The reason Web2 companies still invest heavily in Web3

 Although Web3 is considered a "disruptor", companies that have had great success with Web2 such as Google and Facebook still strongly bet on the future of the Internet.



"It's interesting that Google is the second largest investor in Web3 startups, behind A16z. Next is Microsoft, Samsung and Facebook," said Dr. Dinh Ngoc Thach of Soongsil University (Korea) in a statement. Vietnam Blockchain Summit event, taking place October 19-20 in Hanoi.

Speakers in the seminar Optimizing the power of blockchain in business took place on October 19 in Hanoi.
Speakers participating in the blockchain discussion during the Vietnam Blockchain Summit event in Hanoi.

Web3, or Web 3.0, is a term for a decentralized web system built on a blockchain platform. It is seen as the next step of the Internet, where there will be no more servers, and users will be in control of their own data, identity and destiny. The majority of Web3 advocates consider current online platforms (Web2) to be too centralized and dominated by large technology companies such as Apple, Amazon, Google or Facebook. These carriers store loads of data and personal information around the world, making it hard for users to trust.

New bet

With many years of experience working at Google, Mr. Huy Nguyen, Vice President of Vietnam Blockchain Association, said that the problem is not whether these companies are leading Web2 or not, but need to see that they are companies. You are always innovating. Google has been researching blockchain for decades, but now people only know through investments. "Any technology that can enhance the user experience is researched and when Web3 is identified as the future, it is inevitable that they will pour money in," Huy said.

Meanwhile, according to Ms. Lynn Hoang, representative of Binance Vietnam, Web2 is reaching the saturation stage, large technology companies are struggling to find a business model to continue to maintain their position. Therefore, Web3 is considered a new bet, preparing for the next era of development.

In addition, Ms. Lynn said that the privacy requirements of users and regulators have put great pressure on the current Internet leading companies such as Google, Facebook, Microsoft, forcing their leaders to change. "From a certain perspective, Web3 can be viewed as a bet for technology giants. They must start early if they do not want to be left behind in the future," she said.

According to experts, successful companies in the Web2 stage do not necessarily see Web3 as a competitor. "Maybe Web3 is being started by startups, but to make a real breakthrough, this technology needs the support of big companies like Google, Facebook or in Vietnam, FPT and Viettel," said Huy. speak.

Value Web3 brings

Sharing the same opinion, Mr. Vu Anh Tu, Technology Director of FPT, assessed that the birth of Web3 could change the whole technology world. "Remember the first day of the Internet launch, people were excited to download music, use simple versions of entertainment applications. Web1 created a surprise for the older generation. Meanwhile, Web2 with the risks related to Information security and safety make users worry," said Mr. Tu. According to him, the birth of Web3 will ensure better security in cyberspace for individuals to transmit information faster and more securely in the digital world.

From a business perspective, Ms. Lynn said that in the early days, running a website was very expensive. In the Web2 era (after 2004), everything became cheaper, anyone could create their own website, powered by cloud computing and automated tools. But the price of convenience is privacy dominated by big companies. Thus, Web3 with a decentralized spirit can reshape the values ​​exchanged by users on the Internet.

"Web 3.0 will bring many differences and beautiful experiences. People with imaginations beyond what is possible will build a whole new world, full of opportunities, many things we don't know" , Mr. Tu emphasized.

Stepping into Web3

According to Dr. Dinh Ngoc Thach, the operating model of Web2 and Web3 is very different. So the question for techies is, is it necessary to develop a Web 2.5 model for a seamless user experience?

From the perspective of the product maker, Mr. Huy Nguyen assessed that Web3 is still too new, no one knows in advance what they will face in the journey to discover the future of the Internet. A 2.5 step is needed to convert users from Web2 to Web3.

For example, when moving from Web1 to Web2, it was difficult for developers to explain to the old generation of users why they had to have an account and password to log in. Similar to Web3, the developer must explain about saving the Private Key/Seed Phrase (private key/password to access the e-wallet). Unlike Web2, keys on Web3 once lost are almost impossible to recover. The lack of background knowledge will cause many serious consequences in the transition.

According to Mr. Vu Anh Tu, in the era of Web3, people with rich imagination can build a whole new world. "To explore that world, companies pioneering in technology must

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