On September 19, the 9th Blockchain Global Summit organized by Wanxiang Blockchain Lab was held at the W Hotel on the Bund in Shanghai. With the core theme of Next Stop, Web3.0, the summit focused on the three major fields of Web3.0, AI, and DePIN, and invited dozens of outstanding developers, experts, scholars and well-known project founders at home and abroad to discuss the future of the new era. Web3.0 world picture.

Mr. Xiao Feng, Vice Chairman and Executive Director of China Wanxiang Holdings and Chairman of Wanxiang Blockchain, delivered a speech. He said that the next three years will be a critical moment for the large-scale application of blockchain, because the technical framework of blockchain is gradually based on maturity, and subsequent performance improvements require specific scenarios to bring about greater changes, and product polishing requires combined with needs.

The following is the content of Xiao Feng’s speech.

Dear guests, colleagues, friends, and friends watching the live broadcast before the video:

Hello everyone, welcome to the 9th Blockchain Global Summit, which we have been hosting for nine consecutive years. During these nine years, I have received strong support from many colleagues and friends. Without everyones support, we would not have the determination to continue hosting the summit. President Ma has been participating in the summit for many years. I would like to express my special thanks to you! There are also many new friends today, including Mr. Qiu Tat-kan and Mr. Yam King-xin from the Legislative Council of Hong Kong. The joining of these new friends gives the summit the confidence to continue to be successfully held because we are constantly expanding the scope and content, and constantly bringing things to the participants new value.

It takes time to create a classic. As far as the summit is concerned, nine years is obviously not enough time for this summit to become a classic. We are very willing to work with everyone to continue to hold such a global blockchain summit and continue to do it well. The theme of this summit is called The Next Stop Web3.0. It should be said that Web3.0 almost covers technologies in the Internet, blockchain, metaverse, AGI and other aspects. Web3.0 is a general term. Web3.0 not only covers technology, but also involves innovative business models, organizational forms, economic mechanisms and financial models. We have invited experts, developers and practitioners from all walks of life to share their insights and bring value to attendees.

Blockchain is moving from the infrastructure construction stage to a new stage of large-scale application. The next three years will be a critical moment for blockchain application. Because in the next three years, the technical framework of blockchain will generally mature. Of course, there will be many details, whether in performance or other aspects, that need to be optimized and polished. But the subsequent performance improvements or detail polishing require specific application scenarios to bring about better changes. After the big framework is set, the polishing of the product needs to be combined with the needs. If there are no specific needs, how to optimize it? In which direction should we optimize? There will always be problems. So this is a mutually reinforcing and mutually reinforcing process. Once the big framework is set and the application is in place, you will know how to optimize the overall architecture during the application process.

The next three years will be a critical moment for blockchain to enter large-scale application. In turn, it will also be a stage for blockchain to prove that it can truly support the real economy, support technological innovation, and support the financial market. In the past time, it was a period of construction of blockchain infrastructure. We see the development of many technologies that have nothing to do with the real economy and specific application scenarios. At this stage, it is easy for people to think that these things are virtual and empty. The infrastructure does not have any relationship with specific application scenarios and scenarios. directly related to a specific need. But without the infrastructure construction stage, it is impossible for us to host large-scale applications on the blockchain framework. Any large-scale application of blockchain is ultimately inseparable from the core value of blockchain. What is the core value of blockchain? The core value of blockchain is that it is an open and transparent public ledger. This is a huge difference from Web2.0 or other previous models. The core difference is that it is a public ledger.

On such an open and transparent public ledger, strangers, even strangers around the world, can collaborate on a large scale and efficiently without friction to complete things of any complexity without the endorsement of various trust intermediaries. This It is the core value of blockchain. Including a very popular term during this period called RWA (tokenization of real assets). We have already seen attempts by financial institutions, including in Hong Kong, where a financial institution recently issued a tokenization of a US$200 million green bond. The only pity is that it was registered and issued on a private ledger. Of course, this is already a very great progress, but after all, it is registered on a private ledger. If these financial institutions can find a more compliant method to issue on a public ledger, the result will be that the assets issued on this public ledger will become Become an asset with global liquidity. Because the assets issued on the public ledger can be seen by the Chinese, Brazilians can see it, Chinese investors can invest, and Brazilian investors can also complete investment behaviors on the public ledger peer-to-peer. This is the real asset proxy of RWA. The future of monetization. We have seen that regulatory authorities in various countries have established new regulatory rules in this regard, and we have also seen that regulatory authorities have an encouraging and supportive attitude in encouraging markets like RWA to tokenize real assets. Through RWA, we have seen how blockchain technology supports the real economy and how it supports technological innovation. Like Hong Kong, using green bonds to issue on the blockchain is a very green approach. We’ve already seen blockchain support financial innovation. The applications established by blockchain have helped us establish a global work network, a global market network and a global financial network.

In recent months, we have seen tens of thousands of Chinese engineers developing products and applications directly on the ChatGPT or GPT 4 network, some working alone or in teams of two or three. There are thousands of developers targeting the global market, taking advantage of the global system, and launching their own products and services to the global market and global users, which is very successful. I think this is the kick-off of Globalization 2.0 in the digital age. Globalization is an unstoppable trend, although now it is beginning to recede due to geopolitical factors. But to see the beginning of the ebb of Globalization 1.0, Globalization 2.0 has already begun. A fundamental driving force for the launch of Globalization 2.0 is Web3.0. Because in a digital world, it is difficult for us to use geographical space to restrict Chinese engineers and Web 3.0 entrepreneurs. It is difficult to create physical and spatial divisions in a digital space. We are very much looking forward to the next stop and the arrival of the Web3.0 era.

I believe that Chinese developers and Chinese entrepreneurs can achieve greater efficiency and win a more global market, a global market that is larger than that in the Internet era.

I would like to thank all the guests, colleagues, and friends who attended the summit again, and thank you again for your continued support and help to the Blockchain Summit. Thank you all!