How this Chinese firm is using blockchain to rebuild the internet

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Hello reader,

As someone who grew up in the internet era, I can’t imagine life without it. It’s always surprising to think about a time before search engines and social media were a thing and when people couldn’t just access funny cat videos anywhere, anytime.

But the internet is evolving, and as Web3 takes off around the world and new developments – such as the metaverse – start gaining ground, it’s entirely possible that the internet we know today will become something completely different over the next twenty years.

Indeed, there are businesses out there that are laying the groundwork for what could be some pretty transformational technologies. But the road ahead is certainly a bumpy one.

Today we look at:

• The Chinese company that wants to rebuild the internet
• How fresh funding will fuel this social commerce startup’s growth
• Other newsy highlights such as SeaMoney and GoTo overtaking Grab in the fintech space and the disbanding of a crypto council in India

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Rebooting the internet

Image credit: Timmy Loen

There’s been a lot of hype around Web3 and blockchain and the decentralized dream that it promises, but making it a reality will be difficult. However, China-based Red Date Technology is ready to take on the challenge.

• Blockchain for all: Red Date operates the Blockchain-Based Service Network (BSN), which is designed to integrate individual blockchains. BSN enables developers to build blockchain applications easily and cheaply. The network, which also has an international version known as BSN Spartan, also allows for increased interoperability among blockchains. However, the BSN is just the start of a bigger dream: the creation of a “public IT system” for the world.
• Power to the people: This public IT system could change the internet as we know it by creating a virtual, decentralized network of data centers built on the blockchain. Individual users will be able to access and control their own data via private key and decide if and how to release, use, or monetize that data. Third parties such as tech companies and governments can access that data but will have no control over it.
• No easy feat: But the road ahead is full of challenges for Red Date. It needs to develop new communication protocols and database technologies to realize its vision, and the short-term gains are limited. Plus, the firm has to deal with the stigma around its roots as a government-backed mainland Chinese company amid growing geopolitical tensions.

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When we buy together, it’s much better

Image credit: Timmy Loen

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