ByteTrade Lab, headquartered in Singapore, is backed by SIG Asia Venture Capital Fund and other leading institutional investors including INCE Capital, BAI Capital, Sky9 Capital and NGC Ventures with a recent 40 Million USD Series-A fundraising in June 2022. At ByteTrade, we are actively building our Web3 Operating System (OS) based on proprietary Blockchain-EdgeNode-Client (BEC) architecture that would massively adopt users and decentralized internet applications to Web 3.0 and ultimately return data ownership back to users.
Apart from being a Web3 OS builder, ByteTrade is also actively involved in incubating and early stage investing of Web 3.0 projects to build our Web3 OS Ecosystem. We aim to enable the builders of Web 3.0 by providing a variety of resources to them including but not limited to: technology expertise, product definition, business planning, GTM strategies and funding.
On-chain and Off-chain Data in Web 3.0
At ByteTrade, we believe that the fundamental value of Web 3.0 lies in returning data ownership back to its users resulting in a paradigm shift of how services are provided. In our opinion, user data can be broadly divided into two categories — on-chain and off-chain data. While off-chain data consists of various kinds of information from internet application service providers and are hosted in centralized servers, on-chain data are mostly financial transactions and stored in a decentralized manner on blockchain.
How can we return data ownership to users?
As L1s along with L2 or even L3 become more scalable (quantified by higher TPS) and user-friendly, naturally more users will interact with blockchains. Such organic growth will allow users to naturally reclaim ownership of their data.
However, we need to acknowledge that the current scalability of blockchains is unable to accommodate the popular Web 2.0 services that require significant computing power (social media platforms like Twitter, video streaming services like YouTube & Zoom and cloud storage platforms like DropBox). We believe such services are indispensable to the overall user experience and are essential to both user engagement retention and growth. Without such services, Web 3.0 will be stagnant as it lacks the necessary user retention mechanisms and therefore applications will remain heavily finance oriented.
Redefining Web 3.0
In the end, Web 3.0 should not be viewed as a parallel network to Web 2.0. The two versions of the internet have their pros and cons. In Web 3.0, blockchains can solve the issue of data ownership and possession of value. While the strong servers of Web 2.0 can be used to facilitate the fast flow of information and social interaction.
Hence, our vision of Web 3.0 is two pronged. Web 3.0 should be designed for users to own and monetize their data and content. At the same time, Web 3.0 should also incorporate the same services that users currently enjoy.
At ByteTrade, we are working towards this vision through developing an architecture of Blockchain-Edge-Client (BEC). BEC will be developed upon edge nodes between blockchains and user clients (mobile phone/personal computer). This personal node will be completely user deployed and owned by the owner of a private key. Additionally, this node will fulfill several functions including but not limited to:
- Storing crucial personal data (financial assets/personal credentials) and interacting with applications via a Decentralized Identifier (DID), allowing users to interact with other nodes/applications in a secure manner.
- Acting as a personal computing node for users to launch their own products and software. Users can interact with other users’ nodes within the peer-to-peer network without a centralized service provider.
- Each node will exist as part of a wider network that allows nodes to communicate with each other.
By doing so, we envision BEC to be a paradigm shifting platform and create decentralized Web 2.0 applications like Twitter and Instant Messaging Services. As more services are conducted at a peer-to-peer level, we hope for data ownership to be reclaimed by users and a new Web 3.0 ecosystem can be built.