By Shelly Melancon (Switzerland)
During the next five years, China’s largest city, Shanghai, plans to foster the growth of nascent technologies. This includes the metaverse, Web3, NFTs, and blockchain.
Shanghai Releases Draft Of Five Year’s Plan
On the 13th of July, the state’s government released a blueprint of the five years plan. According to the title of the plan, it would center on developing Shanghai’s virtual economy.
The paper outlines its purpose of supporting the deep unification of digital tech and the state’s economy. Also, scientists are currently evaluating the technical prospects while entrepreneurs are uncovering the market need.
Furthermore, the proposal calls for aid for businesses that study and foster the digitization of NFTs and other assets. It also clamors for funding for firms that want to build NFT marketplaces.
The development of blockchain tech is encouraged in a distinct part, and Shanghai pledges to create a blockchain development environment with robust innovation activities and autonomous governance.
Additionally, there is room for Metaverse projects. The local authority intends to quicken the development of the system for communication between the real world and the digital world.
Also read:Moreover, this would involve implementing core technologies and promoting the creation of new channels with richer and various content scenarios. Also, the strategy highlights the relevance of new ways to utilize digital entertainment like virtual sports and concerts.
Plan To Feature Various Technological Advancement
Planned research of Web3 prospects would include exploring a multi-platform OpenID, a decentralized DNS, distributed data storage, and end-to-end encrypted communication tech.
It would also need an update of the technology’s hardware base and usage of 6G, quantum communication, 6th gen wireless network tech (Wi-Fi6), and IPv6.
Furthermore, the blueprint cites “digital finance” and pledges to boost smart contracts. Additionally, it plans to enhance payment and settlement, asset trading, registration, and custody.
Also, the strategy focuses on examining the digital Yuan pilot, the Bank of China’s preferred CBDC. However, it did not mention the possibilities of decentralized finance (DeFi).
Furthermore, the five years plan of Shanghai covers other areas other than digital currencies. They include clean energy, smart cities, intelligent service robots, digital health, and others.
In an article dated the 26th of June, Yifan He, the Chief Executive Officer of Red Date Technology, wrote about crypto. He dubbed private cryptos the biggest Ponzi scheme in the history of humans. Meanwhile, this tech firm is taking part in the creation of China’s blockchain initiative called the BSN (Blockchain Service Network).
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