Personal digital identity and neutral platform matter

A personal digital identity and a blockchain-backed neutral platform really matter in the Web3.0 era, an expert said at the 2024 Global Developer Conference that wrapped up in Shanghai yesterday.

Statistics from the China Internet Network Information Center shows that the number of Chinese netizens reached 1.067 billion by the end of 2022, generating 8.1 trillion GB of data. Global consulting agency McKinsey & Company estimates that the potential value of public data can reach up to 15 trillion yuan (US$208 billion).

However, netizens' privacy and rights are currently not well protected, and the huge economic values always belong to platforms, said Li Chenxing, a scientist from the Shanghai Tree-Graph Blockchain Research Institute, at the "Web3 Data Resource for the Value of Internet" forum.

Li offered two solutions: giving everyone a digital identity in the virtual world and building a blockchain-backed neutral platform where everyone can preserve and process their data.

Conflux, developed by Tree-Graph, is one of the top three third-generation public blockchains in the world. Since its launch in October 2020, it has dealt with over 150 million data trades.