Thread by @milestones_nft

1/ The Chinese Government Web 3 White Paper

I read 98 pages of Chinese so you don’t have to.

TL;DR: China to fully develop Web 3 tech with a Whole-of-Government Approach on their own terms. Concepts like NFTs and Metaverse are to be embraced/discussed.

@cz_binance @ysiu

https://twitter.com/cz_binance/status/1662334590332153868

@cz_binance @ysiu 2/ conti TL;DR:

Not much mention of any chains like BTC, ETH. But the CN govt has a deep understanding of the Web 3 citing all the right tech, famous artists and works. Most of which are coincidentally covered in @unicmetaverse course.

@cz_binance @ysiu @unicmetaverse 3/ Starting in Typical CN fashion: Alluding to that the concept metaverse was coined by a Chinese scholar, and NOT American.

Traces the metaverse to Neal’s 1992 Snow Crash novel but casually mentions in 1990, Qian Xue Sen labelled VR“灵境” which have all the shades of metaverse.

@cz_binance @ysiu @unicmetaverse 4/ China’s Metaverse Definition from a 1997 scholar
“Metaverse” tech is a new practical tech driven by applications and involves many disciplines. It is a comprehensive integrated tech integrating advanced computer, sensing and measurement, simulation, microelectronics technology

@cz_binance @ysiu @unicmetaverse 5/ Introduction: First Famous Names mention

Somehow, they glossed over @VitalikButerin, choosing to mention Gavin Wood. Also mentioned Beeple’s every day NFT sale.

@beeple the Chinese govt has their eyes on you haha.

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple 6/ In another official CN govt report released in 2022:

a. Greater user freedom in controlling data

b. Endorsing the idea that people find value, identity & community on the internet

c. Web 3 will have a huge impact on the future econ

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple 7/ Potential of Web 3

CN Govt admits that Web 3 has the potential to help the digital world create an economically viable system of rights, information flow & commercial exchanges.

There will be a convergence of digital and real world experiences.

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple 8/ Internet 3.0 will go through 3 stages:
a. Preliminary Phase
b. Transition Phase
c. Maturity Phase

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple 9/ Preliminary Phase
On the consumer side, simple VR experiences and virtual transactions can be done but limited in terms of governmental and industrial application.

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple 10/ Transitional Phase
Blurring of line btw real and digital world with greater adoption & application of web 3 tech in government and industries

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple 11/ Maturity Phase
6G, Neural Link application, Thousands of industries and companies built upon web 3 technologies and platforms. Becomes part of our lives.

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple 12/ Current Phase: Preliminary Phase

Web 3 is at the preliminary phase with gaming being the main touchpoint citing 2ndLife game, Roblox and @decentraland

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland 13/ Besides gaming, Web 3 has ushered a trend of virtual concerts, virtual education & virtual shopping. Citing Travis Scott virtual concert in the game Fornite in April 2020.

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland 14/ In terms of virtual shopping experiences, @RTFKT and @fewocious sold 621 sports shoes under 7 minutes with a transacted value of over 3.1 million USD.

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious 15/ Future Web 3 Trend & Direction
With the advancement of tech and focus of institutions injecting capital to the space, more people are likely to join and participate in Web 3.

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious 16/ With time, virtual experiences will get better and more realistic, and establishment of a web 3 economy and ecosystems will emerge.

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious 17/ Web will be all-compassing

Web 3 will NOT be limited to gaming, entertainment, social interaction, work or even exchange of goods/services but rather a coming together of ALL industries.

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious 18/ Web 3 stands for: Right of Everyone in Web 3 to freely create, display & share their work, and get paid for it.

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious 19/ In CN govt’s opinion, a mature web 3 must have 4 features:

a. Strong Virtual and Real-World Connection
b. Open-Source Creations
c. Mature Digital Economy system
d. Continuous uninterrupted development

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious 20/ Key from Point d is: No one or organization can interrupt or disrupt the stability of Web 3. Web 3 keeps rolling boys and girls.

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious 21/ Paper also covered parts on AI, Blockchain Tech, Semiconductor Chips and went into a technical introduction of all of them a lot of which covered @unicmetaverse course.

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious 22/ NFTs in China
Admits that China is late into the development of the NFT market, but Chinese local companies have shown strong desire to participate with Shanghai being the leader in setting a NFT marketplace.

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious 23/ Major Chinese Universities have Metaverse Labs to encourage web 3 ideas and talent

7 April 2022: Beijing University of Posts and Telecommunications
16 April 2022: Tsinghua University (China’s Harvard)
*and many more

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious 24/ Overview of Global Web 3 Regulation

a. Covered Biden’s Ensuring Responsible Development of Digital Assets, CBDC
b. EU laws on AI, GDPR
c. Japan and Korea’s regulation

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious 25/ China Regulation on Web 3

A whole-of-government approach to the development of Web 3 in the same modus operandi of how they developed their Web 2 ecosystem and tech unicorns.

China approach: Have mini-giant companies to lead the push & test out the various new technologies.

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious 26/ Some important China regulation & laws

Nov 2021: Data Protection Laws start to discuss metaverse laws

Dec 2021: 十四五 Digital Economy Development Plan committing to metaverse development and rules surrounding it

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious 27/ China’s Lens/Time Frame: Be Rational, Less Hype

See things as 5-10 year windows in terms of Opportunities whilst not overlooking 1-2 years of actual happenings/potential changes. Be far-sighted yet nimble.

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious 28/ Jan 2022: Chinese Govt commits to the development of a group of metaverse, blockchain, AI talents and small-medium enterprises

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious 29/ 28 Oct 2022: China’s 5-Year Plan on Metaverse
Cooperation from ALL government agencies including industrial, education, culture, travel, communications department to develop a working model of Web 3 by 2026

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious 30/ 1stMedia Public Endorsement of Web 3 and NFTs

1st time was 6 Sep 2021 where govt official news outlet CCTV2 endorsed the opportunities Web 3 presents but cautioned the risks too.

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious 31/ Current Web 3 Policies in CN

As of April 2023, more than 30 provinces in China have pushed out some form of Web 3 development policy and measures. Special mention to Shanghai for taking the lead.

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious 32/ Shanghai advocates launching a NFT or NFT equivalent marketplace alongside covering art goods, intellectual property and Web 3 games.

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious 33/ ZheJiang Province advocates all round development of metaverse laws, systems that are global and encouraging local big companies to incorporate web 3 tech.

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious 34/ Web 3 Business Parks and Incubators: The article goes on to list the major cities in China that have business parks and incubators for Web 3 companies with subsidies on rent, tech & help to register patents.

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious 35/ Companies leading this country-led “assault” on Web 3 Development

Baidu, Tencent, ByteDance (aka Tik Tok), Huawei will be leading generals in this push for Web 3 development and adoption.

My comment: Meanwhile, in America, they are chasing @coinbase and the likes out.

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious @coinbase 36/ Baidu to lead on AI, Cloud Computing, VR and to launch a metaverse ready platform.

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious @coinbase 37/ Tencent to focus on social media platform, digital content services as well as investing in Web 3 gaming companies like Roblox as well XR dev.

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious @coinbase 38/ Huawei leads AR, 5G, AI, Quantum Computing charge and developing next-gen digital economy platform called Cyberverse.

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious @coinbase 39/ NFT Platform Development on the China blockchain “Chainmaker” 长安链 is in the works and will be pushed out soon. No specifics given.

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious @coinbase 40/ My Commentary

There’s enough in the paper to suggest the CN govt “endorses” the ethos of Web 3. That said, it’s unlikely that the CN govt will yield control so those China is going to un-ban crypto trading is prob not going to happen.

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious @coinbase 41/ My Commentary

Scary world: US cedes/cast away Web 3 and its tech whilst China govt develops their version and ecosystem of Web 3 incorporating all the social credit score.

US and the West needs to wake up @balajis, and we need an alternative @punk6529 @OM100m

@cz_binance @ysiu @unicmetaverse @VitalikButerin @beeple @decentraland @RTFKT @fewocious @coinbase @balajis @punk6529 @OM100m 42/Thanks for reading ❤

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