China Announces Comprehensive Strategy for Web3 Development and Integration
Crypto News – The Chinese central government has announced an ambitious initiative to forge a strategic blueprint for the evolution of China’s Web3 landscape. This move, as outlined in a communication from the Ministry of Industry and Information Technology, aims to catalyze the growth of cutting-edge Web3 technologies, including non-fungible tokens (NFTs) and decentralized applications (DApps).
Central to this strategy are pivotal areas such as enhancing cross-chain interoperability, advancing privacy computing, and refining smart contract technology. This development follows the government’s positive reception to a proposal on fostering the Web3 industry, a proposal that garnered widespread support from prominent stakeholders.
The government’s plan is multi-faceted, focusing heavily on bolstering technical research and oversight. This includes empowering research bodies to delve into the intricacies of cross-chain interoperability, privacy computing, and the nuances of smart contracts. A significant emphasis is also placed on reinforcing blockchain security, regulatory oversight, and governance, alongside probing into the potential of alliance chain technology for better data security.
China Emphasizes Global Collaboration and Public Education in Web3 Sector to Drive Innovation and Influence
Another key aspect of this initiative is the promotion of international dialogue and collaboration. The aim here is to actively engage in global standard-setting activities related to Web3, with the ultimate objective of boosting China’s global influence and capacity to shape the future of Web3 development.
To cultivate a broader public understanding of Web3 technologies, the Chinese government plans to utilize science popularization platforms. These platforms will play a crucial role in educating the public about distributed digital identity and digital asset management.
The commitment to driving innovation in the Web 3.0 industry is clear, as the government pledges unwavering support for academic advancements and technological breakthroughs.
On a practical level, China has already started integrating Web3 applications across diverse sectors, including healthcare, education, and tourism. Through collaboration with various departments, the government has initiated blockchain innovation pilots, leading to successful implementations in areas like energy, copyright protection, legal processes, and trade finance.
A key element of this broader strategy is standardization. This led to the formation of the National Blockchain and Distributed Accounting Technology Standardization Technical Committee, which has already introduced China’s first domestic standard – the Blockchain and Distributed Accounting Technology Reference Architecture.
The exploration of emergent technologies such as Web3, the Metaverse, and NFTs is gaining significant traction in China. The establishment of independent alliance chain platforms, such as Changan Chain and Ant Chain, underscores a commitment to technological advancement and industry collaboration.
China Advances RealDID for Identity Verification and Implements Real-Name Policy for Social Media Influencers
In a parallel development, China has outlined plans to employ blockchain technology for the real-name identity verification of its massive 1.4 billion population. This initiative, named RealDID, is a collaboration between the Ministry of Public Security and the Blockchain-based Service Network (BSN), a national-level blockchain project. RealDID will allow users to anonymously register and log into websites using decentralized identity addresses and private keys, ensuring a separation between personal information and business data.
In a related move, Chinese state media reported that the country’s leading social media platforms, including WeChat, Sina Weibo, Douyin, Kuaishou, Bilibili, and Xiaohongshu, will require high-profile content creators to disclose their real names or those of their financial sponsors. This policy is expected to impact creators with followers numbering in the 500,000 to 1 million range.
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