Highlights of the ‘2023 Shanghai Blockchain International Week’ (continuously updated)

Highlights of the '2023 Shanghai Blockchain International Week' (updated regularly)

On September 19, 2023, the “2023 Shanghai Blockchain International Week · 9th Global Blockchain Summit” opened in Shanghai. LianGuai provided live coverage of the conference. The following is a summary of the highlights of the conference:

Xiao Feng: The next three years are a critical moment for the large-scale application of blockchain

Xiao Feng, Chairman of Wanxiang Blockchain, delivered a welcome speech, stating that the theme of this summit is “Next Stop, Web3”. Web3 encompasses blockchain, the Internet, metaverse, AIGC, etc. It includes not only technology, but also innovative business models, organizational forms, economic mechanisms, and financial models. Currently, blockchain is transitioning from infrastructure to large-scale applications. The next three years are a critical moment for the large-scale application of blockchain, as the technical framework of blockchain is gradually maturing. Performance improvements need specific scenarios to bring about greater changes, and product refinement needs to be combined with demand.

For more details, please click: “Xiao Feng, Chairman of Wanxiang Blockchain: Web3.0 is the fundamental driving force for the launch of globalization 2.0”

• Full text of Xiao Feng’s speech at the opening ceremony of the 2023 Global Blockchain Summit The next three years are a crucial moment for large-scale application.
• Google Cloud Executive Web3 is for solving business problems, not for speculating token prices.
• Community First Building Sustainable Power for Web3 Growth

Qiu Dagen: The Hong Kong Legislative Council is conducting a second round of consultations on stablecoins, and hopes to announce regulatory conditions in mid-next year

Qiu Dagen, a member of the Hong Kong Legislative Council, delivered a keynote speech titled “Prudently Promoting the Sustainable Development of Web3 in Hong Kong”. Qiu Dagen stated that after issuing licenses to virtual asset service providers on June 1, Hong Kong’s next step is to discuss what types of products can be bought and sold, develop innovative products, who can buy these products, and who cannot. These will be differentiated between professional investors and retail investors. Currently, the Legislative Council is conducting a second round of consultations on stablecoins, and hopes to announce the regulatory conditions for stablecoins in Hong Kong by mid-next year, so that stablecoin participants can issue stablecoins in Hong Kong at that time.

Qiu Dagen mentioned his recommendations to the Chief Executive of Hong Kong last month during the conference, including tokenization, digital Hong Kong dollar, and stablecoins. He hopes that these proposed policies can make Hong Kong a center for digital assets.

For more details, please click: “Qiu Dagen, Member of the Hong Kong Legislative Council: Prudently Promoting the Sustainable Development of Web3 in Hong Kong”

Ren Jingxin: Cyberport in Hong Kong has close connections with more than 40 Web3 funds, with total assets of 4 billion US dollars

Ren Jingxin, CEO of Hong Kong Cyberport Management Company Limited, stated that 2023 is not only the 20th anniversary of Cyberport, but also the first year of Web3 in Hong Kong. He also mentioned that Cyberport is closely collaborating with Hang Seng Bank in Hong Kong, and in September, they will create a new scenario at Cyberport to test the general consumption of digital Hong Kong dollars. Currently, digital Hong Kong dollars can be used to buy coffee and snacks at designated cafes and Hong Kong-style tea restaurants in Cyberport.

In addition, Brian Chan, the CEO of Cyberport, stated that there are now over 190 Web3 companies in Cyberport, and the number is still increasing. These companies cover various fields, including companies involved in underlying blockchain infrastructure, fintech, and digital entertainment. Cyberport’s Web3 base focuses on talent cultivation, industry development, and public awareness.

Regarding the current situation of the Hong Kong Web3 Fund, Brian Chan stated, “During this period, we have been in contact with more than 40 funds specialized in Web3, and we have close relationships with them. The total assets or funds of these funds amount to 4 billion US dollars.”

For more details, please click on the article: “Brian Chan, CEO of Cyberport Management Limited: Grasping the New Power of the Web3 Era.”

Cao Jiannong: In the Web3.0 environment, we can see many different innovations

Cao Jiannong, Professor of Data Science at the Polytechnic University of Hong Kong and Chair Professor of Distributed and Mobile Computing in the Department of Electronic and Computer Engineering, stated that Web3.0 has three very important characteristics. The first is depatformization and decentralization, where there is no centralized platform to control and manage user data. The second is self-control, meaning that users have complete control over their own data and identity. The third is tokenization. All data and content created by users can have their own value in the form of tokens. These three characteristics determine that Web3.0 is a decentralized internet where users can independently own content and share value.

In the Web3.0 environment, we can see many different innovations. Firstly, there are innovations in upper-layer applications, including decentralized finance (DeFi), GameFi, and SocialFi, all of which revolve around removing unnecessary intermediaries in traditional finance through blockchain, smart contracts, and digital identities. GameFi and SocialFi apply the concepts and technologies of DeFi to gaming and social media, respectively. In addition to innovation at the application layer, there can also be innovation in enterprise organization, society, and economy on Web3.0. The most representative example is DAOs, which allow an organization to operate through software without centralized management. There is also the architecture of the Web3.0 economy and society.

Ming Zeng, Former Chief Strategy Officer of Alibaba: The creator economy is the encrypted future

In his keynote speech on the future of Web3 at the summit, Ming Zeng, former Chief Strategy Officer of Alibaba, stated that the core value of encryption is to establish a decentralized network for efficient asset ownership and transactions, enabling massive human-to-machine and machine-to-machine collaboration. The premise of value distribution is value creation. It requires the participation of a large number of people in creation and innovation in production tools. AGI has such potential and will greatly lower the threshold and cost of creation, attracting a large number of creators. Through tokens, creators can better obtain the value they create, thereby having greater motivation to participate in creation. This forms a virtuous cycle of value creation and distribution. He believes that creating a brand new creator economy is the encrypted future and has great economic and social significance. AGI*Crypto makes this possible.

AGI will be a major breakthrough in productivity, with a continuous stream of new content/digital assets from AIGC. The value of new content will continue to increase, and their rights, transactions, and circulation will become increasingly important. The collaboration between AI Agents will require more intelligent contracts. Therefore, blockchain/cryptocurrency infrastructure will become increasingly important. He also stated that the infrastructure and applications will evolve together, and in the future, AI/crypto native services will emerge, bringing a massive influx of new users and new developments in infrastructure, and driving the overall growth of the ecosystem.

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