Founder of China's CBDC calls govt. to encourage innovation in a Web 3.0 focused article
Web 3 is one of the most promising and fundamentally strong technological concepts that many nations have started working on. But in an article, Yao Qian, the founder of China's CBDC, whose wallet was released for Android and iOS, has called the Chinese government to encourage innovation.
Yao Qian speaks on Web 3.0
Qian published an article with the goal to "analyze the possible forms of Web 3.0 and think about it based on the development practice of the Internet at home and abroad and the trend of technological evolution." Furthermore, Qian talked about various aspects of the new version of the and how it is better than the previous version.It is important to note that China has been very strict when it comes to cryptocurrencies and other related technologies since cryptocurrencies are the native currencies of Web 3.0. Qian pointed out that this new version of the Internet is user-centric and allowers users to have autonomy. Moreover, it also allows users to establish a new relationship of trust and cooperation, Qian pointed out.
Qian gave the example of Ethereum Name Service (ENS), "a distributed, open and extensible naming system based on the Ethereum blockchain" and explained how ENS is similar to DNS but more. Furthermore, he also noted that since ENS supports "reverse resolution," it is possible to associate metadata with Ethereum addresses in Web 3.0.
Innovative development strategy
Qian talked about an innovative development strategy of Web 3.0 in his paper which he explained in 4 steps. The first step would be to build a high-quality distributed infrastructure by increasing "the R&D investment and industrial layout of related technologies such as chips, cryptography, and the Internet of Things."The next step as pointed out by Qian is to promote well-governed technological innovation by providing a "safe space" wherein innovation costs and policy risks are reduced. In the third step, Qian's development strategy talks about establishing common standards to enhance interoperability.
The last step in the development of Web 3.0 is a clear taxation law and strategy followed by a legal framework for Decentralized Autonomous Organizations or DAOs.
At present, the connotation and extension of the Web3.0 concept are still enriched and expanded, which is a dynamic evolution process. How to follow up in a timely manner, identify the direction, orderly compete, and lead innovation requires the industry, academia, and regulatory authorities to brainstorm and advance together.
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