Genesis Public Blockchain: Solidifying the Foundation for Web 3.0 Development

In 2022, Web 3.0 received an unprecedented wave of attention and discussion. Unlike Web 3.0, in the static Web 1.0 era, users saw what internet platforms offered. In Web 2.0, everyone is a creator, and the internet content shows booming development. Users contribute traffic and data to internet platforms, but most have little access to value distribution.

The vision of Web 3.0 is to return the ownership and corresponding value distribution rights of digital content to creators and to return data and assets to ordinary users with the support of decentralized technologies such as blockchain.

What is Web 3.0?

Web 3.0 usually is a name for all the internet features and websites that the information in it can directly interact with the relevant information of other websites. It can integrate and use the information of multiple websites simultaneously through the third-party information platform. Users own their data on the internet and can use it on different websites. Web 3.0 applications are on a blockchain and a distributed network of numerous peer-to-peer nodes (servers) or a mixture of both.

Elements of Web 3.0

Just as an industry thrives on infrastructure, so does Web 3.0. Now, the infrastructure public blockchain, DAO, and Token mechanism of Web 3.0 are preliminarily systematized, and the public blockchain, as a cornerstone, plays a significant role in Web 3.0.

Public Blockchain: The Foundation of Web 3.0

The giant Web 3.0 spin-off is based on the development of blockchain technology. The core features of blockchain are decentralization and security compared to traditional networks, and the same is true of Web 3.0. A blockchain is a chain of interconnected blocks, each of which holds a certain amount of information and is connected in the chronological order of its creation. Each block contains the Hash value of the previous one to ensure precise join.

As a “completely decentralized” blockchain, the public blockchain has the characteristics of neutrality, openness, and non-tampering. As a foundation for Web 3.0, it provides a solid underlying design for developing a decentralized application ecosystem, lowering the barriers to application development. The first generation of public blockchains led by Bitcoin pioneered blockchains, the second generation led by Ethereum ushered in the era of smart contracts, and the third generation led by Genesis opened the gap in decentralized commerce.

Genesis: Representative Public Blockchain of Web 3.0

The Genesis public blockchain represents the development of blockchain technology to phase 3.0. As a blockchain, its essence is still a distributed accounting system. But unlike other blockchains, Genesis not only has the full performance of blockchains 1.0 and 2.0, but its consensus mechanism is no longer built solely around data, computation, virtual tokens, and other virtual elements of the chain. It is an innovative consensus mechanism built around the commercial elements carried by the public chain to determine the DPoC (Delegated Proof of Consumption), which can practice decentralization fairness, safety, and efficiency to a greater extent in the bookkeeping mechanism and commercial ecology.

Genesis also integrates cross-chain Bridges, heterogeneous composite chains, algorithmic stable tokens, and other technical performance and indicators to meet the needs of large-scale commerce, thus realizing the deep integration of decentralized finance and decentralized commerce, providing the underlying architecture and solutions for Web 3.0.

In the open, privatized, user-built, and experience-oriented Web 3.0 era, Genesis public blockchain hopes to help Web 3.0 build a new decentralized, value co-creation, and contribution allocation network, providing a technical base for data integration, resource flow, and value sharing for the Web 3.0 digital economy. It will enable traditional industries to transform and upgrade, give birth to new industries and models, and put data sovereignty in the hands of users to open large-scale applications.