Embracing the Future: Exploring China's Outlook on Web3 Technology

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Web3, known as the internet built on decentralized blockchains powering applications like cryptocurrencies and NFTs, has taken on a different trajectory in China. The Chinese government's pursuit of Web3 has so far excluded crypto-related activities. The Beijing Municipal Science & Technology Commission and Administrative Commission of Zhongguancun Science Park recently released a white paper on Internet 3.0, providing insights into China's perspective on Web3. Although the white paper represents Zhongguancun and may not reflect the official stance of the Beijing municipal government or national policymakers, it has sparked discussions on terms like Internet 3.0 and Web3.

According to the white paper, Internet 3.0 is defined as a three-dimensional space that combines virtual and real realms, providing a highly immersive interactive experience. It aims to enhance the interaction between people and information and improve the efficiency of economic activities. Internet 3.0 is characterized by high intelligence and the integration of virtual and real worlds. While Web3 is part of this immersive world, Internet 3.0 also encompasses AR/VR, the metaverse, and other concepts that emphasize the fusion of the virtual and real worlds.

The timing of the white paper is notable, considering Hong Kong's recent implementation of a new regulatory regime for cryptocurrencies, which allows licensed exchanges to serve retail investors. This departure from mainland China's crackdown on crypto trading indicates a potential shift in the country's stance on digital assets. Although the new regulation only applies to Hong Kong and not mainland users, it instills confidence among crypto investors and developers in China, suggesting a softening stance on digital assets.

The white paper demonstrates China's openness to incorporating Web3 into its future internet landscape. It references Gavin Wood, Ethereum co-founder, as the first to expound on the concept of Web3 and acknowledges the mainstream awareness of NFTs through artist Beeple's record-breaking auction at Christie's.

The paper suggests that Web3 in China will enable users to have greater control over their data, supporting a read-write-own model where users can consume, create, and own information. It predicts the emergence of a new economic system in the merging realms of reality and virtuality, with Web3 playing a crucial role in identity verification, data authentication, asset trading, and regulation within the metaverse.

This statement is seen as a positive sign for blockchain adoption in China. The country has been cautiously exploring blockchain in various fields outside of cryptocurrencies, focusing on consortium blockchains governed by selected participants rather than public blockchains. Companies like Ant Group, Alibaba's fintech affiliate, have launched consortium blockchains for multi-party collaborations in supply chain finance, product provenance, digital invoices, and charitable donations, aiming to build trust among small enterprises and developers.

Overall, China's approach to Web3 involves a combination of technological exploration and cautious regulation, with an emphasis on the integration of virtual and real worlds in a controlled environment.

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