Home DeFi Deciphering Beijing’s Web 3.0 Innovation and Development White Paper: Implications for DeFi

Deciphering Beijing’s Web 3.0 Innovation and Development White Paper: Implications for DeFi

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Deciphering Beijing’s Web 3.0 Innovation and Development White Paper: Implications for DeFi
Introduction The “Beijing Web 3.0 Innovation and Development White Paper (2023)” was recently presented at the Zhongguancun Forum by the Beijing Municipal Science and Technology Commission and the Zhongguancun Science and Technology Park Management Committee. This white paper is an important step towards improving the development of the Web 3.0 sector. It includes an analytical analysis on the implications, system design, local and international development status, and recommendations for the future growth of Web 3.0. The Structure of Web 3.0 and its Applications: According to the white paper, Web 3.0 is the pinnacle of contemporary science and technology, and it is widely regarded as the unavoidable path forward for the continued growth of the internet business sector. It includes the essence of the metaverse and Web3 as well as highly immersive interactive experiences and the confluence of virtual and real-world locations. The white paper presents an overview of a framework consisting of four layers for the Web 3.0 system architecture. These layers are the infrastructure layer, the interaction terminal layer, the platform tool layer, and the application layer. The operation of Web 3.0, which includes technologies such as artificial intelligence, blockchain, digital content production, and digital twinning, is supported in its whole by multiple layers, each of which offers a specific facet of that support. Financial Support and Investment in Web 3.0 The commission wants to contribute a minimum of 100 million yuan ($14 million) annually through 2025 in order to build Beijing as a major global innovation hub for the digital economy. Along with supportive policies and measures for the growth of the Web 3.0 industry, this plan is a component of Beijing’s concentrated endeavor to expedite the establishment of an internationally prominent innovation hub for Web 3.0. The Opportunities and the Challenges In spite of the fact that this ambitious strategy demonstrates a serious dedication to the expansion of the Web 3.0 business, it is essential to bring attention to the difficulties that are still to come. Among these are the recruitment of qualified individuals, the protection of the authenticity of blockchains, and the drafting of necessary laws and regulations. In spite of these obstacles, the document claims that at least thirty different provincial and municipal governments around the country have implemented rules or policies relating to Web 3.0 development . Implications for Deferred Compensation The term “decentralized finance” (DeFi for short) is not mentioned anywhere in the white paper, despite the fact that this is a subject that requires additional research. On the other hand, the Web 3.0 design places a significant focus on blockchain technology and platforms that facilitate the circulation of digital assets, which hints at the possibility of a role for DeFi. It is anticipated that Web 3.0 will completely transform the internet; hence, its development may have substantial repercussions for the decentralized finance industry. This could have repercussions for decentralized lending, yield farming, and tokenized assets, among other things. Conclusion The publication of the “Beijing Web 3.0 Innovation and Development White Paper” is an important step towards the development of the Web 3.0 sector in China as well as in other parts of the world. The implications for DeFi are not directly spelled out; nonetheless, the emphasis on blockchain and digital assets reveals potential paths for DeFi’s integration and expansion inside the Web 3.0 framework. This is despite the fact that the implications are not specifically put out. The future of decentralized finance appears to be entering a brand-new and exciting period of innovation and expansion just as China assumes a prominent position in the development of Web 3.0.

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