Web 3.0 has become a buzzword in recent years due to the rapid development of AI, blockchain technology, and cryptocurrency. Business China Youth Series was honoured to have Mr Frank Wang, Transformative Work Lead at MASK Network and Co-Founder of Meson Network, and Mr Gary Xu, CTO and Co-Founder of aitos.io, to share their views on Web 3.0, its impact on businesses and the finance industry, and their advice for youths considering a career in Web 3.0. The session was moderated by Mr Adriel Yong, who is now a third year student at Yale-NUS College and Head of External Relations at Access Singapore. He is also a member of our Business China Youth Chapter.
Web 3.0 is a new concept for businesses
When asked about the most challenging part of founding his company, Gary revealed that it was to convince business leaders to espouse the value of blockchain. Although the growth momentum of cryptocurrencies has led to the popularisation of blockchain and Web 3.0, these concepts are still new to many people and businesses, who remain cautious about the benefits and risks of these novel technologies.
Blockchain reinvents the finance industry
Another hot topic raised in the webinar was the impact of blockchain and cryptocurrency on the existing financial system. Frank answered the question by introducing a term to the audience: “Decentralised Finance” (DeFi), a peer-to-peer financial system that recreates the traditional financial system. It does not rely on financial institutions or intermediaries but conducts transactions through smart contracts on the blockchain network, liberating financial activities from analogue records. The drawback with the traditional finance industry, Frank explained, was that the traditional finance industry is deeply ingrained in politics and the political system, which when faced with any societal or political upheavals may lead to a legitimacy crisis in the financial system, thereby diminishing people’s trust in the system. He also shared that blockchain, in general, provides a far more flexible and open framework for financial innovation, which fits well into the new preferences and demands of our time.
Demand for safe and trusted information
Gary shared that the Chinese government has lately outlawed all cryptocurrency transactions in China to avoid systemic financial risk. Along with other regulatory measures, Gary commented that it would be hard for DeFi to take flight there. Nonetheless, developers can still work on cryptocurrency and blockchain technology in China because there are demands from business entities and governments to transfer and share authentic information in a safe and trusted way using blockchain.
Skills and future career prospect
When asked what kind of skills are required from fresh graduates who want to start a career in the Web 3.0 industry, Gary advised students to acquire cross-field knowledge in both traditional and blockchain industries. Speaking for his company, which focuses on the integration of blockchain into the Internet of Things (IoT) to enhance existing infrastructure and create new value, Gary believes that simply understanding how blockchain works is insufficient if one does not know how to turn it into practical solutions to meet the needs of clients. Furthermore, he highlighted that common IoT devices do not support and are not designed for blockchain technology due to their limited bandwidth and storage capacity. In this regard, he believes that there are still many opportunities to explore in Web 3.0. Similarly, Frank opined that youths who want to enter into the Web 3.0 industry would reap greater gains compared to those in the internet and IT industries, where the market is becoming ever saturated and competition stiffer.
“Web 3.0 is still in a conceptualising phase”, says Frank, concluding that the Web 3.0 concept is a work-in-progress project based on our collective imaginations and that as Web 3.0 natives, the best thing we can do now is to stay curious and begin learning about it.
Please stay tuned and follow Business China’s social media channels for more details on the next Youth Series!