Cryptocurrency crash does not stop young people from loving Web 3.0

 Lin Chuan, 23, who is about to graduate with a master's degree in computer science from Peking University, is eager to enter the field of Web 3.0.

uan is currently interning at China's largest search engine Baidu and blockchain venture firm GGV Capital. He said he came to Web 3.0 after seeing job opportunities in Web 2.0 gradually exhausted.

"Finding a stable job, getting married, buying a house is the goal of many people, but I'm not in it. I want flexibility, freedom and full potential, then get the part. well deserved," Chuan told Fortune of his ambition to focus on Web 3.0. The term for the third generation of the Internet, built on blockchain and decentralized platform, is now attracting great attention globally.

Not only Chuan, Web 3.0 is a new field of interest to students and young people who have just graduated from the technology industry around the world. They are attracted by the idea of ​​working independently, the potential for advancement and the opportunity to get rich.

Recently, a series of bad news came to the cryptocurrency market, the biggest of which was the collapse of Luna and stablecoin UST. The domino reaction followed, when Celsius Network, one of the world's largest cryptocurrency lending platforms, shocked the world by announcing that it would not accept requests for transfers or withdrawals for an indefinite period of time.

The cryptocurrency crash also sent many startups in this field into a death spiral. The wave of layoffs took place around the world. On June 14, the largest cryptocurrency exchange in the US Coinbase said it was laying off 1,100 employees and canceling more than 300 job offers previously made.

According to the statistics of layoffstracker, more than 10,000 employees at startups have been laid off since the beginning of June, of which about one-fifth is in the cryptocurrency sector.

The bad news doesn't seem to deter young people from jumping into Web 3.0, though. 20-year-old Ratan Kaliani, a senior at the University of California, Berkeley, has worked full-time in a DEX (decentralized exchange) startup and blockchain organization with a core team of student. "When you're passionate about something, you have the mentality to explore it to the end," says Kaliani.

Saif Uddin Mahmud, 24, from Bangladesh, graduated with a bachelor's degree in computer engineering from the National University of Singapore, also has great faith in Web 3.0. He and his friends are currently planning a startup in this field.

Both Kaliani and Mahmud share the belief that blockchain and Web 3.0 are systems powered by decentralization and decentralization. It radically improves compared to the current Web 2.0, which has been criticized as labor exploitation, user control, and the money earned is to enrich the companies behind.

According to Mahmud, the recent cryptocurrency incidents are just a purge of companies and individuals that want to get rich quick, retain core technology and lay the foundation for the future.

However, there are also young people who are wary of Web 3.0. Benjamin Peck, a third-year student at Yale-NUS University in Singapore, said he interned at a cryptocurrency company and found it risky. "Not many crypto businesses have proven themselves to be profitable long-term, resilient to crashes, or able to make an impact on the whole market. They lack sustainability," Peck commented.

Another student studying computer science at Carnegie Mellon University (USA) said he entered the cryptocurrency market seven years ago when he was 14 years old. He has been mining Bitcoin and Ethereum for many years, but has not stopped looking for work in the field. "In some cases, they may have applications, but this is not a sustainable area. Society still needs to have regulation, otherwise chaos will ensue," he said.
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