HashKey Capital\* is an institutional asset manager that invests exclusively in blockchain technology and digital assets. As one of the most experienced blockchain investors based in Asia, the HashKey Capital team has deep knowledge of the blockchain ecosystem in the region and has built a network connecting entrepreneurs, investors, developers, community participants and regulators. HashKey Capital is affiliated with HashKey Group, a digital asset management and financial services institution in Asia.\*

1 The trilemma of Blockchain

Introduction Reviewing the history of internet development in the past few decades, it can be summarized as three different stages: Web 1.0, Web 2.0 and Web 3.0. Web 1.0 is generally considered to have begun in early 1990s offering basic read-only webpages without any user interaction. Web 2.0 came roughly at the beginning of 21st century and continued to today, where users not only read but also create the content based on various social media platforms namely YouTube, Twitter and Meta（Facebook）. If Web 1.0 is a one-way highway requiring users to receive information passively, Web 2.0 realizes two-way UGC (user-generated content) production. Afterwards Web 3.0 was proposed around 2018 with the rapid development of blockchain technology, which protects the sanctity of personal property and more voices from individuals in front of institutions. Web 3.0 is a decentralized network that gives users the ownership of their data and all participants involved have equities over the whole ecosystem. At the present, we are in the transitional period of Web 2.0 and Web 3.0, excited about users’ power in Web 3.0 era but still obsessed with Web 2.0’s mature products. In this writing, we will discuss the differences between Web 3.0 and Web 2.0 regarding the stakeholders as well as underlying paradigm shift. Also, Web 3.0’s eight prominent attributes like ownership, user acquisition and others with a number of examples are illustrated here to give a clearer picture on the next generation internet.

\*\*摘要：\*\*GameFi赛道经过将近半年的火热发展，在去年12月后开始进入冷静期，市场经过调整，淘汰了一些滥竽充数，质量较低的投机游戏，Axie这样的龙头项目也面临着用户增速放缓，玩家收益降低的现状，整个赛道也正在寻找新的narrative和增长点。首先我们始终认为GameFi赛道是吸引圈外玩家进入crypto领域的重要途经，游戏也是元宇宙的初步落脚点，此外尽管在熊市依然会有想要娱乐消遣打金赚钱的玩家存在，所以我们对GameFi赛道是长期看好的，我们认为下一阶段的布局应该重点关注以下四个方向：1.游戏性更强的GameFi; 2. “链游Steam”; 3. 打金公会 4. 游戏辅助工具。