Introduction

We will create a civilization of the Mind in Cyberspace.

—— John Perry Barlow

On February 8, 1996, John Perry Barlow, the founder of the Electronic Frontier Foundation, published “A Declaration on the Independence of Cyberspace”, announcing that the online world is a new home of mind and is not subject to the jurisdiction of any traditional force.

The scenes described in the Declaration were not realized at that time, but idealists have never stopped pursuing this dream.

What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.

—— Satoshi Nakamoto

On October 31, 2008, Satoshi Nakamoto published the Bitcoin white paper on a science and technology information website called Slashdot. The white paper envisages a peer-to-peer transaction system for decentralized virtual currency. Blockchain, the supporting technology of Bitcoin, instead of being simply an innovative idea, had already attracted wide attention.

The core value proposition of Blockchain is to exchange assets in a way that requires no permission, no intervention of any third party, and the minimum degree of trust throughout the process. In this sense, Blockchain technology to some extent determines the core value proposition of crypto ecosystems and Web3.

Web 3.0 will engender a new global digital economy, creating new business models and markets to go with them, busting platform monopolies like Google and Facebook, and giving rise to vast levels of bottom-up innovation.

—— Gavin Wood

On September 13, 2018, Gavin Wood, the founder of Polkadot, published “Why We Need Web 3.0”, declaring that when Web 3.0 emerges, it will bring a whole new meaning to the phrase "the Digital Age".

The flourishing community DAO and the applications of Web3 have presented us with the power strangers on the Internet can generate when gathered in Cyberspace based on the same values and missions. As the infrastructure of Web3 continues to evolve, infinite possibilities await to be explored in the future.