Japan’s Prime Minister Says Web3 Can Transform The Internet

31 July 2023

Welcome, and thank you for being part of the MyZucoins community! Dive into some important crypto, finance, and tech news to stay ahead.

Japan's Prime Minister, Fumio Kishida, has voiced his belief in the transformative power of web3, a new iteration of the internet. Speaking at Tokyo's WebX Web3 conference, Kishida stated his administration's commitment to fostering a favorable environment for Web3 growth, as part of Japan's "new capitalism" economic policy. This approach aims to tackle societal issues by encouraging innovation and economic growth.

Kishida sees the conference as an opportunity for major Japanese companies to unveil plans for the creation of economically valuable zones within the metaverse. This vision aligns with the Prime Minister's statement that Web3 is a key component of the new form of capitalism.

Koichi Hagiuda, the chair of the ruling Liberal Democratic Party's policy research council, shed light on Japan's advantageous position in the Web3 space. He attributed this to Japan's proactive regulation of the cryptocurrency market and underlined the importance of worldwide collaboration due to Web3's global reach. An indication was made towards possible partnerships with the U.S., France, and Singapore amongst others.

This focus on Web3 is not new for Japan. The ruling party established a "Web3 project team" in January 2022, recognizing Web3 as the new frontier of the digital economy and advocating for its development as a crucial aspect of Kishida's "new capitalism" policy. In a similar vein, Changpeng Zhao, Binance's CEO, reaffirmed the launch of a new platform in Japan, following the acquisition of local exchange platform SEBC. Read more here.

Amazon Boosts Web3 Development with New Cloud Tools

Amazon has added new tools to its Amazon Web Services (AWS), the biggest cloud platform globally, aimed at simplifying the process for developers to create blockchain-based Web3 software. The tools, dubbed "Access" and "Query," have been introduced to Amazon Managed Blockchain (AMB), a service that accelerates application development using a ready-to-go, centralized blockchain infrastructure. This development was unveiled during the recent two-day AWS Web3/Blockchain Summit in New York City.

AMB has increasingly been delving into the Web3 arena. Amazon has advertised new positions for Web3 personnel and is rumored to be developing a non-fungible token (NFT) marketplace, although this has not been officially confirmed. Their "AMB Access" offering will initially support the Bitcoin network. Read more here.

Zucoins and Splitchain: Web3 Opportunities

Zucoins, with its Splitchain network, aligns well with the vision of Japan's Prime Minister, Fumio Kishida, who sees Web3 as a game changer. The truth-based network of Zucoins mirrors the core idea of Web3, favoring decentralized systems over centralized control. Further, Zucoin's commitment to reduced energy consumption and environmental impact makes it a responsible choice in line with Kishida's call for sustainable growth.

The idea of creating economic zones within the metaverse, as encouraged by the Prime Minister, offers an exciting prospect for Zucoins. By capitalizing on the speed and security of transaction settlements on the Splitchain network, Zucoins could serve as a key medium of exchange within these zones. The unique two-way transaction system of Zucoins, mirroring real-world, in-person exchanges, could offer a more straightforward, safer and intuitive way for users to transact in these virtual spaces.

Taking cues from Japan's proactive approach to regulating emerging technologies, Zucoins and Splitchain have been working to ensure their operations are in line with evolving regulatory norms. This not only enhances long-term operational efficiency and their mission, but it also helps build trust with users and regulators.

When it comes to Amazon's recent move to simplify blockchain development through its 'Access' and 'Query' tools, it highlights the importance of user-friendly interfaces in promoting the adoption of Web3 applications. Zucoins shares this philosophy, with its Splitchain network designed to offer a simpler, more efficient, and user-friendly experience compared to other cryptocurrencies, while maintaining a decentralized ecosystem—a key differentiating factor in the space. By ensuring its platform is accessible and easy to use, Zucoins can attract a wider user base, from tech-savvy developers to everyday consumers.

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All the best,
Peter & Rob
MyZucoins

Disclaimer: Of course, this is not advice, financial or otherwise. It’s also important to consider the risks and challenges associated with any potential benefits.