In a recent address at the Conversing on the Future: The Realization of Web3 Digital Dreams forum, Xiao Gang, a member of the 13th National Committee of the Chinese People’s Political Consultative Conference and former Chairman of the China Securities Regulatory Commission, emphasized that Web3 is not merely a technological innovation but also a transformation in mindset.
Xiao Gang highlighted the potential of Web3 technology to drive the development of the real economy through decentralized platforms. He pointed out that in the field of science and technology finance, Web3’s decentralized financial platforms can provide global funding sources for scientific and technological innovation companies, enhancing the flexibility and efficiency of financing and investment for entrepreneurs.
The technology also brings benefits in terms of smart contracts, which enable the automation of business logic execution and transaction transparency, thereby reducing operational costs and risks. In the field of green finance, Web3 can help establish a more transparent and credible carbon footprint tracking and trading system, improving the traceability and trustworthiness of green finance.
Moreover, Xiao Gang emphasized that Web3 technology can also lower the barriers to financial services in the field of inclusive finance. In the digital finance sector, Web3 has promoted the digitization of the financial market, such as through tokenization of various assets, which has made asset issuance more efficient and flexible. This has strengthened users’ control over digital assets, providing infrastructure and technical support for the in-depth development of digital finance.
According to Xiao Gang, Web3 is not just a technological innovation; it is also a shift in mindset. This perspective aligns with the existing knowledge that Web3 is more than just a new iteration of the internet; it represents a fundamental change in how we interact with technology and data.
Web3 is built on blockchain technology, which is known for its decentralized nature. This means that power is distributed among all participants, rather than being concentrated in a central authority. This decentralized approach has the potential to revolutionize various industries, including finance, healthcare, and supply chain management.
One of the key advantages of Web3 is its ability to foster innovation and collaboration. By removing centralized control, Web3 enables participants to create, share, and monetize their ideas and assets without the need for intermediaries. This, in turn, can lead to more efficient and transparent systems that are less prone to corruption and manipulation.
However, it is important to acknowledge the risks associated with Web3, such as the potential for illegal fundraising under the guise of virtual currencies or blockchain technology. In order to mitigate these risks, Xiao Gang and other experts have called for vigilance and responsible use of Web3 technology.
In conclusion, Web3 is not just a technological innovation; it represents a significant shift in mindset. By promoting decentralized platforms, smart contracts, and transparent systems, Web3 has the potential to revolutionize various industries and improve the lives of people around the world. However, it is crucial to approach this technology with caution and responsibility, ensuring that it is used for the greater good and not for malicious purposes.
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