Shen Kang: By 2025, there will be 300 million to 500 million users entering Web3 globally, most of whom will be Chinese users

ChainCatcher news, according to Foresight News, at the 2023 Shanghai Blockchain International Week · Global Blockchain Summit hosted by Wanxiang Blockchain Lab, Hash Global founder Shen Kang delivered a keynote speech titled "The Mass Adoption of Web3 May Be Achieved First in China." He stated that Web2 is platform-centric, while Web3 brings a truly user-centric business model. To achieve a user-centric experience, the core is data equality, and the medium is NFTs. He believes that 2023 to 2025 is the "iPhone moment" for Web3, with 300 million to 500 million people starting to use Web3, most of whom will be in China. He mentioned that the mass adoption of Web3 requires Killer Apps, a larger number of applications, seamless entry for Web2 users, convenient and fast legal channels, public databases for storing data and assets, and embracing regulation.

Shen Kang believes that consortium chains can be used for China's Web3, but there can be no compromise on user experience, data openness, and the return of ownership. What can be compromised are payment currencies and universal IDs. Payment currencies can include digital Hong Kong dollars and digital renminbi, while universal IDs can use mobile phone numbers provided by telecom operators. He believes that China has the conditions to achieve large-scale adoption first, due to its large internet user market and economic scale, and the internet application layer may have more advantages. For example, the infrastructure of China Mobile, China Unicom, and China Telecom is globally leading; WeChat Pay, Alipay, digital Hong Kong dollars, digital renminbi, and the Chang'an Chain, as well as consortium chain public databases, are all globally leading.

Finally, Shen Kang stated that Hash Global has also entered the field, launching the fan club platform Cat Island, built on Web3 and NFT technology, to create private traffic management tools for KOLs, allowing fans to permanently retain their "cultural footprints." Cat Island can connect with liked individuals, build a Web3 membership system, and activate fan economy.