Release of the Web3.0 Innovation Ecosystem Construction Research Report, Experts Suggest Strengthening Top-Level Design

Recently, the "2024 Shanghai Web3.0 Innovation Ecosystem Construction Research Report" release conference was held in Shanghai. Representatives from government agencies, universities, and relevant industries unanimously agreed that the development of Web3.0 is crucial for the information technology industry. This report, guided by the Shanghai Municipal Science and Technology Commission and jointly published by the Liberation Daily and the Fudan University School of Economics, is Shanghai's first comprehensive research result targeting the Web3.0 industry.

The industrial ecosystem is taking shape, RWA has become a new focus

The report points out that a preliminary ecosystem of Web3.0 has formed globally based on a diverse computing power network, distributed data storage network, and high-speed communication network, with blockchain infrastructure at its core, through extensive research on upstream and downstream enterprises of Web3.0. Currently, core technology innovation in blockchain is active, the industry scale is steadily growing, and the strength of enterprises is continuously improving. A pattern of coexistence of multiple chains, mainly led by Ethereum, has formed globally.

Experts generally believe that "RWA" (Real World Asset) will become an important direction for the next development of Web3.0. In the next 5-10 years, with the exploration of various governments, regulatory bodies, and financial institutions, the integration of traditional finance and funds with RWA will accelerate, potentially leading to the formation of multiple tokenized trading networks for funds and assets globally, promoting the interconnectivity of global financial payment transactions.

Mainstream capital enters the market, top-level design needs to be strengthened urgently.

In January 2024, the U.S. Securities and Exchange Commission approved the listing of a Bitcoin spot ETF for the first time, which is considered an important milestone in the development of the Web3.0 industry. Regions such as Hong Kong and Australia have also successively approved cryptocurrency ETF products. The report suggests that the listing of spot ETFs will significantly enhance market liquidity and further stimulate ecological innovation and development.

However, experts point out that strengthening top-level design is one of the important tasks for the current development of Web3.0. Meng Yan, the head of SFT Labs, stated that Web3.0 is in the early stage of significant development, with the necessary technological conditions, but still needs to wait for support from macro monetary policies and regulatory policies. He suggested that domestic government departments accelerate the research and formulation of Token regulatory policies to provide security for the "Token economy" and digital assets.

Suggestions for the Development of Web3.0 in Shanghai

The report提出了六点建议 for Shanghai's development in the Web3.0 field:

1. Fully leverage Shanghai's digital economy advantages to provide a foundation for the construction of the Web3.0 ecosystem.
2. Introduce special support policies for the Web3.0 field and carry out top-level design and system construction.
3. Increase financial support for the development of Web3.0.
4. Actively promote the standard system construction in the Web3.0 field.
5. Create an innovative high ground for the Web3.0 industry ecosystem.
6. Innovate the construction of the Web3.0 regulatory system.

Experts believe that Shanghai can leverage its advanced technologies and rich experience in financial technology, artificial intelligence, cloud computing, and other areas, combined with the characteristics of its industrial structure, to lead the digitalization of industries, transform traditional productivity into new quality productivity, and promote the application of the Web3.0 industry with a solid foundation of the digital economy.