Is China’s Web3 stance a glimpse into the future?

A recently released white paper has revealed China’s perspective on web3, suggesting that China is open to incorporating web3 into its future internet.

The paper defines “Internet 3.0” as a three-dimensional space that combines virtual and real realms with a highly immersive interactive experience, describing a future world characterized by a high level of intelligence and an integration of the virtual and physical worlds.

Web3 is just one element within the broader concept of Internet 3.0, which also includes augmented reality (AR) and virtual reality (VR), the metaverse, and other technologies.

The Beijing Municipal Science & Technology Commission, an entity that is part of a high-tech industrial zone designated by the Chinese government, published the paper.

It’s important to note that the paper is not an official government document and does not necessarily reflect the official position of China’s government.

However, the document provides insight into how some Chinese officials are discussing and thinking about terms like “Internet 3.0” and web3.

Binance CEO Changpeng Zhao quickly picked up on the news, noting that the paper mentions “web3 all over the places.”

The white paper comes after Hong Kong recently took steps to make the city more attractive to digital asset companies, marking a departure from mainland China’s strict crackdown on the same activities in recent years.

The paper also mentions Gavin Wood, co-founder of Ethereum and creator of Polkadot, as one of the pioneers of web3, and recognizes the attention that has been brought to NFTs through artist Beeple’s record-breaking Christie’s auction.

China’s approach to web3 highlights the potential of blockchain technology beyond cryptocurrencies and its potential role in shaping the future for China’s more than 1 billion internet users.