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Ethereum Stands at the Forefront of Web 3.0 Development, Attracting Over 700 Developers to Join Monthly

The leading decentralized finance (DeFi) ecosystem, Ethereum (ETH), constantly draws between 20% to 25% of developers eyeing Web 3.0.

At least 20% of new Web 3.0 developers are joining the Ethereum blockchain over rival networks, according to a report by early-stage venture firm Electric Capital.

With 18,416 monthly active developers in Web3, Ethereum accounts for more than 4,000 of them.

Moreover, the number of developers entering the ETH ecosystem is at an all-time high of at least 700 monthly.

Per the report:

“Ethereum continues to have the largest ecosystem of tools, apps, and protocols, and is 2.8x larger than the second largest ecosystem. One out of every five new developers coming into Web3 works on Ethereum.”

Web 3.0 or web3 is the third internet generation and is built on cutting-edge technologies like blockchain, edge computing, non-fungible tokens (NFTs), and cryptocurrencies.

As a result, it is gaining steam because nearly 60% of all developers joined Web 3.0 in 2021. The Electric Capital’s study also noted that the number of developers increases with prices.

“Monthly active developers have historically increased when prices increase, but stay flat even as prices fall. Across 2018 and 2019, monthly active developers have stayed flat around 11,000 even as prices fell more than 80% from peak.”

On the other hand, Ethereum’s revenue rose to $9.9 billion in 2021 based on various use cases.

Nevertheless, the Electric Capital report noted that ETH is grappling with high gas fees and scalability issues, which are pushing users to rival blockchains or the so-called “Ethereum killers.”

For instance, with Ethereum handling 30 transactions per second, Binance Smart Chain (BSC) and Solana (SOL) tackle 300 and 2,000 transactions per second, respectively.

Web3.0 Wallet Tracking App Context Raises $19.5m in Seed Funding

Web 3.0 application Context has secured a $19.5 million seed round led by Variant Fund and OpenAI CEO Sam Altman.

Other investors include venture capitalist Lachy Groom, Dragonfly Capital, and angel investors including Quora CEO Adam D’Angelo, Phantom CTO, and co-founder Francesco Agosti, and more.

The Context was established last October by former Stripe software engineer Luke Miles and Chain and Pogo Financial co-founder Adam Ludwin. Ludwin was the president of a short-form video app called Byte, which was acquired by Discord earlier this year.

The company aims to integrate NFTs into social life platforms. The platform is able to provide users with information on minting, buying and selling activity from any wallet or organization’s community they follow, making NFT trading feel like the social platform Instagram.

Recently, Context has also launched a new feature of its product that automatically provides users with a Web3 wallet that users follow on Twitter or a celebrity they associate with, and track the on-chain activity of that wallet address in real-time.

In addition to this, the app indexes NFTs minted on the Ethereum chain and collects and organizes market price data from marketplaces such as well-known NFT trading platforms OpenSea, Rarible, and LarvaLabs’ CryptoPunks.

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

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.

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

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.

What is Web3?

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.

Northern Trust Partners with NUS to Advance Blockchain for Institutional Investors

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.

What Is Web 4.0?

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.

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

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.

GSR Secures Major Payment Institution Licence from Singapore's MAS

GSR Markets Pte. Ltd., the Singaporean subsidiary of global cryptocurrency trading firm GSR, has received In-Principle Approval for a Major Payment Institution licence from the Monetary Authority of Singapore (MAS). Announced on October 2, 2023, this regulatory milestone is a significant advancement in GSR’s journey to become a fully licensed entity. The approval allows GSR to better serve the cryptocurrency community in both Singapore and the broader Asia-Pacific region, reinforcing its commitment to compliance and governance in the rapidly evolving digital asset space.

The In-Principle Approval for GSR comes just a day after Coinbase Singapore revealed that it had secured a full Major Payment Institution licence from MAS. This follows earlier announcements from Circle, Blockchain.com, and Crypto.com, who also obtained MPI licenses earlier this year. The series of approvals from MAS highlights the competitive yet regulated landscape of the cryptocurrency market in Singapore, a jurisdiction that is increasingly becoming a hotspot for blockchain and crypto enterprises.

Jakob Palmstierna, CEO of the GSR Group, expressed his gratitude towards MAS for their constructive oversight. He stated, “We are immensely grateful to MAS for their constructive oversight, which helps shape a growing digital asset ecosystem that we feel proud to be a substantial part of.” Xin Song, the Group’s COO, echoed this sentiment, emphasizing that the In-Principle Approval enables GSR to “deepen our local client partnerships, and continue in our critical role as a liquidity provider within the ecosystem.”

Singapore has been making strides in establishing itself as a significant player in the crypto and Web3 space. According to recent surveys, 25% of Singaporeans view cryptocurrency as the future of finance, and 32% are either current or past crypto owners. Furthermore, the city-state is home to over 700 Web3 companies, making it a pivotal market for the growth of the crypto and Web3 economy. GSR aims to capitalize on this burgeoning ecosystem by leveraging Singapore as a strategic hub for its Asia-Pacific operations.

The In-Principle Approval is more than just a regulatory milestone for GSR; it’s a testament to the firm’s commitment to adhering to high standards of compliance and governance. As GSR works diligently towards obtaining a full licence, it plans to expand its suite of services and deepen its relationships with institutional clients in the region. The firm remains committed to playing a critical role as a liquidity provider and aims to contribute meaningfully to Singapore’s growing digital asset ecosystem.

Wiki Finance Expo Sydney 2023 Is Coming Soon!

Regulation, Forex, Crypto, Web 3.0, Metaverse, AI, ESG Will Be in Focus.

Taking place on November 16th, Wiki Finance Expo, Sydney 2023 is Aussie largest and most anticipated fintech event of the year. An excellent opportunity to meet with 3000+ industry representatives, project owners, VCs, developers, cryptocurrency and forex traders, fintech-providers and gamers under one roof. Thousands of collaboration opportunities will be generated in a single day, because nearly everyone in the industry and all great projects will be there. Are you ready to join?

RSVP for free: https://www.wikiexpo.com/Australia/2023_EN/auexpo.html

About Wiki Finance Expo, Sydney 2023

As a leading global platform for financial exhibitions and FinTech conferences, Wiki Finance Expo hosts large-scale summits annually in Singapore, Sydney, Dubai, Hong Kong, Malaysia and Bangkok. Every event attracts the attention and expectations of the industry. It is not the first time that Wiki Finance Expo has taken place in Australia, and it is grander than ever. As one of the most magnificent expos in the industry, WikiEXPO has always regarded Australia as “the land of opportunity” for the development of forex and blockchain industry in the world.

50+ Prominent Industry Experts in Attendance

200+ Partners Co-Design the Future of Digital Finance with WikiEXPO

The event is supported by more than 200 institutions, media and companies, 23 sponsors, and more than 3,000 attendees from forex, blockchain, Web3.0, crypto, NFTs, Metaverse, DeFi, AI, ESG.

The Financial Services Institute(FSI), government agency in Mauritius.

AUSCL Australasian Society for Computers + Law.

Together with these outstanding partners, WiKiGlobal is dedicated to promoting the regulatory security of cryptocurrencies and FX.

Don’t Miss Out

Date: November 16, 2023. 9 am to 6 pm

Venue: The Fullerton Hotel Sydney (No.1 Martin Place, Sydney NSW 2000, Australia)

Don’t miss this unparalleled opportunity for networking, learning, and growth, taking a step toward a safer and more prosperous financial future.

And don’t forget to spread the word. See you there!