From November 25 to 27, 2022, the TokenDance 2022 conference was held online and offline in various places. Nearly 100 guests, thousands of employees from major Web2 companies and Web3 OGs participated in a 72-hour in-depth exchange of ideas in 5 cities, and jointly discussed the way for Chinese Web3 industry to enter the circle and break through.
At the same time, the establishment of the Web3 Chinese Innovation Base - TokenDance Community was officially announced at the conference. The TokenDance community originated from the ByteDance Web3 enthusiasts and builders community, and currently has more than 1,200 members. TokenDance has absorbed and united many major domestic Web3 communities, Web3 companies, and industry media to hold the TokenDance 2022 conference.
Multiple topics allow Web2 veterans and Web3 OGs to fully exchange ideas
Online, we held 15 keynote speeches and roundtable discussions with nearly 100 Web2 and Web3 experts. They are:
How to achieve the transformation from web2 to 3
The top ten pain points of Web3 startups
New forms and new opportunities of Web3 social networking
Web3 security past, present, and future
What are the breakthrough points for consumer retail in web3?
Innovation space for Web3 token applications
GameFi Games Current Status and Prospects
The current situation and prospects of the creator economy
The infrastructure of the Metaverse
After the FTX crash, what should we pay attention to in wallet security?
From Observation to Experience: How College Students Can Join the Next Generation of Internet Revolution
Token economics is important, how to design it
How to solve the problem of personal privacy protection?
XR and Web3 Topic Sharing
Global Web3 Development Trends
There are 15 topics for sharing, each of which has exciting new ideas. The following is a summary of the highlights:
How to achieve the transformation from web2 to 3
Guests
Wang Feng, founder of element
View
Web3 core features: no permission required, no intermediary and no trust, native currency, transparency, and censorship resistance (don’t overestimate censorship resistance unless the body can resist censorship)
There is no need to pursue protocols blindly. We should be oriented towards solving practical problems. The best is Web2.5, where the core is the protocol and the outer shell is the centralized service. If we want to provide more complete services, such as transactions, we still have to build a platform. Usability and scalability may not be achieved by protocols alone.
Hong Kong and Singapore are the main bases for Chinese entrepreneurs. Hong Kong is as valuable to Chinese entrepreneurs as Singapore.
Talents in large companies have high professional quality, but if they lack passion for the Web3 industry and experience in using products, they will not succeed just by chasing trends and salaries.
It is not too late to enter Web3 now. The Web3 industry is changing rapidly and is more challenging to learn. Don’t be complacent and stick to the old ways. Those who come late can see more clearly by looking back. In the future, a large number of Web2 teams will enter the Web3 market, and a large number of game production teams will enter the GameFi track.
Basic tools that must be mastered for transformational product development
MetaMask——The essential native digital currency wallet plug-in
Ehterscan — Ethereum Explorer
Tokenview — RPC service available on Ethereum
Truffle and Ganache — Ethereum contract deployment
Remix — Solidity Integrated Development Environment
*Web3.js library - for developing websites or clients that interact with the blockchain
*Openzeppelin contract code base, including ERC20 and ERC721
* Oracles — Chainlink connects on-chain and off-chain data using APIs
The top ten pain points of Web3 startups
Guests
Jack孔，founder of Nano Labs
View
Web2’s awesome technology lost to Web3’s small picture because digital native new forces are the main industry builders of the future
The regulatory policies in mainland China have given more constraints to giants such as BAT, and given more opportunities to young people; the policies have forced them to go overseas, and it is also a great opportunity for Chinese projects to go global.
Web3 products will only attract Web2 traffic if they are 100 times better. For example, 100 times better efficiency: 100 times lower cost than Web2; or 100 times better revenue: 100 times higher revenue than Web2.
The valuation of Chinese projects is not as good as that of American projects, because the discourse power in the traditional financial investment track is still dominated by Americans. The efforts of our generation of Chinese will give the next generation the opportunity to enjoy greater discourse power dividends in the Web3 field.
Without a user base, Fi could easily enter a death spiral
The money earned by luck will be lost by ability
The past decade has been the era of financial blockchain, and the next decade will be the era of application blockchain
The three laws of the Metaverse: 1. The network value of the Metaverse is at least proportional to the cube of the network users V = K*N³; 2. The total network value of the Metaverse is the sum of the network values of each layer V = Sum(L1 + L2 … +Ln); 3. All marginal users of the Metaverse will receive corresponding network value V(N) >0
The only way to do Web3 well is to pay tuition
New forms and new opportunities of Web3 social networking
Guests
Host: Duan Shao Next.ID Community Manager
west.bit，Co-founder of .bit
Fangkuaijun, Operation Manager of Debox
Jiayuan，Founder of Index Labs，ex-TikTOk Social
Leon，Co-founder of Cross Space and Type V DAO
, TokenDance and Ticken core developer
View
In dealing with the problem of dispersed social liquidity, web2 has Baidu Tieba and Discord. How web3 can achieve real-time interaction based on the chain and become the only liquidity entrance will be a direction.
The combination of AIGC and web3 is a very sexy part. Web3 will be enhanced by AI, which will further lower the threshold for creators.
Duplicate infrastructure construction, that is, the infrastructure track is too crowded, few come out, and the infrastructure that the application track can rely on is not perfect
DID competition is not in contracts, but in front-end traffic and ecology. Social networking has network effects, and in the later stage, there may be thin protocols and fat applications, but products and operations still need to be more competitive.
The future development of social networking is to develop in the direction of collaboration, composability, and non-all in one, that is, to have the ability to connect. The ability to connect is not necessarily how deep the social graph is dug, but the rights and reputation that everyone gains after contributing to the community must be reflected.
Specific platform-based social services are difficult to sustain, while plug-in services are easier to gain market share, that is, cross-platform, cross-terminal, and cross-chain products.
Web3 security past, present, and future
Guests
Julie, builder DAO researcher
Bryce, Head of Security Research at Beosin
Lark, Keystone Hardware Wallet Dev Rel
Huang Bo, Head of Product Solutions at Safeheron
Deng Yongkai, Technical Director of the Security Team at Lingshi Technology
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The main resistance for users to enter Web3 comes from ease of use and security issues. Security issues are problems that must be solved for large-scale application of Web3.
Security issues are ubiquitous. Whether it is users or projects, they are either being attacked or have been attacked. All users and project owners need to develop a sense of security, and important assets need to be isolated from wallets that they frequently interact with.
Project parties need to pay attention to development security, office security, and asset security to avoid risks. Development security means that developers have an understanding of common vulnerability contracts and operation and maintenance personnel upgrade vulnerabilities in a timely manner; office security means that the office network needs to be safe and reliable; asset security means that assets need to be dispersed.
Web2 security infrastructure is protected and strictly regulated by the state and enterprises, but Web3 is an open source system, where assets and security are mainly managed by users. There is also a lack of corresponding supervision, and the cost of crime is low, which is a dark forest for users.
It is difficult to guard against theft and internal espionage in Web3 incidents.
What are the breakthroughs in consumer retail on web3?
Guests
26x14，Co-founder of 7upDAO
Chen Rongrong, Metaverse Media Writer
Amida, former overseas director of Yuanqi Forest
Gu Liang, the manager of NFT Metaverse Marketing Circle
Wang Chao, SeedClub Collaborator
View
Web2 brands are entering the Web3 market in large numbers, and many projects hope to build their brands in a community-based way, but there are few successful cases, which leads to doubts about the brands.
There are also many brands in Web2 that operate in a community-based manner similar to Web3, where users and brands create value together, such as Xiaomi’s early Mi Fan Community and Lechun Yogurt’s seed users.
Starbucks provides a paradigm for transitioning from Web2 to Web3, which has a certain reference significance for Web2 enterprises. First, Starbucks abandoned the complex concepts of wallets and private keys, and directly purchased through existing credit cards, allowing users to soft-land into Web3. Second, when Starbucks entered Web3, it used a lot of things based on its own brand core. It did not simply post pictures, but through the design of its user journey, internal incentives, membership plans, etc., it conveyed the values and life attitudes that the brand wanted to convey to users.
Innovation space for Web3 token applications
Guests
Meng Yan, co-founder of Solv Protocol and co-author of ERC-3525 token standard
text
User ownership of digital assets is the core advancement of Web3
There are three ways to ensure the value of tokens: off-chain commitments, legal guarantees, and on-chain code guarantees.
Current Token technology innovation presents the following characteristics
More and more functional and integrated with applications
The focus of innovation shifted from the ERC-20 series to the ERC-721 series
Dynamic: After release, it can sense and respond to external events to change itself
Interactions with smart contracts are more diverse
Begin to propose combination and structural requirements between tokens
Rapid Growth of New Token Standards
GameFi Games Current Status and Prospects
Guests
Kar1@S, co-founder of WGGDAO
Jerry Zhang, co-founder & coorct.ai
Dacheng, Head of Bitime Chinese Area
Zishi, founder of 321DAO
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Traditional games have mature business models, and players do not have profit expectations, but are all looking for the gaming experience; 80-90% of blockchain game users are profit-oriented, and more excellent games with excellent experiences are needed to change users' expectations.
The quality and playability of current blockchain games are poor. 90% of blockchain game players have already left. Both Web2 and Web3 games need to have considerable playability. Considering economic models too early in the development process is not necessarily a good thing.
Most games are very dependent on publishers, but Web3 lacks game publishers.
If blockchain games are an internal circulation of funds and there is no user consumption, they will definitely encounter a death spiral
If we want to bring mass gamers into blockchain games, we need to lower the user threshold. For example, Reddit NFT supports credit cards, which is good for Web2 user experience.
Chain games can attract users by making fun or making money to the extreme.
The current situation and prospects of the creator economy
Guests
Dashuo, founder of Creator DAO
Annie zhang，matters lab founder
Justin, Head of REVO Asia Pacific
Neo，readon co-founder
Stephy, Founder of CIG DAO
View
The power structure of the creator economy is changing rapidly. Now is the best time for creators to join the Web3 creator economy. Web3 provides decentralized storage for creator content, establishes creator ownership of content, and protects creator rights from infringement.
The impact of AIGC + Web3 on the future of content creation
The true value of content comes from the creator’s condensed thoughts and emotions
AIGC improves creator efficiency, allowing creators to focus on content exploration
There is some controversy over the copyright of AIGC's works
What new forms of Web3 content will emerge
Content is moving from text to video, and from 2D to 3D
From individual creation to group creation, such as creation in the form of DAO
The infrastructure of the Metaverse
Guests
Marvin - iPolloverse Chief Scientist
View
iPolloverse is the intersection of web and metaverse. There are five new concepts to understand: web3D+, metacomputing, HARQ overlay, Standard Rendering Task, metaFi
The infrastructure of the Metaverse has several pain points that need to be addressed: GPUs are too expensive, the ecosystem is fragmented, network fees are expensive, development costs are high, etc.
As the world's first real-time rendering public chain and a potential leading project in the field of distributed rendering, iPolloverse has been actively thinking and exploring better optimization solutions, so SRT (standard rendering task) was born as the computing power unit of the iPolloverse network.
iPolloverse adopts Web 3D as its main technical line, and uses a distributed approach to push rendering tasks to the browser side. Through the cooperation of the data layer, network layer and computing power layer, 30%~40% of the real-time rendering tasks are completed on the cloud and edge.
The Metaverse is not a simple reflection of the physical world, but a native ecosystem nurtured in the virtual world. More projects with blockchain genes need to emerge to provide a consistent native infrastructure for the new generation of users in the Metaverse. This will definitely be an important trend in the development of the Metaverse.
After the FTX crash, what should we pay attention to in wallet security?
https://bytedance.feishu.cn/minutes/obcntu5ik75b2k57i6xnu867
Guests
Ryan - SinoDAO Core Member
Zakk - OKX web3 wallet developer
Alex Zuo - COBO VP
Ronnie - BOOL Network COO
CyberOrange - Unipass Researcher & developer
Winson - Founder of Bitizen
Yishi Wang - Onekey core developer
View
OKX Web3 wallet has prepared a variety of security reinforcement measures and has passed the audit of a third-party auditing agency. In the future, it will launch MPC private key-free login.
Assets should be dispersed, such as in cold wallets, secure exchanges, custodian banks, e-commerce contract custodians, etc. It is also recommended not to show off your wealth and not to put too many assets in one place.
You need to have a basic understanding of all operating environments, such as what kind of machine you are using, whether the environment of mobile phones, computers and other devices is safe, and even whether the network environment is safe.
Most users still use the Little Fox Wallet. For security reasons, it is recommended to use the app version rather than the plug-in version. If used on a PC, it is also recommended to use Wallet Connect for scanning.
From Observation to Experience: How College Students Can Join the Next Generation of Internet Revolution
Guests
Stella——Head of ZJU Blockchain Club Bithacks
Elvis——Vice President of Stanford Student Union
0xAA—— President of PKU Blockchain Association, core at PeopleDAO
Jack—— President of 0xU Hong Kong University Student Blockchain Community
Shulu——President of FDU Blockchain Association
View
Wealth creation and new career opportunities are the main reasons that attract college students to embrace Web3
College students mainly come into contact with Web3 through internships, large companies, blockchain activities in colleges and universities, and clubs.
College students embrace Web3 because they have no baggage, dare to go all in, are young, healthy, learn quickly, and have a strong ability to accept new things. At the same time, compared with employees of large companies, they also lack money, social capital, and industry experience.
Students who believe in Web3 technology and want to start a business are suitable for Web3, because Web2 has few opportunities and Web3 is still a blue ocean.
Hong Kong provides a lot of support for college students to start Web3 businesses: for example, the Hong Kong "Quality Talent Scheme" has removed the quota restrictions, making it more convenient to come to Hong Kong; it provides protection for highly educated talents, such as subsidies for joining startups, such as 1.8/month for undergraduates, 21,000/month for masters, and 32,000/month for doctors; it has launched many plans to support start-ups, without taking shares
Token economics is important, how to design it
Guests
Ryan--SinoDAO core member
Troy--Founder of Tokhub
Jason --Co-founder of Model Labs Duyu --Founder of QAQ
View
Token economics is used to describe the mathematics and incentives for managing crypto assets, so its importance is also reflected in the two aspects of "management" and "incentives": From the management perspective, token economics is actually similar to the design of our equity issuance, which has important significance in promoting the reasonable distribution of project benefits, determining the financing rhythm, and assisting in measuring project value. - From the incentive perspective, on the one hand, it is similar to monetary policy, which will have the effect of encouraging or inhibiting consumption, loans, savings and money flow from the economic structure; on the other hand, it has the ability to influence psychology and behavior, and through the expectations and narratives created behind token economics, it affects user behavior and continuously promotes ecological development.
The design of Tokenomics needs to consider compliance, financing convenience and ecological incentives. These include whether the issuance of tokens is compliant in the place of operation; whether equity financing or currency financing is adopted; whether the core value of the business is concentrated in equity or tokens; whether the various roles in the business need to be incentivized by tokens.
When designing Tokenomics, there are common misunderstandings such as ignoring costs and planning for a long time. Mistakenly treating the incentive of tokens as a cost-free incentive method, but in fact it is prepaying the value of future projects; changing some marketing plans that should be invested in sales expenses to operate in the form of token incentives, if the economic model is not designed reasonably, it may lay the groundwork for the failure of the project.
How to solve the problem of personal privacy protection?
Guests
Stephen - Founder of Eigen Network
Godot - Manta network core contributor
MasterLi - Founder of LegalDAO, Web3 Lawyer
Leo - Starknet Chinese Core Contributor
William - Ecosystem Product Manager, Oasis China
View
In the Web3 field, ZK allows producers to prove to validators that a "thing" is 100% true without revealing any additional information. It has many application scenarios, such as NFT verification, GameFi, DAO salary payment, and financial assets and strategies on the chain.
ZK can indeed effectively solve the information disclosure dimension and privacy protection to a large extent. However, returning to the legal level, there is an inherent contradiction between ZK itself and privacy protection. That is, the data flows through producers and verifiers, but there is a lack of a role similar to the data controller in web2, or the role is difficult to define, which may cause problems in actual operations.
In terms of technology, for privacy protection, whether it is Web2 or Web3, data needs privacy protection throughout its entire life cycle, not limited to ZK, including data anonymization, full homomorphism, semi-homomorphism, function encryption, attribute encryption, destruction mechanism, etc.
Blockchain itself does have problems with data protection. For example, in Web2, users have the right to delete data, but this does not exist on the chain. Another common scenario is which data can be uploaded to the chain and which cannot be uploaded in the Web3 environment, who controls this mechanism, whether users know who controls this mechanism, and data hierarchical supervision, etc.
Privacy service providers can provide certain services, but at this stage there is also the risk of being exploited. At present, the solutions to avoid this risk can be explored through solutions such as privacy side chains. However, such solutions are in conflict or conflict with the chain mechanism, and need to be explored continuously in subsequent development.
XR and Web3 Topic Sharing
Guests
Zheng Xiaochao - Vice President of Investment, Jinqiu Fund
Ada - XR business incubator of a large company
Dorian - co-founder of VIDE
Ru Yi - CEO of Li Weike Technology
Yang Mu - CEO of ORA-ORA Technology
View
Web3 does not simply bring a new technological paradigm, but rather a change in organizational form and production relations. For example, by combining hardware and web3, it is a good practice to distribute both the business system and the economic model to co-builders. For example, by issuing NFT, the holder can have the right to display and the right to dividends.
XR and web3 are both very early products. In essence, XR is three-dimensional information transmission, and web3 can be directly compared to a trusted public database. The combination of the two is currently to produce XR content through the web3 paradigm, thereby achieving creator incentives.
XR may be a way to increase data value under web3. In the past few years, the richness of Internet data has become higher and higher, and the demand scenarios have increased, while XR is a change in one dimension.
The next breakthrough opportunity for Web3 may be XR. When projects have entered high-frequency industries such as infrastructure, technology, and finance, the rest will rely on applications and content to break through XR. It also relies more on IP to bring consumerism and co-creationism, thereby generating more good content.
The current challenges of XR and Web3 are that the number of users is small. The essence is that users have not yet formed a closed loop based on people from producing value to recycling value. For example, I shot a vibrato (producing value) and someone watched it and generated advertisers willing to pay (recycling value). In web3 or XR, you provide an XR device and application, the purpose is to make users feel more convenient and improve the use effect, but if they don’t get anything, users have no reason to participate.
Back to user value, in fact, whether it is a Web2 or Web3 enterprise, if XR can solve practical problems, and solve the problems better than the tools used before, then it must have value.
Global Web3 Development Trends
Guests
Yao Marian Tong，Partner at Aves Lair
DR.Chong Li，Founder of Oort
Zhaozhong Ni,CTO of CertiK
Yuanjie Zhang, Co-founder of Conflux
Eric Bai，Partner at Cipholio Ventures
Monte Singman，Founder of Miracle Universe Chain
Dafu Gao，Partner at OnePiece Labs
View
There are two main routes in the competition for public chains. One is the financial route, which is driven by prices and has rich financial applications. Due to factors such as bankruptcies and interest rate hikes, funds have been withdrawn and the industry has entered a bear market. The other is the data route, which is driven by industries such as social networking, games, and marketing. Traditional industries and large companies have entered one after another, but are still in the early stages of development.
Lowering the threshold for public chain access, cross-chain assets and applications, and unified access standards are the general trend
China is taking the route of de-financialization, while the United States is taking the route of financialization. A large amount of funds are flowing into the community, and the valuation is inflated and does not match the actual business progress. However, the funds will bring stickiness to Web3 users and a large number of Web2 users. In the future, there will definitely be strong supervision.
From an investment perspective, a good Web3 application needs to meet three conditions: solve practical problems, bring continuous cash flow, and Tokenomics can motivate the community.
Web3 will take another 5-10 years to explode, Web2.5 is a long-term state
The FTX incident is terrible and a devastating blow to new users. It will promote high regulation, eliminate junk projects, and screen out high-quality projects.
Chinese entrepreneurs need to base themselves in China and Asia and face the world. The Chinese market has the characteristics of high professional quality of talents and advantageous labor costs.
Join us to create a new Chinese Web3 landscape
The TokenDance 2022 conference has received strong support from many Web3 communities, media and sponsors, including
Co-organizers: Alibaba Web3 Alumni Association, Web3 Workshop & SinoDAO;
Co-organizers: Aves Lair, NFT ERA, Go Web3 World, Buidler DAO, 2DAO3;
Sponsor: OKX;
Partner media: Huxiu APP, Foresight News, MarsBit, TechFlow, PANews, QA Metaverse, Chafang Blockchain
Partner communities: 7UP DAO, brenz, 1435Club, Chainlink, CrossSpace, Conflux, LinkZDao, ExNew, Web3Go
Offline communities: META SPACE, SPARK X, DAP SPACE, SEEDAO, CIG
With the gradual improvement of infrastructure and the accelerated increase in user penetration, the Web3 industry will definitely move from the financial era to the application era in the next decade; at the same time, the chain reaction caused by the FTX incident has balanced the previous disparity between the East and the West. China has the largest engineering and product team in the world, and has incomparable advantages in efficiency, cost and other factors. In the future, a large number of killer Web3 applications from Chinese people will definitely be born.
In the future, TokenDance will take "based on Chinese and facing the world" as its mission, carry out three business lines: Web3 project incubation, in-depth content output, and industry series summits, support Chinese Web3 forces, and achieve global development. In the Web3 project incubation part, TokenDance will rely on the abundant talent and cost advantages of domestic large companies to build a product technology platform and an international operation platform, and launch a number of Web3 innovative applications.
We welcome outstanding talents who are interested in or currently working in the Web3 industry to follow TokenDance and join TokenDance. For more TokenDance event information, please visit the official Twitter (search TokenDance on Twitter to follow).