At the 2023 Hong Kong Web3 Carnival, participants and supporters of the early Ethereum Chinese community, such as Distributed Capital, Wanxiang Blockchain, SNZ, imToken and Cancer, talked about the "China story" at the beginning of Ethereum. They also put forward their own suggestions for the future development of Ethereum, such as modularization, user experience, storage, Asian developer community, etc.
host :
Ross Zhang (SNZ Managing Partner)
Roundtable guests :
Jerry Liu (Co-founder of Waterdrop Capital)
Du Yu (Head of Wanxiang Blockchain Lab)
Ben He (Founder and CEO of imToken)
Roland Sun (General Counsel of Distributed Capital)
Ross Zhang : Thank you very much for coming to the Ethereum special session this morning. I know there have been a lot of activities around it recently. Today, I invite some of Ethereum’s earliest OGs to share with you some very interesting stories from the early days of Ethereum, so that everyone can understand the development of Ethereum.
Let me introduce myself. My name is Ross, managing partner of SNZ. SNZ was the first to invest in and support Ethereum in 2014 and 2015. We hosted many early Ethereum community events. As a VC Fund, we have always been very supportive of the development of the Ethereum ecosystem. We are also an early investor and supporter of Arbitrum. Please introduce yourselves, guests.
Jerry Liu : Hello everyone! I’m Jerry, but in the circle, people are more accustomed to calling me “Cancer”. I’m the founding partner of Waterdrop Capital, and I’ve also participated in some Crypto projects in the early days.
Du Yu : Hello everyone! I am Du Yu from Wanxiang Blockchain Lab, and I am also the organizer of this event. Thank you for coming here on Saturday morning after a long week to participate in our event.
Wanxiang Blockchain Lab is considered to be the earliest supporter of Ethereum in Asia and China. It began researching blockchain in 2014 and officially established a blockchain laboratory in 2015 to promote the development of blockchain and Web3 industries in Asia. It is also one of the earliest supporters of the Ethereum ecosystem.
Ben He : Hello everyone! I’m Ben, the founder of imToken. I read the Ethereum white paper in 2014 and immediately plunged into the blockchain ecosystem. I was quite lucky at that time.
In 2015, I participated in the hackathon held by Wanxiang Lab in the Deloitte Building in Shanghai, and the imToken wallet was born. From the beginning, imToken was rooted in the Ethereum ecosystem and was the first Ethereum mobile-friendly wallet in Asia. Now it is the seventh year of development and it is considered to be developing well, with 15 million users and a distributed team.
You will see that when we talk about Web3 today, its origin still comes from Ethereum. Gavin Wood, the author of the Ethereum white paper, wrote a corresponding research article about Web3 very early on. I am very happy to be here to share and communicate with you, and talk about the development history of Ethereum in the past and the future development direction of Ethereum.
Roland Sun : Hello everyone! I am Roland, the general counsel of Distributed Capital. Distributed Capital was founded in 2015 by Vitalik, Wanxiang Xiaofeng and Shen Bo. It is also the earliest blockchain investment institution in the Asia-Pacific region and the earliest investment institution in Ethereum. I have witnessed the history of Ethereum's development over the years. I am very happy to have the opportunity to share our experience with you. Thank you!
Ross Zhang : Thank you very much for your self-introductions. This roundtable is like a gathering of old friends from the earliest days of Ethereum. Many interesting things happened in the early days of Ethereum. First, I would like to invite Brother Cancer to introduce it to everyone. Why do I invite him first? Because Brother Cancer participated in the translation of the Ethereum White Paper, and the Chinese name of Ethereum was also Brother Cancer's whim.
Jerry Liu : The time goes back to the first half of 2015. At that time, blockchain was in its very early stages and very few people were paying attention to this field. However, there were some friends in Shanghai who often discussed the field, organized gatherings, talked about this matter, and wrote articles in early media, such as Babbitt.
At that time, there were very few projects in the circle. I remember that the exchanges basically only had projects such as Bitcoin, Litecoin, BTS, etc. I was deeply involved in the BitShares project at that time, and Professor Shen Bo was also very concerned about this.
One day in February 2015, Mr. Shen Bo approached me and asked if I could translate an Ethereum white paper. Maybe I often published some articles on Babbitt at that time, and he thought my writing was pretty good, so he asked me to do this.
At that time, Roland and I also had an organization called "Bit Entrepreneurship Camp", which included Da Hongfei and SNZ's then founder Guru. So I found Guru and translated the white paper with him, and then we did this.
Active members of the Bitcoin Entrepreneurship Camp and Vitalik Buterin take a group photo
The Chinese name of Ethereum was also a hot topic later on. I didn’t think too much about it at the time. Why was it translated into this name? Because “ETHER” can be translated into “Ether”, but what does “EUM” translate into? The root meaning is factory. I think Vitalik named it Ethereum because it can be used as a smart contract factory to do many customized things.
At that time, I thought that it couldn’t be translated into “Ether Factory”, so what word should I look for? The word “fang” in Chinese means factory or workshop, which should be more in line with the original meaning of Ethereum, so the name Ethereum was finally decided. This is the original basic story.
At that time, the industry was in its early stages of development and not many people paid attention to the Ethereum project when it first came out. At that time, there was another member in the BitCamp team who was from Canada and had some connection with Vitalik. He invited Vitalik to China for exchanges and went to Hangzhou, Shenzhen, and Shanghai to do various activities, but the response was not particularly enthusiastic.
I remember when I was sharing in a coffee shop in Hangzhou, the main reaction of the audience was that they didn’t quite understand what I was talking about. After Vitalik toured Hangzhou and Shenzhen, he felt that there seemed to be nothing particularly interesting in China except exchanges and mining.
That was basically the situation at the time. I would also like to invite other guests to share their early stories. I will share more content later.
Ross Zhang : Thank you very much, Cancer. Next, please welcome Du Yu.
Du Yu : Actually, I entered the blockchain industry by reading the Ethereum White Paper. I was lazy and read the Chinese version translated by Cancer first, and then read the English version after finishing the Chinese version.
In 2014, 2015, and 2016, I had a personal opinion that Ethereum was the one that truly brought blockchain into the mainstream. Before, everyone was still talking about Bitcoin, thinking that Bitcoin was just some simple financial applications, used for payments, and used like gold. The smart contracts on Ethereum have allowed more people to see the true effects of blockchain technology and DLT technology.
I have always felt that without Ethereum, there would be no Web3 blockchain ecosystem today. In 2014, we invited Vitalik to the financial forum held in Hainan. The most valuable thing Wanxiang Lab has done in this regard is that we are the first in Asia and even the world to bring Ethereum into mainstream institutions.
On the one hand, we were the first large company to support the Ethereum Foundation, supporting Ethereum with $500,000 in 2015. At that time, Ethereum was in its most difficult time. The willingness of a traditional Chinese company to support Ethereum also brought more confidence to the entire community.
On the other hand, because we see all kinds of possibilities that Ethereum will bring in the future, we took Vitalik to meet various financial institutions and government departments in Asia to let everyone better understand what blockchain is. Blockchain is different from Bitcoin. At that time, the first thing people thought of when they mentioned blockchain was Bitcoin, and they thought more of negative information about Bitcoin. We hope that through the new Ethereum architecture, everyone will see more of the future application scenarios brought about by blockchain technology and smart contract technology.
Looking back on everything, we did a lot of interesting things, but the most important thing at that time, in addition to making people in the community know about Ethereum and support Ethereum, was that we brought Ethereum into the mainstream and into the regulatory perspective.
Looking back, even though mainland China has the strictest regulation on blockchain and Crypto, everyone, whether from regulators to financial institutions or companies, has always had a very positive attitude towards Ethereum over the years. This is also the most important achievement of the efforts made by us all at that time.
Ben He : Let me share some interesting memories. I believe there are imToken users here. imToken submitted the first BETA version for iOS on November 11, 2016. I believe relevant users are also in the audience.
We just talked about the white paper. Before I saw Ethereum, I was working in the IT industry as a technician and product developer. I also looked at Bitcoin in the very early days and tried to use the Bitcoin client to receive Bitcoin and experience it. However, I had a lot of misunderstandings and doubts about digital currency at the time and did not participate deeply in it.
It was not until 2014 that I saw the Ethereum white paper, which mentioned that various decentralized applications, such as DAPP, could be created on top of smart contracts through blockchain technology. I was impressed by this narrative at that moment.
Looking back, most of the decentralized applications mentioned in the white paper have been realized. For example, tokens are very important applications, whether it is 1C0 issuing tokens or various project parties raising funds and airdropping through tokens. This has been verified when 1C0 exploded in early 2017.
In 2018 and 2019, the application of DeFi decentralized applications continued to deepen. Now DeFi is particularly popular. The well-verified use cases also include decentralized markets, decentralized storage, the smart contract wallets and AA accounts mentioned above. The vision is described in the white paper.
Looking back at the inspiration given by the white paper, the vision for the future has been fulfilled one by one at present. imToken designed the product in 2016. At that time, the idea of designing the product was also to realize this vision. In the early stage of entrepreneurship, we looked at the scenario described in the Ethereum white paper and hoped to integrate products through technology to meet user needs.
Looking back, all these things are happening one by one, and the Ethereum platform has unlimited potential. Today, we see so many entrepreneurs pouring in. With the incubation of policies and capital in this soil, we are very confident to see the explosion of the entire blockchain ecosystem.
Ross Zhang : I would like to mention in particular that imToken is the first mobile wallet I used. I am also one of the earliest products of imToken. I am very moved to see the product develop along the way. Next, I would like to invite Roland.
Roland Sun : Let me tell you an interesting story from the past. Ethereum was first brought to China by Shen Bo. When Shen Bo told me about Ethereum in 2014, I didn’t understand what the Ethereum project was doing because the concept was too new.
In February or March of the first half of 2015, Shen Bo brought Vitalik to see Mr. Xiao Feng. This was their first meeting. It was a coincidence. Why did he bring Vitalik to see Mr. Xiao? Although Ethereum did not exist at that time, Mr. Xiao had already published very profound insights on blockchain in early 2015. It was hard to imagine at that time. Mr. Xiao came from a traditional financial background and was not a technical expert. He first engaged in Bitcoin investment and used to be in securities. He was the founder of Boshi Fund.
Shen Bo and Vitalik Buterin
At that time, Shen Bo felt very impressive after reading an article by Mr. Xiao, and immediately took Vitalik to find various opportunities to meet Mr. Xiao. The first time they met Mr. Xiao was at the airport. The three of them had a very speculative chat when they met for the first time at the airport, and then they began to have in-depth contact, including doing at least two relatively important things in 2015. One was that Wanxiang Labs, as Du Yugang mentioned, invested 500,000 US dollars in Ethereum, which solved the important funding problem of Ethereum and relieved the urgent need. The contract was drafted by me.
The other three people organized and established Fenbushi Capital. All three are founding partners. Due to international reasons, Mr. Xiao is mainly in China, while Shen Bo and Vitalik are mainly abroad. Their business areas are different, but they basically use the same brand.
In 2015, Wanxiang held the first China Blockchain Conference in China. It is the 8th year now, which is not easy. Since then, blockchain has entered the mainstream world in China. Looking back at Ethereum itself, not many people in the world could understand this project in 2015. In 2015, Shen Bo was still the CEO of BitShares, and Shen Bo was the person who did the most in-depth research on BitShares in China.
At that time, we had been discussing these two projects internally, BitShares and Ethereum. Both projects were revolutionary, but from the perspective at the time, the comparison between the two seemed a bit strange. The underlying structure of BitShares bundled blockchain and applications together. The BitShares organization had already built a series of applications that came with it. These applications are still very innovative today. They created the earliest decentralized, stablecoin, and Oracle models, which were very revolutionary.
But all the APPs are developed by the founder himself and are on the Blockchain. Strictly speaking, his Blockchain is not a very open platform, but is dedicated to serving its own APP. As a result, the above DAPP and its own Blockchain are closely tied together and have an exclusive relationship. This is a relatively traditional model.
Ethereum is completely the opposite. Ethereum itself does not have any applications. The Ethereum Foundation does not develop any applications itself, but only provides infrastructure. I position myself as a smart contract platform. All DAPPs are developed and deployed by third parties. There is no Permissoin, similar to Android. Google developed the Android open operating system, but Google itself does not develop any apps. Instead, it lets all third parties develop them. This is very revolutionary.
From the perspective of that time, BitShares moved faster because on the first day of Blockchain's launch, the DAPP on BitShares had been deployed and was already usable. I also discussed this issue with Mr. Shen Bo in 2015 because he had always wanted to build a decentralized exchange. In 2015, the decentralized exchange on BitShares had already been used. I remember that the TPS efficiency of BitShares 2.0 was not low and it was basically usable. It might have been a little slower with 1.0, but in 2015, Ethereum's basic platform was not particularly complete, not to mention the various DAPPs on it.
I remember that Shen Bo asked Vitalik when there would be a high TPS platform to develop DAPP so that he could develop a DEXs. Vitalik replied that it might take several years and I would need to complete it by sharding. Because the main solution considered at the time was Sharding, but state sharding is a huge process. In 2015, Vitalik said it would take 4 or 5 years, but Shen Bo said that he really couldn't wait and would operate a decentralized exchange now.
Although the solution chosen by Ethereum later was not sharding, but relied on Rollup, because Vitalik changed it several times in the middle, he still felt that Rollup was a better solution. When Rollup was not yet popular, DEXs technology had already begun, and DeFi represented by DEXs had already emerged. The time was around 2019, which happened to match the concept at the time. Let me briefly say this.
Ross Zhang : What you just shared were stories from Asia. Let me briefly share with you from the other side of the world, from Canada, the birthplace of Ethereum.
As you all know, Vitalik is Canadian and Ethereum originated in Toronto, Canada. In 2015, I noticed that some people started discussing this. I majored in computer science and was relatively sensitive to technology, but at that time I had already started working on investments at the Canadian Pension Fund. The experience was very special and gave me two different perspectives.
I saw that there were early supporters of Ethereum in Toronto very early on, and one of the earliest Ethereum meetups was held. Ethereum co-founders such as Vitalik, Gavin Wood, Joseph Lubin, Anthony Dilorio, and people from the earliest Ethereum community attended the meetup. Web2 and geeks were also at the meetup.
I didn't quite understand what I heard at the time. I felt that from a technical point of view, this matter was still in its early stages. Both development and operation were extremely slow. Everyone wondered whether this thing could succeed.
I was at the Canada Pension Plan Fund at the time, and I thought this made a lot of sense because I could see the changes in the financial world, especially in improving capital efficiency and trust. So I set up a blockchain research team within the Canada Pension Plan Fund. At the beginning, there were 10 people, and by the time I left, the team had almost 100 people.
At that time, we invited Vitalik and Joseph Lubin to come to our place to talk about what smart contracts are, what their uses are, what Ethereum is, and what projects will be built on Ethereum. We paid attention to Ethereum relatively early and shared the early stories with everyone in Canada, the birthplace of Ethereum.
As you all know, Ethereum completed the Ethereum Shanghai upgrade on the morning of April 13th, Beijing time. In the development of Ethereum, what do you think are the more important milestones, especially how do you view the development of Ethereum after the Shanghai upgrade?
Jerry Liu : When it comes to milestones in the development of Ethereum, I can’t remember the exact time, but I can remember a few key nodes.
The first node and the mainnet were launched around July 2015. At that time, Gavin Wood created EVM single-handedly and customized the Ethereum standard. No one thought that EVM would become almost the industry standard. What everyone was most amazed about was that smart contracts could actually be realized.
The second node was the 1C0 craze. People discovered that they could issue assets on Ethereum and raise funds in this way. A lot of projects emerged at that time. Of course, many of them were speculative and bubbles, but there were also many truly long-term projects that were innovative in the industry.
The third node is the early practice of NFT, including the "CryptoKitties" project that everyone is familiar with, which allowed everyone to see another possibility of assets. Before this, everyone often traded some homogeneous assets. CryptoKitties assets allowed everyone to see the possibility of non-homogeneous assets and opened a larger window for human finance.
The fourth node is DeFi Summer, when a large number of decentralized financial practices began. Of course, some of these practices, such as farming, do not seem sustainable now, but many financial business models have been proven to be feasible and have been retained, such as mortgage lending and decentralized exchanges based on the AMM model, which have become standardized components of the industry.
The road is still continuing, and I believe that more financial business models will be discovered and continued, bringing more possibilities to human financial practice.
The fifth node, Merge, has been postponed countless times. When it was successfully carried out last time, I did not expect it to be so smooth. It was completed so smoothly and successfully. It should be said that for many Ethereum fans, a stone in their hearts has really fallen to the ground. Everyone can forget the worries of the past and see things further ahead.
The biggest significance of this Shanghai upgrade is that it makes liquidity better. It can even be said that it has opened up a new LSD track, allowing the Ethereum staking mortgage business to grow into a track comparable to the Bitcoin mining industry. This is my basic opinion.
Ross Zhang : Thank you Cancer. I just had a special feeling. In the early days, no one would have thought that Ethereum would be so primitive, crude, and slow in operation. However, according to the roadmap, all the scheduled milestones were achieved step by step, and there were very big changes in the implementation process. Assets of tens of millions of dollars can be run on it, and it can still be so smooth. This is the result of the joint efforts of all Ethereum communities and developers.
Du Yu : The goal written in the Ethereum White Paper is to "become the world computer", but today Ethereum is not a world computer, but a financial infrastructure. Along the way, it has become a very important financial infrastructure in the Web3 world. From another perspective, the most important node is the emergence of various new asset protocols.
From the earliest ERC20, issuing tokens required setting up one’s own chain, which had a relatively high threshold. After ERC20, everyone can issue their own tokens within a few minutes. The later ERC721 represents more non-standard assets in the world, and the extended 1155 series of asset protocols are the most important infrastructures in the history of Ethereum development.
Today, Ethereum has been developing at different stages. In the past few years, it has been more about asset protocol infrastructure. In the past one or two years, it has been more about financial infrastructure. Many tools already exist, but there are problems with performance and cost. So today's trend has become how to make Ethereum's various Layer2 and Layer3 to carry larger-scale applications. Different stages have different focuses and missions.
Ben He : Let me take you through the development roadmap of Ethereum itself. From the early days of Ethereum, everyone knows that there were four phases planned. The first phase was launched in July 2015 as the BETA network. On March 14, 2016, the second phase was officially launched as the official public release version. The third phase was the explosion of DAPP applications and DeFi, and the prosperous development of the ecosystem.
Now we have entered the fourth stage, but Ethereum has undergone many adjustments and changes around two lines. One line is how to switch from PoW consensus to PoS. Last year's Merge confirmed that Ethereum has entered the PoS stage. The Shanghai fork on April 13 allowed everyone to make free withdrawals based on Staking. This is the evolution of the consensus protocol. From the idea of Ethereum to the birth of the white paper, to the entire route, there has been basically no change. Following this path, the time period spent in the middle is very long and has been continuously postponed. The "bombs" in the middle have been dismantled many times, and the status has been delayed many times.
The second route is around Scalability, from state sharding at the beginning to Vitalik's later mention of the direction of Scaling with the Rollup vertical route. The first route has reached a milestone, and PoS has entered a stable state, which took nearly a year. The future development of the Ethereum roadmap will revolve around applications and be Rollup-oriented. From Merge to The Search, Ethereum is about how to create better, lower-cost, and stronger scalability for Rollup through protocol upgrades.
This is very important for imToken, because scalability is crucial from wallet services to applications for a wide range of users, so that blockchain and Web3 can be brought to thousands of households and ordinary people. We are very much looking forward to the development of Ethereum's next roadmap, and its continued low-cost and high-performance expansion to achieve throughput like Web2 traditional Internet.
There is also user experience, such as promoting AA abstract accounts at the protocol layer, focusing on how to lower the threshold for users and reduce security risks. The protocol layer paves the way for the application layer. For wallets, we actively explore how to better lower the user threshold on the application side based on the improvements of these protocols, and further enhance the experience, so that everyone can use it with peace of mind, and on top of this, carry more and more rich ecological applications.
Ross Zhang : Thank you Ben. Ben just mentioned the very old term "tranquility". This was actually the plan when Ethereum first started the white paper. Later, everyone talked about Ethereum 2.0. Now everyone is talking about Merge, Verge, Purge, and Splurge, the new roadmap of Ethereum. We also see that the roadmap is becoming more and more detailed and is increasingly adjusted according to technological development.
Due to time constraints, I have one last question that I would like to share with you. Beyond the Ethereum ecosystem, as OGs in the blockchain and Crypto industry, what do you have to share with us? Please share briefly.
Roland Sun : Actually, I personally think that research on blockchain cannot be separated from Ethereum. Ethereum provides the current development paradigm of the blockchain industry. Many other projects are more or less learning from Ethereum. Although they have their own characteristics, under the overall framework, the blockchain industry has not yet surpassed Ethereum to the next generation. There is not yet, but maybe in the future.
How will Ethereum develop next? What will blockchain have next? I see some possible development directions. Ethereum mainly wanted to promote Sharding in its early expansion, but now it has changed to Rollup, which is a more realistic solution. OP Rollup and ZK Rollup represented by Arbitrum may mature in the next one or two years, and they are relatively efficient. Most DAPPs consider deploying on Rollup because of its high efficiency and low cost.
The main problem for Ethereum in the future is how to solve the relationship between the main chain and Rollup. Who will capture the value? Ethereum may consider this next. Currently, Rollup basically pays the gas fee to the main chain in one package, which saves a lot of gas fees for DAPP itself. However, how to distribute the benefits between the two will be a big problem in the future.
From another perspective, many people are also studying the module problem of blockchain. The ConsenSys partner mentioned the issue of Blockchain and Merge Blockchain just now. The original idea was to outsource the status issues separately from the expansion dimension, which is related to the expansion requirement. This is also a possibility at present, to outsource the Ethereum status separately to create an independent network.
The current business model of Rollup requires codata to obtain data from the main chain, but the current Ethereum Gas cost is relatively high. In theory, in the future, it will also request data from a separate network that specializes in providing status, because this will be less expensive. From another dimension, the blockchain is modularized. There may be many modular things in the future, including the sequencer, which is also an important thing and has a lot to do with MEV.
This includes the storage problem that Ethereum has not yet solved. Ethereum currently has no storage network, and all on-chain data is not defined as storage. But in fact, the data in the entire online world is far greater than the hundreds of GB of data on the Ethereum chain. It is not of the same order of magnitude. Web3 will essentially call in all Internet data in the future, and it is necessary to have a decentralized storage network. It does not have to be done by Ethereum itself, because many decentralized networks already exist.
In the future, how all chains and Rollups running businesses will call on data in the decentralized network storage network is also a relatively important topic. This is the current thinking, but there is no clear answer.
Ben He : As mentioned earlier, as an application layer, users are most concerned about how to use it comfortably and safely. Looking back, in the "impossible triangle" of blockchain, security, decentralization, and Scalability, Scalability is the problem that is being solved now. As industry builders and users, we need to be more patient. First of all, we must firmly ensure security and decentralization, and then how to make further breakthroughs in Scalability. I hope everyone will be more patient, and good things will eventually happen.
Du Yu : First of all, the modularization of Ethereum is very good. I originally studied communications. You can see that the Internet protocol stack is also a stack of protocols. In the future, Ethereum will be like the HTTP and IP protocol stacks. Everyone is a protocol layer in it. To some extent, Ethereum will be a very important infrastructure in the Web3 world. Everyone will become a protocol that interacts with Ethereum, whether it is through layer2 or various Web3 protocols.
Second, the voice of Asia’s developer community and Builder community in Web3 and Ethereum is getting smaller and smaller. We hope to use the Hong Kong event to attract more good developers to Web3. China and the United States have the most good developers in the world and have a complete talent training and education system. We hope to bring more good talents and builders into the Web3 and Ethereum ecosystem, so as to accelerate the arrival of a better future sooner.
Jerry Liu : Let me focus on the impact of blockchain technology on the financial system in my opinion. Vitalik once wrote an article analyzing the importance of various ETH ecosystems, several of which are related to the financial system. He talked about the general currency ecosystem, stablecoin ecosystem, and DeFi ecosystem.
What is the ecosystem in a general sense? Just like gold in the traditional financial world, the People's Bank of China has been buying a lot of gold in the past six months. In the current traditional financial world, gold is still the basic asset of the financial system. In the crypto world, assets like BTC and ETH can also be regarded as the basic assets in this world. They will support the crypto financial building as the bottom-level assets. Stablecoins can be used by ordinary people as relatively safe assets without too many concerns.
It is still in the early stages when talking about stablecoins, because the biggest problem is that the stablecoins we are talking about now still rely on fiat currency and still need to be anchored to the US dollar, which means that in a large sense, they are closely linked to traditional finance.
I think that in the future there will definitely be stablecoins that are not dependent on legal tender. At that time, the dependence on traditional finance will be eliminated to the greatest extent. For example, the US dollar. Americans often say that the US dollar is our currency, but this is your problem. I think that in the future, perhaps such a stablecoin will be created in the crypto world that does not rely on a certain credit to have an impact. I think that at that time, the impact of the crypto world and blockchain technology on finance will be even deeper.
The development of DeFi is slowly moving towards the path of financial decentralization and self-custody. There are many DAO organizations in the Web3 world, one of which is a large organization called Bankless Dao. Currently, its goal is to allow everyone to trade independently of banks. I believe that this vision should be realized in the future. Blockchain technology will eventually bring everyone a more free, more decentralized world where everyone is responsible for the security of their own assets.
Ross Zhang : Thank you Cancer. One of the points he just mentioned is that blockchain native assets are called "ultrasonic assets" in the Ethereum community. I also agree with what Roland just said. Discussions about blockchain cannot be separated from Ethereum. I have personally experienced several cycles. After a long period of separation, there will be reunion, and after a long period of reunion, there will be separation. Everyone sees the problems of Ethereum, does other things, solves the problems, and may finally return to Ethereum. This is my biggest feeling. Due to time constraints, I would like to thank all the OGs for sharing and everyone's listening today.
2025 Hong Kong Web3 Carnival Event Preview
From April 6 to 9, 2025, the "2025 Hong Kong Web3 Carnival", which has attracted much attention from the global Web3 industry, will be held in Hall 5BCDE of the Hong Kong Convention and Exhibition Center. The Web3 Carnival is a Web3 event brand jointly launched by Wanxiang Blockchain Lab and HashKey Group, and hosted by W3ME.
The 2023 Hong Kong Web3 Carnival and the 2024 Hong Kong Web3 Carnival held previously were both huge successes. The two events brought together more than 250 cutting-edge exhibition projects, invited more than 800 industry leaders for in-depth exchanges, and attracted a total of more than 80,000 on-site audiences to participate in the event. At the same time, more than 300 colorful peripheral activities were held. The Financial Secretary of the Hong Kong Special Administrative Region Government, Paul Chan, Ethereum co-founder Vitalik Buterin, ARK Invest CEO and CIO Cathie Wood and others have served as guest speakers at the event.
As the third consecutive event, based on the reputation and global influence accumulated from the previous two events, the 2025 Hong Kong Web3 Carnival is expected to reach tens of thousands of people. It will continue to bring together elites and cutting-edge projects in the global Web3 field to jointly explore the infinite possibilities of Web3 technology and bring an unprecedented technological feast to global participants. The carnival will cover an area of more than 14,000 square meters, 1.5 times the venue of previous events, and will provide participants with a more comfortable and rich experience.
Here, there is not only a uniquely designed Web3 hot project exhibition area, allowing participants to appreciate the latest style of the Web3 ecosystem in one stop, but also top experts, scholars, entrepreneurs in the Web3 field from all over the world will conduct in-depth discussions and sharing on the latest developments in Web3 technology, industry trends, policies and regulations, application scenarios and other dimensions, bringing participants a feast of knowledge and a fierce collision of ideas.
Not only that, the 2025 Hong Kong Web3 Carnival will further expand the entertainment interaction and social experience area, where participants can experience the fun and changes brought by Web3 technology, such as participating in NFT art exhibitions, experiencing metaverse games, etc. At the same time, rich social activities will also provide participants with excellent opportunities to make new friends and expand their network, and jointly build a vibrant Web3 community.
As the 2025 Hong Kong Web3 Carnival approaches, the organizers are busy preparing for various tasks. Early bird tickets are on sale at only US$299. Please go to the official website of the event to buy your tickets. We look forward to meeting you in Hong Kong, seeking common development, and working together to promote the innovation and application of Web3 technology, and jointly create a bright future for the Web3 era!
Ticket Discounts
As the official partner community of the 2025 Hong Kong Web3 Carnival, IC Chinese Community offers everyone an exclusive 15% discount on tickets, discount code: ICCHINA .
Early bird tickets are currently only $299. Ticket purchase link :
https://lu.ma/hkweb3festival_2025?coupon=ICCHINA
Click the ticket purchase link above to enjoy exclusive ticket discounts. The discounted price is US$254.15. Ticket prices will gradually increase in the future. Friends who are determined to attend the conference should purchase tickets as early as possible!
For more information, please read :
Global Crypto Firms Turn to Hong Kong for Refuge and Opportunities
2025 Hong Kong Web3 Carnival is scheduled to be held in April next year
