Roundtable Forum: Web3 Revolution and China Opportunity

The “Calling Web3 in the Center of the World” event hosted by Golden Finance held the first AMA with the theme of “Web3 Revolution and China’s Opportunities”. The guests were Luo Jinhai, founder of Quantum Selection and initiator of 2140, and Iris, a senior legal person in the field of digital economy. Yuan Jie, the owner of Conflux tree map investment promotion.


Moderator: Our title today is “Web3 Revolution and China’s Opportunities”. From 2021, that is, last year, US congressmen openly said that after the Web3 revolution takes place in the United States, whether China will take measures for the Web3 revolution has become a topic of great concern to everyone. Including our guests today, there are also those who hold the opposite view. Today’s guests include KOL Mr. Luo, Mr. Yuan Jie, who is on the front line of developers, and Mr. Liu, who often deals with regulatory agencies. First, let the guests introduce themselves .

Luo Jinhai: I am the CEO of Quantum School and the initiator of 2140. These two identities.

Yuanjie : Hello everyone, I am Yuanjie. I am currently working in the conflux public chain. It is understandable that my position is the investment director, mainly to attract some entrepreneurs to the ecology, actively communicate with the capital and the supervision, and hope to be able to come for entrepreneurs. Create a sky, basically a character like this.

Iris: I’m Iris, a lawyer from the team of lawyer Liu. Our team of lawyers is located in Shanghai. The main business direction is the analysis of civil and criminal cases in the Crypto field and project compliance. Our team has been deeply cultivating this field for a long time. The team of lawyers has handled more than 200 cases in the field, and has also written two related legal books. They have been tracking industry practice for a long time, including legal and regulatory developments. I am very happy to come over and communicate with you today.

Moderator: Okay, we will officially start the AMA. First of all, I would like to ask the teachers to clarify their own views, that is, whether the Web3 revolution will have nothing to do with China, and then include the reasons for your opinion .

Luo Jinhai : Actually, it’s not the problem of web3, it’s just that Web3 goes back to the blockchain, including early cryptocurrencies. For example, I may have been working on some e-commerce platforms related to cryptocurrencies in 13 years, as well as third-party payment. From the perspective of the development of the entire history, compared with the policies of the United States in the early days, China’s early national financial management policies were relatively moderate.

The more professional financial officials represented by Zhou Xiaochuan are relatively mild to Bitcoin, including the blockchain industry that emerged later. After 2017, including especially these few years, it may be completely one-size-fits-all feeling.

If you want to show your point of view, it mainly depends on how to define the Web. In my opinion, Web3 is still a low-level technology, and it is just an extension of encryption technology. If Web3 is defined as an extension of encryption technology, it may have a higher probability of development abroad. If web3 is defined as an explicit application more related to the Metaverse, there is still a lot of room for development in China. It depends on how to define web3.

Iris: My personal view is that Web3 is definitely China-related, for several reasons. First, everyone thinks that it has nothing to do with China. The general reason is actually regulation. In fact, as lawyers, we understand the logic of supervision very well. I think the regulation in the future may actually be liberalized.

Second, there are talents paying attention to the application of Web3, as well as the consumer market, including the recent influx of large capital such as China Gold Guosheng, and a lot of domestic traditional Web2 capital, so the Web3 ecosystem has great potential value waiting to be discovered, as long as supervision is required. Once it is released, it is actually relatively easy to build an ecology.

Third, at the policy level, there are a lot of problems now, and there is no other way but to pursue stability first across the board. In the future, when a good path is explored in the United Kingdom and the United States, we can consider joining again and let it go properly. It will not be too late, because we actually have the infrastructure, talents, and technology.

Yuanjie: In view of the current national conditions, Web3 is a relatively broad track. Regarding the digital currency-related things in Web3 digital assets, China’s policies are obviously discouraged in the short term. It should be said that there will be no great progress in the development of this part. . But digital assets are something far bigger than the concept of digital currency.

Some new categories of digital assets are now extended. Let’s take NFT as an example. NFT can include encrypted art, PHP avatars, virtual world land, virtual characters’ wear, and membership cards. The digital assets that can be referred to are very Many, these digital assets and digital collections are encouraged to develop. Although there is no clear guidance for the secondary market, major Internet companies are actively doing primary distribution, and even many official media of the party are doing distribution.

I think a large part of the development of Web3 digital assets is related to content, such as Mirror and Poap that we have seen. There is also the marketing method of co-ownership of IP related to the boring ape launched by Yugalabs, which is the new direction and attempt of the entire Web3 business.

Many people will ask me if there is no token economics, how do you make this thing web? In the face of this doubt, I have a few opinions:

First, currency is not allowed in China, but it does not say that tokens or assets are not allowed. Our domestic erc1155 is a popular protocol standard for issuing digital collections. It can have the price of the secondary market to some extent, and at the same time use a picture or membership card to express its economic logic, and its price can also fluctuate. The same The economic model of the token that can drive it. Therefore, it is too one-sided and too arbitrary to say that an economic model cannot be made at all.

Second, many things about token economics have obvious logic of Ponzi economics in them. If the Ponzi thing is not well controlled, it will eventually crash, for example, and many users will be harmed. Denying that many early users must have tasted a lot of sweetness, but new users will face harm. First of all, token economics is not a panacea. There is room for flexibility in China, but it should not be overused.

I think that there is actually a lot of room for Web3 in China to do it, but you have to be very clear about where the red line in our country is now. Do not target Chinese users.

Moderator: People pay attention to Web3 and China, but they still have great expectations for China. Today, people call Web3 the Web3 revolution, which is even comparable to the Great Voyages and Geographical Discoveries of the year. So I would like to ask several guests, what are the major differences between Web3 and Web1’s and Web2 mobile Internet?

Luo Jinhai: Let me respond to the previous topic first. Our regulatory issues are not just for Web3. Too many industries are regulated, and this kind of regulation is completely borderless or even lawless. This is something we need to consider. of.When normal industries are subject to such strong supervision, what is the level of supervision at the Web3 level?

Let me give an example. A friend just mentioned that about digital products, we have a project that directly cooperates with Tencent, which is somewhat similar to Magic Core. Its underlying code is actually open and can be used for secondary transactions, but there is no such thing as Any project dares to do secondary development and underlying transactions.There is no problem in the supervision of digital collections, but no one dares to go to secondary development. What is the direction of such a trend?

If we define web3 as a readable and writable database owned by individuals based on web1.0 and 2.0, the back of web3 is the blockchain, and the back of the blockchain must be followed by tokens or tokens, which is a kind of value The bearing of the currency is not to say that it is currency. The core of Web3 is digital equipment and economic system. Those VR, virtual space, and AR are just appearances.

The reason why everyone recognizes Web3 is because many tech and financial elites understand that the blockchain is doing technical support, followed by a wealth system to support beliefs. If there is no wealth, will everyone care about the concept of the Metaverse? In 2015, it was enough that everyone was shocked by VR. So there is no way, there must be these things, not necessarily called tokens, but a kind of value carrier.

Many people are particularly willing to turn a good thing into a scam, but this is a private matter. From the perspective of legal supervision, there must be a very clear regulatory boundary. One size fits all will only make people who really do things afraid, not Frighten scammers. I made a project called 2140. We have been working on this project for 4 to 5 years, but we dare not touch the token economics, we can only make it an ordinary game.

It is such a project. When we sent a digital product to China Post, China Post was very worried, saying that we couldn’t do this together. Let’s not think that the officials know how well they are, they are actually confused.

The second question that the host just mentioned is that Web3.0 is a revolution. The reason why it is defined as a revolutionary technology is because we have seen the great changes brought about by Web2.0.

From a technical point of view, Web 2.0 is nothing special, it just turns things that cannot be moved into mobile phones that can be carried with you. The revolutionary lies in the combination of mobile terminals and lifestyles.

I personally think that web3.0 is still an extension of technology. If Web3 is a revolutionary thing, it is that all my data behaviors on the Internet can be transformed into personal wealth. This is the most direct and obvious. A lifestyle change should be combined with the lifestyle.

Yuanjie: In my opinion, the most intuitive thing about digital assets is to have a piece of data, and the next ability is to trade it, that is, to sell it.

Today’s author creates a picture or a video, which can be turned into an NFT, and can sell the ownership of the NFT. In the past, these artists could only to b, for example, if the video was published on a video website, they still had to rely on the platform. Now they can c. This may be the first business model to be explored.

Moderator: Mr. Yuan Jie responded to Mr. Luo’s question about China’s supervision.

Yuanjie: Our country does not benefit from finance. It is still a big manufacturing country. Accepting the financialized system will bring great impact. But I’m not in power, and I can’t predict the far-reaching consequences.

I think the openness and embrace of Web3 may be a good way to try it first from Hong Kong and Macau.

Moderator: Unclear supervision is indeed a problem. Web2 is regulated so strictly, not to mention Web3. What does Iris think about the Web3 revolution?

Iris: I would say a few words from a legal point of view, from readable and writable to ownership, entering the era of the Token economy has a great impact on our current laws.

Take NFT as an example, the original ownership of the picture property is to solve the problem of intellectual property rights, but more infringement problems are derived. And what exactly do you get by buying such an nft? Is it the intellectual property of acquiring a digital work, but the copyright of the physical work? It doesn’t seem to have either.

Including civil and commercial law and financial law, the entire system may develop, and there is no way to use the original real rights, creditor’s rights and property rights to put these token nfts and these things. It may contain real rights + creditor’s rights + intellectual property rights, which is very Comprehensive stuff.

Moderator: We talked about supervision just now. There is an old saying that if you pipe it, you will die, and if you let it go, you will be in chaos. I would like to ask the distinguished guests again, that is, under the complex supervision and public opinion environment in China, what should be done from regulators, industry practitioners, and then ordinary users to balance management and chaos, including the relationship between supervision and innovation .

Luo Jinhai: I think there will never be a way to solve it. Because it involves human nature and culture, we have developed the value of money first, and we need to calm down and create. That is a natural contradiction.

First, it’s a systemic, structural issue, as it extends to our social safety net and cultural values. If you don’t have the most basic guarantees, you are required to do low-level technical research, including long-term planning for the future. I think it is difficult to do it. This is not a problem of any individual, but a comprehensive social problem.

Secondly, our own genetic evolution is far from keeping up with technological progress. We are not worthy of technologies such as Web3.0, and it is not necessary for us to pursue it.

Web1 brought us overall progress. We saw the gathering of social elites, absorbing global intelligence, and finally promoting the progress of globalization. However, when we arrived at Web2, we found that technological progress did not bring overall social progress, but populism and other anti-globalization. The trend of chemicalization has appeared, and it is difficult to reverse this trend.

The things that Web3 brings will be even more terrible. When all things are financialized, can we hold such things?

This is a social structural problem and a problem of human nature itself, and because the basic social security at the bottom of our country has not been done well, there is no way to make a longer-term plan.

Iris: Mr. Luo has a very macro perspective. Based on my own background in the direction of financial law, I will talk about how to balance the relationship between supervision and innovation.

The first is indispensable for innovation supervision. Law is a benign and orderly infrastructure of the industry, and it is a problem of innovation boundaries. Laws need to be maintained to keep pace with the times, and they need to be iterated continuously. Good legal supervision can guide innovation and avoid the phenomenon of bad money driving out good money in the market. Although short-term supervision may cause pain to the industry, in the long run, it can encourage practitioners to continuously explore value.

Second, regulatory innovation in the Web3 field has so far been difficult to say to find a balance. There are currently three ways to supervise financial innovation in our country. The first is sandbox supervision, which means to do pilots, but in fact the sandbox supervision is not very effective; the second is called selective supervision. If something goes wrong, the supervision will intervene, but this method is not fair to many innovators and entrepreneurs; the third is called rule-expanding supervision. A typical securities market has this kind of high-frequency trading. Its supervision It is through judicial expansion and interpretation of legal provisions. I think your essence is a securities business, so I want to bring you into the scope of supervision.

In the Crypto industry, our domestic supervision is one-size-fits-all. To put it bluntly, it means that we don’t know who is in charge of it and how to manage it. The development of our country’s financial market and financial legal system is following the way of European and American countries.

Most of the tokens in the US market, if the SEC wants to manage, basically can put on the 4 items of the Howey test, saying that you are not a utility token, but a security token, and the behavior of issuing tokens is issuing unauthorised tokens. Registered securities, and then ask you to fine you to confiscate, but in fact, the SEC can’t supervise it at all. In the United States, it may issue a new bill next year, which will change the Howe test and loosen the previous very strict supervision policy.

Third, despite the strong supervision of the Web3 industry in our country, there are still many investment banks, consulting companies, and VCs studying this field.

Scholars from top universities are paying attention to this field, studying the legal issues of nft, considering cross-border disputes in the encryption industry, and how the national financial justice should respond. The goal of the establishment of the Beijing Financial Court is to expand the internationalization of financial justice. Expanding interpretation to deal with these financial innovations without a legal basis is a path our civil law countries can take.

Moderator: I would like to summarize the views of several guests. One is that supervision needs to be professional and there will be fewer loopholes, but it needs to have good interaction with the society and the people. The next question is,big funds are pouring into the web3 field. Where are the main opportunities for Chinese people on the web?

Luo Jinhai : After the article I wrote last time, “web3 has nothing to do with China”, many people sent me private messages to talk about it.

If it is related to web3 or the lowest-level technology related to blockchain, it is not yet in China. Whether it is a public chain, a wallet, or some relatively high-quality smart contracts, it is difficult to do well in China. If we talk about the possibility of starting a business, I think it may still lie in the chain game, but this place needs to be persistent, because many of our games are cutting leeks.

Games can be combined with web3 technology, including the intervention of identity and the combination of economic systems, but many interactive technologies are still Web2. All in all, games are our strengths and our strengths at the application level.

Iris: I am personally optimistic about two tracks, one is Gamefi, but it is still in a very early stage, and now most of them are plates, and the playability of the game is too bad. If you can’t make money, everyone will soon abandon it. Stephen took it a step further and let you, the combination of virtual and reality, make the game really a part of the user’s life.

The second is encrypted art. At present, encrypted art is actually generative art. The traditional gallery model is moved to the blockchain, and then there is a new marketing method for artists to let the excellent traditional culture in our country go. go out.

The third is the content creation platform. The experience of Mirror is actually not very good, but in the future, there may be companies like this kind of unicorn. If the user experience is improved, I think such applications are actually promising. of.

Yuanjie: We are doing infrastructure, maybe we still have some probability. Ethereum has its limitations and its cost. These are real problems. We are also doing infrastructure, not ours. The technical ability is not good, it is subject to the development of the entire ecology. I think we still have opportunities at the infrastructure level.

At the application level, this is what we, right, Chinese people are good at.

There is a digital wallet in our ecosystem. It only displays digital collections, which is compliant in China. Now there are 500,000 mobile phone users. It complies with Chinese supervision. If it goes to the international market, everyone is more You can let go of your fists.

Xiao Jiao: Hello everyone, my name is Xiao Jiao, I focus on the education of web3 in NFT, which is the application of digital products. At the beginning, Mr. Luo mentioned the definition of the concept of web3. I want to chat with you here.

Gavin Wood’s definition of web3 is the possession of an asset, whether online or offline, if it can be combined with the application of blockchain, it is Web3. If I can confirm the rights on the blockchain, I can create and handle all of these assets independently and independently. When everything is clear and transparent, this is Web3.

A friend sent me a message this morning and told me that the domestic public chain could not do it, and domestic supervision related things are not allowed. But I think conflux is like the city of Shenzhen. The reform and opening up began in Shenzhen. Trial and error or experimentation here is very precious, so I cherish it. Now I am working hard to promote conflux and the corresponding ecological applications.

In fact, these two years will be a bear market. Since they are both bear markets, it is a good time to accumulate capacity for our own infrastructure, and do a good job in basic skills and ecology.

Moderator: I feel that the two are actually not contradictory. Although there are regulatory uncertainties, there are also reform attempts and innovations in China. Yesterday, Mr. Zhou Hang from Yidao posted an article saying that Chinese entrepreneurs must The era of sailing has grown, and our excellent entrepreneurs are going to sea. In fact, the two may go hand in hand.

Then we will ask another question, as ordinary users, how do ordinary people avoid risks and seize dividends in web3.

Iris: Programmers and technicians are more influx of Web3. I think if there are more people from other backgrounds in this industry ecology, the ecological construction will actually become more and more prosperous, in fact, it will become more and more prosperous. OK

Grab the bonus, there will definitely be unicorns born in each different sector. It is difficult for ordinary people to conduct in-depth research on a project. If you are optimistic about the entire industry ecology, you should do something with a greater grasp, and you will invest in a large market.

Yuanjie said: The bonus thing actually lies in the degree of your participation. The deeper you participate, the more you will have the bonus, and there are too many ways to participate.

I think whether it is to participate in the ecology of domestic digital collections, to buy some avatar projects such as PHP that I find very interesting, or to participate in the purchase of encrypted art on the encrypted art platform, you can feel it with very little money, You go to DeFi and GameFi content, just spend your spare time doing something, and you can enjoy the dividends.

I am a person from the last bull-bear cycle. I am a financial hobbyist myself. At that time, DAI was still very new in 2018 and 19. When others were speculating on the exchange, I dared to put When the coin was put on the chain, I used the little fox to try uniswap. I tried compound, and I received the UNI token, but I don’t think I was rushing to brush the airdrop at that time, I was just out of my curiosity. go.

I think you do it out of love and interest, not just out of wealth, but wealth will naturally reward you. When the next bull market comes, all of your behavior accumulated in the world of web three.

A lot of people are airdrop hunters. I actually don’t encourage them, because I think it’s actually anti-humanity. He actually spends a lot of time doing repetitive actions, and finally asks the masses to report the masses to each other.

If you want me to discuss and share some web3 experience or knowledge with you, I highly encourage everyone to record their own learning and experience on Twitter. You record what you experience and learn every day. Put it on twitter and organize it in an orderly manner, when you want to write something down, you can’t babble, you need to organize it logically, this time will force you to think and learn As well as practice, it is meaningless to write things out of you, and I have practiced this myself. In the process, you may gain fans, you will also gain knowledge, and you will also gain your dividends in this industry in web3 the process of.

Moderator: Thank you, Mr. Yuanjie, for his speech, which is very exciting. Someone said that a very famous person said that writing is a very profitable behavior. Writing organizes your thoughts very well. We at web3 have new products emerging one after another and need your curiosity.

Thank you very much for your wonderful speeches, I learned a lot this afternoon. Thanks to the partner media of this AMA, The Way of DeFi, Foresight News, Chain Catcher, MarsBit News, Planet Daily, Panews, Deep Tide and the 0x499 community.

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