The Value and Impact of Web3 Technology on Consumers

Recently, Evan Cheng, co-founder and CEO of Mysten Labs, shared his insights on Web3 technology, discussing how this emerging technology is changing consumer behavior and its impact on product development.

Cheng believes that Web3 is essentially a revolution of ownership. In the current internet environment, every action taken by users generates valuable data, but this data is often controlled and monetized by platforms. Web3 technology aims to give users back control of the assets they create, including content, social relationships, and more.

He pointed out that many platforms currently act as intermediaries between consumers and content creators, profiting greatly from it. This centralized model leads to an imbalance of power. The goal of Web3 is to reduce reliance on intermediaries, allowing users to decide how to use and share their assets.

Smart contracts play a key role in this process. They are neutral and transparent code designed to execute various operations without relying on centralized institutions that may have biases or conflicts of interest.

Cheng emphasized that Web3 is not just about removing intermediaries, but more importantly, establishing a new mode of trust. In the current environment, people's trust in various institutions has generally declined, and transparent and reliable code can become a new foundation of trust. This shift could lead to a fundamental change in behavioral patterns.

However, Cheng also pointed out the challenges faced by the Web3 industry. Many practitioners find it difficult to clearly communicate the value of Web3 to the public. At the same time, there are a large number of bad actors within the industry, which has a negative impact on the entire ecosystem.

For developers, Cheng suggests focusing on the actual needs of users rather than being overly concerned with technical complexity. He believes that successful Web3 products should be able to abstract complexity and provide users with a simple and direct experience. Developers need to think about how to leverage Web3 platforms to establish direct relationships with users and how to attract and retain them.

Finally, Cheng emphasized that while improving user experience is certainly important, the more critical issue is to address the fundamental problems of Web3, namely how to truly achieve decentralization and create value for users. He encouraged developers to gain a deeper understanding of consumer pain points and to think about how to transform the trust and control present in centralized models into a more coordinated process.