China’s Commitment to NFTs and DApps Despite Cryptocurrency Ban
China is continuing to promote the development of non-fungible tokens (NFTs) and decentralized applications (DApps), showing a strong commitment to blockchain technology despite the recent ban on cryptocurrency trading. The Chinese Ministry of Industry and Information Technology has announced its intention to create strategic documents outlining the growth direction of web3. The government will focus on key sectors such as governance and industry, encouraging the exploration of new business models like NFTs and DApps. The goal is to accelerate application innovation and build a digital ecosystem for Web 3.0.
China RealDID: A Decentralized Identification System
The Blockchain-based Service Network China recently introduced China RealDID, a nationwide decentralized identification system developed in collaboration with the research institute of the Chinese Ministry of Public Security. This system allows users to register or access commercial websites using their DID addresses and private keys, ensuring advanced security and privacy. Despite the ban on cryptocurrencies, China’s advancements in blockchain technology are evident, particularly with the introduction of decentralized identifiers with real names in the Web3 domain.
The Advancement of Artificial Intelligence in China
The artificial intelligence (AI) industry in China is experiencing significant growth as companies seek to increase productivity. Notable advancements include Xinhua’s introduction of an AI-based news anchor in 2018 and the emergence of virtual influencers like Lili Ziren. Major technology giants like Alibaba, Baidu, and Tencent have also heavily invested in large-scale AI models, expanding its scope across various sectors. There is a growing fascination for content generated by AI, demonstrated by its integration into China’s billion-dollar live streaming industry and the creation of digital avatars based on this technology.
Hot Take: China’s Persistence in Blockchain Innovation
Despite the ban on cryptocurrency trading, China remains committed to blockchain innovation. The government’s focus on promoting the development of NFTs, DApps, and decentralized identification systems demonstrates its determination to explore new business models and accelerate application innovation. China’s advancements in blockchain technology and artificial intelligence highlight its position as a global leader in technological innovation. By embracing these technologies, China is shaping the future of digital ecosystems and positioning itself at the forefront of the Web 3.0 era.
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