The core issue we have to abandon Web2 is trust and here are two main aspects:
1. Account system centralization
For example, Facebook serves more than 2 billion users around the world while storing their account passwords without permission. Any Hack attack on the server will bring havoc to all users’ privacy.
What’s more, the loss of the social system is considerably fewer compared to the financial system. If the attack aims at it, all users’ assets will suffer unavoidably.
2. Data storage centralization
Internet giants are able to analyze users’ behavior based on their data without authorization, causing various losses to Internet users such as cheating regular users.
Every Internet citizen is powerless when facing the centralized Internet business model, which leads to unregulated abuse and exploitation.
All users’ information is exposed naked. Unethical or non-standard centralized organizations will be like a prostitute, controlling and fooling them and then despised:
“This man is so poor that we have nothing to harvest and squeeze.”
One of the typical examples is the FTX which misuses assets and then loses trust. Most institutions will not be as violent as FTX and will play it to a degree.
Nonetheless, neither of the above will occur in Web3.
As the awakened modern era comes, Internet citizens who seek freedom and equality have a strong willingness and capability to work out, thus we can say that Web3 is a revolution to web2.
First, BTC solves the trust of payment.
One block of BTC takes 10 minutes while a swap takes several blocks to confirm, which makes tamper with transaction records impossible because no one can develop these blocks contemporarily since neither time nor technology allows this to happen.
It figures out the crisis of payment trust sincerely whereas revealing the low performance of transfer.
At this time, Segregated Witness, Taproot (MAST contract + threshold signature), Lightning Network, etc were proposed to optimize it.
Second, ETH solves trust in programmable contracts.
The introduction of the EVM contract module allows everyone to learn blockchain and can write code on the contract. Therefore, a world window that only uses trust codes is opened.
But with the same problem as BTC, the confirmation of ETH still takes tens of seconds, or even a few minutes, which is unacceptable for users who are accustomed to the Web2 experience.
Therefore, the ETH contract is limited to DEFI financial applications that are riskier, rather than social and game applications that focus on user life experience.
Performance/user experience is the most critical direction for Web3 to break through.
The well-known Layer 2 project zkSync of Ethereum uses Zkrollup to solve these problems on ETH.
It is worth mentioning that the biggest difference between zkSync and alternative Layer 2 is the re-abstraction of the Ethereum account system, which is suitable for concurrent high-performance account systems.
At the same time, such as the Meta-based Move public chain Aptos/Sui has made a major breakthrough in the performance of Web3, and the blockchain confirmation time of less than 1s allows the socialization of Web2 application tracks, and games can be played in Web3 competitions. The root and sprout of Tao trust.
The more prominent application is: Sui’s innovation in the Web3 account system has achieved the improvement of the “order of magnitude” concept,
That is: Everything can be Object abstraction. Web2 applications can directly use the Sui as a trusted server.