“You don’t own ‘web3.’ The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label. Know what you’re getting into…” Said Jack Dorsey, the founder of Twitter.

RyanSelkis, the founder of Messari gave his reaction to what Jack Dorsey said: "Web3 is partially VC/LP owned and partially retail owned. The same is true for Bitcoin. And Twitter. But only Web3 offers users ownership without an investment of the principal."

There is no doubt that Web3 has become a cutting-edge concept&trend in the investment/tech world. Will Web3 be the key field that REI Network focuses on? What is Web3? Why is REI Network suitable for the development of Web3? Which paths of Web3 will REI Network focus on?

Web2-Web3: an inevitable trend

Since Tim Berners-Lee invented the World Wide Web in 1989, the Internet has been undergoing rapid development. From blogs to Wikipedia and then to the emergence of instant messaging technologies, the Internet has gone from only being readable and writable, to enabling interaction. After experiencing a huge bubble, a group of companies seized the opportunity amidst the trend and found their correct positioning to survive, and gradually developed into giants in the industry. Facebook in 2004 and Twitter in 2006 both completed their own "primitive accumulation of users" in just a few years and became the representative of Web2.0.

After more than ten years of development, large companies such as Facebook, Google, and Amazon have gradually ruled the content push, public opinion, user data, and even the wealth of users in the Web 2.0 network. It was revealed that Facebook used user data to manipulate the presidential election, Google deliberately collected user data, social platform deletion, fraud, and other scandals.

For ordinary users, the following cases of being manipulated by the platform often occur: after mentioning a certain product on a social platform, you will quickly receive relevant recommendations when you open the shopping platform; you want to express your opinions on the platform, but you find that the repeated information on the platform covers your original ideas. You can only see the network environment carefully constructed by the platform algorithm for you. The Web3 network based on blockchain and distributed storage technology has no intermediaries, no third parties, and there is no need to worry about data security issues and APP mandatory authorization issues. It meets the user's desire for a neutral, tolerant, equal, safe, and private network environment. Although the current ecology of Web3 is similar to that of the Internet in the 1990s, it has been frowned upon by many people and is full of bubbles, but there are opportunities in the chaos. Therefore, REI Network chose to embrace Web3.

Why REI Network is right for Web3?

REI Network is upgraded from GXChain. The upgraded REI is an efficient, innovative, and free public chain compatible with EVM. It can easily undertake the rapid migration of projects on Ethereum (or other EVM-compatible public chains).

In the public chain track where competition is increasing, the transaction cost of Ethereum has soared. The highest transaction fee this year is as high as $200, and the single transaction cost of other public chains has risen as the price of the coin has risen. The REI Network mainnet runs on Proof of Stake (PoS), which consumes much less energy than Proof of Work (PoW) and provides higher transaction throughput. REI Network has also innovatively developed the method of obtaining free on-chain resources by staking, thus directly reducing trading fees, and users can conduct on-chain transactions for free or almost free.

REI Network has also cooperated with many high-quality leading Web3 platforms and platform providers in the industry, including but not limited to lending platforms, NFT markets, oracle platforms, cross-chain bridges, etc. In addition, REI Network will provide 150 million $REI as an ecosystem growth fund to incentivize ecological development REI Network.

Developers and user experience are the priority. To lower usage costs and thresholds, improve on-chain efficiency, and facilitate the migration of EVM-compatible public chain developers. At the same time, REI Network is based on the lightweight code construction of LibP2P, EVM, Express, GRPC, and other open-source projects, giving a more relaxed development environment, and you can try DAPP development with zero thresholds. REI Network will cooperate with high-quality cross-chain bridge platforms to further open up the ecology of REI Network and other public chains, and facilitate the seamless migration of users of other public chains to the REI Network ecosystem partners.

Which paths of Web3 will REI Network focus on?

1. Identity authentication

To establish contacts on the Internet, users first need to create their own personal identity. In the Web 2.0 era, user information is stored by a third-party centralized server, unfortunately, this information is not controlled by the user. If you violate the rules of the centralized platform, the platform can delete your account at any time. When the platform goes bankrupt, your account content will permanently disappear.

Web3.0 can provide protection for the security and privacy of users' personal data. Users do not need to register and log in repeatedly, and only need one identity authentication (wallet address) to be unimpeded in different applications. REI Network uses a digital wallet as a user identity authentication method. For the convenience of users, REI Network will also be accessible through domain name services (similar to the username mode).

2. Metaverse

As early as the first half of 2021, before the "Metaverse Frenzy", REI Network (previously GXChain) began to purchase land in the metaverse leading project cryptovoxels to build a pavilion and hold an exhibition (link to GXChain Pavilion): Https://www.cryptovoxels.com/play?coords=SE@637W,335N). Metaverse has always been a key track that REI Network will focus on. In the future, REI Network will also reach in-depth cooperation with more metaverse projects, and will also incubate more metaverse projects on the chain.

3.Game platform

It is mentioned that REI Network is particularly suitable for both the game developers and the players in the article "REI | What You Need to Know is When REI Network Meets GameFi" https://mirror.xyz/0xeaF9A6B15cE49DeAE7Fd8949D3B50B87Bf6AACcc/WlyF7_7hsFJlRJDlf1B87CNeQ-OkMYzV4LXnQfMxYWc.

4.DAO

We revealed that, in the future, REI Network as an on-chain infrastructure will allow the community to have more on-chain management rights. Whether it is the distribution of foundation grants or the on-chain decision-making power will return to REI token holders in the article "DAO: Playing the Lead in REI Network Ecology" https://mirror.xyz/0xeaF9A6B15cE49DeAE7Fd8949D3B50B87Bf6AACcc/HZjz1S9LI03ANbWe1eozk-XLeinwuU3KBATjry8_ATo

Before the maturity of ETH 2.0, the pattern of the public chain is not yet formed, and the future possibility of Web3.0 provides a counterattack opportunity for public chains. The window period before the launch of ETH 2.0 is the opportunity for REI Network. If you want to participate in the construction of the REI Network, please contact us.