The 2024 Hangzhou Web3 Summer Blockchain Conference was a complete success

Author: Fibonacci Finance

On July 27, 2024, the Fibonacci Web3 Summer Blockchain Conference was successfully held in the beautiful city of Hangzhou. This conference was hosted by Fibonacci and co-hosted by BUDAO LABS, attracting the attention of numerous industry experts and capital. The expected number of attendees was 700, but the actual number exceeded 1500, creating an unprecedented spectacle and becoming a significant event in the blockchain field.

The conference was grandly opened at the Hangzhou Canal Cultural Release Center, attracting blockchain technology experts, representatives from investment institutions, business founders, and many blockchain enthusiasts from around the world. The theme of the conference was "Exploring How to Better Bring 3 Billion Global Social Users into the Web3 Field," aiming to inject new vitality and momentum into the development of the blockchain industry through in-depth discussions and exchanges.

The conference was full of highlights and exciting moments.

At the beginning of the meeting, Han Shiwang, Chief Economist of Zhejiang Zhizhi Think Tank, delivered a welcome speech and discussed "The Future and Development of Blockchain." He pointed out that although blockchain has gained international recognition after more than a decade of development, there is still a long way to go. To promote the development of the digital economy, it is essential to first advance blockchain development. He hopes that industry leaders will increase their investment in blockchain technology to jointly realize this technological revolution.

Subsequently, Tony Tang, President of the Hong Kong Blockchain Association, shared insights on Hong Kong's blockchain policies and directions. President Tang expressed high recognition of the conference and mentioned that Hong Kong has not only begun compliance attempts but is also bringing traditional banking and securities funds into the crypto industry through ETFs, believing this will promote the more vigorous development of the crypto industry.

Tony Tang, Executive President of the Hong Kong Blockchain Association HKBA.club, believes that the StableCoin framework established by the Hong Kong Monetary Authority (HKMA) is an important step for Hong Kong in the fintech field. As a global financial center, Hong Kong's importance lies not only in capital flow and financial services but also in its emphasis on investor protection and compliance frameworks, issuing stablecoins according to the Hong Kong government's compliance framework. "Such a mechanism not only helps enhance market transparency but also boosts investor confidence, thereby attracting more capital inflow."

StableCoin's global "stablecoin" ecosystem objectively exists, with Hong Kong serving as a "sandbox" for the mainland.

Stablecoins are typically pegged to fiat currencies or other assets to achieve value stability. This design allows stablecoins to maintain stable value relative to the specific assets or a basket of assets they are pegged to, serving as a stable medium of value storage and exchange, making them an important part of the current cryptocurrency ecosystem.

Currently, the largest stablecoin in the market is Tether (USDT), which is pegged to the US dollar, along with some stablecoins linked to gold and other physical assets.

Although these stablecoins are also cryptocurrencies, they are anchored to traditional assets, with many issuing institutions claiming to collateralize them at a 1:1 ratio with the pegged assets, while allowing for a certain degree of fluctuation, generally acting as a bridge between virtual assets and real assets.

Next, Allen from SoftBank shared with us why the Web3 track attracts global traditional investment attention. Firstly, there is currently a strong interest in WEB3 among the public, and the high enthusiasm of the market is a key factor attracting capital inflow. Secondly, the explosive potential of WEB3's underlying technology is highly attractive to capital; technology is always the primary productive force.

BIT RUST, CEO of BUDAO LABS, one of the co-hosts of the conference, pointed out that the current development of blockchain must deeply integrate with AI technology. AI technology can better promote the development of blockchain, enabling people to better understand and participate in blockchain. He also previewed a product combining AI technology and blockchain, BUDAO NEWS, which will soon be launched, deeply analyzing the application capabilities of AI technology and using it as an example to demonstrate the possibilities, practicality, and creativity of the combination of the two.

In the following roundtable discussion, the founder of BUDAO LABS, Mr. Chai, hosted the meeting, focusing on exploring the development of blockchain technology and applications. Guests included Huang Butian, founder and chairman of Yunxiang, Zhang Dongdong, CEO of Fibonacci Social Public Chain, Wu Sijin, CEO of 33 Complex Beauty, and Herbert from Dfinity Asia GM. The guests discussed that in the wave of WEB3, Hong Kong has already acted as a pioneer in making some changes, and in terms of technology development, the domestic scene is not lagging behind other countries and regions. Perhaps in a few years, we will see better and more comprehensive products based on blockchain technology, giving a boost to the future of WEB3. They also mentioned that in terms of the technical difficulties of blockchain, issues such as security, privacy, and scalability are current challenges, indicating that from a technical perspective, our blockchain is still in its infancy, and our technical tasks are still heavy, requiring all technical personnel to participate in the construction of WEB3.

Subsequently, Dong Xiao, founder of San Yan Capital, pointed out that blockchain technology, combined with NFTs, can better spread Chinese agricultural and industrial culture, and can also integrate AI technology to compensate for human shortcomings, better addressing risks in the secondary market and making investments.

The afternoon session of the conference was opened by Dr. Gao Chengshi, a blockchain expert and cryptography PhD, with the theme "Blockchain Development in the Evolution of Web3," emphasizing the definition of blockchain and the position of Bitcoin in the field through hardcore popular science.

In his speech, Dr. Gao pointed out that the businesses supported by blockchain have characteristics of logical singularity and object homogeneity, which is also the main reason why DAOs have not been successful so far. He further noted that the current public chains and their applications only have monetary financial logic and lack business logic from other industries. However, their dynamics, relative security, and digital native nature ensure that no party has the possibility of "flipping the table." Meanwhile, consortium chains have yet to establish any business logic and need to build corresponding digital twin + native multi-center infrastructure and a more complete technical and business system for specific business scenarios.

A friend from Russia, the Co-Founder of the mobile apps company ANTON, brought insights into the recent popular ecosystem, the public chain ecosystem TON social narrative. Using TON's public chain as a case study, he provided valuable suggestions for the construction of other public chain technologies.

Subsequently, Albert, the founder of Fibonacci, introduced the foundational node construction of the FIBO social public chain. He pointed out that the first layer of public chains has developed relatively saturated, and vertical public chains as underlying support for service applications are beginning to show their potential. The era of large-scale blockchain applications is approaching, and Fibonacci will focus on serving the social track and empowering hundreds of thousands of traditional enterprises in the future, particularly in the fields of supply chain and NFTs, supporting enterprise development in compliance with Hong Kong policies and exploring new economic vitality.

Mr. Zhang from Grayscale China shared a theme: Why Investing in the Web3 Track is a Wise Move. From a capital perspective, he pointed out that the public, as users and experiencers of the WEB, actually does not need to understand the underlying technology; they only need to understand the public's acceptance and participation in digital currencies and whether the technology can truly be implemented.

Hades, the chairman of Fibonacci's autonomous community, reiterated the project's grand prospects and shared insights on community building.

Next, Wang Yuehua, founder of Dedeng Fund, shared a theme: Investing in Web3 Infrastructure. Web3.0 is a general term for the next generation of the internet. The next generation of the internet will definitely be more user-friendly, more enjoyable, and cheaper. Therefore, it must be intelligent, capable of data value realization, and must surpass current sensory experiences in terms of interaction with the internet. In addition, the next generation of the internet must meet greater freedom (more choices) and avoid the pitfalls of centralized trust and compromises with centralized platforms. To achieve this goal, many infrastructures must be completed, including peer-to-peer communication, distributed storage, data verification, privacy protection, and unified and collaborative digital identities, among countless others. In the upcoming industry development, we look forward to more developers and communities coming together to co-create, build, and share the beautiful future of Web3.0.

Now entering the investment forum roundtable session, hosted by Tony Tang, President of the Hong Kong Blockchain Association, with the theme: Insights and Choices of Capital in the Web3 Track. The discussion included Brad, Secretary of the Waterfall Foundation, Brian Tian from Chainfir Capital, Lear, CTO of Aib Capital, Dave, Co-founder of Yozi, and Henry from Leverage Futures, discussing investment tracks. They all mentioned AI and practical, constructive public chains, including social public chains, indicating that future investment tracks will certainly have higher technological standards.

Finally, Aib Capital shared a theme: How to Position Yourself as the Bull Market Approaches. Patrick, the founder of Aib Capital, shared how to prepare for and respond to the upcoming bull market next year, including that the post-2025 Web3 era will be a time for institutional competition, and institutions should adopt an ecological layout to combat future competitive pressures. More retail investors need to band together to achieve results. He also reminded everyone to pay more attention to Web3 news and events to find opportunities from more information. Additionally, many blockchain enthusiasts in Web3 need to maintain a good mindset to cope with the fluctuations of digital assets in the future. Mental state and mindset will determine the length and breadth of the future journey.

The successful hosting of the Fibonacci Web3 Summer Blockchain Conference not only provided attendees with a high-end communication platform but also injected new vitality and momentum into the development of the blockchain industry. During the conference, guests deeply discussed the prospects and applications of blockchain technology, sharing valuable experiences and insights, pointing the way for the future development of the industry.

With the continuous development of blockchain technology and the expansion of application scenarios, we have reason to believe that the era of Web3.0 will surely arrive and have a profound impact on our lives and society. Fibonacci will continue to dedicate itself to the research and promotion of blockchain technology, contributing to the development of the industry and jointly promoting the innovation and application of blockchain technology.

Finally, we sincerely thank friends from all over the world for their support and welcome long-term exchanges in the future. Web3 will undoubtedly be the trend of the future, and Hangzhou in the East will surely have its place!