Liangjiang to drive Web 3.0 development

The 2023 Web 3.0 Innovation Hackathon wrapped up as the Hong Kong division finale concluded recently, following the mainland division finale earlier this month. The mainland division was held at the Liangjiang Collaborative Innovation Zone (CIZ), a sci-tech innovation hub of Chongqing that accelerates Web 3.0 development.

Liangjiang Collaborative Innovation Zone (CIZ) houses 50 universities and research institutes. [Photo/Chen Lin]

Web 3.0, widely considered a new iteration of the World Wide Web, incorporates concepts such as decentralization, blockchain technologies, and token-based economics. It is expected to enable a more intelligent and adaptive web by leveraging machine learning and artificial intelligence.

The 2023 Web 3.0 Innovation Hackathon focused on critical technologies and set up a million-level award for winning teams.

The mainland division unveiled 43 application scenarios, encompassing urban governance, government affairs, cultural and tourism, intelligent connectivity, and scientific research within the realm of connected intelligence.A white paper on blockchain was released, coupled with other achievements made in the Web 3.0 sphere. The white paper analyzed the significance of blockchain technology in driving Web 3.0 development, combed through the global technologies, applications, and industry updates over the past year, and envisioned the new opportunities and challenges in the sector.

Forty-two teams stood out from hundreds of teams that signed up in the mainland division and presented roadshows in three categories: digital trust, digital rights, and digital creation. Several teams, such as eaFogAI, and Rofan Network Technology, signed to settle in CIZ with financial support available.

In August, CIZ initiated the proposition for Web 3.0 development in western China. The proposal entails fostering industrial clusters and innovation, introducing market entities, enhancing the industrial ecosystem, and integrating the innovation chain, industrial chain, capital chain, and talent chain.Liangjiang New Area, where CIZ is located, released a five-year action plan to develop a high-quality manufacturing industry. The new area will promote the Web 3.0-based digital asset market and will carry out pilot applications involving fin-tech, digital content, games and entertainment, and social interaction.

To date, a package of supporting measures and a fund totaling 500 million yuan ($69.65 million) has been enacted by the new area to boost the innovation and agglomeration of the digital technology industry.