From April 12th to 15th, the "Hong Kong Web3 Festival 2023" co-sponsored by Wanxiang Blockchain Labs and HashKey Group and hosted by W 3 ME was held at the Hong Kong Convention and Exhibition Center. Chen Maobo, Financial Secretary of the Hong Kong Special Administrative Region Government Attend and deliver speeches. He said that the development of Web3 should be viewed from the historical perspective of technological change. Technological change leads to business innovation, and business behavior will also drive better technological change. The Internet belongs to this type of change. Blockchain technology With the rise of the Internet, the Internet has entered the Web3 era.
Hong Kong will promote the sustainable and responsible development of the virtual asset market. Appropriate regulation is a must, so as to create a sustainable development space. Now is a golden opportunity for the development of Web3, and it is also a thrilling moment. Looking back at history, the development of Web3 will develop rapidly again after experiencing shocks.
The following is the full text:
Chairman Xiao Feng (Founder of Wanxiang Blockchain Laboratory, Chairman of HashKey Group, Dr. Xiao Feng), Duncan (Member of the Legislative Council (Science and Technology Innovation) Qiu Dugan), distinguished guests, friends in the Web3 industry:
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The rise of Web3
Speaking of Web3, it can be said that there are different opinions. I think it should be examined from the historical perspective of technological change. Technological changes have always led to the innovation of business operations, and business behavior will in turn drive more technological changes. This cycle often becomes the driving force for economic development.
Computers and the Internet are such transformative forces. Microsoft and Apple were founded in the 1970s, and they gradually made computers a widely used tool. As the computing power and capacity of computers continue to increase, optical fiber is becoming more and more popular as the backbone of communication networks. The superposition of the two actively drives the trend of Internet development and creates huge business opportunities.
With the rapid development of science and technology, the Internet has shifted from being a communication channel for specific institutions to Web1.0, and a number of enterprises based on gathering and distributing information have been created. In the past 20 years or so, the Internet has developed into Web2.0, which has both social interaction and the popularity of mobile terminal devices, creating a new generation of giant enterprises. However, Web2.0 belongs to the centralized Internet, and user data and information are collected and controlled by large Internet platform companies. They have the advantages of data and information, and thus obtain a lot of advertising revenue and economic benefits.
With the rise of blockchain technology, many people believe that the Internet has entered the Web3 era. The immediacy, transparency, efficiency, disintermediation, and de-platformization of blockchain technology break the situation that the original data and information are controlled by specific Internet platforms. The data will be jointly owned by the builders and users, making the Internet "decentralized" . Of course, Web3 is in its infancy, and the current common applications include cryptocurrency, decentralized exchanges, digital identity verification, decentralized financial services (DeFi), blockchain games, and even NFT, etc., but it is conceivable that the future will There will be many more new applications and opportunities.
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Challenges and Opportunities
So what will happen to the development of Web3? I boldly say that now is a golden opportunity for the development of Web3, and it is also the most thrilling moment.
It is thrilling because looking back at history, at the beginning of each big tide, it will inevitably experience the baptism of shocks. The Internet explosion in 2000, virtual currencies in recent years, and even the recent collapse of virtual asset exchanges have implicated some banks whose main customers are start-ups, and have also brought shocks to the market. Therefore, we must calmly and cautiously view the development of Web3.
It is said to be a golden opportunity, but after the shock, the remaining market participants will become stronger, and investors will become relatively calmer. Market forces will prompt enterprises, technologies, and applications to issue new forces and new models, so that powerful companies can survive the stage of market take-off. On the other hand, the government and regulatory agencies will generally learn from their experiences and formulate appropriate strategies after the shocks to plug loopholes and manage risks so that the market can develop steadily and sustainably.
From a historical point of view, the development of Web3 will grow rapidly again after going through the shock stage. Recent events tell us that the problem with virtual currencies, virtual assets, and trading platforms is not the lack of innovation, but whether they have effectively managed and controlled risks under a proper regulatory framework.
To promote the development of Web3, the premise is that the stability of the financial system and investor protection cannot be damaged. In this regard, all of you here are participants who are concerned about Web3. I believe that you also have a deep understanding from recent events: proper supervision is a must, so as to create a "sustainable development" environment and allow everyone to have a better future. Expansion capacity.
Under this premise, Hong Kong actively embraces the development of Web3. As a starting point, we published the "Policy Declaration on the Development of Virtual Assets in Hong Kong" last October. Simply put, we will promote the sustainable and responsible development of the virtual asset market, and allow virtual assets to maximize innovation and development under the regulatory thinking of "same business, same risk, and same rules". Since the publication of the "Declaration", friends in the Web3 circle have paid attention to the development of Hong Kong in the past six months, and many of them have settled in Hong Kong; some of them have finally decided to set up a site in Hong Kong after a period of observation.
Summarize
Summarize
Ladies and gentlemen, the road of innovation and change has never been smooth. It can be expected that the development of Web3 still has a long way to go. Even so, after analyzing the situation and summarizing the development experience of other places, we believe that the benefits that Web3 can bring to the market and solve the pain points for the market and society are promising, and this is also an irreversible future trend.
The SAR government is full of expectations for the development of Web3 in Hong Kong. I hope that everyone can stick to the core elements of "steady and prudent advancement" and "solve pain points", and work together to build a thriving Web3 ecosystem in Hong Kong, leading more technological breakthroughs, model innovations, and application innovations. I firmly believe that based on Hong Kong, we will expand our footprint to the ASEAN market, the Asia-Pacific market and even the world, and there will be opportunities everywhere.
There are many discussion sessions in today's conference. I look forward to more in-depth discussions on different topics, such as how to use blockchain technology to promote the better development of green technology and green finance, and how to assist traditional enterprises to take advantage of new technologies. technology to improve operational efficiency, etc. I hope everyone's insights can lead the way of Web3 innovation.
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