Co-hosted by Wanxiang Blockchain Labs and HashKey Group, and organised by W3ME, the Hong Kong Web3 Festival 2023 has successfully held from April 12 to 15.
Hong Kong, Apr. 15, 2023 — On the afternoon of April 15th, Dr. Xiao Feng, Chairman of Wanxiang Blockchain and HashKey Group, officially released the “Web3 New Economy and Tokenization” whitepaper at the “Tokenizing the Future” forum at the 2023 Hong Kong Web3 Festival main stage.
Web3, represented by blockchain technology, emphasizes trustworthy data, data sovereignty, and value interconnection. The “Web3 New Economy and Tokenization” whitepaper not only explores the underlying logic and evolutionary trends of Web3, but also provides a new perspective on Token, outlining a blueprint for the Web3 industry that “all value can be tokenized” and efficiently, intelligently, and flexibly combined, transformed, circulated, and distributed within the Web3 value network.
As Dr. Xiao Feng mentioned in his keynote speech on the topic of “Three Generations of Token Models for Web3 Applications,” the Web3 new economy will create new currency, capital, and commodity markets that require different types of Tokens to serve as value markers for economic activities. Therefore, the application protocol is the three-generation Token model, which includes NFTs, utility Tokens, and security Tokens. NFTs derive their value from Play NFT to Earn and Play NFT to Owns, connecting Web2 and Web3, the physical and virtual worlds, offline and online, and goods and scenarios. The value of utility Tokens comes from the network’s “permission,” using Tokens to pay gas fees or commissions, while companies use part of their profits to repurchase them. Security Tokens are the tokenization of equity and can be traded on virtual asset exchanges for STOs, bringing users and investors together.
The whitepaper provides a comprehensive explanation of the “trinity” relationship between monetary policy, mechanism design, and financial engineering in Token economics. The goal of monetary policy is to adjust the supply and demand of Tokens, making the effective supply and circulation speed of Tokens adapt to the development needs of the Web3 new economy. The goal of mechanism design is to incentivize compatibility, coordinating the consistent actions of multiple participants under asymmetric information and inconsistent goals through the dynamic game mechanisms and algorithms of decentralized decision-making. The goal of financial engineering is to transform risk and returns, designing financial products and markets suitable for the Web3 new economy. The overall goal of Token economics is to stimulate stakeholders to actively participate in Web3 new economic activities through the reasonable design of Token supply mechanisms, application scenarios, and related financial products and markets, promoting the growth of Token value.
Over the next 15 years, Web3 applications built on blockchain infrastructure will become a new development focus and have a revolutionary impact on human economic and financial activities, social interactions, and privacy protection in the digital world. The Web3 new economy will surpass the Internet economy in economic institutions, economic organizations, financial systems, value creation laws, value distribution rules, stakeholders, business models, decentralized decision-making mechanisms, and value capture.
About the Web3 Festival
The inaugural Hong Kong Web3 Festival (12–15 April) is a virtual asset-focused conference co-hosted by the HashKey Group and Wanxiang Blockchain Labs and organised by W3ME at the Hong Kong Convention and Exhibition Centre. The event will draw more than 10,000 offline attendees and will also feature over 100 crypto projects as exhibitors and 300 distinguished industry leaders, venture capitalists and senior executives from finance institutions as speakers. The Hong Kong Web3 Festival 2023 will be held in sync with the Hong Kong International Innovation and Technology Exhibition (InnoEX), organised by the Hong Kong Trade Development Council (HKTDC). Together, this series of events are branded as the Business Week of Innovation and Technology (BitWeek) hosted by HKTDC.
About Wanxiang Blockchain Labs
Funded by China Wanxiang Holdings in Sep.2015, Wanxiang Blockchain Labs is a non-profit research institution with Vitalik Buterin, Founder of Ethereum as its Chief Scientist. Aiming to accelerate socioeconomic development with blockchain technologies, Wanxiang Blockchain Labs has been gathering global experts together to research such topics as blockchain technology R&D, commercial application, industrial strategies, etc. and providing practical instructions for startups and useful references for policy makers.
About HashKey Group
HashKey Group is an end-to-end virtual asset financial services group in Asia. The Group provides a complete ecosystem across the entire virtual asset landscape, ranging from trading, custody, venture investment, technologies to Web3 infrastructure. HashKey’s senior team has decades of investment and trading experience and deep market insights gained from tier-one banks, regulators and FinTech ventures. By bringing together the most advanced blockchain research and development and technologies, HashKey identifies potential opportunities and delivers end-to-end solutions that operate within regulatory frameworks with the highest compliance standards. The Group has operations in Hong Kong, Singapore and Japan, and extensive partnerships with FinTech and blockchain solutions providers, academic institutions and associations.
