Web 3 is one of the most promising and fundamentally sound technological concepts that many countries have started working on. But in an article, Yao Qian, the founder of the Chinese CBDC, whose wallet has been released for Android and iOScalled on the Chinese government to encourage innovation.
Yao Qian talks about Web 3.0
Qian published an article with the aim of “analyzing possible forms of Web 3.0 and reflecting on them based on domestic and overseas Internet development practices and the trend of technological development.” Also, 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, as cryptocurrencies are the native currencies of Web 3.0. Qian pointed out that this new version of the Internet is user-centric and empowers users. Moreover, it also enables 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. Additionally, he also noted that since ENS supports “inverse resolution”, it is possible to associate metadata with Ethereum addresses in Web 3.0.
Innovative development strategy
Qian talked about an innovative Web 3.0 development strategy in his article which he explained in 4 steps. The first step would be to build a high-quality distributed infrastructure by increasing “R&D investment and industrial disposition of related technologies such as chips, cryptography and the Internet of Things”.
The next step, as Qian pointed out, is to promote well-managed technological innovation by providing a “safe space” in which innovation costs and political risks are reduced. In the third stage, Qian’s development strategy talks about establishing common standards to improve interoperability.
The final stage of Web 3.0 development is a clear tax 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 is further enriched and expanded, which is a dynamic evolution process. How to provide timely follow-up, identify direction, order competition, and lead innovation requires industry, academia, and regulators to think and move forward together.