Tag: Web 3.0

Huawei Cloud Introduces Advanced Web 3.0 Services to Enhance Hong Kong’s Digital Landscape

by Blockchain News

Huawei Cloud has announced the launch of several innovative Web 3.0 services and technologies during the TechWave Web 3.0 Special Day. The event, co-organized by Cyberport Hong Kong, Institute of Web 3.0 Hong Kong, and Techub News, took place at Cyberport Hong Kong and witnessed the unveiling of blockchain services such as the Web 3.0 Node Engine Service (NES) and QingTian Enclave Confidential Computing.

A significant highlight of the event was the inauguration of the Web 3.0 Zone in Huawei Cloud KooGallery, which now hosts the first ten partner applications. The event attracted industry stalwarts including Peter Yan, CEO of Cyberport Hong Kong, Yang Wang, Vice President of Hong Kong University of Science and Technology (HKUST), and Gao Jianghai, President of Huawei Public Cloud Business Department. The gathering facilitated discussions on the growth, infrastructure, and application compliance of the Web 3.0 industry, as well as the merging of digital and physical realms.

Cyberport CEO, Mr. Yan, emphasized the organization’s role as a central hub for Web 3.0 in Hong Kong. He mentioned, “As the largest Web 3.0 community in Hong Kong, we aim to utilize our comprehensive innovation and technology (I&T) ecosystem to bridge sectors like smart living, FinTech, and digital entertainment, promoting collaboration and innovation within Web 3.0 projects.”

HKUST’s Vice President, Mr. Wang, highlighted Huawei Cloud’s pivotal role in propelling Web 3.0 in Hong Kong. He stated, “Huawei’s global vision and strategy will significantly elevate Hong Kong’s position in the global Web 3.0 arena, thereby boosting the region’s digital economy.”

Mr. Gao from Huawei Public Cloud Business Department pointed out the technical challenges the Web 3.0 industry currently faces. He said, “By leveraging Huawei’s 30 years of experience in ICT, combined with hardware and software synergy, we are confident in addressing these challenges and advancing the Web 3.0 industry.”

Huawei Cloud has introduced a hosting service tailored for Ethereum staking nodes, enhancing staking validator efficiency to over 99%. The QingTian Enclave security framework ensures end-to-end data encryption, providing a secure environment for applications and data on elastic cloud server instances. Additionally, with innovations like ZK Rollup hardware, Huawei Cloud aims to reduce average transaction confirmation times from hours to minutes.

In its endeavor to develop the regional Web 3.0 industry, Huawei Cloud has launched the Web 3.0 Zone on KooGallery. This platform collaborates with industrial parks, universities, and research institutes to foster skill development, ecosystem growth, and developer engagement.

Furthermore, Huawei Cloud’s Blockchain Service (BCS) has developed over 400 industry application scenarios across seven key sectors. The company’s vision is to establish an open blockchain platform that promotes cross-industry innovation and accelerates the integration of Web 3.0 technologies with the real economy.

Concluding the event was a roundtable discussion that delved into topics like Web 3.0 infrastructure innovation and on-chain user security. The overarching aim is to cultivate a collaborative and beneficial Web 3.0 industry ecosystem in Hong Kong.

Huawei Cloud, with its Everything-as-a-Service strategy, is committed to providing Web 3.0 customers with globally distributed computing power and establishing a secure Web 3.0 infrastructure on the cloud. The company’s mission is to foster a sustainable industrial ecosystem in Hong Kong with a global impact, propelling the growth of the region’s Web 3.0 industry.

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What Is Web 4.0?

by Blockchain News

Web 4.0 (or Web4) is an innovative concept outlined by the European Commission, designed to compete with the rapidly emerging trend of Web 3.0, which is gaining significant momentum in countries or regions such as the USA, Mainland China, Hong Kong, and Singapore. The Commission’s vision for Web 4.0 aims to position the European Union at the forefront of the next technological transition, surpassing the decentralization of Web 3.0.

Characteristics

Web 4.0 is anticipated to provide truly intuitive, immersive experiences by seamlessly integrating digital and real objects and environments, enhancing interactions between humans and machines. This integration is expected to be achieved through advanced artificial and ambient intelligence, the Internet of Things (IoT), trusted blockchain transactions, virtual worlds, and extended reality (XR) capabilities. It is expected to be driven by open technologies and standards that ensure interoperability between platforms and networks, and freedom of choice for users.

Virtual Worlds

Virtual worlds, integral to Web 4.0, are immersive 3D environments that merge virtual, digital, and physical realities, offering highly interactive experiences. These environments persist and evolve even without user interaction and serve diverse purposes, including design, simulation, collaboration, learning, socializing, transactions, and entertainment.

These next-generation virtual worlds are finding applications across sectors such as education, healthcare, manufacturing, and public services, transforming the way we learn, work, and interact. However, they also present challenges, including privacy, security, ethical considerations, and societal impact, necessitating a balance between opportunities and risks.

In the EU, approximately 3,700 entities operate within the virtual worlds subdomain, contributing to about 24% of the global total. Policymakers are tasked with fostering economic growth and digital evolution while ensuring the creation of responsible and fair virtual worlds.

Opportunities

Web 4.0 and virtual worlds hold significant opportunities across industrial and societal domains. In manufacturing, virtual twins can help optimize production processes, making them more efficient and sustainable.

In the cultural and creative industry, virtual worlds offer new ways to create, promote, and distribute content and engage with audiences. In education and training, especially in the medical field, virtual worlds can be used for simulations, reducing risks and improving accuracy.

Virtual classrooms can enable students and teachers to visualize abstract subjects or simulate scientific experiments without taking any risks.

Challenges

Web 4.0 and virtual worlds also present several challenges, including issues related to awareness, access to trustworthy information, digital skills, user acceptance, and trust in new technologies. There are also broader challenges related to fundamental rights and business challenges such as ecosystem fragmentation and access to finance.

EU Strategy

The European Commission has launched a strategy for Web 4.0 and virtual worlds to steer the next technological transition and ensure an open, secure, trustworthy, fair, and inclusive digital environment for EU citizens, businesses, and public administrations.

The strategy aims to empower people and reinforce skills, support a European Web 4.0 industrial ecosystem, support societal progress and virtual public services, and shape global standards for open and interoperable virtual worlds and Web 4.0.

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Northern Trust Partners with NUS to Advance Blockchain for Institutional Investors

by Blockchain News

Nasdaq listed company Northern Trust (NTRS), the National University of Singapore’s School of Computing (NUS Computing), and the Asian Institute of Digital Finance (NUS AIDF) have announced a series of initiatives aimed at shaping the future of blockchain for institutional investors.

Northern Trust, a leading provider of wealth management, asset servicing, asset management, and banking services, has a global presence with offices in 25 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East, and the Asia-Pacific region.

On 23 June 2022, Northern Trust established a new group, the Digital Assets and Financial Markets group, to support the rapidly growing digital asset markets and traditional securities services markets. The group, led by Justin Chapman, aims to address the evolving needs of both digital and traditional marketplaces.

As of March 31, 2023, Northern Trust had assets under custody/administration of US$14.2 trillion, and assets under management of US$1.3 trillion.

The strategic partnership comprises a joint research project titled “Custody in the age of digital assets.” This project explores various methods for maintaining control and possession of digital assets on third-party blockchains, and strategies for clients to achieve a real-time view of assets across digital and traditional markets. The research is part of the Singapore Blockchain Innovation Programme (SBIP), a national-level partnership anchored at NUS Computing, which investigates the institutional use of blockchain and the application of new technology in the banking industry.

The collaboration also includes a Memorandum of Understanding (MoU) with NUS AIDF, signifying Northern Trust’s commitment to fostering the Fintech ecosystem in Singapore. Northern Trust is currently mentoring Insightic, a RegTech start-up incubated at AIDF, focusing on risk assessment for Web 3.0-based virtual asset service providers. With its expertise in blockchain, Northern Trust is assisting the start-up in refining their product-market fit and go-to-market strategies.

Additionally, Northern Trust and NUS Computing have agreed to offer an industry-linked internship opportunity to a student in the Master of Digital Fintech program. This five-month program will expose the intern to the critical market advocacy and digital development work that Northern Trust is leading in the Asia-Pacific region.

Justin Chapman, Global Head of Digital Assets and Financial Markets at Northern Trust, stated that the partnership with NUS is a significant step in their strategy to provide thought leadership and develop future leaders who will shape the industry.

Northern Trust’s Digital Assets and Financial Markets is the bank’s single group unifying digital and traditional market functions. It focuses on helping clients navigate the rapidly evolving digital markets and the challenges of investing in digital assets alongside allocations to more traditional asset classes.

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What is Web3?

by Blockchain News

Web 3.0, frequently abbreviated as Web3, is often recognized as the upcoming or third generation of the internet. It builds upon Web 1.0, characterized primarily as read-only, and Web 2.0, which introduced interactive user-generated content and sharing capabilities.

Key components of Web3 include:

Decentralization: In a departure from the single-server model owned by one entity, data and operations in Web3 are distributed across a network, enhancing both fairness and resilience.

Blockchain: Functioning as the backbone of Web3, blockchain provides decentralized data storage and operations. It enables asset transfers that are more efficient than traditional methods, which typically depend on third-party trust. Blockchain technologies become even more important with the pervasive influence of AI in Web3, serving as a safeguard against potential AI missteps. Blockchain is currently the only technology known to guarantee immutability, making it critical in the creation of a constitution that governs AI behavior.

Smart Contracts: These are autonomous contracts coded to execute specific actions when predefined conditions are met.

Interoperability: This attribute ensures a smooth interaction between different systems and resources within the Web3 ecosystem, encouraging effective synergy among various platforms and systems.

Data and Privacy: Contrary to the traditional model where data is stored on a central server owned by a single entity, Web3 aims to scatter data across a network using blockchain technology. This offers users greater control over their data and enhances the system’s resilience to failures or attacks. This framework also fosters stronger privacy protection. In the Web3 era, users will likely own their data, and companies wishing to use it may need to compensate the users. Moreover, decentralized or blockchain identities could become commonplace, making it virtually impossible to fake identities. This is particularly relevant in the era of AI like ChatGPT, where the line between AI and human is blurring. Initiatives like Sam Altman’s Worldcoin are examples of efforts towards blockchain identity.

Trustless System: The decentralized nature of Web3 eliminates the need to trust a single authority. The transparency and immutability of blockchain make this a reality.

New Monetary and Financial System: Web3 introduces a new monetary paradigm, with Bitcoin being the prime example of a cryptocurrency created through computational power, moving beyond the traditional fiat money system backed by national credit.

Web3 is a vision for the future of the internet, and strides are being made to make it a reality. Examples of web3 technologies or projects include Ethereum, Polkadot, Filecoin, and IPFS, which are being further developed as the foundational elements for this new internet.

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China Mobile Launches Metaverse Industry Alliance, Involving Tech Giants Like Huawei and Xiaomi

by Blockchain News

On June 28, 2023, in Shanghai, China Mobile announced the formal establishment of the China Mobile Metaverse Industry Alliance during the Mobile World Congress (MWC) Shanghai 2023. This initiative marks a significant stride in China Mobile’s strategic foray into the rapidly expanding metaverse landscape.

The alliance, comprising 24 initial members including Huawei, iFlytek, Xiaomi, and Mango TV, aims to foster collaboration, sharing of resources, and mutual development in the realms of metaverse content creation, XR devices, key technology, and computation network.

Highlighting the inaugural event, alliance members, such as Mango TV, iFlytek, BrightWeb, Unity China, HTC, Haima Cloud, and Nolo VR took part in the establishment ceremony, signifying the first algorithmic network ecosystem alliance for the metaverse.

To bolster the efficient operation of the metaverse industry alliance, China Mobile also unveiled a funding initiative that includes one fund and four support policies. The “Metaverse Investment Promotion Center” will be established under the China Mobile and Creation Fund, offering financial services to the alliance members and granting support to outstanding metaverse projects, technologies, and companies.

Moreover, China Mobile has introduced the first metaverse industry standard, leading the development of the first domestic XR device interconnection standard GSXR, which aims to guide the development of the XR industry and promote the construction of metaverse industry standards.

Recognizing the metaverse as a crucial vector for digital economy and construction of Digital China, China Mobile envisions the alliance to further the concept of standard co-construction, resource sharing, and joint development for a mutually beneficial growth in the digital economy.

China Mobile is actively engaged in cutting-edge technologies including blockchain, Metaverse, and Web 3.0. Back in April, China Mobile International initiated the Hong Kong Web 3.0 Institute with the aim of amplifying Hong Kong’s prominence as a pivotal center for Web 3.0 and Metaverse development.

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Beijing’s Chaoyang District to Invest RMB 100 Million Annually to Foster Web 3.0 Ecosystem

by Blockchain News

In the Web 3.0: Future Internet Industry Development Forum held today at Zhongguancun, Yang Hongfu, the director of Zhongguancun Chaoyang Park Management Committee, announced a significant development plan. Starting this year, Beijing’s Chaoyang District will invest at least RMB 100 million annually into the development and growth of the Web 3.0 industry ecosystem.

This investment is aligned with the district’s three-year action plan titled “Chaoyang District Web 3.0 Innovative Development Action Plan (2023-2025).” By 2025, the district aims to position itself as a leading hub for Web 3.0 industry nationwide.

Web 3.0 represents the next phase of the internet, focusing on creating more intelligent, decentralized, and personalized web experiences. This forward-thinking initiative reflects the local government’s ambition to foster innovation and technological advancement, positioning Chaoyang at the forefront of this transformative industry.

With the annual investment, Beijing’s Chaoyang District seeks to catalyze the growth of the Web 3.0 industry and facilitate the development of a vibrant tech ecosystem. The move is expected to attract cutting-edge companies, ambitious startups, and innovative talent to the district, fostering a culture of innovation and technology.

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Scan your dog and go walkies in the Metaverse: Virtual NFT pets get popular

by Cointelegraph

New research suggests that during the height of COVID-19, the number of people searching for a furry friend to keep them company hit new highs – not only physically but also in the Metaverse.

The question is, are tokenized pets here to stay, or are they a pandemic fad?

The Metaverse is widely regarded as the next iteration of the internet as a virtual world or web 3.0, facilitated by virtual and augmented reality.

There are a number of ways to purchase or adopt a pet in the Metaverse, and they each have varying utilities. In the virtual open-world platform Decentraland, you can purchase a puppy and take it for a walk, or buy a fish and display it in a bowl on your dresser.

Another way to get a pet in the Metaverse is by simply buying an NFT image on a marketplace like OpenSea. What these examples have in common is that they both exist solely in the digital world. If you purchase an Axie on Axie Infinity, it doesn’t exist in the physical world too.

However, there are also projects gaining popularity that aim to blend the digital and physical world. For example, Classic Doge, which was created in Nov 2021, allows you to scan and tokenize a 3D rendering of your pet in the real world and bring them along into the Metaverse with you.

Head of Growth and Partnerships at Classic Doge Saylor Howell told Cointelegraph that although the pandemic may have provided an igniting moment for pet NFTs, they were an inevitable development of the Metaverse.

“If you look at the facts, the world is changing. And I think that it’s shaping up as a very good opportunity in the metaverse to start virtualizing the things that we love.”

Although the project is still in its infancy, Marketing Director Kade Cooper told Cointelegraph that the team’s long-term vision is to “become a gateway for bringing your real pet into the metaverse. Down the road, you could walk your dog again, have her sit down next to you even though she’s passed away,” he said.

Web traffic data referencing “pets” or keywords relating to dogs and cats on the NFT marketplace OpenSea peaked at over 636,000 in October 2021, according to data from intelligence firm SimilarWeb. By December, however, this number had dropped to 246,000.

The trend was consistent with web searches for NFT pets and related keywords. Similarly, searches peaked at about 206,000 during October before dropping to about 93,800 searches in December.

Related: Dog-themed coin and cool new avatars showcase true potential of the metaverse

The idea of NFT pets has also been generating interest among some experts in the NFT space, such as NFT blogger and Youtuber Matty DCL.

The idea of owning a virtual pet is far from new, even if it has never been so realistic. The idea of having a digital pet was popularized in the late ‘90s and early ‘00s, with Tamagotchi. In fact, Tamagotchi’s website attracted over 125,000 visits in Dec 2021, representing an increase of almost 750% from Dec 2019.