China has been the world’s crypto-dominant force for many years. China was home to the bulk of mining equipment, cryptocurrency exchanges, and investors. Everything changed, however, when China’s central bank issued a blanket ban on all crypto transactions and mining activities in the country. The market dropped as a result of the news.
The Chinese government has been a vocal opponent of bitcoin. Still, the underlying technology of blockchain has piqued China’s curiosity, and Web3 infrastructure seems to be the country’s next big technology.
In China, Web3 will improve the Internet in the future
The global economy has welcomed new technologies and backed the important transition from Web2 to Web3. The director of China’s Securities Regulatory Commission’s Science and Technology Supervision Bureau, Yao Qian, has advocated for a greater focus on the new World Wide Web version.
Yao Qian has campaigned for Web3, claiming that it is the Internet’s future. The Internet has now reached a critical stage in moving from Web2 to Web3, according to issue 6 of “China Finance” in 2022. Furthermore, bolstering China’s forward-looking Web3 research and strategic forecasting is critical in setting the groundwork for the country’s future internet infrastructure.
In order to shed light on how the next internet phase can take shape, the research examined the many types of Web3 based on the development method of the Internet at home and abroad, as well as technological growth.
The transitions from Web1 to Web2 to Web3 are described as “readable,” “readable + writable,” and “read + write + own” in their purest form. According to Yao, Web3 will reconstruct the internet economy’s organizational structure and commercial model, and it expects to improve the existing online environment significantly.
The Chinese regulatory body believes it can successfully solve the monopoly, lack of privacy protection, and malicious algorithms that plagued the Web2 period, enabling a more open, inclusive, and safe Internet. Web3 is a virtual holographic internet in three dimensions that would be worldwide and inclusive.