The Best Time to Drive the Development of Web3: An Analysis of the Financial Secretary’s Note

On April 9th, it was reported that the Financial Secretary of the Hong Kong Special Administrative Region Government, Chen Maobo, published a Secretary’s note on the Hong Kong Special Administrative Region Government website stating that the virtual asset market has experienced significant fluctuations in the past period, and recently, virtual asset exchanges have also closed down, causing some people in society to doubt the prospects of Web3. However, we believe that this is the best time to drive the development of Web3. In the next stage, market participants need to further develop blockchain technology, allowing its transparent, efficient, secure, disintermediated, depolatformized, and low-cost features and advantages to find a wider range of application scenarios, solve more pain points in existing business models, and even break monopolies, allowing users to share the economic value of data more widely and bring leapfrog progress to the real economy. (Golden Ten)

Chen Maobo: Let Web3 walk steadily and cautiously on the path of innovative development

In a recent Secretary’s note published on the Hong Kong Special Administrative Region Government website, Financial Secretary Chen Maobo addressed the significant fluctuations in the virtual asset market and the closure of virtual asset exchanges, causing doubt in the prospects of Web3. However, experts argue that this is the best time to drive the development of Web3. By developing blockchain technology further, transparent, efficient, secure, disintermediated, depolatformized, and low-cost features can find a broader range of application scenarios, solve existing business model pain points, and break monopolies, enabling users to share the economic value of data broadly.

The Current Status of the Virtual Asset Market

Chen Maobo’s Secretary’s note highlighted that the virtual asset market has experienced significant fluctuations in the past period, with many virtual asset exchanges closing down. This performance has left some people in society doubting the prospects of Web3.

The Best Time to Drive the Development of Web3

Despite the market’s current status, experts claim that this is the best time to drive the development of Web3. The Financial Secretary’s note highlighted the need for enhanced development of blockchain technology, a secure, disintermediated, depolatformized, and low-cost solution that offers benefits such as more transparent and efficient transactions.

Developing Blockchain Technology

Blockchain technology can solve many of the pain points in existing business models while creating opportunities for users to benefit from shared economic value. Advancements in blockchain technology will lead to a broader range of application scenarios, breaking down traditional monopolies’ barriers and enabling Web3 to develop exponentially.

Transparent Transactions

One of the significant advantages of Web3 is that it facilitates transparent transactions. As blockchain technology enables the creation of a secure, decentralized ledger, transparency, and security are guaranteed. This technology also helps the user to share economic value fairly.

Efficient Transactions

Blockchain technology has allowed for the development of more efficient transactions, which eliminates the need for intermediaries. With blockchain, transactions can occur almost instantly and creates a more streamlined process for all parties involved.

Secure Transactions

The decentralized nature of blockchain technology makes it much more challenging for attackers to gain control of the system. By offering security in transactions, blockchain technology enhances trust among parties, thereby improving confidence in the digital economy.

Disintermediated and Depolatformized Transactions

Blockchain technology has created a disintermediated and depolatformized solution that bypasses traditional intermediaries, thereby making transactions more secure, efficient, and cost-effective.

Shared Economic Value

Web3 enables users to share economic value, breaking down traditional barriers, and allowing users to share data in a more collaborative way. Sharing economic value creates a more inclusive economy, helping to offer equal opportunities to all participants.

Breaking Monopolies

Web3 has the potential to break traditional monopolies, creating a more level playing field by enabling businesses to compete more fairly. Blockchain technology could help people, businesses, and economies transparently and efficiently share value.

Conclusion

The recent fluctuations in the virtual asset market have left many people doubting the prospects of Web3. However, experts believe that this is the best time to drive the development of Web3 further. Blockchain technology can help to deliver a more transparent, efficient, secure, disintermediated, depolatformized, and low-cost financial system, considering the shared economic value of data. The development of blockchain technology should help to solve pain points in existing business models, including breaking monopolies and sharing economic value more broadly.

FAQs

1. What are the advantages of Web3?
Web3 offers a more transparent, efficient, secure, disintermediated, depolatformized, and low-cost solution, creating opportunities for users to share data in a more collaborative way.
2. How will blockchain technology create a more inclusive economy?
Blockchain technology can be used to share economic value, creating a more inclusive economy that offers equal opportunities to all participants.
3. Can blockchain technology break traditional monopolies?
Yes, blockchain technology has the potential to break traditional monopolies by enabling businesses to compete more fairly.