#Web3.0 #blockchain #ChinaFocus
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Today, let’s talk about why will the Web3.0 revolution bound to happen in China.
Since the 1990s, China has never missed a new technological revolution, whether it be mobile Internet or new energy vehicles, artificial intelligence or autonomous driving. Of course, this includes the current hottest Web3.0. Given the recent popularity of the “Web3.0 has nothing to do with China” argument, if you believe or agree with it, there are only three possibilities: 1. Your daily work and life has nothing to do with Web3.0; 2. What you do in the name of Web3.0 has nothing to do with China; 3. You have nothing to do with China.
There is a popular saying that Chinese Web 3.0 adventurers have all gone to Singapore, and a small number have also gone to Miami. Since cryptocurrency was banned from mining and trading in China, the soil for Web 3.0 to survive in China has disappeared. Without cryptocurrency, what is the meaning of digital assets (tokens)? If the digital asset (token) loses its meaning, where does the blockchain come from? If the blockchain is not established, how can there be Web3.0? This logic seems to be transparent, but it actually confused the difference between the blockchain technology that the next generation World Wide Web (WEB) relies on and the blockchain technology that supports the issuance of bitcoin from the very beginning.It also confuses the difference between the Internet economic essence of smart contracts and digital assets and the appearance of monetary finance.
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Despite crypto ban, China’s tech talent rides the global web3 wave
Some build local services endorsed by the government, while others venture abroad
espite China’s sweeping bans on cryptocurrencies, domestic web3 talent is quietly flourishing, with many venturing beyond the country’s border.
From offering crypto derivative products to to making NFT games, Chinese web3 entrepreneurs’ footprint is far-reaching worldwide. We spoke to a dozen Chinese founders and investors to find out how this group is trying to build global web3 businesses while still keeping their roots in China and taking advantage of the home country’s abundant tech talent.
Many of them asked for anonymity. Some don’t want to draw the attention of the authorities because there are no clear rules around operating in China and serving overseas users, and others want to avoid being labeled “Chinese” at a time when China’s geopolitical tensions with the West run high.
Many believe the current state of the internet, or web2, has become overly dominated by centralized, rent-seeking corporations like Google and Meta. Part of the appeal of web3 is to reclaim the internet through distributed ledger technologies like blockchain, which promises to bring greater decentralization and user ownership.
Cryptocurrencies and non-fungible tokens are two popular applications of blockchain that have attracted billions of dollars in investment, but they are far from the only use cases of the technology.
China is still figuring out what it wants from web3, but it clearly doesn’t want to miss out. In 2019, President Xi Jinping personally vouched for blockchain’s role in the technological revolution.
What China doesn’t want are cryptocurrencies’ crashing prices that have roiled the market in recent months. It appears to be encouraging a more controlled, centralized version of web3 — blockchain should be managed by trusted organizations rather than anonymous computers on the open web and bring productivity to areas that the government sees fit.