What is the difference and connection between the popular Web3 and the meta-universe?

At present, people pay close attention to two concepts in the field of information technology-Web 3 (or Web 3.0) and meta-universe. These two hot areas represent the new direction of the future development of the digital world. Judging from some current reports, some people may think that they refer to the same thing, which is understandable. After all, both technologies are at the conceptual stage, and it is difficult for anyone to explain their definitions more thoroughly. But in fact, although they are related in some important respects, they have different definitions, so there are many differences between the two.

What are Web3 and meta-universe?

To put it simply, Web3 is a decentralized Internet, based on distributed technologies such as blockchain and decentralized autonomous organizations (DAO), rather than focusing on servers like the traditional Internet.

The core idea of Web3 is to create a more "democratic" Internet, where no entity can control the flow of information and the entire network will never collapse at a single point. In theory, the servers, systems, and networks that run applications and store data will be owned by users, and each user will have the right to vote on existing rules and how to use them. Why is it called Web3? Because people think it will be the third major leap forward for the Internet after the World wide Web (Web1) and the current web (Web2, or social networks).

When it comes to meta-universe, the recent name can be described as hot in the industry. Meta-universe is actually the meaning of a virtual world where users can interact and interact with applications and services in a more immersive (immersive) way. The term "meta-universe" first appeared in the 1992 science fiction novel Avalanche by American science fiction master Neil Stephenson, which describes a virtual reality world. Nowadays, with the development of science and technology, science fiction is approaching reality. A survey conducted by Ericsson found that 7x10 respondents believe that by 2030, we will be able to enter a virtual world that looks completely real. More broadly, the term meta-universe is used today to refer to any digital space that strives to create an immersive environment. So games like Fortnite have been used as virtual concert venues, while Roblox provides enterprises with the opportunity to build brands in the digital world, which is also considered a meta-universe experience.

Web3 and meta-universe are not the same thing.

It sometimes gives the impression that the two may be the same thing for several reasons.

First of all, few people really understand the meaning of both. Many people and organizations have different ideas about achieving their goals, and both are in the process of exploring. For example, Facebook changed its name to Meta and announced that it would enter the meta-universe. But big companies like Meta have a very different vision of meta-universe from those who think it should be decentralized.

Second, both the decentralized network (Web3) and meta-universe were once known as "Web 3.0"-the third-generation Internet. But now the concept of Web3 refers specifically to the above decentralized Internet. Others describe Web 3.0 as an "immersive network". The main difference is that it is "immersive". From this point of view, it is closely related to the meta-universe.

Finally, Web3 and metastics are intertwined in some very important ways: the technologies used to build Web3, including blockchain-based cryptocurrencies such as blockchain, Bitcoin, and Ethernet Fong, and encrypted token NFTs, which are based on cryptography to ensure their uniqueness, are important technical supports for implementing virtual worlds for work, entertainment, social interaction, and learning.

Are Web3 and meta-universe going the same way?

An important element is that cryptocurrency can form the basis of the economy and monetary system in the meta-universe. If meta-universe is the digital equivalent of the real world, then people will probably want to shop, make money and start a business there.

Cryptocurrencies provide a ready-made platform for this, and there is no need for banks or exchanges (traditionally) for people to trade and invest in the currencies they own. Wallets stored in the user's computer (or cloud) will be the basis for building a virtual economic life.

But some people question why buy illusory digital goods. In fact, there are already examples of game items and tokens in online games, which already have a huge market and are said to be worth $54 billion in 2020. Most of them are ornaments worn by gamers in the game, just to decorate virtual images, or just to show off their rights.

That's what NFTs is all about. Another key element of Web3's vision is NFTs. NFTs is an encrypted token that ensures its uniqueness based on cryptographic technology, which enables unique objects to exist in the digital world. Unlike most of the data that makes up the Internet, social media and virtual reality, NFTs cannot be copied indefinitely by "copy and paste" because it is represented by tokens on encrypted chunks and is unique.

We have seen companies like Nike create shoes and clothing supported by NFTs that exist only in the digital world. People spend hundreds of yuan on expensive sneakers in the real world just because they are limited edition, so why do they also have "value" in the virtual world?

From a technical expert's point of view, Web3 offers the possibility of building a digital world on a decentralized platform. For example, Decentraland is a virtual reality platform based on the ethernet block chain. This means that users can use the etherfang virtual currency to buy their "land", and they can profit as the value of the land rises (just like real estate in the real world). They can also make rules to determine what can or cannot be done there. In the decentralized virtual world, governance can be carried out through intelligent contracts, the rules in the block chain are designed to be implemented independently, and users can vote and exercise democratic rights to influence the operation of the virtual world. You don't even have to obey the laws of physics in the real world. We can enter and leave at any time, which is very different from the centralized system of law-making in the real world.

The basic overview of Web3 and meta-universe is fundamentally different, but it is closely related in many ways. More importantly, both Web3 and meta-universe contain some factors to support each other's development, and the mutual promotion of their technology and ideas also promotes the development of both sides.