Evening News | Shanghai Municipal Government proposes to explore key technologies of Web3.0; Line's NFT subsidiary completes $10 million strategic financing

Organizer: AChai, Chain Catcher

1. Shanghai Municipal Government: Explore key Web3.0 technologies such as distributed data storage, support leading enterprises in exploring the construction of NFT trading platforms

The General Office of the Shanghai Municipal People's Government issued the "14th Five-Year Plan for Digital Economy Development in Shanghai," which includes enhancing digital new infrastructure as a key task. It mentions strengthening the deployment of new network infrastructure, technological research and development, and application innovation to create a future-oriented network ecology.

Proactively layout the next generation of network forms, explore cutting-edge key technologies of Web3.0 (the third generation of the World Wide Web) such as multi-platform OpenID (digital identity recognition framework), distributed data storage, decentralized DNS (domain name resolution system), and end-to-end encrypted communication. Accelerate breakthroughs in core technologies of distributed networks, strengthen forward-looking research and development and deployment of 6G, IPv6 (Internet Protocol version 6), Wi-Fi 6 (sixth-generation wireless technology), and quantum communication, and build a third-generation Internet technology application ecology for data interconnectivity.

Create a multidisciplinary cross-disciplinary scientific and technological innovation system combining blockchain and cutting-edge technologies, promote the research and application of "blockchain+" technologies, and build a blockchain development ecology with strong innovation capabilities and independent controllability. Promote trustworthy digital transactions and support the advancement of trustworthy transactions based on blockchain, electronic identity certification, and other technologies. Promote trustworthy transactions in big data, using consensus algorithms to achieve trust and transaction confirmation, focusing on the development of smart contract management and operation platforms. Develop blockchain business models, focusing on the development of blockchain open-source platforms, NFTs, and other business models, and accelerate the exploration of digital transformation and digital technology applications in fields such as virtual digital assets, artworks, intellectual property, and gaming.

In addition, the plan also proposes that Shanghai will cultivate new data elements, including digital content and digital trade, during the "14th Five-Year" period, support leading enterprises in exploring the construction of NFT (non-fungible token) trading platforms, and research and promote the digitalization of assets such as NFTs, the globalization of digital IP circulation, and the protection of digital rights in Shanghai as a pilot. (Source link)

2. Decentralized social protocol Farcaster completes $30 million financing, led by a16z

The centralized social protocol Farcaster has completed $30 million in financing, with this round led by a16z, and participation from Standard Crypto, Elad Gil, 1confirmation, Scalar Capital, First Round Capital, Volt Capital, A Capital, Todd and Rahul's Angel Fund, Coinbase Ventures, Mischief, Ansa Capital, Haystack, Ribbit Capital, Chapter One, Multicoin Capital, Offline Ventures, Archetype, Canonical Crypto, Proof Group, Floodgate, Balaji Srinivasan, 6529, Ray Tonsing, and others.

Farcaster is a fully decentralized protocol for building social networks, aimed at establishing a trusted neutral protocol that allows users to build direct relationships with their audiences and enables developers to freely build new clients without permission. Farcaster has released the initial version of the protocol and client and is currently developing Farcaster v2, which is planned to be launched later this year. (Source link)

3. Line's NFT subsidiary Line Next completes $10 million strategic financing, with participation from SoftBank, Hashed, and others

Japanese communication giant Line's NFT subsidiary Line Next announced the completion of $10 million in strategic financing, with participation from SoftBank, NAVER, NAVER WEBTOON, NAVER Z, LINE Games, CJ ENM, YG PLUS, SHINSEGAE, Hashed, and K Auction. This round of financing will be used to support the launch of Line Next's global NFT platform "DOSI" and the development of NFT projects based on IP content. (Source link)

4. Upbit operator Dunamu plans to invest approximately $385 million in Web3 startups

The operator of the South Korean cryptocurrency exchange Upbit, Dunamu, announced plans to invest approximately 500 billion Korean won (about $385 million) in 500 Web3 startups over the next five years.

As part of its roadmap, Dunamu has currently announced two projects: the UP Start incubator and the Up Start Platform. Through the former, Dunamu can provide Web3 consulting services for early-stage startups in the blockchain field, while the latter aims to serve as a connector for startups and investors, providing them with funding.

It is reported that in addition to UPbit, Dunamu also operates two investment trading platforms, Stockplus and U-Stockplus, as well as a stock management platform called Onboard. Since 2018, the company has invested 88 billion Korean won (about $67 million) in blockchain and fintech startups. (Source link)

5. Web3 startup zbyte completes $10 million private placement financing to build DApp app store

Web3 startup zbyte announced the completion of $10 million in private placement financing, with specific financing information not yet disclosed. zbyte is developing a blockchain-based low-code, no-code platform and will launch a DApp app store.

It is reported that zbyte was co-founded by strategist Nitin Kumar, serial entrepreneur Krish Kupathil, technology expert Ankush Tiwari, and Saurabh Radhakrishnan. zbyte also plans to launch its token ZBYT in the fourth quarter of this year. (inc42)

6. Saber Labs founder launches $100 million crypto fund Protagonist

Saber Labs founder has launched a $100 million crypto fund called Protagonist. Protagonist plans to invest in and incubate early web3 protocols and startups across verticals, including gaming, infrastructure, security, and privacy. Its current portfolio includes Layer 1 public chain Aptos, Solana-based NFT utility protocol Cardinal, and digital banking platform Cogni.

The founders of Protagonist include Dylan Macalinao and Ian Macalinao from the cross-chain decentralized exchange Sabre Labs based on Solana. (The Block)

"What are the noteworthy articles to read in the past 24 hours?"

1. Messari Q2 Web3 Infrastructure Revenue Report: Revenue Down Only 10%, Demand Remains Strong

In the last quarter, the total market capitalization of cryptocurrencies fell by 59%, from $2.1 trillion to $860 billion. In the Web3 infrastructure sector, fully diluted valuations fell by 76% quarter-on-quarter, from $63 billion to $15 billion. Despite the harsh environment, Web3 infrastructure protocols continued to operate and generate revenue uninterrupted.

In the second quarter of 2022, Web3 infrastructure protocols generated $5.7 million in revenue. Excluding the highest proportion of Filecoin, the remaining Web3 infrastructure protocols generated a total of $470,000 in revenue last quarter, a decrease of 10% compared to the first quarter of 2022.

2. Bloomberg: How Three Arrows Capital Collapsed and Triggered a Chain Reaction in the Crypto Industry?

The 2022 crypto financial crisis was like all other financial crises: it began with a frenzied rise in asset prices, leading to excessive trust in the market, followed by a sudden collapse of confidence. Bloomberg provides a detailed report on the history of Three Arrows Capital, how it engaged in high-leverage borrowing, and the related chain reactions.

3. What is Bitmark, which Alibaba invested in and launched the first multi-chain NFT wallet?

Recently, blockchain technology company Bitmark announced the completion of $5.6 million in financing, led by Galaxy Interactive and North Island Ventures, while also announcing the launch of a multi-chain NFT wallet called Autonomy.

Previously, in 2019, Bitmark received $3 million in financing led by HTC, with investments from Alibaba and the well-known crypto venture capital firm DCG. According to public information, this project is also Alibaba's only investment in the blockchain/NFT field to date. So, what kind of company is Bitmark?