China's Blockchain Horizon: An Insightful Exchange with EOS Community Manager Beatrice Wang
Exploring Regulatory Stances, Fostering Web3 Innovation, and Harnessing the Power of Tech Giants in the Chinese Blockchain Ecosystem
Short Summary (1 min read)
In the 20th Antelope Swiss Workshop, Patrick Schmid chats with Beatrice Wang, a key figure in the EOS blockchain community. Beatrice shares her journey into blockchain, her roles within the EOS community, and her aspirations for the EOS ecosystem under the EOS Network Foundation.
She discusses China's stance on blockchain technology. Beatrice points out the significant roles of Chinese tech giants Alibaba and Tencent in blockchain development and promotion, from Alibaba's blockchain laboratory to Tencent's successful blockchain game. She emphasizes the importance of Hong Kong's open policies and its influence on mainland China's approach to blockchain. Beatrice also discusses the recent launch of EOS EVM, the search for promising projects, and a strategic partnership with DWF Labs that brings substantial funding to the EOS ecosystem.
On the community front, Beatrice confirms her participation in Eden On EOS, an innovative governance model for the EOS community. She hopes to see more female participation and diversity within this community. The conversation wraps up with an overview of upcoming EOS events, particularly in Asia, and the mention of the EOS Network website as a comprehensive resource for the EOS community. Patrick and Beatrice express their shared optimism about the future of EOS and look forward to their next interaction.
Full Summary (11min read)
🎙️ Introduction.
The conversation begins with Patrick welcoming Beatrice Wang to the 20th Antelope Swiss Workshop held on May 23rd. Beatrice is introduced as a community manager involved with EOS, a blockchain platform.
👩💼 Beatrice's Background
Beatrice shares her journey into the blockchain industry, starting in 2019, and subsequently joining the EOS community in 2020. She highlights her roles, which include being the Director of a wallet project, in charge of a top 21 blog producer known as 'Starteos, and her involvement in various EOS incubation projects. She is currently serving as the community manager of the EOS Network Foundation (“ENF”), and has been active in both the Chinese and English EOS communities since 2020. She expresses her hopes for the betterment of the EOS ecosystem under the leadership of the ENF.
🇨🇳 China's Cryptocurrency Stance
In response to a question about China's stance on cryptocurrency mining, Beatrice clarifies that blockchain technology is not entirely banned in China. It’s regarded as a basic technology of the digital economy. Blockchain technology is progressively being incorporated into various fields such as finance, trade, and insurance. Despite its potential, she acknowledges the challenges in technological maturity and standard system constructions, especially in the financial sector.
📈 Adapting to Regulations
Beatrice suggests that regulatory authorities should provide a safe sandbox for entrepreneurs and developers to freely explore different fields, potentially accelerating innovation and reducing sources of risk. Blockchain governance should focus on compliance and cooperation with countries offering greater advantages in blockchain network participation.
⚖️ Compliance vs Privacy
Beatrice argues that compliance with regulations is more important than privacy in the world of cryptocurrency, though she acknowledges this might conflict with the inherent spirit of crypto. She discusses the gradual approach towards compliance, beginning with local initiatives and moving towards overall legal compliance. Beatrice views this as a forward step for crypto, advancing into other jurisdictions like Europe and the US.
🏢 Chinese Tech Giants
Patrick asks Beatrice about the role of Chinese tech giants like Alibaba, Tencent, and Baidu in the development and promotion of blockchain technology and digital currencies. Beatrice states that these companies have been involved in blockchain for much longer than many might think.
🔬 Alibaba's Blockchain Laboratory
Alibaba, for instance, has established a blockchain laboratory dedicated to the research and application of various technologies, including crypto security. This lab focuses primarily on commercial and financial applications, aiming to spearhead industrialization within the blockchain sphere.
🎮 Tencent's Blockchain Game
Tencent, on the other hand, launched the first blockchain game 'Let's Catch Monsters Together' back in 2019. This game, featuring unique blockchain elements, saw great success with millions of active blockchain addresses and a significant number of blockchain transactions.
🔑 Web3 Development
Beatrice asserts that the large user base owned by these internet giants is key to the development of Web3, the decentralized internet powered by blockchain. She points out that these giants hold the "keys" to getting more users into the blockchain, thus expanding the "adoption pie".
🧠 Talent Influx
Traditional internet giants are bringing high-quality talent into the blockchain industry. These talents, tested and honed in the Web2 environment, are expected to significantly accelerate the development speed, economic model design, and overall product quality within the blockchain industry.
🇨🇳 Hong Kong and Mainland China
Despite the ongoing ban on cryptocurrencies in mainland China, Beatrice emphasizes that there is no need to separate Hong Kong and mainland China when it comes to blockchain. The actions Hong Kong is taking, such as fostering a blockchain-friendly environment, are actions that China wants to take as well. She clarifies that China is not banning blockchain technology, but rather certain aspects of cryptocurrencies.
🎉 Web3 Event
In April 2023, Hong Kong successfully held a significant event related to web3, attracting thousands of participants from all over the world, including mainland China. This event allowed for the sharing of research results, discussions of future trends and applications, and showcased various projects in the space.
📈 Promotional Policies
Hong Kong has implemented several favorable policies to promote the development of web3. For example, the Hong Kong Stock Exchange released a research report on the development of virtual assets and ETFs in the global financial market. The report covers topics such as the performance of virtual asset ETF markets globally, the evolution of local encryption policies in Hong Kong, and the status of Hong Kong ETF products.
🌐 Blockchain Growth
The ENF has also been actively involved in the Hong Kong web3 events. Beatrice emphasizes that Hong Kong's open policies are a positive sign for the expansion of blockchain. Despite China's stringent regulations, the country is now opening its doors to blockchain, signaling potential growth for the industry.
🔗 Relationship: Hong Kong and Mainland China
Beatrice explains the relationship between Hong Kong and mainland China, stating that Hong Kong is a part of China and that Hong Kong's innovative and open policies will undoubtedly influence the development in mainland China and the entire Asian region. Leveraging its geographical and historical advantages, Hong Kong can serve as fertile ground for the growth of blockchain.
💪 China's Technological Power
Beatrice speaks highly of China's domestic developers, praising their impressive technological and operational abilities. She voices her optimism about the domestic market and her support for Chinese projects. She also shares her pride in her country's rigorous education system, which she believes is producing a strong base of workers in the blockchain space.
🎯 Chinese Market
She further emphasizes the importance and vastness of the Chinese market, whether it's in DeFi or GameFi projects. Chinese users are a significant part of these sectors. Beatrice believes that the development of Web3 in Hong Kong and the expansive Chinese market complement each other, integrating technology, market, and demand with a series of advantages.
🚀 Accelerating Web3 Development
Her hope is to explore feasible ways to accelerate the development of Web3, a sentiment that Patrick praises and appreciates. Patrick commends Beatrice's various interviews and exposure in Hong Kong at different events. He believes such activities are beneficial for the ENF.
💰 EOS Network Ventures
The conversation then shifts to the recently launched EOS Network Ventures (“ENV”), a $100 million fund aimed at empowering Web3 entrepreneurs. Beatrice shares that the venture has a substantial amount of money to invest in potential and promising projects in the blockchain world, with the goal of integrating them into the EOS ecosystem.
🔐 Legal Preparations
However, she notes that there are still some legal processes that need to be completed before making any official announcements about the ENV. She assures that it exists even though there's no official page yet, and they are currently preparing several things. Beatrice clarifies that she's not a member of the ENV and that most of the ENF staff are not involved with it. However, she's optimistic that it will benefit EOS once legal matters are handled.
🤝 Collaboration over Competition
Patrick and Beatrice express their shared motivation and positive mood about what's happening in the EOS ecosystem. They highlight the inclusiveness and collaboration over competition in both Hong Kong and mainland China.
🚀 EOS EVM Launch and Adoption
Beatrice talks about the recent launch of EOS EVM on April 14th, which she says has seen a lot of projects and Solidity developers migrating to it. She acknowledges the progress in adoption, particularly in Hong Kong and mainland China. Beatrice reveals that many meetings and conferences have taken place with blockchain product leaders and investors, resulting in many connections and commitments to migrate to EOS EVM.
💡 DWF Labs Strategic Partnership
Simultaneously with the launch of EOS EVM, a $60 million strategic partnership with DWF Labs was announced. This partnership had been in the works for months. Beatrice explains that this partnership will bring in $45 million in EOS and $15 million in US dollars to support the EOS ecosystem. She sees this as a breakthrough as EOS had not received any external funding or grants before this.
💰 DWF Labs Role
Beatrice clarifies that DWF Labs are not just market makers, a misconception she's noticed in the community. She asserts that the $15 million from DWF Labs is specifically intended to support the ecosystem, which she believes is very meaningful. While DWF Labs does deal with spreads and reduces the difference between the bid and ask price, Beatrice highlights that they also engage in PR and marketing activities. This partnership is seen as instrumental in attracting more partnerships and fundraising opportunities in the future.
📚 EOS Network Website
Patrick then shifts the conversation towards the EOS Network website, emphasizing its usefulness for those who want to stay updated with the ENFs activities. The website, available in multiple languages including Korean, Chinese, and English, is comprehensive, providing detailed information on EOS EVM, IBC, tokenomics, governance, and the EOS ecosystem. It also includes links to join the EOS community on various platforms like Discord, Twitter, Telegram, and LinkedIn.
👩💼 Eden Participation
Beatrice confirms that she participates in Eden On EOS, an innovative governance model for the EOS community. She expresses that she enjoys voting and has participated several times in the community, especially in Eden China. She also expresses a hope to meet Patrick at a future Eden event.
👫 Diversity in Eden
Beatrice points out the need for more female participation in the Eden community, to which Patrick agrees. He states that their main objective is to be inclusive and cohesive, not only in the English-speaking community but also in other language-based Eden communities like Korean, Chinese, and Spanish.
🤝 Interview Conclusion
Patrick concludes the interview by expressing his gratitude to Beatrice for her time. They end the discussion with a traditional gesture from the Antelope's Workshop, raising their hands and saying "go EOS." Patrick thanks Beatrice for the pleasant conversation and looks forward to their next interaction.
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Original Questions/Answers for the Interview by Beatrice Wang:
- How did you come involved with EOS?
I am deeply involved in the EOS ecosystem.
My journey in the blockchain industry began in 2019 and by 2020, I had become part of the EOS community. I have held several roles including being the director of a wallet project, managing a BP, and contributing to the incubation of a GameFi project on EOS.
Presently, I serve as the Community Manager for the EOS Network Foundation while also overseeing the foundation's work in Asia. Since 2020, I've been an active member of both the Chinese and English EOS communities, articulating concepts in both languages and witnessing EOS's growth firsthand. I genuinely wish for the EOS ecosystem to continue to thrive under the guidance of the EOS Network Foundation, and I am thrilled to be part of tonight's event.
- In light of China's crackdown on cryptocurrency mining and trading, how have Chinese blockchain entrepreneurs and investors adapted their strategies to continue innovating and participating in the global crypto ecosystem?
In China, blockchain is seen as a foundational technology for the digital economy, symbolizing a new wave of technological revolution. As an innovative technology, blockchain possesses unique features such as decentralization, immutability, and traceability, which makes it suitable for traditional financial sectors. Consequently, it's progressively being adopted in areas like supply chain finance, trade finance, cryptocurrency, securities, and insurance.
However, as blockchain finance is still in its nascent stages, there are shortcomings in technological maturity and the construction of certain systems, particularly in terms of financial supervision over blockchain. This poses numerous challenges and difficulties. In light of the various systemic risks in blockchain finance, regulators need to employ proactive and effective measures.
I encourage everyone to adopt a balanced perspective on the regulatory issue: for traditional governments, creating a safe 'sandbox' for entrepreneurs and developers to explore the Web 3 domain might be a successful strategy. This could boost innovation and enhance long-term efficiency while effectively mitigating risks for economic participants on the new chain. Blockchain governance entities should focus on compliance and collaboration with nations that provide significant benefits to blockchain network participants.
At a recent Web3 event in Hong Kong, various policies were announced including employment, research, corporate land use subsidies, and non-profit organizations. We believe that those who can best leverage these policies stand a higher chance of succeeding in Hong Kong.
From my perspective, compliance holds more weight than privacy, but compliance should also align with the spirit of crypto, striking a balance between regulation and permissionless-ness. If we consistently strive to demonstrate compliance, starting with the legitimacy and validity of some smaller local funds, and then gradually approach overall legality, we can progressively move towards compliant regulation.
- Can you discuss the role of Chinese tech giants, such as Alibaba, Tencent, and Baidu, in the development and promotion of blockchain technology and digital currencies in China?
Several of China's internet giants have been exploring blockchain for quite some time now.
For instance, Alibaba has established a blockchain laboratory, dedicated to the research and application of technologies such as consensus protocols, cryptographic security, and cross-chain protocols within blockchain. By focusing on commercial and financial application scenarios as a starting point, it has managed to be the first to achieve industrial/financial-grade blockchain systems.
Similarly, in April 2019, Tencent launched its first blockchain game, "Let's Catch Monsters Together," which integrated blockchain features. In less than two months, the Tencent blockchain module "Exclusive Cat" used in the game had generated millions of blockchain active addresses and nearly a thousand blockchain transactions.
It's clear that China's internet giants are actively experimenting with blockchain, creating ample opportunities for its development:
On one side, the vast user base of traditional internet giants allows for a more seamless transition into blockchain. In the current phase of Web3 development, attracting new users is crucial. The influx of users brought in by traditional internet giants will undoubtedly continue to expand and strengthen the blockchain sector.
On the other side, traditional internet giants also introduce a wealth of high-quality talent to blockchain. These seasoned professionals, who have already proven themselves in the Web2 space, will significantly accelerate blockchain development speed, economic model design, and product quality.
- How has Hong Kong managed to foster a crypto-friendly environment despite the ongoing ban on cryptocurrencies in mainland China?
The 2023 Hong Kong Web3 Carnival concluded successfully, drawing thousands of participants from around the globe. Attendees shared their research findings on Web3 technology, discussed future trends, and explored blockchain and Web3 currency applications and products.
As one of the world's financial and commercial hubs, Hong Kong is undoubtedly a hotspot for Web3 technology development. The carnival showcased numerous innovative projects and demonstrated the enormous potential and opportunities in Hong Kong, which may emerge as one of the core cities for Web3 technology.
From April 12th to 15th, industry leaders congregated in Hong Kong to deliberate on the growth and prospects of Web3 technology, offering insights and recommendations on turning Hong Kong into a core city for Web3.
Qiu Dagan, a member of the Hong Kong Legislative Council, mentioned that legislative updates, industry regulation, investor protection, and corporate governance are the next steps in Hong Kong's orderly compliance into the Web3 process.
Additionally, Hong Kong has implemented a series of policies to promote Web3 development. For instance, the Hong Kong Stock Exchange published a research report titled "ETF and the Development of Virtual Asset Ecosystem in the Global Financial Market". The report not only discusses ETF products but also covers the development of global virtual assets and their regulatory systems, the performance of virtual asset ETF markets worldwide, the evolution of local crypto policies in Hong Kong, and the current state of Hong Kong ETF products.
Core members of the EOS Network Foundation were deeply involved in the Hong Kong Web3 event. Hong Kong announced numerous policies, including subsidies for employment, research, corporate land use, and non-profit organizations. We believe that those who can best utilize these policies will have a higher chance of succeeding in Hong Kong.
- Can you explain the relationship between the two regions and how it affects the development and regulation of crypto businesses?
Hong Kong, being part of China, stands to influence the development of mainland China and even the broader Asian region with the prosperity and innovation that its open policies bring to Web3.
Hong Kong boasts natural geographical and historical advantages: as a global port, it was once one of the world's most prosperous financial cities. Hence, it's anticipated that blockchain will flourish and develop in this fertile ground of Hong Kong.
Moreover, Hong Kong is supported by a vast Chinese-speaking community. Whether it's Hong Kong or Greater China, our domestic developers possess impressive skills, both technically and operationally. We are very optimistic about the domestic market and are also eager to support Chinese projects.
Simultaneously, it's undeniable that the Chinese community represents a vast market. Chinese users play a significant role in both on-chain DeFi and community contexts. In this sense, Web3 and Hong Kong can be seen as complementary to each other. By combining technology, market, and demand, along with a series of advantages, we aim to discover a viable path to expedite the development of Web3.