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News June 7, 2023

Unpacking China’s Engagement with Web3: A Journey Beyond Internet 3.0

Writen by jamesxujohnson

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China’s intriguing foray into the world of Web3, often referred to as Internet 3.0, brings a new perspective to the next-generation web. This article dissects China’s unique approach and delves into how it navigates the opportunities and challenges of this burgeoning digital frontier.

Web3 represents an evolutionary leap from Web2. While Web2 revolutionized the internet by fostering user-generated content and social interaction, Web3 goes a step further. It is characterized by a decentralized and semantic web, leveraging blockchain technologies, artificial intelligence (AI), and machine learning.

China has exhibited a keen interest in Web3, primarily driven by its transformative potential to optimize data management and enhance internet security. For a nation with an internet user base exceeding 900 million, this potential is immense.

Despite the Chinese government’s initial skepticism towards cryptocurrencies, it has shown an intriguing openness to blockchain – a core technology of Web3. This is evident in its robust investment in blockchain research and development, positioning China as a global leader in the field.

Simultaneously, China is meticulously shaping its own version of Web3. It aims to strike a delicate balance between the benefits of a decentralized internet and maintaining an element of state control. This distinct approach reflects China’s broader internet governance model, known as “cyber-sovereignty.”

The country is not just passively adapting to Web3; it’s actively shaping it according to its needs and strategic objectives. This is apparent in its ambitious plans for a Blockchain-based Service Network (BSN), which seeks to establish a global infrastructure network to reduce the costs and complexities of blockchain application development.

However, China’s journey into Web3 is not without challenges. The country grapples with significant issues, including striking a balance between privacy and control, managing data security risks, and aligning its policies with international standards.

In summary, China’s approach to Web3 provides fascinating insights into the nation’s digital strategy. As China continues to explore Web3’s potential and navigate its complexities, it sets a precedent that may shape the future of Internet 3.0 worldwide.

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