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- Yao Qian, a Chinese Regulatory Executive, has recently made public his thoughts on Web 3 via an article and seems quite optimistic about it.
- He highlighted that Web 3 Could be the primary element of China’s future of the internet via the article.
- China banned the crypto industry and mining last year but is not hesitant to deploy the underlying technologies like Blockchain and Web 3.
Yao Qian, the Director of Science and Technology Supervision Bureau of China’s Security Regulatory Commission, has recently called for a specific focus on Web 3.0 to be the future of the internet.
What are Yao’s thoughts on the concept of Web3?
The director published an article titled Web 3.0: A new generation of the internet that is approaching. He talked about the significance of this evolving technology and how the world is at an essential transition from Web 2 to Web 3.
The article further signified the importance of forward-looking research and strategic infrastructure development. Yao predicted that Web 3 would reconstruct the organizational form and business model of the internet economy and is expected to improve the current internet ecosystem highly.
He believes that the concept will effectively solve the issue of lack of privacy protection, monopoly, and malicious algorithm in the Web 2 era and would facilitate the internet to be more secure, inclusive, and open.
Yao further refers to Web 3 as a three-dimensional holographic that would be inclusive and interconnected.
According to him, on the one hand, the concept of Web 3 can realize the self-management of identities on the user’s side. On the other hand, it could also realize the self-management of addresses on the network resource side, which is truly realizing the disintermediation of the end-to-end access protocol.
It is ironic to notice that China has a pessimistic belief about the crypto industry, which it made pretty clear by banning the asset class and its mining. But it is also making use of the related and underlying technologies like Blockchain technology and the concept of Web 3.
And the nation is not inclined towards the idea of Decentralisation either; for instance, its Central Bank Digital Currency development program is fully authorized by the central government.
With this article by the Director of Science and Technology Supervision Bureau of China’s Security Regulatory Commission, it is pretty clear that Web 3 might be the significant-tech focus of China.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
