TokenDance 2022 Web3 Chinese Carnival Concludes, Rooted in the Chinese Community and Facing the World
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TokenDance 2022 Web3 Chinese Carnival Concludes, Rooted in the Chinese Community and Facing the World
TokenDance — an innovative Web3 hub rooted in the Chinese community and面向 global audiences.
Navigating Web3 tides with focused insights
From November 25 to 27, 2022, the TokenDance 2022 conference was held both online and offline across multiple locations. Nearly a hundred speakers and thousands of professionals from major Web2 companies and veteran Web3 builders engaged in 72 hours of deep intellectual exchange across five cities, collectively exploring pathways for Chinese participants to enter and break through in the Web3 industry.
During the event, the official launch of the Web3 Chinese Innovation Hub —— the TokenDance Community —— was announced. Originating from a community of ByteDance-affiliated Web3 enthusiasts and builders, TokenDance now includes over 1,200 members. The community united numerous domestic tech giants’ Web3 groups, Web3 companies, and industry media to co-host the TokenDance 2022 Conference.
Diverse Topics: Deep Clashes of Ideas Between Web2 Veterans and Web3 OGs
Online, we hosted nearly 100 experts from Web2 and Web3 for 15 thematic talks and panel discussions, including:
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How to transition from Web2 to Web3
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Top 10 Pain Points in Web3 Startups
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New Forms and Opportunities in Web3 Social
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The Past, Present, and Future of Web3 Security
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Breakthrough Points for Retail and Consumer Industries in Web3
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Innovation Space in Web3 Token Applications
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Current State and Outlook of GameFi
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The Present and Future of Creator Economy
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Metaverse Infrastructure
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After FTX Collapse: What Should We Focus on for Wallet Security?
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From Observer to Participant: How Can University Students Join the Next-Gen Internet Revolution?
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Why Tokenomics Matters and How to Design It
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How to Solve Personal Privacy Protection Issues?
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XR and Web3 Themed Sharing
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Global Trends in Web3 Development
Each of these 15 topics brought forth fresh insights. Below are highlights from each session:
How to Transition from Web2 to Web3
Speakers
- Wang Feng, Founder of Element
Key Insights
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Core features of Web3: permissionless, trustless/decentralized intermediaries, native currency, transparency, censorship resistance (don't overestimate censorship resistance unless physical existence is also resistant);
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There's no need to obsessively pursue protocols; focus should be on solving real problems. The ideal state may be Web2.5 —— protocol at its core, centralized services as the outer layer. To offer better services like trading, platforms will likely still be necessary, as usability and scalability may not be achievable by protocols alone;
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Hong Kong and Singapore are strongholds for Chinese entrepreneurs, and Hong Kong holds equal value to Singapore for Chinese founders;
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Talent from large tech firms have high professional competence, but without passion for Web3 or hands-on product experience, merely chasing trends and salaries won’t lead to success;
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It’s not too late to enter Web3 now. The industry evolves rapidly and demands strong learning ability. Avoid complacency and rigid thinking. Latecomers often gain clearer perspectives. In the future, many Web2 teams will enter Web3, and numerous game studios will join the GameFi space;
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Essential tools developers must master when transitioning:
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MetaMask —— essential native cryptocurrency wallet extension;
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Etherscan —— Ethereum blockchain explorer;
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Tokenview —— RPC service usable with Ethereum;
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Truffle and Ganache —— for deploying Ethereum smart contracts;
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Remix —— Solidity integrated development environment;
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*Web3.js library —— for developing websites or clients that interact with blockchains;
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*OpenZeppelin contract library, including ERC20 and ERC721;
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*Oracles —— Chainlink connects on-chain and off-chain data via APIs;
Top 10 Pain Points in Web3 Startups
Speaker
- Jack Kong, Founder of Nano Labs;
Insights
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Web2 tech powerhouses lose to Web3 meme projects because digitally-native new forces are the future builders of the industry;
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Regulatory policies in mainland China impose more constraints on giants like BAT, creating greater opportunities for young innovators. Policy-driven overseas expansion presents a golden chance for internationalization of Chinese projects;
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Web3 products must be 100x better than Web2 to attract mainstream traffic —— either 100x more efficient (cost reduced by 99%) or 100x more rewarding (revenue increased 100-fold);
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Chinese projects are undervalued compared to U.S. counterparts because traditional financial investment sectors are still dominated by American voices. Our generation’s efforts will enable the next generation of Chinese builders to claim greater influence in Web3;
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Fi projects without user bases easily spiral into death loops;
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Money earned by luck will be lost by lack of skill;
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The past decade was the era of financial blockchain; the next decade will be the era of application blockchain;
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Three Laws of the Metaverse: 1) The network value of the metaverse is proportional to at least the cube of the number of users: V = K*N³; 2) Total metaverse network value equals sum of values across layers: V = Sum(L1 + L2 … + Ln); 3) Every marginal user gains corresponding network value: V(N) > 0;
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The only way to succeed in Web3 is to pay tuition through experience;
New Forms and Opportunities in Web3 Social
Guests
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Host: Duan Shao, Community Manager at Next.ID
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west.bit, Co-founder of .bit
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Fangkuaijun, Operations Lead at Debox
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Jiayuan, Founder of Index Labs, ex-TikTok Social
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Leon, Co-founder of Cross Space and Type V DAO
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<Zhan Peng>, Core Developer at TokenDance and Ticken
Insights
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To address fragmented social liquidity, while Web2 has Baidu Tieba and Discord, Web3 needs to build real-time, on-chain interactions and become the single liquidity gateway —— an emerging direction.
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The integration of AIGC and Web3 is particularly promising. With AI support, Web3 will further lower barriers for creators;
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Redundant infrastructure development means the infrastructure赛道is overly competitive with few breakout winners, leaving app-layer projects with insufficient foundational support;
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DID competition lies not in contracts but in front-end traffic and ecosystem. Given network effects in social, we may see lean protocols and fat applications —— strong products and operations remain key;
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Future social development will trend toward collaborative, composable, non-all-in-one models —— focusing on linking capabilities. This isn’t about how deeply one maps a social graph, but about recognizing contributions, rights, and reputations earned within communities;
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Platform-specific social services struggle to sustain, while plugin-style services find easier market traction —— building cross-platform, cross-device, cross-chain products is more viable;
The Past, Present, and Future of Web3 Security
Guests
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Julie, Researcher at Builder DAO
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Bryce, Head of Security Research at Beosin
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Lark, DevRel at Keystone Hardware Wallet
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Huang Bo, Product & Solution Lead at Safeheron
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Deng Yongkai, Technical Lead of Security Team at ZeroTime Technology
Insights
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Main barriers for users entering Web3 stem from usability and security issues —— security must be resolved before mass adoption can occur.
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Security issues are widespread —— whether users or projects, they’re either under attack or already compromised. Everyone must cultivate security awareness, and critical assets should be isolated from frequently used wallets.
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Project teams must prioritize development, operational, and asset security to mitigate risks: - Development security: developers understand common vulnerabilities and maintainers patch them promptly; - Operational security: office networks must be secure and trustworthy; - Asset security: assets should be diversified.
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Web2 security infrastructure is protected by governments and corporations under strict regulation. But Web3 is open-source —— users bear primary responsibility for securing assets, with little oversight and low crime costs, making it a dark forest for users.
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Internal theft and insider threats in Web3 are inevitable and hard to prevent;
Breakthrough Points for Retail and Consumer Industries in Web3
Guests
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26x14, Co-founder of 7upDAO
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Chen Rongrong, Metaverse Independent Media Creator
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Amida, Former Overseas Lead at Yuanqisenlin
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Guliang, Curator of NFT Metaverse Marketing Circle
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Wang Chao, SeedClub Collaborator
Insights
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Many Web2 brands are jumping into Web3, hoping to build communities around their brand, but few successful cases exist, leading to skepticism.
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Many Web2 brands already operate similarly to Web3 communities —— co-creating value with users, such as Xiaomi’s Mi Fans community or Lechun Yogurt’s seed users.
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Starbucks offers a model for Web2-to-Web3 transition, valuable for other enterprises. First, Starbucks eliminated complex concepts like wallets and private keys, allowing credit card purchases —— enabling soft landing into Web3. Second, when entering Web3, Starbucks leveraged elements rooted in its brand identity —— not just issuing images, but using customer journey design, internal incentives, and membership programs to convey brand values and lifestyle to users.
Innovation Space in Web3 Token Applications
Speaker
- Meng Yan, Co-founder of Solv Protocol, Co-author of ERC-3525 Token Standard
Content
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User ownership of digital assets is Web3’s core advancement;
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Three ways to ensure token value: off-chain commitments, legal protection, and on-chain code enforcement;
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Current token innovation exhibits the following traits:
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Growing functionality tightly integrated with applications;
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Innovation focus shifting from ERC-20 series to ERC-721 series;
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Dynamic tokens: able to sense and respond to external events after issuance;
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Richer and more diverse interactions with smart contracts;
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Emerging demand for token composition and structured arrangements;
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Rapid growth of new token standards;
Current State and Outlook of GameFi
Guests
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Kawan Kar1@S, Co-founder of WGGDAO
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Zhang Yan Jerry, Co-founder & COO of rct.ai
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Da Cheng, China Regional Lead at Bitime
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Zishi, Founder of 321DAO
Insights
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Traditional games have mature business models —— players don’t expect earnings, they come for gameplay. 80–90% of GameFi users are profit-driven; better-designed, fun games are needed to shift expectations.
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Current GameFi quality and playability are poor —— 90% of GameFi players have already left. Both Web2 and Web3 games require solid gameplay. Overemphasizing economic models early in development isn’t always beneficial.
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Most games heavily rely on publishers —— Web3 lacks strong game publishing entities;
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If GameFi operates in a closed-loop economy with no user spending, it will inevitably spiral into collapse;
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To bring mainstream gamers into GameFi, lower entry barriers —— e.g., Reddit NFTs supporting credit cards greatly improve Web2 user experience;
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GameFi only needs to excel in either fun or profitability —— dominating one is enough to attract users;
The Present and Future of Creator Economy
Guests
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Dashuo, Founder of Creator DAO
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Annie Zhang, Founder of Matters Lab
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Justin, APAC Lead at REVO
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Neo, Co-founder of ReadOn
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Stephy, Founder of CIG DAO
Insights
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Power structures in creator economies are rapidly shifting —— now is the best time for creators to join Web3. Web3 enables decentralized content storage, establishes creator ownership, and protects rights.
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Impact of AIGC + Web3 on future content creation.
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True value of content comes from the thoughts and emotions crystallized by creators.
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AIGC boosts creator efficiency, freeing them to focus on creative exploration.
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Copyright ownership of AIGC-generated works remains controversial.
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What new forms will Web3 content take?
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From text to video, from 2D to 3D.
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From individual to collective creation —— e.g., via DAOs.
Metaverse Infrastructure
Speaker
- Marvin - Chief Scientist at iPolloverse
Insights
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iPolloverse sits at the intersection of web and metaverse, introducing five new concepts: web3D+, meta-computing, HARQ overlay, Standard Rendering Task (SRT), and metaFi.
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Key pain points in metaverse infrastructure: expensive GPUs, fragmented ecosystems, high network fees, and high development costs.
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As the world’s first real-time rendering public chain and a leader in distributed rendering, iPolloverse actively explores optimization —— giving rise to SRT (Standard Rendering Task) as its global computing unit.
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iPolloverse adopts Web3D as its core tech stack, pushing rendering tasks to browsers via a distributed approach. Through coordination across data, network, and compute layers, 30–40% of real-time rendering is completed in cloud and edge environments.
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The metaverse isn’t just a mirror of the physical world —— it’s a native ecosystem born in virtuality. More blockchain-native projects must emerge to provide consistent, native infrastructure for next-gen users —— a key trend in metaverse evolution.
After FTX Collapse: What Should We Focus on for Wallet Security?
https://bytedance.feishu.cn/minutes/obcntu5ik75b2k57i6xnu867
Guests
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Ryan - Core Member of SinoDAO
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Zakk - OKX Web3 Wallet Developer
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Alex Zuo - VP at COBO
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Ronnie - COO of BOOL Network
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CyberOrange - Researcher & Developer at Unipass
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Winson - Founder of Bitizen
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Yishi Wang - Core Developer at Onekey
Insights
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OKX Web3 Wallet has implemented multiple security enhancements, passed third-party audits, and plans to roll out MPC-based private-key-free login.
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Diversify asset storage —— cold wallets, secure exchanges, custodians, escrow smart contracts. Avoid showing wealth; never keep excessive assets in one place.
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Have basic awareness of your operating environment —— device type (phone, PC), system security, and even network safety.
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