The Global Expansion of Web3: A Digital Transformation Involving 8 Billion People

Major transformations in human history often begin with seemingly small innovations. From the Paleolithic era to the Neolithic era, and then to the Bronze Age and the Iron Age, each technological advancement has driven significant changes in production methods. The pace of this transformation has accelerated in modern times, from the agricultural revolution to the industrial revolution, and now to the digital revolution, the landscape of human society has undergone tremendous changes in just a few centuries.

In this long process of evolution, the development of the financial system played a key role. The establishment of the Amsterdam Stock Exchange in the early 17th century marked the birth of modern financial markets. Subsequently, the establishment of central banks such as the Bank of England and the appearance of financial institutions like the New York Stock Exchange provided the necessary capital support for the Industrial Revolution. These financial innovations paved the way for technological development and large-scale industrial production.

Today, we are in another critical period of the fusion of technology and finance. The emergence of Bitcoin in 2009 created a whole new asset class: programmable assets. This innovation is considered the fifth major financial asset class following stocks, bonds, foreign exchange, and commodities, and it could trigger a second financial revolution.

One of the characteristics of the digital age is the programmability of tools. Since the advent of integrated circuit computers in 1964, humanity has entered the digital age. The development of web technology has evolved from Web0 to Web3, with each stage bringing new possibilities. What makes Web3 unique is that it gives users more data sovereignty through blockchain technology.

However, the development of new technologies is always accompanied by challenges and controversies. Programmable financial products, as an innovation, also face obstacles in regulation and public understanding. The attitudes of governments and traditional financial institutions towards these emerging technologies range from surprise and confusion to gradual learning and adaptation, and this process is still ongoing.

Nevertheless, some forward-thinking enterprises and investment institutions have begun to actively layout in the Web3 field. According to statistics, since 2021, major venture capital institutions have invested over $57 billion in Web3 projects. Graduates from top universities around the world are also joining this emerging field, founding numerous innovative projects.

Globally, the distribution of Web3 projects presents some interesting characteristics. The United States dominates in the infrastructure sector, while the Chinese community excels in both centralized and decentralized finance. The NFT and gaming sectors show a more diversified pattern.

From a policy perspective, the attitudes of China and the United States are crucial. Currently, the policy trend in the United States is shifting from lenient to strict, while China is showing a gradual easing from strict measures. The recent release of the cryptocurrency trading consultation document in Hong Kong may signal a significant policy shift for China in the Web3 space.

Regardless, the momentum of Web3 development is unstoppable. Currently, there are 250 million Web3 users worldwide, and its application scope is expanding from the financial sector to multiple fields such as gaming, social networking, content creation, healthcare, and education. At the current growth rate, the number of Web3 users is expected to reach 1 billion in 5 years and cover 60% of the global population in 10 years.

This digital revolution is changing our world at an unprecedented pace. In this transformative era, everyone needs to think about how to adapt and seize these new opportunities. Humanity is undergoing the most drastic technological change in history, and within a generation, the world may undergo earth-shattering changes. In the face of such a future, each of us needs to be prepared to embrace this new era filled with challenges and opportunities.