The Evolution of Web1 to Web3: Dragonfly Founder Feng Bo on Bitcoin, Ethereum, and DeFi
On April 12th, during the roundtable discussion on the evolution of Web1 to Web3 at the 2023 Hong Kong Web3 Carnival, Dragonfly founder Feng Bo stated that it is still in the early
On April 12th, during the roundtable discussion on the evolution of Web1 to Web3 at the 2023 Hong Kong Web3 Carnival, Dragonfly founder Feng Bo stated that it is still in the early stages of Web3 development, and the best applications are Bitcoin and Ethereum. Once DeFi is as convenient to use as a microwave and refrigerator, it will become the most important financial tool for future human civilization, and we are experiencing tremendous progress in human civilization.
Dragonfly founder Feng Bo: DeFi will become the most important financial tool for future human civilization
Introduction
On April 12th 2023, Dragonfly founder Feng Bo shared his insights during the roundtable discussion on the evolution of Web1 to Web3 at the Hong Kong Web3 Carnival. In his statement, Feng Bo stated that despite the progress that has been made in Web3 development, we are still in the early stages. However, he believes that Bitcoin and Ethereum are the best applications in this currently developing era of internet. Additionally, Feng Bo notes that we are experiencing tremendous progress in human civilization, and he predicts that once DeFi is as convenient as a microwave or refrigerator, it will become the most important financial tool for future human civilization.
The Early Stages of Web3
There has been considerable talk about the potential of Web3, and while we have seen some progress in the field, the truth is that we are still in the early stages. Web3 aims to build decentralized versions of the current centralized internet where users are more in control of their data, unlike Web1 and Web2, where data is mostly controlled by centralized authorities. The Web3 model strongly prioritizes user privacy and security above all else.
The Best Applications for Web3
According to Feng Bo, the best applications currently available for Web3 are Bitcoin and Ethereum. Despite their differences, both Bitcoin and Ethereum share some common traits – they are open and permissionless public blockchains that can run decentralized apps, provide peer-to-peer payment solutions, and empower the community to self-govern.
Bitcoin has been in existence for over a decade and remains the most valuable blockchain in existence, thanks to its scarcity and secure algorithm. It is an efficient store of value, and its potential to be a currency alternative to traditional money systems is still being explored. Bitcoin’s success has also brought attention to other similar cryptocurrencies like Litecoin and Bitcoin Cash.
On the other hand, Ethereum is a smart-contract blockchain platform that can run decentralized applications on its network. It has been around since 2015 and has since become one of the most prominent blockchain projects. Its native cryptocurrency is Ether, and unlike Bitcoin, Ethereum provides a much more flexible and functional platform.
The Future of DeFi
Among the most promising aspects of blockchain technology is the potential for DeFi or decentralized finance. Currently, DeFi is gaining traction in reducing the traditional financial industry’s centralized control while opening up a wide range of possibilities for user empowerment. From peer-to-peer lending to decentralized exchanges, DeFi has enabled users to hold, trade and access funds across the world without the need for a middleman.
Feng Bo predicted that DeFi would become the most important financial tool for future human civilization once the convenience of using it is as simple as using a microwave or refrigerator. He believes that the progress made in the field so far has been tremendous and can only continue to grow. Indeed, numerous use cases have arisen for DeFi, including Yield Farming and NFTs, which have gained popularity in ecosystems like Binance Smart Chain and Polygon.
Conclusion
Web3 is still in its nascent phase, but the progress made so far has been significant, with Bitcoin and Ethereum being the most important applications. DeFi is set to be the most important financial tool for human civilization once using it is as convenient as a microwave or refrigerator. We are indeed experiencing tremendous progress, and DeFi will likely continue to grow.
FAQs
#Q1: What is Web3?
Web3 is a decentralized version of the internet that prioritizes user privacy and security above all else. Users are more in control of their data, unlike Web1 and Web2, where data is mostly controlled by centralized authorities.
#Q2: What are the best applications for Web3?
According to Dragonfly founder Feng Bo, the best applications for Web3 are Bitcoin and Ethereum.
#Q3: What is DeFi?
DeFi, short for decentralized finance, refers to a new financial system built on blockchain technology that offers advantages such as transparency, security, and accessibility over traditional finance. It opens up a wide range of possibilities for user empowerment from peer-to-peer lending to decentralized exchanges.
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