After reading the manuscript of this issue of Space, I found that @ willwangtf spoke too well and directly excerpted a few wonderful paragraphs from the original text. Especially point 4, it should become a consensus and common sense in this industry. Investors and entrepreneurs should carefully understand it. This is also my feeling for the past two years: 'Web3 is dead, we need to return to Crypto' and 'It's better to call it Money 2.0 than Web 3.0'. 1/ The entire industry has demonized the concept of 'transactions'. I personally believe that the Crypto industry's emphasis on trading itself is far from enough. In fact, our on chain transaction scale is not even 1% of the global Swift system. If the crypto industry can increase by another order of magnitude, even if it only accounts for 1% of the Swift system, it would mean adding hundreds of billions of dollars in transaction volume every year. This will greatly enhance the overall on chain summary calculation of the industry and create enormous value. The transaction cost of large-scale transfers on blockchain is only a fraction or even lower than that of traditional financial systems. Our true trump card is not Web3 Social, nor various vague ideological narratives, but to truly subvert and replace traditional finance through a low-cost, efficient, and global on chain trading system. So we firmly support innovation and development in the trading field, which is the biggest opportunity for the crypto industry. 2/ In the entire crypto industry, the market value of Bitcoin accounts for over 60%. Therefore, structurally speaking, the major players in the industry are actually guarding against the depreciation of the US dollar. On the other hand, stablecoins on the chain (mainly USD stablecoins such as USDT and USDC) are indeed helping the USD expand its influence. This model breaks the traditional foreign exchange control system, as long as you have a computer and a mobile phone, you can hold US dollar stablecoins without the need to open a US dollar account. In the future, there is a high possibility of native on chain issuance of US bonds (now mostly in packaged form), and the United States will directly sell US bonds to global on chain users, further expanding the US dollar financial hegemony. However, at the same time, if the US dollar does not undergo disciplined fiscal and monetary reforms, Bitcoin will grow even faster, and its market share in the industry may rise from 60% to 80% in the future. So the crypto industry is not only helping with the expansion of the US dollar, but also brewing the potential to replace it. This duality is the most interesting and complex aspect of this industry. 3/ We have to look at hundreds of AI projects a year. To be honest, most of the self proclaimed "AI projects" in Crypto are not actually AI professionals. True AI entrepreneurs are unlikely to come to the Crypto community, and Crypto VCs find it difficult to understand the technology and valuation system of real AI projects. So, most of the AI integration in Crypto is still superficial, and there is still a long way to go before it is actually implemented. Returning to the trend on the chain. In traditional finance, the four most profitable directions are payment networks (such as Visa), asset management (such as JP Morgan), data services (such as Thomson Reuters), and commodity/securities exchanges (such as CME). The innovative directions worth paying attention to in the future on the chain will also focus on these four areas: 1. Payment network: on chain stablecoin payment, cross-border clearing. 2. Asset management: On chain asset custody and asset management services. 3. Data trading: Confirmation and trading of native data on the chain. 4. Commodity trading: Trading of native assets on the chain, such as tokenized pricing transactions for open source projects and public goods. 4/ This industry (Crypto) is not the Internet in essence. In the past 15 years, from the Bitcoin white paper to today, have you seen which Internet company has really successfully entered the encryption industry? Tencent, Alibaba, Baidu Facebook、 Amazon, they either wanted to come in but didn't actually make it happen, or they simply didn't come in. This shows that the encryption industry is not an extension of the traditional Internet industry at all, it is another system. I particularly dislike that some people insist on comparing Crypto with the Internet, such as comparing the concept of ownership in the encryption field with YouTube, and comparing Web3 social networking with Facebook. In fact, today's content creators live very well on the Web2 platform and do not need Crypto to save their lives. Text version compiled by Wu Shuo: https://mp.weixin. (qq.com)/s/N06R48hxwSKXovXJHsXdLw