China Set to Draft Guidelines for Web3 Development with NFTs, DApps, Cross-Chain, and Privacy Computing

China Set to Draft Guidelines for Web3 Development with NFTs, DApps, Cross-Chain, and Privacy Computing

China’s central government has unveiled its strategy for the development of the country’s Web3 ecosystem. The Ministry of Industry and Information Technology disclosed plans to create a comprehensive document aimed at steering the growth of Web3 technologies, such as non-fungible tokens (NFTs) and decentralized applications (DApps). This strategic initiative also focuses on key aspects like cross-chain interoperability, privacy computing, and smart contracts.

China’s Web3 Development Strategy

The Ministry’s move comes in response to a positive reception of a proposal on Web3 industry development from various influential entities. The forthcoming document outlines the government’s commitment to strengthening technical research and supervision, with a particular emphasis on supporting research institutions exploring cross-chain interoperability, privacy computing, and smart contracts. Additionally, the government plans to prioritize blockchain security, supervision, and governance, along with exploring alliance chain technology convergence and enhancing data security measures.

In an effort to boost international influence and rule-making power in Web3 development, China aims to foster international exchanges and cooperation, actively participating in global standardization activities related to Web3. The overarching goal is to increase the country’s presence on the global stage concerning Web3 technologies.

To enhance public awareness of Web3 technologies, the government intends to utilize science popularization platforms. These platforms will play a crucial role in promoting understanding of distributed digital identity and digital asset management. The government also expresses its commitment to supporting academic progress and technological achievements, ultimately fostering innovation in the Web 3.0 industry.

China’s integration of Web3 applications extends across various sectors, including healthcare, education, and tourism. The government, in collaboration with different departments, has organized blockchain innovation pilot initiatives that have yielded successful use cases in energy, copyright protection, rule of law, and trade finance. Standardization remains a priority, leading to the establishment of the National Blockchain and Distributed Accounting Technology Standardization Technical Committee, which has released China’s first domestic standard, the Blockchain and Distributed Accounting Technology Reference Architecture.

Blockchain Innovations and RealDID Initiative

The exploration of emerging technologies such as Web3, Metaverse, and NFTs has gained momentum in China. Independent alliance chain platforms, such as Changan Chain and Ant Chain, have been established to drive technological advancements and foster partnerships within the industry.

In a separate development, China has announced plans to employ blockchain technology for the verification of real-name identities for its vast population of 1.4 billion people. The Blockchain-based Service Network (BSN), China’s national-level blockchain initiative, unveiled the RealDID initiative. Spearheaded by China’s Ministry of Public Security in collaboration with BSN, RealDID will enable users to register and log in to websites anonymously using decentralized identity (DID) addresses and private keys. This innovative approach ensures the separation of personal information from business data and transactions.

Notably, in October, Chinese state media reported that the country’s top six social media platforms, including WeChat, Sina Weibo, Douyin, Kuaishou, Bilibili, and Xiaohongshu, would require content creators with over 500,000 or 1 million followers to publicly display their real names or the names of their financial backers.

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Source(s): Crypto News

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