ByteTrade: Builder of the New Generation Web3.0 Ecosystem
ByteTrade's Web 3.0 vision is reflected in two aspects—Web 3.0 should be committed to allowing users to own data and content, and to profit from it. At the same time, Web 3.0 should also provide the same services that users currently enjoy.Original: Redefining Web3.0
Compiled by: Guo Qianwen, @ChainCatcher_
ByteTrade Lab, headquartered in Singapore, is supported by SIG Asia Venture Capital Fund and other leading institutional investors, including INCE Capital, BAI Capital, Sky9 Capital, and NGC Ventures. It recently completed a $40 million Series A funding round in June 2022. ByteTrade is actively building a Web3.0 operating system based on a proprietary blockchain edge node client (Blockchain-EdgeNode-Client, hereinafter referred to as "BEC") architecture, which will enable users and decentralized internet applications to transition to Web3.0 on a large scale, ultimately returning data ownership to users.
ByteTrade is not only a builder of the Web3.0 operating system but also actively participates in the incubation and early investment of Web3.0 projects to establish the ecosystem of ByteTrade's Web3.0 operating system. ByteTrade is committed to providing various resources to builders of Web3.0, including but not limited to: professional technology, product definition, business plans, go-to-market strategies, and funding.
ByteTrade's ecosystem partners include: Coda Ventures, Obridge, Ladder, PeopleMint, FilSwan, MUADAO, Playerone, ZKCross, CatcherDAO, TokenInsight, Keysafe, ZKSafe, PreAngel, BetterverseDAO, Web3port, AllinWeb3, and others.
For more information, please follow ByteTrade's Twitter account @BytetradeLab or visit lab@bytetradelab.io.
On-chain and Off-chain Data in Web3.0
ByteTrade believes that the fundamental value of Web 3.0 lies in returning data ownership to users, thereby leading a paradigm shift in service provision. In ByteTrade's view, user data can be roughly divided into two categories: on-chain and off-chain data. Off-chain data includes various information from internet application service providers, hosted on centralized servers; on-chain data primarily consists of financial transactions stored in a decentralized manner on the blockchain.
How to Return Data Ownership to Users?
With the improvement of scalability (measured by higher TPS) and user-friendliness of L1, L2, and even L3 blockchains, naturally, more users will interact with the blockchain. This gradual growth allows users to regain data ownership.
However, ByteTrade believes that the current scalability of blockchains cannot support mainstream Web 2.0 services, which have high computational requirements (including social media platforms like Twitter, video streaming platforms like YouTube and Zoom, and cloud storage platforms like Dropbox). Yet, these services are crucial for overall user experience and are key to maintaining and enhancing user engagement. Without these services, Web 3.0 will lack the necessary user retention mechanisms, and applications will continue to be overly finance-oriented, leading to stagnation in development.
Redefining Web 3.0
Web 3.0 should not be seen as a parallel network to Web 2.0; in fact, they each have their strengths and weaknesses. In Web 3.0, blockchain can address issues of data ownership and value possession, while the powerful servers of Web 2.0 can facilitate the rapid flow of information and social interaction.
Therefore, ByteTrade's vision for Web 3.0 is reflected in two aspects—Web 3.0 should strive to enable users to own their data and content and profit from it. At the same time, Web 3.0 should also provide the same services that users currently enjoy.
ByteTrade is realizing this vision by developing the BEC architecture. BEC will be developed on edge nodes between the blockchain and user clients (mobile phones/personal computers). These personal nodes will be fully deployed by users and owned by private key holders. Additionally, the node will implement the following functions, including but not limited to:
Storing critical personal data (financial assets/personal certificates), interacting with applications through decentralized identity (DID), allowing users to interact securely with other nodes/applications.
Acting as personal computing nodes for users to launch their own products and software. Users can interact with other users' nodes in a peer-to-peer network without relying on centralized service providers.
Each node will exist as part of a broader network, allowing nodes to communicate with each other.
Thus, ByteTrade recognizes that BEC will become a leading paradigm platform, creating decentralized Web 2.0 applications similar to Twitter and instant messaging services. As more services operate in a peer-to-peer manner, ByteTrade hopes that users can regain data ownership and build a new Web 3.0 ecosystem.
