Conversation with Linkedin founder Hoffman: We are in the first stage of Web 3

With the rapid development of the next stage of the Internet, what are the core principles that make Web3 different from previous eras, and how is it affected by the depths of human nature? In addition, how can the lessons learned from the early days guide technological progress, or hinder technological development?

In this article, LinkedIn co-founder and Greylock partner Reid Hoffman and his Blitzscaling co-author Chris Yeh discuss the state of Web 3.0.

In a previous article, Hoffman describes how the era's "savage idealism" led to major advances that had both positive and negative effects on the world, and how the "Seven Deadly Sins" of humanity formed the basis of many technological pursuits. For example, while greed is arguably the most recognizable "sin" in the business world, in practice it is far more complex and subtle than simple basic desires.

"Just because you have something that we would describe as sin or negativity, doesn't in itself mean you're a bad person or anything," Hoffman said. "It's a matter of how you deal with them."

Building on this idea, Hoffman and Yeh discuss the ethical considerations that entrepreneurs and investors can bring to Web3; the core similarities and differences between Web3 and previous eras; and how human vices and virtues continue to provide a framework for innovation and investment.

"We're in the first phase of Web3," Hoffman said. "So, having wild idealism is a good thing, and of course you should always be aware of where things can go wrong and try to steer positive outcomes away from negative outcomes."

Below is the full text translation of the article by Chain Catcher:



Chris Yeh: Hi, I'm Chris Yeh, co-author of Blitzscaling. I'm here again with my co-author and longtime friend Reid Hoffman, co-founder of LinkedIn and investor in Greylock Partners.

Reid, back in October, you wrote an article about your experience with Web 2.0. In it, expand on your heuristics about the Seven Deadly Sins of Investing.

I think it's a great philosophical essay to think about how we should rise to the challenge of, in Adam Smith's other great book, The Theory of Moral Sentiments, of harnessing our deep-seated human desires for the benefit of society.

Later, after reading your article, Bloomberg reporter Joshua Brustein contacted you to ask how to apply some of the lessons from the previous Internet era to the development of the virtual network world we are seeing today, and the fiery development around Web 3.0. I think Joshua has raised some very smart and provocative questions that we should dig deeper into, so please feel free to chat with us.

So, let's move on to the first question. Joshua observes that the basic principles of Web 2.0 that you describe are very similar to the way people talk about the spirit of Web3. I think he was referring to the passage you wrote, "Wild idealism is the lingua franca of Web 2.0. It is widely believed that fewer custodians, freer flow of information, and peer-to-peer connections are destined to be beneficial for individuals and Society creates positive effects.”

I wonder if you see similarities. How do you feel about these views?



Hoffman: Well, first looking back at history, I think even Web 1.0 (the Internet) had that crazy idealism. And one thing, today's view that all Web 1.0 is wrong, but I think it was right at the time.

The advantage that the internet has brought in its creation is to redefine the concept of this space through which people can communicate and find each other and through which information can flow.

I mean, for example, now basically anyone with a cell phone that generates a data connection has access to Wikipedia, and various other types of information resources that are not easily found in everyday life, and I think these are the problems we have in society A series of positive changes, such as the exposure that black people are treated unequally, comes from being able to upload videos and other types of products. I think the wild idealism surrounding the internet communication system provides an effective way of delivering justice, fairness and health to society as a whole.

And I think that's part of the reason we moved from Web 1.0 to Web 2.0 -- Web 1.0 is where you enter the groundbreaking cyberspace, and you probably have a pseudonym because where you're going is unknown. So, I might be an anime fan, you might be a pop culture boy, and that's how we communicate with each other.

Then, Web 2.0 brings your real identity and real relationships. Obviously, LinkedIn allows people to trust and help each other by proving your real name, and by tying relationships with people you have a real connection to - not just browsing the internet world, the online world - but also the real life world.

To the idea that Web 3.0 is affecting the world, I think the answer is positive and beautiful. That is, "Hey, there's a lot of really interesting potential here, a lot of stuff that can be done spectacularly. There's a lot of engineers and developers all over the world doing this."

You might ask, "Well, what kind of thing? I haven't seen anything." So far something has happened. There are so-called assets that are considered gold 2.0 or digital gold. It's a good thing to diversify our assets. Because actually, part of the reason we have stability in the modern financial system is that I have a lot of different diversified assets and other kinds of things to keep the financial system healthy and prosperous because you do a certain amount of that between assets kind of balance.

I think you've seen, there's a lot of identification and authentication procedures for the protection of the banking system, and there are really good banking systems in the West, and people who are using these strong banking systems are saying, "Okay, we don't need those." But Venezuela , Argentina and elsewhere do need these because Web 3.0 provides a place where a corrupt government can't kill your banking system, and the same diversification of assets can be a very good thing.

Ultimately, we can create a cheaper banking system and then bring billions of currently unbanked people into its modern value. Today, if you want a cross-border cash solution, it's actually one of the best cross-border cash solutions. And I think you're going to see all sorts of new things as smart contracts evolve.

The Web3.0 folks talk about the theory of this, which I think is interesting, "Internet-based technology has changed our thinking patterns, allowing us to learn how to activate those sleeping data and make them reflect intrinsic value." As an article Or a piece of information, or a video, a song, they can be of great value.

Web 2.0 introduced identity systems to this communication and collaboration, primarily through LinkedIn, social networks, and other types of real identities. And then Web 3.0 now introduces this open ecosystem through which you can create platforms or develop systems of value for assets, like digital gold or currencies, for paying things or contracts, platforms for doing things or building new systems.

And I think what you're seeing is the Cambrian explosion, and it takes a lot of effort. By the way, a large part of it, like Web 1.0, will be cannon fodder. We have to be more careful about this because of the financial system. But some of them will persist in very interesting ways.

That's part of the reason why I spoke at Davos in 2015 and wrote an article for Wired UK, the fact that the world will want to have what I call a "crypto capital system" - which leverages money , asset platform caps, capital systems - this will actually facilitate commerce and trade worldwide. I think this wild idealism is the right place to start