The Shanghai government has revealed plans to promote the development of its urban blockchain digital infrastructure system between 2023 and 2025. According to an update on the government webpage, the initiative aims to support Shanghai’s urban digital transformation, strengthen blockchain applications in the economy, public services, and urban governance, and foster a hub for international blockchain exchange. The planned system should support municipal affairs, public services, and applications in various regional industries, promote coordination of blockchain resources in the Yangtze River Delta, and facilitate the city’s coordination of innovation for core blockchain technology.
Despite a turbulent 2022 for the crypto markets, investors remain committed to investing in Web3 entities. That sentiment affects established entities like Andreessen Horowitz and newly established initiatives. Sustainable and scalable Web3 infrastructure remains in very high demand.
Establishing The Web3 Future
There is substantial interest in Web3 technology and the benefits it will unlock. Users can expect more control over their data and unlock new monetization avenues. Companies can get more actionable and fresh data by targeting users interested in their products and services. It is a win-win situation for everyone, although the proper infrastructure is still needed.
The allure of Web3 has attracted tremendous interest from VCs and other investors in 2022. Recent data suggests the industry vertical welcomed over $7 billion in investment. Those investments came from established entities like Binance Labs,, Coinbase Ventures, and Andreessen Horowitz. In addition, commercial banks like Morgan Stanley and Goldman Sachs eye the industry with anticipation.
In addition, new VC ventures have been launched in 2022 and early 2023. One of the newer entrants focused on Web3 and blockchain is Venom Ventures Fund, launched by Iceberg Capital Limited and Venom Foundation. It helps promote the regulated and licensed Venom blockchain, which operates within the Abu Dhabi Global Market. Venom is designed to facilitate a network of blockchains, enabling auxiliary networks to join the ecosystem. By investing $5 million into Everscale, the team wants to explore new business use cases for blockchain technology.
Everscale Foundation Board Member Moon Young Lee said:
“This is a milestone for both the Everscale and Venom networks. The technological capabilities of Everscale are immense but they have been underappreciated by a wider audience. Now, Everscale will be able to operate as an experimental network where updates and complex technical solutions can be introduced before they are brought to Venom. This investment will allow Everscale to gain the recognition that it deserves.”
Venom Ventures Fund and Everscale share a vision of bringing blockchain technology to real-world use cases. Several initiatives between both entities are in the works, including digital asset tokenization, CBDC and stablecoin framework, and new payment solutions involving cryptocurrency.
What Makes Everscale Stand Out
Although the promise of Web3 is significant and appealing, scalability remains a pressing issue. Everscale is confident its dynamic sharding technology can help the network adapt to various workloads. As such, it becomes a convenient and affordable solution for any project, regardless of its size. The $5 million in funding by Venom Ventures Fund will let Everscale expand its teams and build new projects.
The focus on Everscale isn’t entirely surprising. Over the past two years, the project has secured significant traction across Asia and has become one of the continent’s leading platforms. In addition, it has a growing community and an expanding ecosystem of decentralized finance platforms and protocols. That aligns the project with the Venom Foundation’s mission to become a bridge for adopting CBDCs across the Middle East, North Africa, and other currencies.
Startup Xternity has created a toolbox for developers to add Web3 capabilities to their legacy video games, and it’s now available in beta. The launch came as the company closed on a $4.5 million pre-seed fundraising round led by NFX, with participation from Jibe Ventures, Flori Ventures, Secret Chord Ventures and vGames.
Xternity, which is based in Israel, is all about helping Web2 games developers transition to the world of Web3. To do so, it has created a no-code platform that encompasses a multichain application programing interface, a customized crypto wallet, a platform for creating and minting non-fungible tokens, a customer relationship management tool for user analytics, and more besides.
Best of all, Xternity said it provides extensive support for numerous well known blockchains, including Ethereum, Polygon, Binance, Solana and others.
Web3 means many things to many different people, but in the video gaming world it’s a fairly simple concept. With Web3, video games players can earn rewards for playing games. By competing with other humans and completing daily challenges and tasks, players can earn NFTs and cryptocurrency as a reward for their efforts. Those rewards can then be exchanged for real life money, or else invested in various power-ups and accessories that make their in-game characters more powerful.
Web3 games have proven to be vastly popular, but for many legacy games developers it can be difficult to get started. Building with new technologies such as blockchain and NFTs normally requires specialist skills, and this is where Xternity comes in with its no-code platform, enabling developers to integrate Web3 elements with a few simple clicks.
“Xternity platform enables game developers to work with many blockchains simultaneously at scale while having a unified code experience, they also can add NFT assets, and game economy layers while focusing on their core mission,” explained Xternity co-founder and CTO Shahar Asher.
Xternity currently employs ten people and said it will use the funding from today’s round to hire five more to build out its product and engineering teams.
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On September 5, the Web 3.0 infrastructure project Point Network (POINT) will be listed on the world-renowned cryptocurrency trading platform MEXC. The heading on the website is: “World’s First Full Web 3.0 Implementation”. What do they mean?
First, what is Web 3.0? At this time last year, a16z, Coinbase, and their counterparts had tried to define “Web 3.0”. The most popular streamlined definition is: “read+write+own,” which is relative to Web 2.0 and Web 1.0.
In 2014, Gavin Wood, the co-founder of Ethereum and founder of Polkadot, coined the term. In his own words, “Web3 is sort of an alternative vision of the web, where the services that we use are not hosted by a single service provider company, but rather they’re purely algorithmic things that are, in some sense, hosted by everybody… The idea being that all participants contribute a small slice of the ultimate service”
And the Point Labs’ definition is simple: “Web 3.0 is a decades-long dream of technologists about the next generation of the internet, designed to be without any central point of control on any level, and thus completely resistant to censorship and mass-surveillance. Bittorrent decentralized file sharing, Bitcoin decentralized money, and the real Web 3.0 is supposed to decentralized the rest of the internet.”
Unfortunately, Point Labs founders claim, people wishfully conflate the dream of Web3 with reality, as if it’s already here. Most of the “decentralized” applications are still relying on centralized infrastructure, such as domains, storage, SSL certificates, and so on. This has become obvious last month, from popular Ethereum gateway eth.link expiring, to curve.fi nameservers compromised, to the storm of news about Tornado Cash censorship by many dApps and projects that were supposed to be decentralized and uncensorable. In real Web 3.0, this could not have happened.
Point Network is a project designed for radical decentralization of every major component of the internet stack. It does not rely on centralized infrastructure, such as storage, domain names, etc, and instead uses decentralized alternatives for each layer: the .point domains are on Point Chain, the storage is on Arweave, and the native access is achieved by having their own web3 Point Browser, with Point Wallet integrated. On Point Network, developers can build decentralized identity solutions, decentralized social networking, and many other applications–the “Roadmap to Web3” vision scrolls many screens to the right.
According to the official information from Point Network, the backers of the project include Sino Global Capital, Arweave, FTX, Chorus Ventures,and Prycto, among others. POINT is a utility token, which is used for gas fees on this new network, but also can be applied to a variety of other web3 use casesFor example, it can be used to pay for native blockchain subscriptions to content creators, paid content on decentralized communities, as a micropayment for storage when uploading content, and so on.
They have just launched the mainnet on September 1, and trading of POINT starts on MEXC on September 5.
Curious? Find out more about what they’re doing at pointnetwork.io
MEXC is the world’s leading cryptocurrency trading platform, providing one-stop cryptocurrency trading services for spot, ETF, futures, Staking, NFT Index, etc., and serving more than 7 million users worldwide. The core team has a solid background in traditional finance and has professional financial product logic and technical security guarantees in terms of cryptocurrency products and services. In October 2021, MEXC Global won the title of “Best Cryptocurrency Exchange in Asia.” Currently, it supports the trading of more than 1,400 cryptocurrencies and is the trading platform with the fastest launch speed for new projects and the most tradable categories. Visit the website and blog for more information, and follow MEXC Global and MEXC Research.
Company Name: MEXC
Name: Jenny Sun
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