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China Crypto Roundup (July. 19-July. 25):Blockchain on Shanghai Government Plan

1. The South China Morning Post (SCMP) launches a NFT platform plan to make factual narratives or real historical assets as NFTs

On July 19, SCMP, one of the most famous English newspapers in Hong Kong under Alibaba with a history of 118 years, announced that it would launch an NFT platform program called ARTIFACT, which can NFTize factual narratives or real historical assets.

According to ARTIFACT’s white paper, SCMP will create collectible NFTs from its historical news and is exploring governance through a decentralized autonomous organization (DAO). ARTICAFT will provide everyone with a platform for discovery, collection, display and trading.

2. Chinese Foreign Ministry spokesperson Zhao Lijian: U.S. senators ban U.S. athletes from using digital RMB only reflect their ignorance

Three U.S. Republican senators urged the U.S. Olympic Organizing Committee to ban U.S. athletes from using digital RMB during the 2022 Beijing Winter Olympics. Chinese Foreign Ministry spokesperson Zhao Lijian responded to this action.

Zhao Lijian said that the actions of US politicians only reflect their ignorance. As for espionage and digital security threats, the US is the recognized global “laurel.” Digital currency is an inevitable product of the development of digital technology and conforms to the current historical trend of global digital economic development. Chinese law also makes clear provisions for ensuring data security. US politicians should respect the spirit of the Olympic Charter and stop politicizing sports.

3. Shanghai released the “Fourteenth Five-Year Plan for the Development of Shanghai’s Strategic Emerging Industries and Leading Industries” to promote the demonstration and application of blockchain in finance and other fields

On July 21, the Shanghai Municipal People’s Government website released the “Fourteenth Five-Year Plan for the Development of Shanghai’s Strategic Emerging Industries and Leading Industries” (hereinafter referred to as the “Plan”), putting forward the development goals of emerging digital industries. By 2025, The operating income of the emerging digital industry with software and information services as the core has reached about 1 trillion yuan, cultivated 20 leading companies in the digital economy in vertical segments, created several 100-billion-level industrial clusters, comprehensively improved the development level of the digital economy, and promoted the economy Digital transformation of the field.

What attracts people’s attention is that in the digital application of the emerging digital industry, the “Plan” emphasizes speeding up the development of the blockchain, covering various aspects such as technology, platform, application, and scenarios. The document proposes to “focus on breakthroughs in key technologies such as smart contracts, consensus algorithms, encryption algorithms, and distributed systems, accelerate the construction of a batch of blockchain service platforms, and promote the demonstration of blockchain in the fields of finance, commerce, logistics, energy, and manufacturing. Application, build application scenarios, and form a blockchain application technology system and industrial ecology.”

4. Vitalik’s speech on World Blockchain Conference: Rollup may make Ethereum TPS reach 100,000 transactions per second, or even more

Vitalik said on his speech:

“Today, Rollups can scale up to about 4,000 to 5,000 transactions per second. If hypothetically, the entire Ethereum ecosystem works us which to Rollup, but with a data shards, we have maybe 20 to 50 times more space. It would be possible for Rollups to go up to 100,000 transactions per second and in the future, even more than that.”

5. Qiu Xiaodong from Sparkpool: We still insist on opposing EIP-1559 , but we cannot stop the implementation

Qiu said, “At present, EIP1559 does not save much on the performance of transactions and DeFi fees. We still insist on our opposition, but the result is essentially unstoppable. We can only expect its launch to let DeFi users clearly know what BaseFee is and what miner fees are.”

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