This is my first time participating in the Token2049 event. As a Web3 learner (yes, I have always felt that this identity is most suitable for me), I have two purposes for attending:
To experience the atmosphere of Web3 up close. In Web3, the atmosphere is something that is indescribable but particularly emphasized.
To understand the cutting-edge topics or narratives being discussed in the industry, which is especially important in a rapidly changing industry.
The main conference of Token2049 will take place over two days on April 18-19, but there have been various side events, small activities, and parties since April 15. As someone who has worked in Web2 internet companies, the atmosphere at this event is completely different. Overall, Web3 events are conferences, but they feel more like a party to meet friends. You can listen to speakers sharing their insights at the venue, or casually find a place to chat with people from different countries and regions while holding a drink. Of course, in the evenings, various organizers will host different parties, and you can easily meet new friends with just a beer in hand. A casual and free atmosphere runs through the entire Web3 event.
In addition to the casual and free atmosphere, when it comes to my impressions of Dubai and the discussions at Token2049, I think I can summarize them with a few keywords:
Keyword 1: Downpour
If you are a participant in this industry, you must have seen the news of the rare downpour in Dubai on social media or in your circle of friends. On April 16, Dubai experienced its largest single-day downpour since 1949, with a large number of luxury cars submerged in water and the public transportation system paralyzed.
Dubai has always been known for its luxury and prosperity, but as of April 18, the entire city was still partially or completely paralyzed. A downpour tested the drainage system of this city, which gathers human wealth and materialistic life, and exposed the vulnerability of this affluent city.
In the context of the Web3 industry, this downpour is also very inspiring:
A sound system needs to consider and prepare for any low-probability risks, even if the probability of their occurrence is very low. For example, when we are working on a DeFi project, do we realize the existence of a very low-probability risk? And because the probability of its occurrence is small, do we choose to turn a blind eye out of luck?
A sound system also needs to be prepared for the occurrence of black swan events at any time. Currently in a bull market, the overall atmosphere and emotions tend to be optimistic, but we need to remain vigilant at all times because in this industry, we cannot determine when and in what way a black swan event will occur. Cautious optimism is always better than blind optimism.
Keyword 2: Regulation and Compliance
Regulation and compliance are the words I heard the most during my time in Dubai. The first panel discussion at the main conference on April 18 was about regulation and compliance—guests including Binance CEO Richard Teng and Bloq co-founder Matthew Roszak discussed their views on global regulation in the crypto industry. At the same time, in my discussions with different project parties, I also felt their emphasis on industry regulation and compliance. For project parties, their common concerns include: ① which countries/regions have friendly regulatory and compliance policies; ② how to obtain the corresponding compliance licenses in these countries/regions.
My feeling is that there is a consensus in this industry on the need for regulation and compliance, and the differences in discussion lie in the methods and pace of regulation, as the regulatory policies of each country and region are different.
This also made me think of a question: Is there a contradiction between achieving high returns and the industry becoming increasingly compliant? For example, in the early stages of blockchain, due to the lag in regulation and compliance, many projects and individuals made substantial profits. So, as this industry becomes more standardized, will there still be individuals or projects rapidly creating wealth as in the past?
Keyword 3: AI
In addition to regulation and compliance, AI is another hot topic I heard at the Token2049 event. At the main conference of Token2049, guests including Illia Polosukhin, co-founder of Near Protocol, and Ahmad Shadid, founder of io.net, discussed the possibilities of combining AI with Web3 in decentralized intelligence. Similarly, about half of the projects I discussed with at the venue and parties were related to AI, including AI distributed storage and computing, decentralized GPU, intent-based AI applications, AI social and creator economy, etc. The popularity of the AI+Web3 narrative is evident.
An interesting discovery is that in the past, when discussing Web3 mass adoption, people generally placed their hopes on GameFi and SocialFi, but this time, my feeling is that now people believe that AI has a greater potential for Web3 mass adoption.
Keyword 4: Chinese Influence
The Token2049 event was held close in time to the Web3 Carnival Summit in Hong Kong. The comparison between the two events has become an interesting topic. After talking with some Chinese practitioners, I found two common perceptions: ① the concentration of Chinese participants at the Token2049 event is not as high as at the Web3 Carnival event in Hong Kong (which is understandable, as Dubai is far from the Greater China region); ② there are differences in the focus of discussion topics. For example, at the Web3 Carnival event in Hong Kong, the topic of the Bitcoin ecosystem is highly discussed, but at the Token2049 event, the discussion on this topic is relatively less intense.
Everyone is quite curious, is this like two different worlds?
This question is difficult to answer and cannot be definitively characterized at this time. My view is:
From a practical perspective, Chinese people will definitely have their own discourse system in Web3.
On the one hand, many Chinese project entrepreneurs and investors have a good background, are fluent in English, have studied and worked abroad, and have a global mindset. At the same time, Chinese people have a "dare to venture" gene, so I believe that in the next decade, more and more Chinese people will be active on the global stage of technological competition.
On the other hand, there are many Chinese entrepreneurs in the Bitcoin ecosystem, which in itself is an effort and proof of building a discourse system.
From a visionary perspective, I believe that the Web3 industry should not be divided by country/region, skin color, or background. Because this industry emphasizes consensus, when there is consensus, we are like-minded people, and we should not set restrictions based on where you come from, your skin color, education/work background, etc. So from this perspective, whether Chinese or non-Chinese, we should weaken the differences in identity, as the emergence of new things like Bitcoin itself is breaking the traditional sovereign national boundaries.
These are the strong impressions I had from participating in the Token2049 event. It should be noted that these are my personal feelings and may involve subjective judgments, so they cannot represent the thoughts of every participant. Furthermore, at the Token2049 event, there were many other topics that were discussed vigorously, such as Depin, RWA, Bitcoin ETF, Restaking, etc. My above impressions cannot cover all of these topics. However, overall, events like Token2049 can serve as a barometer for reflecting the current hot topics and narratives in the Web3 industry.
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