Cryptocurrency NewsMunicipal government in China releases blockchain white paper

Municipal government in China releases blockchain white paper

The municipal government in Beijing, the capital of China and a center of technological innovation has announced its plans to take a leading role in the advancement of web3 and blockchain technology.

According to local reports, the Beijing Municipal Science and Technology Commission, in collaboration with the Zhongguan Village Science and Technology Management Committee, has published the “Beijing Web 3.0 Innovation Development White Paper (2023)”. This document provides detailed information on web3 system analysis, structure, and development status both domestically and internationally, as well as the development status of Beijing itself, along with recommendations.

The white paper recognizes blockchain as an inevitable trajectory for the future of the Internet industry and emphasizes the need for continuous investment and support to fully realize the potential of this cutting-edge technology. As part of the plan, significant funds will be allocated to the web3 industrial ecosystem.

Starting this year, the Chaoyang District plans to allocate no less than $14.1 million or 100 million yuan annually for the development of blockchain enterprises. The action plan requires ongoing funding for three years, ending in 2025, intending to position Chaoyang as a national leader in web3 innovation by that time.

The white paper also outlines a four-layer architecture for blockchain. The infrastructure layer serves as the foundation for web3 operations, incorporating technologies such as artificial intelligence and blockchain networks.

The interactive terminal layer includes extended reality terminals, holographic images, and brain interface technologies, which enable immersive sensory experiences. The platform tool layer supports the creation of virtual actors through digital content production and digital twin technologies.

Additionally, the application layer enables the utilization of blockchain in various domains, allowing users to develop applications for consumer entertainment, industrial manufacturing, government services, and urban management.

Leading technology companies like Apple, Meta (formerly Facebook), Microsoft, and Google are driving the development of web3 through advancements in artificial intelligence, digital collectibles, and digital people. Domestic players such as Inwada, character beat, and Teneng are also actively involved in shaping the industry.

While the white paper expresses ambitious goals, it acknowledges potential challenges ahead, including the need for technical expertise and talent, ensuring the integrity of the industrial chain, and establishing legal norms.


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