In a decisive move, the Chinese central government has unveiled plans to craft a strategic document aimed at guiding the evolution of China’s Web3 ecosystem. The document is set to foster the growth of Web3 technologies, including non-fungible tokens (NFTs) and decentralized applications (DApps), signaling a significant leap into the future of the digital landscape.
1. Government’s Vision for Web3 Development
The announcement, conveyed through a letter from China’s Ministry of Industry and Information Technology, highlights key areas of emphasis, including cross-chain interoperability, privacy computing, and smart contracts. This strategic initiative is a result of the government’s proposal on Web3 industry development receiving positive feedback.
Key Focus Areas
The government’s roadmap includes a commitment to strengthen technical research and supervision, with a focus on supporting research institutions in exploring cross-chain interoperability, privacy computing, and smart contracts. Blockchain security, supervision, and governance are identified as priority areas, alongside the exploration of alliance chain technology convergence and enhanced data security.
Moreover, the government aims to foster international exchanges and cooperation, actively participating in global standardization activities related to Web3. This move underscores China’s ambition to increase its international influence and rule-making power in the Web3 development sphere.
2. Public Awareness and Academic Support
To enhance public understanding of Web3 technologies, the government plans to leverage science popularization platforms, promoting awareness of distributed digital identity and digital asset management. Active support for academic progress and technological achievements is also outlined to drive innovation in the Web 3.0 industry.
3. Web3 Applications Across Various Sectors
China has been actively deploying Web3 applications across various sectors, including healthcare, education, and tourism. The government’s collaboration with different departments has resulted in successful blockchain innovation pilot initiatives, yielding tangible use cases in energy, copyright protection, rule of law, and trade finance.
The prioritization of standardization has led to the establishment of the National Blockchain and Distributed Accounting Technology Standardization Technical Committee, which has already released China’s first domestic standard, the Blockchain and Distributed Accounting Technology Reference Architecture.
Independent Alliance Chains
The exploration of emerging concepts like Web3, Metaverse, and NFTs has gained momentum in China. Independent alliance chain platforms, including Changan Chain and Ant Chain, have been established to drive technological advancements and foster partnerships in the industry.
4. RealDID: Blockchain for Identity Verification
In a parallel development, China has also unveiled plans to leverage blockchain technology for the verification of the real-name identities of its vast population of 1.4 billion people. Users can register for and log in to websites anonymously using decentralized identity (DID) addresses and private keys thanks to the RealDID initiative, which China’s Ministry of Public Security is leading in collaboration with the Blockchain-based Service Network (BSN). This innovative approach ensures the disconnection of personal information from business data and transactions.
5. Conclusion: A Multifaceted Approach to Web3 Development
China’s multifaceted approach to Web3 development signifies a robust commitment to technological advancement, innovation, and global leadership in the rapidly evolving digital landscape.
Q1: What is the key focus of China’s Web3 strategy?
A1: China’s Web3 strategy focuses on fostering the growth of technologies such as NFTs and DApps, with an emphasis on cross-chain interoperability, privacy computing, and smart contracts.
Q2: How is the government promoting public awareness of Web3 technologies?
A2: The government plans to use science popularization platforms to promote awareness of distributed digital identity and digital asset management.
Q3: What sectors has China deployed Web3 applications in?
A3: China has deployed Web3 applications in various sectors, including healthcare, education, and tourism.
Q4: What is RealDID, and how does it leverage blockchain technology?
A4: RealDID is an initiative for the verification of real-name identities, spearheaded by China’s Ministry of Public Security. It enables users to register and log in to websites anonymously using decentralized identity (DID) addresses and private keys.
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