A comprehensive overview of the highlights of the "Ninth Wanxiang Blockchain Global Summit" on September 19.
Compiled by: Foresight News
On September 19, the 2023 Shanghai Blockchain International Week·Blockchain Global Summit, hosted by Wanxiang Blockchain Lab, officially opened at the W Hotel on the Bund in Shanghai. The summit will last for two days. The first day was attended by guests including Wanxiang Blockchain Chairman Xiao Feng, Hong Kong Legislative Council Member (Technology Innovation Sector) Charles Mok, and Executive Director of Hong Kong Cyberport Management Company, Lee George Lam.
Wanxiang Blockchain Chairman Xiao Feng stated in his welcome address that the theme of this summit is "Next Stop, Web3.0," which encompasses blockchain, the internet, metaverse, and AIGC. It not only involves technology, but also innovative business models, organizational forms, economic mechanisms, and financial models. Currently, blockchain is transitioning from infrastructure to large-scale application, and the next three years are a critical moment for the large-scale application of blockchain, as the technical framework of blockchain is gradually maturing. The next stage of performance improvement needs specific scenarios to bring about greater changes, and product refinement needs to be combined with demand. (Full text review: "Xiao Feng's full speech at the Wanxiang Summit: The next three years are a critical moment for the large-scale application of blockchain")
Charles Mok, a member of the Hong Kong Legislative Council (Technology Innovation Sector), reiterated his previously submitted "Three Arrows and Three Circles" economic and technological development policy proposal to the Chief Executive of Hong Kong in his keynote speech "Prudently Promoting the Sustainable Development of Web3 in Hong Kong." The "Three Arrows" involve promoting government investment in the field of technology; the first circle of the "Three Circles" is for the government to promote the tokenization of land and issue asset-backed tokens (ABT) to support the development of the New Territories Technology City. The second circle is to expedite the introduction of retail-level Cyberport dollars, implementing a dual-tier system where the Hong Kong Monetary Authority issues Cyberport dollars to banks, which are then distributed to users by commercial banks, exploring cross-border payments through retail Cyberport dollars and interoperability with other bank digital currencies. The third circle is to promote the development of Hong Kong dollar stablecoins, supporting private institutions to issue compliant Hong Kong dollar stablecoins and launching a "Hong Kong Dollar Stablecoin" sandbox.
In addition, Mok mentioned that in the past year, Hong Kong has focused on three aspects of Web3 development: the capital market, technology research and development, and talent aggregation. Hong Kong's next steps include legislative updates, industry regulation, investor protection, and corporate governance. Mok also stated that virtual asset exchanges listed in Hong Kong currently include the Southern Dongying Bitcoin Futures ETF, Southern Dongying Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF. Hong Kong's next plan is to implement blockchain application scenarios, including (private) Hong Kong dollar stablecoins, RWA, and (government) Cyberport dollars. (Full text review: "Charles Mok's Wanxiang Summit speech: Prudently promoting the sustainable development of Web3 in Hong Kong")
Lee George Lam, Executive Director of Hong Kong Cyberport Management Company, stated in his keynote speech "Grasping the New Power of the Web3 Era" that this year marks not only the 20th anniversary of Cyberport, but also the first year of Web3 in Hong Kong. Cyberport is positioned as the Web3 base of Hong Kong, dedicated to supporting the development and adoption of Web3 in Hong Kong. Currently, there are over 190 companies in the Cyberport Web3 base, with application scenarios including financial technology, smart living, and digital entertainment. Currently, over 40 Web3 venture capital funds in Hong Kong are engaged in Web3-related investment activities, including Ausvic Capital HashKey Capital, Animoca Capital, SNZ, Three DAO, Central Research, and Foresight X, with total assets under management (AUM) reaching 4 billion US dollars. (Full text review: "Lee George Lam's Wanxiang Summit speech: Grasping the New Power of the Web3 Era")
Ma Zhitao, Vice President and Chief Information Officer of WeBank in Qianhai, Shenzhen, stated in his keynote speech "Public Alliance Chain 2.0: Practicing the Public Spirit of Blockchain" that the concept of public alliance chains urgently needs an upgrade to 2.0. By establishing a trust mechanism through alliance governance and embracing regulation, all transactions on the alliance chain can be regulated to ensure the efficiency of alliance chain transactions, making costs lower and speeds faster, truly supporting massive transactions in financial scenarios. WeBank's next plan is to initiate the access of observation nodes to WeBank's blockchain and gradually open up more dapp observation permissions. Observation nodes are a way for the public and dapp operators to access the blockchain network to enhance data transparency, thereby achieving the goal of "open participation."
Former Chief Strategic Officer of Alibaba, Zeng Ming, stated in his keynote speech "The Future of Web3?" that the fundamental challenge facing Crypto and Web3 is that Crypto is not a consumer-oriented tool, and the consumer experience is very poor; the digitization of traditional assets is not smooth; and there are no new digital assets. He stated that the next major direction of innovation for Crypto is financial innovation, such as the development of BTC in digital gold, payment networks, and inclusive finance. Secondly, stablecoins have recently made significant progress in international payments and will be important in the future. Thirdly, the development of new applications such as GameFi and SocialFi. AGI will bring about a major breakthrough in productivity, creating a massive amount of valuable new content and digital assets. Smart contracts are prepared for collaboration between machines, and the development of AI naturally requires Crypto and blockchain. Finally, since 1993, infrastructure and applications have always developed together, and practitioners of AI and Crypto need more comprehensive integration.
In the "Roundtable Discussion: Science and Technology Innovation Twin Cities, A New Chapter of Shanghai-Hong Kong Cooperation in the New Era of Opportunities," Du Yu, head of Wanxiang Blockchain Lab, Lee George Lam, Executive Director of Hong Kong Cyberport Management Company, Wang Yi, Chairman of the Shanghai Blockchain Technology Association, and Zhong Junhao, Secretary General of the Shanghai Artificial Intelligence Industry Association, discussed how Shanghai and Hong Kong can collaborate and transform talent.
In the afternoon session, the project ToioT Network, the champion of the international week hackathon, shared their project at the summit. ToioT Network is a Bluetooth-based consumer DePIN network aimed at allowing businesses and consumers to spontaneously form a network through Web3.0 and token economics. This system directly issues consumer vouchers to consumers to address the centralized platform competition pressure faced by small offline businesses.
Roger Brogan, the Solution Architecture Director of Chainlink Labs, delivered a keynote speech titled "Interconnecting Everything, Bringing Web3.0 into the Next Era," introducing the CCIP-based cross-chain interoperability protocol. He emphasized the protocol's focus on security and flexibility, with multiple layers of security, including decentralized oracle networks and risk management networks.
Jens Groth, Chief Researcher of DFINITY, gave a keynote speech on "Blockchain-based ECDSA Signature Services," highlighting the performance of IC, including processing latency, throughput, and smart contract storage capacity. He stated that IC can compete with traditional internet models in terms of performance and can process transactions with low energy consumption. Jens Groth also introduced ECDSA signature services, a key component for interacting with other blockchain networks on IC, and how ECDSA achieves interoperability with other blockchain networks through performance optimization and security solutions.
Ryo Matsubara, Director of Oasys Pte. Ltd., delivered a keynote speech on "Trends in Blockchain Games and the Strategic Direction of Oasys Evolution," emphasizing the appeal of blockchain games lies in openness, innovation, and the ability to convert game assets into real wealth. Different countries have different regulatory attitudes towards blockchain games, with Japan being very supportive. Oasys adopts a dual-layer game architecture, and new products are being built on L2.
In the "Roundtable Discussion: Web3 Investment: Where the Wind is Blowing," Foresight News Deputy Editor Zhou Zhou, founding partner of Yuanwang Capital Tian Hongfei, Co-founder and Managing Partner of LongHash Ventures Emma CUI, and founding partner of SevenX Ventures Liu Qi discussed topics such as the catalyst for the next bull market, content output, investment categories, and tendencies.
YeePay co-founder and president Yu Chen delivered a keynote speech titled "New Trends in Transaction Services in the Web3 Era," indicating that Web3.0 signifies the reconstruction of the value internet and production relations, the evolution of trust and consensus mechanisms, and the rise of memetic economics. In the transition and upgrade of transaction services, Web1.0 was the era of electronic payments, Web2.0 was the era of mobile payments, and Web3.0 is the era of digital payments. YeePay, celebrating its 20th anniversary, provides enterprise customers with a one-stop digital transaction service solution integrating technology, products, and services. Its ecosystem products include: the high-speed and non-stuttering transaction-level alliance chain YeeChain, one-stop Web3.0 digital marketing service EasyStart, transaction service manager EasyKeeper, NFR empowerment and circulation platform EasyHide Digital, and Web3.0 wallet EasyWallet. Additionally, the ecosystem company Kun collaborates with HashKey to develop Web3.0 business in Hong Kong, empowering the real economy.
Avery Ching, co-founder and CTO of Aptos Labs, delivered a keynote speech titled "Aptos 2023," stating that the industry should accelerate blockchain adoption for all internet users, improve user experience, expand blockchain like the cloud, and expand applications in gaming, social, finance, media, and entertainment. Avery Ching mentioned that the early users of the blockchain industry are less than 0.4% of internet users, and blockchain user experience needs to be seamless, fast, and reliable like the internet. He also stated that Aptos undergoes version upgrades almost every month, having completed version upgrades 1.2, 1.3, 1.4, 1.5, and 1.6 in 2023, with plans for version upgrades 1.7 and 1.8 this year.
Chief Technology Officer Wu Ming of the Shanghai Shitu Blockchain Research Institute delivered a keynote speech titled "Massive Adoption of Web3 - From the Perspective of User Experience and Infrastructure Construction," stating that after 2018, the user base of Web3 encountered bottlenecks. Wu Ming believes that user experience, multi-chain interoperability, scalability, applications and business models, privacy, and compliance are the thresholds for the massive adoption of Web3. Currently, the Conflux ecosystem targets mainland and global users, with the mainland user ecosystem focused on digital collections and the global user ecosystem focused on stablecoins. Wu Ming stated that RWA is the next growth point and breakthrough, and Conflux is collaborating with RWA project parties.
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