# The current opportunities and challenges of Web 3.0

Yuqing Fan1,2,Tianyi Huang1,2,Yiran Meng1,2,Shenghui Cheng1,2
1 Research Center for the Industries of the Future, Westlake
University,Hangzhou,China
2 School of Engineering,Westlake University,Hangzhou,China

###### Abstract

With recent advancements in AI and 5G technologies,as well as the nascent
concepts of blockchain and metaverse,a new revolution of the Internet,known as
Web 3.0,is emerging. Given its significant potential impact on the internet
landscape and various professional sectors,Web 3.0 has captured considerable
attention from both academic and industry circles. This article presents an
exploratory analysis of the opportunities and challenges associated with Web
3.0. Firstly, the study evaluates the technical differences between Web 1.0,
Web 2.0, and Web 3.0, while also delving into the unique technical
architecture of Web 3.0. Secondly, by reviewing current literature, the
article highlights the current state of development surrounding Web 3.0 from
both economic and technological perspective. Thirdly, the study identifies
numerous research and regulatory obstacles that presently confront Web 3.0
initiatives. Finally, the article concludes by providing a forward-looking
perspective on the potential future growth and progress of Web 3.0 technology.

##  1 Introduction

The Internet began in 1969 in the United States with the AppaNet, initially
limited to research departments, schools, and government departments. In 1980,
independent business networks began to develop. In 1989, Tim Berners Lee
formally proposed the idea of the World Wide Web, and in 1990, he developed
the world’s first web browser in the European particle physics laboratory in
Geneva. In today’s world, the Internet has become an indispensable part of
production and life, and its development is related to the overall progress of
an era. Since its inception, the Internet has gone through three stages: 1)
Web 1.0 is an information-connected web, where web pages are static and do not
provide interaction; 2) Web 2.0 is the connection between people, where people
can communicate on web pages; 3) Web 3.0 is a semantic network. In addition to
interaction, Web 3.0 also covers a large amount of data. Due to its
decentralized characteristics, it can freely access data resource [19].

Web 3.0 was proposed by John Markoff in the New York Times in 2006. Research
has pointed out that Web 3.0 is a symbiotic entity of web technology and
knowledge representation, a subfield of artificial intelligence [18]. Some
studies also suggest that Web 3.0 is the next-generation network that
integrates technology, law, and payment systems[6]. With the continuous
development of Web 3.0, it has integrated many emerging concepts, such as the
metaverse, digital economy, and 5G. This integration is constantly changing
people’s lives. For example, people can immerse themselves in the places they
want to go home through virtual reality (VR) technology and the internet and
interact with their peers’ virtual digital human images. These changes have
made people’s expectations for the internet increasingly strong. Table 1
compares the differences between Web 1.0, Web 2.0, and Web 3.0. From Web 1.0
to Web 3.0, interaction has improved, and the amount of information available
has also significantly increased. This continuously improves the user
experience[8].

Table 1: Comparison among Web 1.0,Web 2.0 and Web 3.0

| Web 1.0 | Web 2.0 | Web 3.0
---|---|---|---
Time | 1996 | 2006 | 2016
Attribute | Hypertext | Social media | Semantic web
Medium | Static texts | Interactive contents | Virtual contents
Infrastructure | PC | Cloud and mobile device | Blockchain
Interaction |  | Company publishes,
---
users can only read
| Company establish platforms
---
for users to interact
| Anyone can
---
establish platforms
Searching |  | Widely search,
---
results are very vague
| Search with keywords
---
bring with accurate results
| More accurate results
---
using big data

The emergence of Web 3.0 represents a significant evolution in the realm of
Internet technologies, marked by four key characteristics distinguishing it
from its predecessors. Firstly, Web 3.0 is characterized by openness, which
enables users to access various platforms utilizing only one account.
Secondly, data privacy is ensured via the decentralized structure of
blockchain technology that protects user data ownership and eliminates
reliance on third-party management platforms. The third key feature of Web 3.0
relates to cooperation, which is facilitated through token incentives designed
to reward content creators for their contributions and foster a more equitable
platform. Lastly, interoperability refers to the degree to which third parties
no longer constrain user behaviors, thereby offering greater latitude in
managing personal activities and engagements across varying digital
environments. See figure 1 for details.

Figure 1: 4 characteristics of Web 3.0

Web 3.0 has garnered significant attention, with numerous high-tech companies
rapidly positioning themselves within this emerging landscape. For instance,
Twitter has begun integrating various Web 3.0 applications into its products,
while Google established a dedicated Web 3.0 team in May 2022. Moreover, many
notable celebrities, including Stephen Chow, Jay Chou, and Junjie Lin, have
prominently featured NFTs among their holdings. Importantly, at the national
level, Web 3.0 represents a novel field of competitive engagement between
countries. This competition extends beyond technological prowess, entailing a
contest for influence in the unfolding Internet ecosystem. The implications of
these developments for the future of digital society are profound and warrant
further examination and exploration by scholars and practitioners alike.

In conclusion, Web 3.0 constitutes a profound transformation that will
significantly impact various aspects of our social, technological and economic
lives. This comprehensive article aims to provide a detailed introduction to
the concept of Web 3.0. The contributions of this paper are multi-fold,
including: 1. a thorough exposition of the connotations and applications of
Web 3.0, and a comprehensive analysis of its current development status from
the perspectives of policy, market, and scientific research; 2. an exploration
of the changes and opportunities that Web 3.0 presents, identifying its
developmental requirements based on these changes and opportunities; 3. an
overview of the future prospects for the evolution of Web 3.0, addressing the
potential risks emanating from this new technological paradigm.

##  2 Connotation and application

This section first introduces the technology stack of Web 3.0, then provides
six common functions of technology stack and provides use cases.

###  2.1 Web 3.0 technology stack

As of January 2023, many papers have listed the technology stacks of Web 3.0.
Guan [14] cited the five-layer technology stack proposed by the Web3
Foundation in 2017. The zero layer includes node communication and low-level
programming. The first layer is responsible for providing interaction and
transferring data. The second layer is used to extend the functions of the
first layer. The third layer provides a readable language for development.
Ordinary users interact in the fourth layer. Jacksi [22] proposed a four-layer
technology stack for Web 3.0. The first layer is the unified resource
identifier, the second layer is the hypertext transfer protocol(HTTP), the
third layer is the file transfer protocol, and the last layer is the IP
security protocol. Swati [38] gave a Web 3.0 technology stack composed of the
application layer, blockchain framework layer, and blockchain network layer.
In addition, Petcu [32] also proposed different Web 3.0 technology stack
architectures. Rasekh [33], Sarchandraa [36] and Zheng [51] proposed the
technology stacks of Semantic Web, Ethereum, and DApp respectively.

The Web 3.0 technology stack proposed by this paper is shown in 2, which is
divided into six layers:

Figure 2: Web 3.0 technology stack

At the bottom of the stack is the infrastructure layer. It provides a faster
network environment for Web 3.0. 5G technology adds the file form that can be
transferred [42]; Chips expand the overall computing power of the device; The
distributed architecture of edge computing alleviates traffic congestion [44];
Cloud native is used to help software development; Privacy computing can
effectively prevent information disclosure[45].

Infrastructure development can drive the development of the network layer and
the protocol layer. For example, P2P protocol can enable efficient file
transmission and greatly relieve the pressure on the server. Plasma protocol
improves the throughput of blockchain in the form of "The chain in the
chain"[41]. In addition, there are consensus mechanisms that allow nodes to
vote, cryptography technologies that enhance security on the chain, smart
contracts that allow no third-party transactions, and chained storage.

Through various expansion devices, the equipment layer of Web 3.0 can provide
users with multi-dimensional experiences, such as touch and hearing. For
example, AR/VR/MR and other devices that bring 3D experience provide tactile
changes in body sense devices and mobile devices that make applications more
convenient.

Above the equipment layer is the software layer. Robotic Process Automation
(RPA) can realize the automation of massive repetitive processes and reduce
labor costs. AI has added a learning function to RPA for intelligent
operation[25]. As the core of the development program, the engine can help
developers quickly lay the program. The operating system provides management
capabilities for terminal devices and software. API can help software interact
well with other software.

This is how DApps are built on the technology stack. Compared with traditional
software, DApps have made great progress in a distributed architecture, body-
sensing devices, software collaboration, and other aspects. As a result, they
can bring users a cross-era experience.

###  2.2 Web 3.0 applications

In recent years, the applications of Web 3.0 has been in a blowout state.
According to a survey, 57% of respondents experienced at least one Web 3.0
application in 2022. By January 2023, the number of DAPPs in the global market
has reached 6370, and the number of smart contracts has reached 16140 [28].
Table 2 shows the classification of typical Web 3.0 applications on the market
at present:

Table 2: Classification of Web 3.0 applications Classification | Description | Examples
---|---|---
Finance |  | Issue,trade and manage financial products
---
and other traditional services
Uniswap,MetaMask
Infrastructure |  | Provide infrastructure services
---
such as blockchain or on-chain storage
Ethereum,Antgroup
Social |  | Digital community composed of enthusiasts
---
also contain media functions
Sapien,Steemit,Meta
Multimedia |  | Provide a variety of creative methods,
---
and ensure creators can obtain
corresponding benefits
BanklessDAO, Forefront
Game | A new form of game | Crypto Dynasty,Splinterlands
Service |  | Other services provide to users
---
including telecommuting and digital medicine
Horizon Workrooms,Ethlance

The financial industry is the field where many Web 3.0 applications are based.
Web 3.0 can be combined with existing financial instruments to create a new
business model[5]. Ozili [30] et al. divided the existing Web 3.0 financial
applications into nine types: stable currency levy, loan, NFT issuance, non-
intermediary transaction, secondary market transaction, liquidity, e-wallet,
and asset management. The digital banking software released by banks automates
traditional banking services through intelligent devices, bringing great
convenience to customers.

Some enterprises choose to rent or sell infrastructure services and platforms
related to Web 3.0. Taking blockchain as an example, many enterprises in
China, such as Ant, Tencent, and Baidu, have provided alliance chain
solutions; Onchain.storage chooses to provide on-chain storage services to
help other DApp developers provide data storage space.

Social media has been very hot in the era of Web 2.0, and the arrival of Web
3.0 will further upgrade communication between people. Meta has brought the
metauniverse technology into social interaction and brought participants an
immersive experience through virtual imaging. Applying VR and somatosensory
devices will also bring further innovation to the social model.

The multimedia of Web 3.0 includes two specific functions. The first is
providing creators with as many creative methods as possible, and the second
is establishing a platform to ensure that creators can obtain corresponding
benefits. Some digital design platforms even allow customers to customize
their large-scale functions[26]. The application of this function includes
RaidGuild, which provides consulting, design, development, and marketing
services—Flickr, which creates and shares diversified photos.

The virtual nature of the game makes it the first to embrace the ecosystem of
Web 3.0. As a combination of game and decentralized finance, chain game allows
assets in the game to circulate in the real world as commodities. Decentraland
is a 3D digital game platform. Players can exchange collectibles, purchase and
sell digital assets in the game, and also interact through wearable devices
[15].

In addition to the above five functions, there are some scattered functions.
This article integrates it into other services that can provide users with an
experience. It includes remote office service software such as Horizon
Workrooms and Ethlance, Web 3.0 browsers with built-in encrypted wallets such
as Brave and Osiris, and digital medical services for managing hospital files
and assisting with medical examinations.

Of course, most Web 3.0 applications have multiple functions simultaneously.
For example, financial services and social tools are a common combination.
Take MakerDAO as an example, and its participants can modify the Maker
agreement by holding MKR tokens to vote. The MakerDAO community also has a
stable currency Dai for storage, exchange, payment, and bookkeeping. The
community also provides blogs and forums for participants to conduct social
activities [11].

##  3 Development status

The development of theory is a prerequisite for the development of Web 3.0
applications. Web 3.0 as a research area has a history that dates back to
2006. Although still in its nascent stage, significant strides have been made
towards its advancement. For example, blockchain technology has found
widespread application in the financial sector, whereas intelligent contracts
and distributed applications are continuously being developed and promoted.
Other fundamental components of Web 3.0 such as semantic Web, distributed file
systems, metadata application, and the Internet of Things (IoT) are in the
process of implementation or are developing towards implementation, arousing
extensive industry interest. Enterprises recognize that Web 3.0 technology
will significantly transform future business landscapes. Based on diverse
perspectives from home and abroad, and buttressed by empirical data, this
paper examines the status of Web 3.0 from three dimensions of market, policy,
and scientific research, analyzing its developmental trajectory and charting
possible future directions.

###  3.1 Market status

In 2014, the founder of Ethereum described the ideal operation mode of Web
3.0. By 2020, with the rapid spread of the concept of the metauniverse, Web
3.0 will arouse public discussion for another time. In recent years, the
market size of Web 3.0 has been increasing. This paper uses Messari 111Messari
is the most prominent Web 3.0 research institute at present. The institute
provides real-time data and research reports of Web 3.0-related industries to
preliminary analyze the current market size. Figure 3 shows the market size of
various fields under the current Web 3.0 ecosystem. By January 29, 2023, the
market size of Web 3.0 had reached US $102.14 billion, of which the largest
market size was in the field of payments, reaching US $63.45 billion. On the
other hand, the market size of Media and Entertainment is the smallest, with
only US $940 million.

Figure 3: Web 3.0 market scale. Unit: billion dollars

Figure 4 uses the thermal diagram to analyze the contribution of different
businesses in various fields of the Web 3.0 ecosystem. It can be seen from the
figure that the Currency business in the Payment field is the largest, about
46.47%. This number shows that the number of companies in the payment field is
significant. Then is the Smart Contract Platform business in the
infrastructure field, the Stablecoins business in the payment field, and the
Smart Contract Platform business in the financial field. Through the analysis
of market scale contribution, we can see that the major development of the Web
3.0 market comes from electronic payment. The digital financial industry based
on blockchain technology has begun to take shape. However, other fields are
still in the early stage of development with significant room for growth.

Figure 4: Web 3.0 market size contribution of each category: the horizontal
axis is domain classification, and the vertical axis is business
classification. White indicates that there is no corresponding business under
the field

Unlike the international market, China’s development has adopted the path of
alliance chain as the primary way and adopted the separation strategy of chain
and currency to reduce the Internet financial credit risk under blockchain
technology as much as possible. According to the statistics of China
Information and Communication Academy, the revenue scale of China’s alliance
chain business in the first half of 2022 will reach about 2 billion yuan. The
development of the alliance chain has also promoted the growth of domestic
blockchain as a service (BaaS) business. In 2021, China’s BaaS business market
will reach 188 million US dollars, with a growth rate of 92.6%. Domestic
Internet companies, blockchain technology service providers, universities and
research institutes, and other joint research and development alliance chains
are gradually being established [52]. At present, leading domestic technology
enterprises, such as Tencent, Alibaba, and Huawei, have invested a large
amount of research and development funds in the technical fields related to
Web 3.0, actively promoting enterprises to use the Web 3.0 ecosystem to
realize digital transformation, which has laid a technical foundation for the
development of Web 3.0 in China.

###  3.2 Policy status

Currently, the most important national laws and regulations on Web 3.0 are
mainly focused on virtual currency. The government has issued several laws and
regulations on virtual currency and its derivatives related to Web 3.0. Table
3 shows some of the current regulatory policies of the country. It can be seen
that the focus of China’s current regulation is how to regulate the malignant
transfer of legal currency to virtual currency, how to regulate the malicious
injection or withdrawal of foreign capital into the domestic market through
virtual currency, and how to prevent speculators from using Web 3.0,
blockchain, NFT and other emerging concepts to make malicious speculation and
create economic foam[6].

Table 3: Some Chinese national regulatory policies on Web 3.0 related fields Field | Regulatory policies
---|---
Virtual currency | Notice on protection against Bitcoin risks
| Announcement on preventing the risk
---
of token issuance financing
| Notice on Further Preventing and Dealing with
---
the Risks of Fictitious Currency Trading
Blockchain | Blockchain information service management regulations
Meta-universe |  | Risk tips on preventing illegal fund-raising
---
in the name of "meta-universe"
NFT | Initiatives on preventing NFT-related financial risks

In addition to regulating virtual currencies, state authorities are required
to oversee a wide range of aspects concerning the development and utilization
of Web 3.0 technology. While strict regulations may mitigate potential
financial risks, they also have the potential to impede domestic technological
innovation. Consequently, it is necessary to consider alternative means of
preventing and reversing any trend towards a shift from reality to virtual
brought about by Web 3.0. Equally important is the prevention of malicious
forms of competition amongst internet enterprises stemming from changes to
business models brought on by Web 3.0 technology. Hence, governments need to
adopt more forward-looking and innovative regulatory strategies to promote
sustainable long-term growth in this area.

###  3.3 Research status

This study offers empirical evidence to facilitate a comprehensive analysis of
the current state of international research on Web 3.0 technology by surveying
relevant documents indexed in the Web of Science database. Furthermore, the
Chinese knowledge infrastructure (CNKI) is employed to examine the
corresponding status of domestic research. By conducting a comparative
analysis of the relevant scholarship on Web 3.0 in China and abroad, this
paper enables an investigation of any notable differences between these two
research contexts.

Figure 5: Web 3.0 related literature publication, 2003-2023 Figure 6:
Distribution of subjects of Web 3.0 related literature in CNKI database. From
most to least: Computer software and applications;News and Media;Internet
technology;Information and Post economy;Education theory and management;
Entrepreneur economy;Trade economy Figure 7: Distribution of subjects of Web
3.0 related literature in WOS database

As of January 29, 2023, 125 documents with high relevance to Web 3.0 have been
retrieved in the WOS database, while 794 documents related to Web 3.0 have
been found in the CKNI database. Figure 5 shows the changing trend of the
number of documents related to Web 3.0 published at home and abroad. In 2006,
research related to Web 3.0 began to appear in China. After reaching the first
peak in 2014, the number of documents gradually decreased, and until 2020, the
number of related documents increased sharply. Although the overall number of
foreign documents related to Web 3.0 is less than that in China, its change
trend is similar to that in China. Figures 6 and 7 show the disciplinary
distribution of relevant literature, respectively. Domestic research mainly
focuses on computer software and computer applications, news and media, and
Internet technology, while foreign research focuses on security systems and
telecommunications.

In addition, this paper extracts keywords from Web 3.0-related literature to
analyze the research hot spots in this field. The hot topics in the past
literature represent the research focus of this field in a certain period, and
the frequency of keyword occurrence is the specific manifestation of the
research focus. This paper carries out keyword clustering analysis and
emergent keyword analysis, providing references for researchers to explore the
iterative development and frontier trends of Web 3.0 hot topics.

####  3.3.1 Keyword trending among Chinese literature

Figure 8 shows the results of keyword clustering analysis for published web
3.0 related papers in China. Based on the clustering analysis results, it can
be seen that since 2006, the Web 3.0 literature published in China can be
roughly divided into three categories.

The first category is theoretical research, which mainly studies the
fundamental theories behind the development of Web 3.0. For example, some
researchers discussed the current development trend of Web 3.0 from four
aspects: network and computing technology, security and trustworthiness
technology, virtual real fusion technology, and intelligent interaction
technology; Li Jie [24] believes that the core of Web 3.0 is the Semantic Web,
and discusses the relationship between Web 3.0, social 5.0 and the
metauniverse; Wu Tong et al. [43] proposed that the core concept of Web 3.0 is
that users have access to data, which enables it to incorporate data into the
framework of production factors; Chen Yongwei [5] discussed four possible
challenges that Web 3.0 may bring from the perspective of policy designation,
and proposed some corresponding measures. In addition, the relevant literature
in this category mainly focuses on the market opportunities and value that Web
3.0 may bring. For example, the "Business Opportunities" cluster includes
"Business Opportunities", the "Media Integration" cluster includes theme words
such as "Model Innovation", and the "Web 3.0 Era" cluster also includes theme
keywords related to macro development such as "Collaborative Development" and
"Regional Development." However, Web 3.0 is not accurately defined in the
theoretical literature. Therefore, from a research perspective, there is
currently no unified definition for it.

The second category is technical research, which mainly focuses on the
technologies required for the development of Web 3.0, including high-frequency
keywords in "resource sharing" clustering that include "mashup technology",
and "metaverse" clustering that includes topics such as "blockchain", "smart
contracts", "IPFS", and "Truffle framework". In addition, the "Web3D
technology" clustering includes keywords such as "3D annotation" and "VRML".
These topics are hot topics in the research of Web 3.0 technology. For
example, Yun Jian et al. [47] designed a digital archive storage platform
based on alliance chain and IPFS technology, which can expand storage capacity
while also taking into account data security; Sun Yushan et al. [37] proposed
a data structure suitable for efficient authentication of streaming data on
the chain, which solves the problem of server untrustworthiness when data is
outsourced for storage; Lu Jiawei et al. [27] discussed a mashup service
clustering method based on non-negative matrix factorization combining tags
and word embedding (TWE-NMF) topic model, which is more efficient than
traditional methods in clustering accuracy. Tianyi Huang et al. [20]
introduced a new data analysis and visulization method based on high-
dimensional data, which can be implemented under multiple categories.However,
the literature in this category currently only focuses on the technology
itself, with almost no specific application of technology in Web 3.0.

The third category is application research, which mainly explores specific
applications in the Web 3.0 ecosystem. For example, high-frequency topics such
as "online teaching platforms", "electronic libraries", and "NFTs" are
included in the "resource sharing" cluster. Tian Linan et al. [40] analyzed
the application of spatiotemporal encoding technology in Web 3.0 digital
finance using Qingdao City as a model and concluded that spatiotemporal
encoding technology could play an essential role in platform traffic
distribution, financial risk control, financial supervision, and other
scenarios; Zhai Xuesong et al. [48] analyzed the possible applications of Web
3.0 in education and believed that Web 3.0 could seize the opportunities of
major educational strategies such as high-quality personalized teaching,
educational equity, and the simultaneous development of "five educations";
Zhao Yichen et al. [50] proposed using blockchain technology to solve the
problem of strenuous tax activities in the digital economy and reduce the
phenomenon of tax evasion. From the current literature, research on Web 3.0
application scenarios mainly focuses on online teaching, metaverse, and online
marketing. Moreover, more involvement in applied research in other fields must
be needed.

Figure 8: CNKI keyword cluster map. Category from 0 to 9:Web
3.0;Metaverse;Business opportunities; Resource sharing;Web 2.0;Internet
marketing;Media fusion;Digital collections;The era of Web 3.0;Web 3D
technology;

Other researchers have integrated the three types of research mentioned above
to study the future development of Web 3.0. For example, the book "Web 3.0: A
Disruptive and Significant Third Generation Internet" provides a detailed
introduction to the basic theoretical knowledge and applications of Web 3.0,
and provides suggestions on how to formulate network behavior guidelines in
the Web 3.0 era based on literature review[6].

Figure 9 shows the top 20 keywords. The first emergent keyword was "browser",
which emerged from 2006 to 2009, followed by "business application", "personal
portal", and "online marketing". This shows that in the early research of Web
3.0 in China, the main direction is to explore new Internet marketing methods.
The key word with the most significant strength is "blockchain", and its
strength reaches 17.73. In addition, domestic research has gradually shifted
from the initial "commercial application" and "online marketing" to the
technical topics of "platform construction", "consensus mechanism", and
"blockchain". It is worth noting that "digital assets", "decentralization",
"artificial intelligence," and "data sharing" have been new research hot spots
in the past three years.

Figure 9: CNKI emergent keywords Top20: light green is the basic time axis,
dark green is the time interval from the emergence of keywords to the present,
and red is the time interval of the duration of keyword emergent. The keywords
in the figure are sorted by the starting time of emergent.Keywords from top to
below:Browser;Business app;Personal portal;Web marketing;Data
aggregation;Semantic Web;IoT;Personalization;Cloud
Computing;Transformation;Web 3.0;Internet;Platform construction;IT;Consensus
mechanism;Blockchain;Smart contract ;Ethereum;Digital
assets;Decentralization;AI;Data sharing

####  3.3.2 Keyword trending in foreign countries

Figure 10 shows the keyword clustering analysis graph of web 3.0-related
literature published abroad. Unlike domestic research, the hot topics related
to Web 3.0 research abroad can be divided into four categories: theoretical
research, technical research, industrial research, and application research.

The first category is theoretical research. In addition to outlining the
overall development, there are also studies abroad that jointly analyze Web
3.0 and social sciences. For example, Rudman and Bruwer [35] summarized the
overall development and current challenges of Web 3.0; Kreps and Kimppa [23]
discussed the specific definition of Web 3.0 from the perspective of post-
structuralism, and demonstrated the social development brought by Web 3.0
through five papers; Ferraro et al. [13] starting from the development of
psychology and technology, discussed how to establish trust mechanisms in Web
3.0 and concluded that there are loopholes in the current trust mechanisms.

The second category is technical research, which is similar to domestic
research and explores supporting Web 3.0 technology development. For example,
in the "Machine Learning" cluster, topics such as "ICA Algorithm" appear,
while in the "Data Storage" cluster, keywords such as "Storage Systems" and
"IPFS" are included. In addition, Clarke et al. [12] proposed that the
decentralized communication layer in the mainframe can be used as a
supplementary protocol to strengthen the network security of the Internet;
Vega et al. [10] designed a new cryptographic primitive, Nil Message Compute
(NMC). Because nodes under the NMC structure do not run immutable ledgers that
store transaction data, nor are they interconnected, it will be more secure
than blockchain structures. However, unlike domestic research, there is only a
little research on Web3D technology in foreign literature related to Web 3.0.

The third category is industrial research, which mainly focuses on how Web 3.0
integrates with existing industries to build a new industrial ecosystem. Among
them, the "Industry 4.0" cluster contains keywords such as "IoT" and
"industrial internet of things", and the "Parallelism" cluster contains
keywords such as "Supply Chain". Anwar [1] explored the connection between Web
3.0 and the Internet of Things (IoT), believing that the collaboration between
Web 3.0 and the Internet of Things will benefit society in multiple directions
such as smart cities and soil observation; Castro et al. [3] delved into the
connection between Web 3.0 and the manufacturing industry and introduced a
virtual enterprise framework specifically designed for small and medium-sized
enterprises using the Web 3.0 platform. This framework will help small and
medium-sized enterprises adapt faster to changes in industrial structure and
achieve sustainable development goals. Compared to domestic research, foreign
research has already discussed building a Web 3.0 industry ecosystem.

The fourth category is applied research. Foreign Web 3.0 application research
covers many fields, including office, healthcare, education, commerce,
economics, and other scenarios. For example, Gupta et al. [16] developed a 3D
conferencing application in the metaverse and VR devices. This program ensures
meeting efficiency and reduces the impact of delays; Ayoade et al. [2]
proposed a decentralized data management system suitable for IoT devices. As
it does not require central system management, it can better protect data;
Thrul et al. [39] believe that DAO can provide remote mental health services
and solve the problem of scarce mental health resources.

Figure 10: WOS keyword cluster map

Figure 11 shows the top 10 prominent keywords in foreign Web 3.0-related
literature. The first emergent keyword is "Semantic Web", which emerged from
2009 to 2012. This represents the initial stage of research. Foreign
literature focuses on discussing the concept and meaning of Web 3.0. Like
Chinese research, the keyword with the most considerable emergent strength in
foreign countries is "blockchain", whose strength is 3.66. Unlike Chinese
research, in recent years, foreign research focuses on the field of Web 3.0
are still concentrated on the technical topics of "blockchain", "smart
contract," and "big data". At the same time, "artificial intelligence" is the
common research trend in Web 3.0 in China and abroad.

Figure 11: WOS emergent keywords Top10: light green is the basic time axis,
light green is the basic time axis, dark green is the time interval from the
emergence of keywords to the present, and red is the time interval of the
duration of keyword emergence. The keywords in the figure are sorted by the
starting time of emergence

##  4 Transformation and Opportunities

This section examines the mutualistic interplay between the construction of
the Web 3.0 ecosystem and the advancement and transformation of the digital
economy. Specifically, we explore how the digital economy provides fertile
ground for emerging technological development, thereby promoting scientific
progress and technological innovation in Web 3.0. Furthermore, this section
provides a comprehensive analysis of the changing landscape and opportunities
brought about by the ongoing development of Web 3.0 technology from both
technological and economic perspectives.

###  4.1 Transformation and Opportunities in Economy

The concept of the digital economy can be divided into four parts [4]: digital
industrialization, industry digitization, digital management, and data value.
The connections between Web 3.0 in these four aspects are shown in Table 4.
These connections have brought about significant changes in the digital
economy, creating many opportunities in this transformation.

Table 4: Connections between Web 3.0 and digital economy

| Blockchain | Decentralization | Metaverse
---|---|---|---
Digital industrialization | Digital currency and NFT | Defi and storage technology | Metaverse software
Industry digitization | IoT | E2E Mechanism | VR/AR/MR
Digital management | Smart cities | Decentralized management | -
Data value | Federated learning | Data storage | Metaverse and AI

From the perspective of digital industrialization, the transformation of the
economic landscape by Web 3.0 is mainly reflected in value creation centered
around users by delegating digital assets that initially belonged to the
platform to users. Digital currency, NFT, decentralized finance and storage,
and metaverse software are all specific applications. These applications have
effectively promoted the development of the digital economy. For example, Web
3.0 protects digital art works and artists’ rights and interests through
payment, intellectual property management, digital storage, etc., which
significantly promotes the creation and transaction of digital works of art in
Web 3.0 [9].

Web 3.0 has promoted intelligence development and effective management in
traditional industries regarding industry digitization. The industrial
Internet of Things (IIoT) formed by Web 3.0 has been used in various
industries. For example, the blockchain based on the industrial internet of
things has been used in the food supply chain to ensure food quality and
safety by providing a more traceable food production chain [31]. End-to-end
technology can be described as the exchange of information between systems
performing autonomous tasks, which is the foundation for the operation of
future IoT devices. For the metaverse, combining Web 3.0 and VR or AR
technology can make our interactions more immersive, effectively promoting the
development of teaching software and electronic games.

In terms of digital management, intelligent cities utilize technology and data
to improve the quality of life of their residents, enhance sustainability, and
simplify urban services. The concept involves integrating information and
communication technology and IoT devices into urban infrastructure to collect
and analyze real-time data. Then use this data to manage urban assets and
resources, provide better services to its residents, and make wise decisions
about the city’s future development. Decentralized management is an essential
component of innovative city governance, enabling people to coordinate and
govern themselves through automated execution rules deployed on the blockchain
[17].

In mining data value, it is necessary to ensure both the security of the data
and sufficient storage space. Among them, ensuring secure privacy computing
can prevent data leakage and ensure that sensitive information is not accessed
or manipulated by unauthorized persons while ensuring that organizations or
individuals can process and use this data. It includes many privacy protection
technologies, such as secure multi-party computing, homomorphic encryption,
differential privacy, and zero-knowledge proof [46]. In addition,
decentralized data storage effectively increases data transmission flexibility
and scattered storage resources. AI can also drive these data to enhance
participants’ immersive interaction experience in the metaverse.

###  4.2 Transformation and Opportunities in technology

Web 3.0 requires the support of many emerging technologies, mainly AI,
blockchain, and VR/AR. They all have very high requirements for computing
power, requiring fundamental network technologies such as computing,
transmission, storage, and related equipment to undergo leapfrog improvements.
The transformation and benefits of Web 3.0 on the economy will further promote
the development of related technologies. The relationships between Web 3.0,
digital economy, and science and technology are shown in 12

Figure 12: The Relationship between Web 3.0, Digital Economy, and Science and
Technology

In recent years, investors have invested in the development of science and
technology related to Web 3.0, and major companies have also formed new
technology projects related to Web 3.0, ushering in new changes and
opportunities for technological development. From the perspective of
technology projects that have already been implemented, Google Cloud has
launched a fully hosted cloud service that maintains blockchain nodes, known
as the Blockchain Node Engine. It is mainly responsible for managing and
maintaining the integrity of the blockchain ledger and promoting the consensus
process among network participants. This engine can significantly reduce the
cost of data management and maintenance and improve the efficiency of Web 3.0
development. In addition, WIMI.US has developed a human-machine interaction
system based on XR technology, and its VR human-machine interaction terminal
and other human-machine interaction-related technologies have also obtained
corresponding patents.

Figure 13 shows the Gartner hype cycle which include five stages of new
technology would go through from inception to maturity. In the early stages of
new technology, the market will have high expectations for the benefits it can
bring. However, the market will eliminate unrealistic and hyped technology
after the technology has gone through the foam period. Afterward, emerging
technologies will gradually transition to a mature stage. At this stage, the
market’s expectations for new technologies will become more stable and closer
to reality.

The concept of Web 3.0 first appeared in 2006, but before that, there had been
a long period of decentralized and distributed system technology. As a result,
most Web 3.0 applications are experimental and have yet to be widely adopted.

Blockchain technologies, such as Ethereum, have developed into mature
platforms in the past few years, and many Web 3.0 applications have emerged.
These applications include decentralized exchanges, digital identity
verification systems, digital asset management platforms, etc. At this stage,
Web 3.0 applications are being promoted to many users, and some larger
companies and organizations are exploring the potential of these technologies.

However, Web 3.0-related technologies are still in the stage of innovation
foam, and the current expectations for the market value are too high. False
and exaggerated propaganda and hype concepts also appeared at the same time.
The current market situation is relatively complex. Therefore, we need to view
Web 3.0 technology more rationally, recognizing its limitations and
shortcomings while facing enormous development opportunities.

Figure 13: Gartner

##  5 Needs and Challenges

The Web 3.0 ecosystem can solve data security, platform monopoly, and trust
problems in the Web 2.0 era. At the same time, Web 3.0 provides a technical
base for the metaverse, representing the direction of application scenarios
and lifestyle innovation and enabling the economy to carry out digital
transformation. The development of Web 3.0 is expected to shape a new system
of Internet technology, optimize the development mode and industrial pattern
of the Internet, and build a new paradigm of the Internet economy. The
subsequent section of this manuscript will focus on identifying the key
components for building a sustainable Web 3.0 ecosystem, outlining potential
challenges and proposing strategies for overcoming them.

###  5.1 Ecological construction

The ecosystem of Web 3.0 is defined as a distributed open technology system
that supports information and data sharing, connectivity, discovery,
governance, and value aggregation. We assert that the new organizational
collaboration mode, combined with advancements in financial technology and
digital identity management, represents the foundational building blocks of
the Web 3.0 ecology.

####  5.1.1 The Management Model of Web 3.0 Ecology - Decentralized Autonomous
Organizations (DAO)

The internet ecosystem in the era of Web 2.0 is closed, as internet giants
monopolize user data resources. Therefore, the public’s demand for
establishing a decentralized organizational collaborative approach is
increasing, and DAO has also emerged. Decentralized Autonomous Organization
(DAO) is a new type of organizational collaboration based on blockchain
technology, which is seen as a spark that subverts traditional Internet
organizational structures.

Unlike traditional organizations, DAO operates on the blockchain and is
controlled by stakeholders rather than specific institutions. This allows all
members to achieve co-governance within the DAO through smart contracts,
eliminating subordinate relationships and improving the efficiency of
organizational collaboration. Although the concept of DAO is developing in
various forms, security and legal risks, remain a concern. Additionally,
further research is needed to establish a DAO ecosystem that aligns with
China’s national conditions.

####  5.1.2 The driving force of the Web 3.0 ecosystem - Decentralized Finance
(DeFi)

Decentralized Finance (DeFi) is a new type of digital finance based on
blockchain technology. DeFi aims to achieve secure financial services without
the intervention of traditional financial institutions through smart contracts
and decentralized networks.

This new financial ecosystem is built on public chains such as Ethereum,
supporting various financial applications and services, including
decentralized exchanges (DEX), lending platforms, stable currencies, and
unmanaged wallets. In addition, smart contracts on the blockchain can
automatically execute DeFi transactions, and each transaction data is
auditable. The main financial applications implemented by DeFi include asset
trading, available lending, and aggregated income wealth management.

Table 5 compares the differences between decentralized finance, centralized
finance, and traditional financial systems in different financial services
categories. The asset trading of the crypto financial system on the chain is
done through crypto exchanges, but the difference is that DeFi’s exchange is
decentralized. Decentralized exchanges (DEXs), as alternative payment
ecosystems with new financial trading protocols, appear within the framework
of available finance and are part of blockchain technology and financial
technology. Unlike centralized cryptocurrency exchanges (CEX) such as
Coinbase, Huobi, or Binance, they used to order books to match buyers and
sellers in the open market and store encrypted assets in exchange-based
wallets. In addition, DEX is unmanaged and utilizes automated intelligent
contracts for peer-to-peer trading, while users retain control over their
private keys and funds[6].

Table 5: DeFi,CeFi and traditional finance

|  | Crypto financial system |
---|---|---|---
Category | Service |  | Decentralized Finance
---
(DeFi)
| Centralized Finance
---
(CeFi)
Traditional Finance
| Fund transfer |  | DeFi Stable coin
---
(DAI)
| CeFi Stable coin
---
(USDT,USDC)
Payment platforms
| Asset transactions |  | Crypto assets DEX
---
Uniswap
|
Trading | Derivative trading |  | Crypto derivative DEX
---
Synthetic,dYdX
Crypto CEX (Binance,Coinbase) |  Bourse Agent
| Mortgage |  | Decentralized lending platform
---
(Aave,Compound)
| Centralized lending platform
---
(BlockFi,Celsius)
Loan Trading agents
Debit | Unsecured Loan |  | Credit commission agency
---
(Aave)
| Digital banking
---
(Silvergate)
Commercial bank
Investment | Financial Products |  | Decentralized investment portfolio
---
(yearn,Convex)
| Crypto Fund
---
(Grayscale,Galaxy)
Fund

From the table above, DeFi is also the digitized form of the traditional
financial system. It cannot operate independently from the traditional
financial system or avoid the hidden risks in traditional finance. However,
DeFi has the advantage of having high transparency and coverage that
traditional finance cannot possess.

####  5.1.3 Distributed digital identity (DID): an ecological identity
authentication method for Web 3.0

The emergence of distributed digital identity (DID) has solved the problem of
self-sovereignty of digital identity in networking and enhanced the
individual’s control over identification information. Specifically, DID aims
to form a self-sovereignty identity where users can exercise autonomous
control over their data information without needing permission from any
platform or organization. DID is a critical component of the constantly
evolving Web 3.0 ecosystem, which can verify identity without relying on
centralized institutions and third-party services, providing a method that
does not require trust and guarantees privacy.

####  5.1.4 Industrial ecological value

The Web 3.0 ecosystem is linked by token incentives, which can significantly
achieve co-construction and sharing within organizations, break boundaries,
and promote value circulation. First, underpinning the Web 3.0 ecosystem is a
protocol that somewhat reduces the cost of obtaining trust guarantees from
third-party sources, offering individuals more opportunities to exchange their
innovations for monetary gains directly. Within the decentralized autonomous
organization (DAO), participants can obtain benefits transparently and with
greater trust through the interconnected distributed digital identity.

Secondly, the Web 3.0 ecosystem can transcend industry boundaries to create
new forms of collaboration. The enhanced digital system integrated with
advanced technologies in Web 3.0 can efficiently document, monitor, and adjust
every aspect of the interaction between connected devices. In this more open
internet environment, blockchain-based digital trust systems expand the
coverage of digital services and accelerate data integration into reality,
ultimately nurturing low-cost, efficient, and healthier socio-economic
ecosystems.

As such, token incentives are crucial for establishing and maintaining value
circulation within the Web 3.0 ecosystem, creating a highly interoperable and
trusted environment that enhances industrial cooperation across sectors.
Nonetheless, there is still much work required to align the adoption and
development of Web 3.0 with China’s national policies while positively
contributing to global digital innovation initiatives.

###  5.2 Current challenges

Although the construction of the Web 3.0 ecosystem has become a vision for the
development of the Internet, it still faces many challenges.

Primarily, there is a lack of a systematic theoretical and technological
research layout for Web 3.0 in China. Research into Web 3.0 theory and
technology, such as architecture and protocol stacks, alliance chains, open
alliance chains, public chains, digital identities, and distributed storage,
requires significant backing from artificial intelligence, cloud computing,
5G, virtual reality, and other emerging technologies.However, while there has
been more research focus on the alliance chain in China, robust research
initiatives are still lacking on these other critical components. Another
critical challenge associated with Web 3.0’s development is the severe
shortage of high-level, composite talents in this field. The complexity and
diversity involved in Web 3.0’s technology and application demand proficiency
and cross-disciplinary knowledge in cryptography, computer science, network
security, visualization and economics[7, 49].Despite this, there is still no
specialized course or major to cultivate Web 3.0 talents in China
specifically. That, coupled with the lack of related textbooks, training
platforms, and other supportive resources, indicates an urgent need to
establish a more comprehensive talent cultivation system that can stay abreast
of the rapidly evolving field of Web 3.0.

Secondly,The decentralized characteristics of Web 3.0 may pose significant
challenges to existing legal and regulatory systems. For instance, some
questions need to be addressed on how to enhance ownership relationships
associated with NFTs and develop a property management system to govern the
legal aspects of NFT ownership.Additionally, the emergence of new business
models facilitated by Web 3.0 may introduce illegal and criminal activities,
such as illegal fundraising and money laundering, which could disrupt the
financial market. Legal frameworks must be put in place to regulate these
activities effectively.Another significant challenge pertains to identifying
DAOs’ nature from a legal perspective, assigning appropriate rights and
obligations, and establishing regulations that guide their operations. It is
noteworthy that public chains and cryptocurrencies play an integral role in
the development and success of Web 3.0. However, due to limited development by
domestic regulatory policies, scholars are keen to explore ways to circumvent
these limitations.As such, it is essential to address these legal challenges
comprehensively to ensure the successful development and deployment of Web 3.0
while safeguarding the public interest.

##  6 Conclusion

Web 3.0 is still in its early stages of development and has enormous potential
for development. With the development of science and technology such as 5G,
AI, and metaverse, as well as the further improvement of management concepts
such as decentralization, Web 3.0 will make breakthroughs in the following two
areas in the future, allowing users to receive better services [34]. 1) With
the further improvement of decentralized data management and the 5G, the
workload of data on a single server will be effectively reduced, and the
existing data transmission efficiency will be further improved to more
efficiently search or analyze data for users. 2) With the further optimization
of AI technology, they will be better integrated with Web 3.0 and provide
intuitive web services to promote economic housing exhibitions. For example,
AI can summarize many consumer habits collected, leading to better online
marketing and promoting consumption. Combining efficient data management and
AI will bring users more valuable and personalized data services. In the
future, more AI platforms similar to ChatGPT will provide users with accurate
and efficient data search and generation services [29, 21].

It is for sure that potential risks would appear along with the development of
Web 3.0, specifically regarding legal and technical factors. Concerning
decentralized data management, challenges may emerge in regulating the
proliferation of illicit data on the network, as well as enhancing
cybersecurity to managing network attacks like SQL injection and malware,
which are more likely in the Web 3.0 environment. Personalizing network
content may also raise concerns regarding personal data privacy and the
associated risks of identity theft or social phishing.

Given these prospects and challenges, China must examine its governance
policies and regulatory frameworks surrounding Web 3.0 while simultaneously
focusing on cultivating requisite technology capabilities and supporting
infrastructural improvements to ensure effective management of the
decentralized networks.

Through this approach, China can shape a distinctive model for Web 3.0
development with reinforced central governance mechanisms and robust
legislation that better safeguards user safety and privacy and maintains
national security. As such, it is arguable that China possesses relative
strategic advantages given its unique geopolitical position, significant
technological capacity, and ambitions toward technological leadership.
Overall, exploring avenues for effective governance frameworks that balance
innovation and business opportunities with sustainable risk management will be
critical to successfully realizing Web 3.0’s promise and potential.

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