Bangkok, Thailand, November 12, 2024 - The "W2140 World AI+Web3 Expo" was successfully held in Bangkok this week, marking a significant milestone in the global Web3 and AI industries.
Alibaba Cloud hosted the "Alibaba Cloud Web3 World Roadshow" at the expo, providing a platform for attendees to explore the development in Web3 infrastructure. Professor Xiong Yu, Partner of Endless, Associate Vice President of the University of Surrey in the UK, and Director of the Blockchain and Metaverse Applications Research Institute, was invited to attend along with the Endless founding team.
During the event, Professor Xiong Yu provided an in-depth analysis of the current challenges facing the Web3 industry. He advocated for a redefined approach to Web3 development, emphasizing the importance of empowering developers and enhancing user engagement. His vision aims to establish a next-generation Web3 infrastructure that prioritizes user value.
Hurdles in the development facing the Web3 industry
Reflecting on a decade of Web3 development, we can see that its core value lies in the relentless pursuit of user empowerment and decentralization. In 2014, Gavin Wood proposed the concept of Web3 as a decentralized internet, allowing users to have complete control over their data and digital assets. This foundational idea highlighted the dominant role of users in the digital world. But the spread of speculative behavior in Web3 has harmed user interests and hindered the healthy development of Web3 business, leading to a severe loss of users. Now, the Web3 industry is facing numerous challenges.
On one hand, the industry is overly reliant on speculative decentralized finance applications, lacking sustainable business models, which has resulted in severe user loss. Interactions between users and projects are no longer based on genuine value creation but rather on the pursuit of short-term financial gains.
On the other hand, technological innovations are disconnected from actual needs. The complex user interaction of Web3 applications make it difficult for users to understand and engage with the Web3 ecosystem. To achieve mass adoption of Web3 applications, it is crucial to develop more applications that offer real value and enhance user experience, guiding the industry toward a more sustainable direction.
Restoring the concept of Web3
Web3 is a decentralized network built on blockchain technology, aimed at breaking the centralized model of Web2. Its mindset is to create a serverless, decentralized internet where users control over their digital identities and digital assets.
Professor Xiong Yu believes that we should return to the essence of Web3, to build a decentralized ecosystem focused on user empowerment, privacy protection, and data security. The next generation of the Web3 ecosystem will grant users complete control over their digital assets and identities, encouraging participation in value creation and sharing through a co-creation economy model. This approach aims to foster new business, balance the monopoly of centralized platforms, and promote grassroots innovation.
Endless Genesis Cloud
To put these principles into practice, Professor Xiong Yu and his team, along with the Endless Foundation, officially launched the next-generation Web3 infrastructure: Endless Genesis Cloud(https://endless.link/). Dr. Amit Kumar Jaiswal, as the technical director of Endless Genesis Cloud, introduced the technical architecture and unique solutions of the infrastructure.
Endless Genesis Cloud is the world’s first distributed cloud component platform, designed to provide developers with comprehensive solutions for Web3 App development. This platform integrates artificial intelligence, serverless architecture, fully distributed systems, relay networks, and various SDKs and API components, allowing developers to flexibly and quickly build decentralized applications for Web3. The experience for developers deploying applications here is similar to that of Web2 applications, significantly lowering the learning cost for learning Web3 development.
Endless Genesis Cloud will be a decentralized cloud service platform that truly achieves user privacy protection, virtual asset security, and data sovereignty in the Web3 world. The Endless development team will soon officially release the solution and technical architecture white paper for Endless Genesis Cloud.
Professor Xiong Yu said:
“Our goal is to lower the entry barriers to Web3, enabling more developers and users to participate in the co-creation of value within the digital economy, thereby fostering the development of a more open and inclusive decentralized ecosystem.”
The speech sparked widespread applause and discussions among attendees, highlighting the significant interest in the challenges facing the development of the Web3 industry. Industry experts present at the event noted that Professor Xiong Yu's in-depth analysis provided a clear direction for the current evolution of Web3. The innovative technology and solutions proposed by the research team at the University of Surrey and the Endless team are set to have a transformative impact on the industry. We look forward to seeing more forward-thinking innovations emerge, injecting lasting momentum into the development of the Web3 industry.