Many people first heard about Web3 during a bull market; true understanding often comes during a bear market.

If we see Web3 as an evolutionary path, it is not a concept that emerged out of nowhere, but rather one that has 'grown' step by step from Bitcoin.


1. Bitcoin: not a revolutionary slogan, but the first workable answer


In 2008, Satoshi Nakamoto published the Bitcoin whitepaper, posing a seemingly simple yet extremely radical question:

Can money still circulate safely on the internet without relying on banks and governments?


Bitcoin offers not theory, but engineering solutions.


Blockchain is essentially a distributed ledger system:




  • Transactions are packaged into blocks




  • Blocks are linked in chronological order




  • All nodes jointly verify




  • Once confirmed, it is nearly impossible to tamper with




The true value of Bitcoin is not in its price, but in what it proves:

That strangers can reach consensus without a central authority.


Of course, the boundaries of Bitcoin are also very clear— it focuses solely on the matter of 'currency', with extremely restrained functionality.


2. Ethereum: transforming blockchain from a 'ledger' to a 'computing platform'


If Bitcoin solves the question of 'can I transfer funds',

then Ethereum solves the question of: 'can I write rules into the chain'.


In 2015, Ethereum introduced the concept of smart contracts, upgrading blockchain into a globally verifiable computer.


Smart contracts are not a gimmick; they are essentially:



When conditions are met, code executes automatically without the need for any intermediary endorsement.



This brings several key changes:




  • Lending no longer relies on banks, but is settled by contracts




  • Transactions no longer require custody but are matched on-chain




  • Applications no longer rely on company servers, but run on the network




Protocols like Uniswap and Aave exist not because 'decentralization is more romantic', but because in certain scenarios, it is indeed more efficient and transparent.


At the same time, blockchain is beginning to differentiate into a complete set of infrastructures:

Cross-chain, distributed storage, decentralized identity... the underlying framework of Web3 is gradually taking shape.


3. What Web3 truly cares about are actually only three things


Setting aside marketing jargon, Web3 is simply redistributing three types of power:


1️⃣ Control of identity

In Web2, accounts belong to platforms;

In Web3, identities belong to yourself.


.eth, .crypto and similar domains are essentially anchors of decentralized identity:

One identity can be used across applications and platforms without needing to repeatedly authorize companies.


2️⃣ Ownership of data and profits

The logic of Web2 is:

You produce content, and the platform owns the data and profits.


Web3 attempts to reverse the process:

By using NFTs and contracts, it allows the creation itself to have ownership and the ability to share profits continuously.

It's not about 'one-time sales', but long-term participation in value transfer.


3️⃣ Right to participate in rules

DAOs are not perfect, but they at least provide a possibility:

Users are not just users, but co-creators of the rules.


Protocols like ENS, upgrades and parameter adjustments, are ultimately decided by votes of holders, not by the board of directors of a company.


4. Where is the watershed between Web3 and Web2?


The real difference lies not in the UI, nor in the slogans, but in the underlying assumptions:




  • Sources of trust differ

    Web2 trusts institutions

    Web3 trusts code and consensus




  • Platform roles differ

    Web2 platforms take a cut

    Web3 protocols distribute




  • Data ownership differs

    Web2 data belongs to companies

    Web3 data is controlled by private keys




This is not about who is 'more advanced', but who is more suitable for certain scenarios.


5. Real applications are happening


Web3 is not a future tense; it has already been successfully implemented in some areas:




  • Finance: cross-border transfers, on-chain settlement, stablecoins




  • Content: on-chain publishing, NFT copyrights, automatic royalties




  • Games and virtual worlds: assets are transferable, items can be monetized




  • Identity system: login, reputation, and credit begin to detach from platforms




Of course, regulation, experience, and compliance are still unavoidable issues, and they will be the real battleground in the coming years.


6. Finally, let me say something truthful


Web3 is not about eliminating Web2,

but attempting to fix the structural imbalance in identity, data, and profit distribution.


They will not succeed overnight, nor will they be meaningful for everyone.

But as long as you care about sovereignty, transparency, and verifiability,

this path is worth continuous attention.


Web3 is not the endpoint; it is merely an attempt to return the 'choice' back to users.