Minh Do
University Blockchain Alliance (UBA)
minhdo@uba.edu.vn
Welcome to the Web3 Handbook for Small and Medium-Sized Business Owners in Vietnam
As its name suggests, this document aims to be written in an easy-to-read and easy-to-reference style, with a target audience focused on small and medium-sized business owners in Vietnam (hereafter referred to as “you”).
If you are over 35 years old, you likely experienced the early days of the Internet in Vietnam, just like I did. What you are about to encounter with Web3 will be a journey of discovery, similar to your first experience working with the Internet (Web1.0). If you are under 35, having grown up with the second-generation Internet (Web2.0), don’t worry—you are invited to explore the new aspects of Web3 while comparing them to the Web1.0 and Web2.0 environments you are already familiar with.
Introduction – Let’s Start with Vietnam After November 1997
This was the period when Vietnam had just connected to the global Internet. At that time, for most people, the Internet was seen as something expensive and difficult to use. Apart from providing access to international news—such as reading foreign online newspapers—few imagined that one day they would conduct business, trade, or work entirely within this environment. The reason was simple: Internet technology was still in its infancy. To access the Internet, one had to dial up through a landline, download information bit by bit, and pay a cumulative cost that included various transmission-related expenses. It was slow and costly.
This period later became known as the Web1.0 era. It was the generation of static websites, primarily serving as sources of information, where users could only read (read-only). Given these characteristics, Vietnamese businesses that quickly adapted to this era were mainly those involved in import-export. Websites became the primary communication tool for businesses—allowing international partners to browse company information and product catalogs (such as carefully photographed handicrafts) without having to visit Vietnam in person.
A significant advantage of early adopters of Web1.0 technology was securing valuable domain names, being listed in multiple directories, and earning credibility from search engines due to their longevity on the Internet. But the most critical advantage was connecting early with potential customers, forming long-term relationships, and gaining a competitive edge over industry peers.
Web1.0 existed globally from 1991 until 2004 when Web2.0 emerged, introducing the read-write model alongside the rise of online service platforms that catered to essential human needs. These included e-commerce (Amazon), search engines (Google), and social networking (Facebook). Unlike Web1.0, Web2.0 enabled users to generate and upload content easily. However, these platforms used user data ostensibly to “serve users better” but, in reality, to drive business, sell data, and profit from advertisements.
During this period, online marketing, business, and collaborations exploded, transforming how individuals and businesses—especially small and medium-sized enterprises (SMEs)—operated. Today, nearly every business relies on multiple Web2.0 services for daily operations.
However, early Web2.0 adoption mirrored the early Web1.0 days—many business owners were not yet aware of or fully understood the potential of Web2.0 services. Some were content with just having a website and email, which they had set up during the Web1.0 era.
Other businesses, recognizing the power of platforms like Google, Amazon, and Facebook, invested in SEO, partnered with Amazon for sales, and leveraged Google and Facebook advertising to attract customers. These pioneers rapidly built large customer bases, expanded their businesses, and gained significant competitive advantages over those who lacked the knowledge or strategies to capitalize on Web2.0. The biggest advantage of Web2.0 was the “write” functionality, allowing businesses to interact with customers in a two-way communication channel, strengthening brand recognition and customer loyalty.
Naturally, Web2.0 brought many conveniences but also new risks. Online competition intensified, advertising costs skyrocketed, and businesses struggled to stand out in an environment where information—now increasingly generated by users and AI systems—was abundant, leaving customers overwhelmed.
The Arrival of Web3
This is the perfect moment for Web3.0 (or simply Web3) to emerge. Web3 presents businesses with new opportunities, including novel fundraising models, global market access, customer engagement strategies, cross-border payments, advertising approaches, and integration into global value chains. Once again, business owners face the timeless question: Are they too focused on old Web2.0 methods to recognize Web3’s potential? Or do they see the potential but don’t yet know how to proceed?
This handbook aims not only to introduce key Web3 concepts but also to provide real-world case studies of global businesses that have successfully adopted Web3, alongside practical examples from Vietnamese SMEs. Our goal is to help you visualize what your business needs to do to transition into the Web3 era.
Understanding Web3 Components
To better understand Web3, let’s compare it to Web1.0. In its early days, Web1.0 introduced users to new concepts such as HTTP, WWW services, FTP, email, websites, domain names, and web browsers.
Similarly, Web3 introduces entirely new elements that we must gradually familiarize ourselves with. At its core, Web3 is built on blockchain technology. It’s important to clarify that blockchain is a foundational technology, not the same as cryptocurrency—a common misconception. Just as we trust HTTP and WWW protocols for web and email communications, we will rely on blockchain to ensure security, transparency, and immutability in Web3 services.
Once the blockchain foundation is established, we need tools to browse and operate within Web3. At present, Web3 interaction still relies on familiar Web2.0 browsers like Chrome, Opera, Microsoft Edge, and Firefox, but with a crucial addition—the digital wallet. Does it sound like a wallet for holding money?
You’re not far off! But before I explain, I want to note that Web3, like many innovations before it, always introduces something new. These new things may resemble the old in some ways, but they also bring entirely new aspects. For example, in the past, when we thought of television, we immediately associated it with a TV set because, at that time, only TVs could receive broadcast signals. We never considered mobile phones, as they could only display basic characters. Yet today, we have internet-based television, and we have multiple ways to watch TV, including computers and smartphones.
Now, going back to the digital wallet that comes with the browser mentioned earlier. It is a place where you “store” things that truly belong to you. Access to information is yours; ownership is yours; only you have control. In fact, it represents your identity—uniquely yours, and no one can forge it. You will gradually get used to new activities. Beyond simply browsing the internet to read information, you will also engage in receiving and sending special types of data, which are your digital assets. Along the way, you will also become familiar with the concepts of Tokens and NFTs.
To make it easier to understand, think of it like the old days when you wanted someone to send you a photo—you needed an email address. The sender also needed an email address, and they would send you an email containing the subject, content, and an attached image. Similarly, if you want to receive a token or NFT from someone, you need a digital wallet, and they also need one. Both parties can then send and receive these assets between each other.
Let’s take a moment here to draw some comparisons for better context.
First, let’s talk about email in the Web1.0 era. What was it, and how did one get an email account?
An email address typically consists of two parts: the first part is the username, usually written without spaces or special characters (e.g., my name might be minhdo, minhdn, or just minh). Then comes the ‘@’ symbol (which, back in the day, was an iconic symbol of technology—just like ‘www’ and ‘@’ represented the internet!). After the ‘@’ symbol is the domain name, a new concept that emerged in the Web1.0 era. Instead of diving into domain names, let’s simply acknowledge that there are two main ways to obtain an email address:
- Using an existing public email service such as Gmail.com or Yahoo.com. You quickly register an email address, and if you’re lucky, you get something like minhdo@gmail.com or minhdo@yahoo.com. If the name is already taken, you might end up with something like minhdo12345@gmail.com.
- Using a custom domain. If you own a domain, such as www.archiindex.com, and your name is Lâm Lay, you can create your email address as lamlay@archiindex.com without worrying about name conflicts.
Additionally, you may not realize that a domain name is essentially a numeric identifier, like 166.122.105.002, which is difficult to remember. Thankfully, domain name resolution services allow us to use easier-to-remember names like facebook.com or amazon.com instead of long numerical addresses.
At this stage, Web3 wallets function similarly.
To register a wallet address, you need a blockchain platform. Just like with email, you can choose a public blockchain such as Ethereum, Solana, or even Bitcoin to create your wallet. If you register a wallet on Ethereum, your address will look like this:
- Starts with “0x”: Ethereum addresses always begin with “0x” to signify they belong to the Ethereum blockchain.
- 42 characters long: After “0x” come 40 hexadecimal characters (A–F and 0–9), making up a total of 42 characters.
- Case insensitive: Ethereum addresses do not distinguish between uppercase and lowercase letters, though wallets and applications may display them differently for clarity.
- Example: 0x32Be343B94f860124dC4fEe278FDCBD38C102D88 (hard to remember, right? This is just an example, not my actual wallet address).
Later, thanks to ENS (Ethereum Name Service), users could create easy-to-remember wallet names, such as username.eth. Other public blockchain networks have similar systems, such as username.sol on Solana or username.near on Near.
But let’s not dwell on domain names, email addresses, or wallet addresses. At this point, let’s assume you now have an address. The question is: what do you do with it?
If you have an email address, in the Web1.0 (and Web2.0) era, you use it to send and receive information with friends, partners, or customers. This information could be text, attachments (such as images, videos, audio files, spreadsheets, etc.).
More recently, you also use your email address to log into online services. For example, if you have a Gmail account, you can use Google Sign-In to access different platforms. In this case, your email serves as your digital identity.
Similarly, in Web3, after obtaining a wallet, you can use it to log directly into Web3 services without needing to register and disclose personal information like in Web2.0. This is a major difference—you can use services in this new digital space without requiring permission from any centralized entity, as long as you have a wallet, meaning you have your own unique identity.
Additionally, you can send and receive tokens and NFTs with friends, partners, and customers—or anyone, as long as they have a compatible digital wallet. At this stage, you may wonder: what exactly are Tokens and NFTs?
Just like in Web1.0 and Web2.0, where we send files containing information (e.g., images, spreadsheets, Word documents, PDFs, videos), in Web3, we send tokens or NFTs. These are new types of “digital assets” that not only store information but also represent value and access rights. They provide a sense of ownership and grant privileges and benefits to the wallet holder.
At this point, we are no longer just users. We must ask: how can Tokens, NFTs, or Web3 elements like smart contracts (a new concept) and decentralized applications (another new concept) benefit my business?
This question is similar to asking how websites, email, or web-based applications (and later, mobile apps) benefit businesses.
I won’t answer this question explicitly because the answer is already obvious. However, we can clearly see that websites and emails are easy to set up. What truly matters is how they function—whether they enhance interactions with partners and potential customers, whether they improve business efficiency, brand presence, engagement, etc.
Tokens, NFTs, and decentralized applications based on smart contracts follow the same pattern. They are becoming easier to create. You can now issue your own token for yourself or your company…
End of Part 1.
The above is Part 1 of our first draft when writing the Web3 Handbook for Small and Medium Business Owners in Vietnam. The handbook has now been fully compiled, and you can read the full text at the link above.