Beijing Internet 3.0 White Paper: Distinguishing from Web3, Focusing on Artificial Intelligence and Metaverse

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Beijing Association for Science and Technology and Zhongguancun Management Committee recently released the full text of the Internet 3.0 White Paper. The White Paper has been widely discussed in the English-speaking world due to the promotion by Binance founder Zhao Changpeng and has been extended to the cryptocurrency industry as a positive development. However, Xu Mingxing, founder of OKX, said that the government is always confusing cryptocurrency, blockchain and Web3. So what is the content of the full text of the white paper? The white paper states that the concept of Web3 has been popular in foreign countries for many years. Its core key technologies include blockchain, non-fungible tokens, privacy-enhancing technologies, distributed autonomous organizations, social computing power networks, on-chain data analysis, content security, and more. In April 2014, Gavin Wood, co-founder of Ethereum, first systematically expounded the concept of Web3, believing that Web3 is a set of inclusive protocols that provide basic modules for application developers to build applications in a new way. At an auction held by Christie’s on March 11, 2021, digital visual artist Beeple’s NFT artwork “Everydays: The First 5000 Days” sold for $69.35 million (approximately RMB 450 million), setting off a wave of NFT concepts in the “circle outside” and making the concept of Web3 popular in the industry.

The article then distinguishes Web3 from Internet 3.0, pointing out:

This article believes that Internet 3.0 is a three-dimensional space with high immersive interactive experience and virtual-real integration, which will greatly improve the interaction experience between people and information and the efficiency of economic activities. Highly intelligent and virtual-real integration development will be its main characteristics. The scope of Internet 3.0 includes high-immersion sensory experience of virtual-real integration and economic activity experience of virtual-real penetration, covering the connotation of Metaverse and Web3. Its concept reflects the development trend of human society and economic form from reality to virtual, giving virtual to reality, and virtual-real integration. In the future, Internet 3.0 will fully absorb the achievements of information revolution, Internet revolution, artificial intelligence revolution, VR/AR and other technological revolutions, become the culmination of modern scientific and technological development, and lead the development of future internet industry. With the development and maturity of technology, Internet 3.0 will inevitably give birth to new applications and new formats in the fields of consumption, industry, government affairs, urban management, medical and health care, and promote human beings to achieve a higher level of digital and intelligent economic and social form.

The following content mainly involves artificial intelligence and metaverse, with a small part mentioning blockchain:

Decentraland, a virtual reality gaming platform where players can create, experience, and profit from content and applications through 3D virtual avatars, and purchase virtual real estate, has become the world’s largest metaverse virtual real estate sales platform. Virtual sneaker brand RTFKT Studios collaborated with 18-year-old crypto artist Fewocious to launch 621 pairs of virtual sneakers, which sold out in just 7 minutes, generating nearly $3.1 million in sales.

Blockchain technology is a new distributed computing paradigm that uses encrypted chain block structures to verify and store data, generates and updates data using distributed node consensus algorithms, and programs and operates data using smart contracts. As the underlying technology of the Internet 3.0, blockchain can solve trust issues, data structuring issues, and value-added data circulation issues, constantly spawning new industries, new formats, and new models, and will be an important cornerstone in the construction of the Internet 3.0 economic system.

Overall, the core architecture of blockchain has gradually become stable and mature, stepping into a new stage of deepening data element trust and collaboration, and multi-level technology integration innovation. Overseas, a stable global application innovation ecosystem has been formed in finance, traceability, trade and other fields around Ethereum, Hyperledger, and other technologies. In recent years, Beijing has supported Beijing Microchip Blockchain and Edge Computing Research Institute to release China’s first self-controllable blockchain software and hardware technology system “Changan Chain ยท ChainMaker”, which has prominent characteristics of full self-controllability, high performance, strong privacy, and broad cooperation.

Benefiting from the rapid development of technologies such as AI, blockchain, and graphics processing, the user experience level and production efficiency of virtual digital humans, virtual live broadcasts, game production, and other applications have been significantly improved, and are expected to become the first profitable application areas in the future. The overseas NFT market is growing rapidly. As of the end of 2022, the total assets of the global NFT market’s content creation market have reached $104.2 billion, and the global NFT transaction volume has achieved a year-on-year increase of 83.16%, reaching $55.5 billion. China started relatively late in the field of digital collectibles, but enterprises are eager to explore NFT businesses. Shanghai and other places have proposed supporting leading enterprises to explore NFT trading platform construction and promote the digitalization of NFT and other asset trials.

Interpretation: In fact, this white paper is no different from many similar government documents that have appeared in mainland China before. It focuses on areas highly recognized by the government, such as the metaverse and artificial intelligence, and mentions NFTs and other areas that the government has not yet cracked down on, but remains silent on areas criticized by the government, such as cryptocurrency/virtual currency.

Clearly, this white paper has nothing to do with the bull market or prosperity. The emotions that have arisen in the English-speaking market for no reason are entirely due to Zhao Changpeng’s deliberate “pumping”. What is the reason?

Recently, the market has been cold, and trading volumes on exchanges such as Binance have clearly declined. Exchanges need to create hotspots. In addition, with the tightening of US regulations, many people hope to use the “prosperity” of Hong Kong and mainland China to “persuade” the US government. These are the main reasons. However, as Hong Kong’s policies are gradually implemented and mainland China’s policies remain consistent, coupled with negative factors such as Multichain issues, such gimmicks are likely to gradually lose their FOMO effect and quickly become quiet.

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