Center (WARC) predicts that by 2025, 72.6% of internet users or nearly 3.7 billion people will access the web via smartphones.
With a large number of the world‘s population relying on mobile phones rather than desktop devices, the potential to bring cryptocurrencies to all smartphone users in the world is enormous. In many emerging markets, people have more access to mobile phones than computers, and perhaps builders should think about what use cases users in the emerging market of Web3 will want.
The mobility of Web3 will be a bigger trend, and it is very important for cryptocurrencies to enter more mainstream markets. In the era of Web3, at least from our personal experience, all information and social networks are based on mobile the user side first.
Originally an idea from Ethereum founder Vitalik Buterin, Web3 describes a world where ordinary people would be able to use decentralized applications without needing to know how the blockchain works at all. These applications will be super secure as all data will be encrypted onto the nodes with tamper-proof access control using public key cryptography. Web3 also means that users will be able to own and control their identities and data on the decentralized web.
Epilogue
The emergence of new things always has a process of proposing, understanding, questioning, demonstrating, accepting or dying, and this process still requires repeated demonstrations in practice. Any technical issue that is also a market issue, especially a major technical iteration involving the redistribution of the value chain, has a tortuous or drastic evolutionary process.
Let the technology return to the technology, the market returns to the market, and it is easier to obtain a sober judgment and rational conclusion by delineating the boundaries of what can be done in a concrete way. Faced with a number of major choices in the evolution of civilization, human beings are rarely attractive because of some abstract meaning, and only in line with the common practical interests of people will they unite people’s hearts at critical moments.
Of course, Web2 is moving to Web3, a new era has come again, and a new era of connecting people with information and people with new methods has begun! The official release of the “Policy Declaration on the Development of Virtual Assets in Hong Kong” provides a more friendly policy environment support for the virtual asset industry and related enterprises.
Hong Kong, the Pearl of the Orient, chooses to embrace the Web3.0 world at this time, actively build encrypted finance, actively integrate the powerful electronics manufacturing resources of Shenzhen Pearl River Delta, and truly build the infrastructure of the Web3.0 network world, allowing the world to more People participate in the web3 world, symbiotically create and build together.
Bless Hong Kong.
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