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🌐Year-End Musings: Standing At The Dawn of Web3, by Sunny Lu🌐
January 01, 2023
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As the sun sets over Italian skies, those traversing the bridges between Rome and the Vatican may be treated to a sight beyond compare. High above the ancient towers of the cityscape, huge flocks of birds take flight, numbering in the thousands. I’ve been fortunate enough to watch them swirling and dancing up there, a tapestry of motion — swift, unpredictable, utterly beautiful. These birds, I have since learned, are starlings, and the flock they form is called a ā€˜murmuration’.

The decentralized order within these formations strikes me. A murmuration is a sight to behold, and demands contemplation. It is a wonder that speaks to the very essence of what it means to be alive and one of many examples of nature’s majesty.

In this organized chaos I find analogues. A murmuration is made up of hundreds of nodes, each comprising seven birds. Despite the complexity of the mass, each bird only needs to watch and react to their six nearest neighbors. There is no leader and no central authority, yet, the flock functions as a whole. I watch these decentralized organisms and feel a kinship.

Should a predator appear, the attacked node breaks off and distracts the attacker while the larger group continues on its tumbling trajectory, flight pattern unperturbed. To the untrained eye, the event seems random, but in actuality, these birds build a cohesive frame — a living mosaic made even more impressive by the lack of a central guiding hand. As I watch this living mass pirouette in the sky, my thoughts turn to Web3.0.

Web3.0 — Value Beyond The Sum of Parts

Web3.0, like the murmuration, remains a somewhat undefined grouping of topics. Some consider the concept too ephemeral and broad, lacking form. Others believe the notion to be an innate human truth, understood implicitly, waiting to be recognised by the masses. Whatever your stance, for now it remains a novel but undeniably powerful movement-in-waiting.

Web3.0 is a smorgasbord of concepts. Decentralized information and power structures, enhanced trust, truth and transparency, greater autonomy, the foundations of a new industrial era and more. Web3.0 is a paradigm shift, restructuring the foundations of the internet itself and offering a new philosophical blueprint for technologies, business and society. It is an evolutionary leap both in terms of technology and thought process, yet highly logical in its progression.

The Declaration of Internet Rights was founded on the notion of liberty, equality, dignity and uniqueness at the individual level, however, the current Internet has deviated significantly from that vision. Web3 returns to this vision, empowering citizens through data and information, embracing the idealized vision of the internet’s roots.

The evolution of the web can be broadly defined by technological epochs. In the so-called ā€˜Web 1.0’, the internet served the purpose of the town square announcement board. Participants were passive recipients of information, connected to messages with the primary action of ā€œreadingā€ and receiving information.

In Web1.0, connection is the priority and users are passive.

In Web 2.0, the internet became a shared workspace and here, participatory interaction and creation became the main feature. In this phase we bore witness to the rise of jargon such as ā€˜user generated content’ and watched as dominant internet-era players were born such as Google and Amazon.

The mass adoption of mobile computing tech in the early 2010s accelerated new waves of adoption and gave rise to even faster rates of development and adoption, allowing users to connect anywhere. Here, we gave rise to the notion of ā€˜Internet of Things’ (IoT) — always online, interconnected, allowing far greater coordination and information that painted a greater picture than was possible at the individual level.

In Web2.0, mobility is the priority and users are interactive, connecting people and entities in the name of co-creation.

To date, a lot of good has come from the internet, but not without mistakes. We have modeled the internet on the hierarchical systems that have governed society since the birth of agrarianism — top-down, centralized, overly reliant on external power structures and arbiters of truth.

Inevitably, this approach manifests inequality and inefficiency. Greed and bad-faith practices have contributed to the conditions we see today, yet, viewing it from a broader context, this passage was necessary. Sometimes we must stumble before we learn to walk. In the case of the internet, find the values we hold most dear as a society — truth, transparency, trust.

Technology is finally becoming powerful enough to break down these long-standing power structures, and deliver new trends towards the empowerment of the many. With the exponential growth in volume of web data, 2.5 quintillion bytes per day in 2020 for example, an overhaul of its architecture was inevitable. Blockchain becomes inevitable. If it wasn’t Satoshi Nakamoto who conceived Bitcoin and blockchain technology, surely, someone else would have recognised the same need for this revolution in data management.

With blockchain technology destined to become a core facet of the internet’s infrastructure, it naturally paves the way for Web 3.0. Thus, the internet will become irrevocably associated with the features of distributed ledger technology. Namely, transparency, security and immutable ownership of data and of things, something I like to phrase as ā€œthe shared collective utility of resourcesā€.

In this new epoch, the data generated by human behavior becomes the ultimate shared resource and one of our most valuable, actionable assets.

Informational Transcendence

Participants in this new web iteration, much like the previous ones, will continue to evolve with it and at the same time, define it. This new generation of users, whether born into it or converting ā€œold timersā€ like I am, become the ā€œownersā€ of this new web. We can confidently say so, because we will utilize it to make individual impacts, collectively. Instead of simply being users, we participate and become partners holding accountability for each other.

Of course, I would be naive to assert that everyone will take on equal responsibility or reap equal rewards. Attaining fairness and egalitarianism is much more complicated than producing arithmetic-derived averages. But fortunately, blockchain, and the various tools born from it, will aid us in the pursuit of this vision, described accordingly:

  • A common consensus reached and adopted by willing individuals who share the same passions and goals
  • Tokens as incentives to coordinate motivation and aptitude
  • Decentralized Autonomous Organization’s (DAO) to enable collaborations within, and between, organizations more effectively, allowing all voices to be heard and voted on, without being stifled by a lack of transparency
  • NFTs will become digital identities for both people and things, serving the function accumulating data and embodying accumulated value
  • Vastly enhanced capabilities born from the combination of blockchain with technologies such as IoT, Artificial Intelligence, Machine Learning, etc.

Summarily, we can say: Web3.0 is a phygital (physical-digital) ecosystem powered by Blockchain technologies and the actions of people, collectively achieving consented goals.

People in Web3 are active stakeholders, whose mission should be treated equally and in the spirit of collaboration by all players, be they platform, corporation, association, individual, or even government body.

The priority of Web 3.0 is the focus on identifying common consensus and collaboratively executing protocols.

Slow, steady, then all-at-once

The transformation of an idea is much like the growth of a child; gradual and constant. We can easily overlook tiny changes along the journey, but then, one day, see them in their totality and gasp ā€œwhen did they get so tall?!ā€

Slowly, quietly, then all-of-a-sudden. This is the nature of progress.

After reading my musings, I am excited to share thatĀ VeChainĀ has been building towards something truly groundbreaking over the past few years and we’re almost ready to unveil the fruits of our labor. We’ve always been focused on the future, and we continue marching towards a blockchain-powered reality.

Our high-profile announcement coming in the next few months has the potential to solidify and positively shape the Web3 industry by offering something tangible to rally around. 2022 was undoubtedly a tough year for the space, besmirched by many-a-scandal, but we’re bucking that trend by taking revolutionary applications of technology mainstream.

We want everyone to be a part of this new digital future — to prosper, grow and benefit together. This is a rare opportunity to be a part of something truly special, to be part of VeChain’s blockchain-powered revolution. We call on our many committed members, builders, and organizers to join us on this exciting journey and to play their own role as equal actors in this web3 future.

Let’s make it happen together.

Let’s be proud of being this incredible team and finally start the future.

About The VeChain Foundation

The VeChain Foundation, headquartered in San Marino, Europe, is the non-profit organisation behind the development of VeChainThor, a world leading smart contract platform spearheading the real world adoption of blockchain technology.

By leveraging the capabilities of ā€˜trustless’ data (information without intermediaries), smart contracts and IoT technologies, VeChainThor has delivered solutions in a wide array of fields, and now turns its attention to arguably the greatest challenge of all — building technologies and ecosystems to drive true sustainability and digital transformation at global scale.

VisitĀ https://www.vechain.orgĀ to learn more.

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Source: The Dinarian ⚔ Claude AI

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Soroban Security Audit Bank: Raising the Standard for Smart Contract Security

The Stellar Development Foundation (SDF) is deeply committed to helping ensure that the highest security standards are available for projects building on the Stellar network. Last year SDF launched the Soroban Security Audit Bank, an initiative to provide projects access to auditing experts and tooling that are proven to help prevent hacks by catching potential bugs, inefficiencies, and security flaws before contracts go live. Through the Soroban Security Audit Bank, we’re empowering teams building on Soroban with comprehensive security audits from leading audit firms, enhanced readiness support, and robust tooling, significantly elevating the ecosystem’s safety and efficiency.

SinceĀ launch, the Soroban Security Audit Bank has successfully conductedĀ over 40 essential audits, deploying over $3 million to support security of the smart contracts on Stellar. Check it out!

Ā 

Ecosystem Success Stories: How the Soroban Audit Bank Drives Security Forward

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SDF has been a strong partner as we’ve worked with teams across the Stellar ecosystem. SDF’s Audit Bank initiative allows for a smooth and streamlined review process, and is a clear reflection of the Stellar ecosystem’s enhanced commitment to security. –Robert Chen,Ā CEOĀ of OtterSec
Ā 

Leading projects within the Soroban ecosystem have highlighted the impact of the Audit Bank

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The audit firms we worked with deeply understood the full ecosystem and the underlying protocols used. Their expertise and the tools from the Audit Bank strengthened our security and supported user and investor trust. –Esteban Iglesias ManrĆ­quez,Ā Co-Founder of Palta.Labs

What's New in 2025: Enhanced Audit Support for Soroban Builders

Teams building financial protocols, high-dependency data services, high-traction dApps funded by the Stellar Community Fund are able to request an audit and will typically be matched with a reputable audit firm within two weeks. We recently restructured the program for this year to enhance audit efficiency and incentivize accountability, and rapid and complete vulnerability remediation:

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  • Advanced Security Tooling: Projects can enhance their security self-serve through complimentary or discounted access to specialized tooling, which provide vulnerability detection and formal verification capabilities (see full list of available tooling). These tools are encouraged to capture ā€˜easy-to-spot’ issues prior to audit as well as a final check post-audit to increase the effectiveness and thoroughness of audits.
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Get Started Today

If you're already funded through the Stellar Community Fund,Ā meet the criteriaĀ and ready to secure your smart contracts, check your email for an invitation to submit an audit request–if you haven’t received one, contactĀ [email protected].

If you haven't built on Stellar yet, we encourage you to start your journey with theĀ Stellar Community FundĀ to become eligible for future security audits and ecosystem support. For any broader questions on the program, contactĀ [email protected].

Also, we’re organizing an exciting series of workshops–join us for the kick-off onĀ Soroban Security Best PracticesĀ on Friday, May 30, 2025 at 2 PM ET onĀ @StellarOrg. Together, we're shaping a secure and resilient future for smart contracts on Stellar.

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If you find value in my content, consider showing your support via:

šŸ’³ PayPal:Ā 
1) Simply scan the QR code below šŸ“²
2) https://www.paypal.me/thedinarian

šŸ”— Crypto – Support via Coinbase Wallet to: [email protected]

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Santander mulls stablecoin, crypto offering

BloombergĀ reported thatĀ Banco SantanderĀ is mulling introducing euro and dollar stablecoins, or potentially making a third party coin available to clients, citing sources. This move aligns with broader crypto ambitions, as its digital bank, Openbank, has reportedly applied for a European cryptocurrency license under the Mica Regulations and may enable retail access to digital assets.

Systemically important banks embrace stablecoins?

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Santander’s involvement could extend beyond an individual initiative. The bank is a shareholder in The Clearing House, where the Wall Street Journal reported thatĀ US banks are exploringĀ the potential to create a joint stablecoin. If a US initiative took that route it could involve nine more G-SIBs including Bank of America, Barclays, BMO, BNY Mellon, Citi, HSBC, JP Morgan, TD Bank and Wells Fargo.

Apart from these initiatives, our research shows that more than 20 other banks have been involved in stablecoin projects.

Until recently stablecoins were mainly used to settle cryptocurrency transactions and by residents in countries with volatile domestic currencies. During the last yearĀ stablecoinĀ infrastructure has been expanding, especially for mainstream cross border payments. Plus, President Trump issued an executive order prioritizing stablecoins. One of the administration’s motivations is this increases demand for US Treasuries,Ā lowering the interest rateĀ the government pays on the Treasury bills.

Santander as an early digital assets mover

Santander’sĀ stablecoin consideration builds on years of blockchain experience. The bank was an early Ripple investor and previously used Ripple’s permissioned network for payments (not XRP), while also embracing permissionless blockchain activities including issuing aĀ digital bond on EthereumĀ in 2019. This dual approach led to collaborations with other major players – alongside Societe Generale FORGE and Goldman Sachs, Santander participated in theĀ European Investment Bank’s first digital bond, also on Ethereum. Currently, the bank’s most significant digital money initiative involves Fnality, the wholesale blockchain-based settlement network, where Santander ranks among 20 institutional backers and is part of the early adopter group alongside Lloyds Bank and UBS.

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If you find value in my content, consider showing your support via:

šŸ’³ PayPal:Ā 
1) Simply scan the QR code below šŸ“²
2) https://www.paypal.me/thedinarian

šŸ”— Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

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