Research Summary
In his keynote speech, former Alibaba Chief Strategic Officer, Ming Zeng, discusses the future of Web3, focusing on the role of blockchain and cryptocurrency. He highlights the importance of these technologies in the development of applications like exchanges and wallets. Zeng also discusses the challenges in digitizing traditional assets and the potential of blockchain in financial innovation. He emphasizes the significance of the Creator economy and the integration of technologies like AI in the infrastructure of cryptocurrency.
Key Takeaways
Blockchain and Cryptocurrency’s Role in Web3
- Importance of Blockchain and Cryptocurrency: Zeng believes these technologies are crucial for the future of Web3, having already enabled important applications like exchanges and wallets.
- Challenges in the Next Step: While everyone expects significant applications, predicting what these will be is difficult. Zeng suggests that open-source communities and incentive mechanisms will be important innovation areas.
- Innovation in Production Relations: Zeng sees blockchain and cryptocurrency as an innovation in production relations, particularly in the financial sector, which he describes as a tool for improving efficiency.
Digitization of Traditional Assets
- Slow Progress in Digitization: The digitization of traditional assets, including Real-World Assets (RWA), hasn’t been as smooth as anticipated. This issue has been discussed for years, but progress remains slow.
- Comparison with Digital Transformation: Zeng compares the slow progress in digitizing assets with the digital transformation of traditional companies, which has been a main topic for the last five years but has seen limited success.
Future of Cryptocurrency and AI
- Integration of AI: Zeng believes that integrating technologies like AI into the infrastructure of cryptocurrency is crucial for the future.
- Role of AI in Content Creation: With the explosion of chatGPT, AI can now create a large amount of new content quickly and at a low cost. This development is essential for the future of cryptocurrency.
- Importance of the Creator Economy: Zeng sees the Creator economy as a very important part of the future economy, even its core feature. Therefore, the core infrastructure of cryptocurrency will become increasingly important.
Actionable Insights
- Investigate the Potential of Blockchain and Cryptocurrency: Given their crucial role in the future of Web3, these technologies present significant opportunities for innovation and development.
- Explore the Challenges of Digitizing Traditional Assets: Understanding these challenges can provide insights into potential solutions and opportunities for innovation.
- Consider the Integration of AI in Cryptocurrency: The integration of AI into the infrastructure of cryptocurrency could be a key area for future development and innovation.
