Yao Qian, the director of China’s Securities Regulatory Commission’s Science and Technology Supervision Bureau, has urged for a specific focus on Web3, which he believes will be the internet’s future.
In fact, Yao wrote an article titled “Web 3.0: A New Generation of Internet on the Horizon,” in which he discussed the importance of improving technology and how the world is on the verge of making the transition from Web2 to Web3.
The paper discussed the importance of strategic infrastructure development and forward-looking research. Web3 will, according to Yao, restructure the Internet economy’s organisational structure and commercial model, considerably improving the current Internet ecosystem.
Web3 expected to effectively overcome the problems of monopoly, lack of privacy protection, and dangerous algorithms that plagued the Web2 era, making the Internet more open, inclusive, and secure, according to the Chinese regulatory executive. Web3 is a three-dimensional holographic internet that is open and interconnected, according to Yao.
A quote from the Google translated article states:
“On the one hand, Web 3.0 allows users to control their own identities. And on the other, it allows network resources to manage their own addresses, effectively disintermediating the end-to-end access process.”
While China maintains a blanket prohibition on digital currencies, the country is keen on the underlying technology of blockchain. And Web3 infrastructure appears to be the nation’s next big tech emphasis.
It’s also worth noting that China isn’t particularly a proponent of decentralisation or electricity distribution. Their central bank digital currency development programme, which is a blockchain-based digital currency, demonstrates this. But the technology is very centralised, with the central government controlling all aspects of it.