Web3 Shots: From Hong Kong to Istanbul, Web3 Knows No Geographical Boundaries, Here’s How It’s Taking Over The World…

Dipti Sood
September 1, 2023

Hong Kong's Financial Chief Paves Way for Web3 Revolution

Hong Kong's financial secretary, Paul Chan Mo-po, envisions significant growth in the digital realm through Web3. The government is actively regulating the crypto sector, with a dedicated task force and crypto licensing regime. Chan views blockchain as the cornerstone of Web3, citing its disintermediation, security, and transparency benefits. He highlights blockchain's versatile applications in finance, trade, and daily life. Chan's endorsement coincides with his participation in the Digital Entertainment Leaders Forum, where he allocated an extra $50 million to Cyberport to foster the Web3 ecosystem. Hong Kong's crypto-friendly stance sets an example for the global adoption of Web3.

Istanbul Blockchain Week Merges Islamic Finance and Web3 Innovations

The recent Istanbul Blockchain Week (IBW) showcased the significance of Islamic finance and Web3 in the crypto landscape. Held in the strategic financial hub of Istanbul, the event attracted global enthusiasts to discuss blockchain, AI, regulation, and more. IBW 2023, featuring a Shariah-compliant Web3 economy and Islamic finance talks, aimed to accommodate both Eastern and Western cultures. The event highlighted AI's potential in the Web3 ecosystem and the importance of data ownership. Despite a bear market, Turkish banking participation and growing crypto adoption marked the event, emphasizing Turkey's increasing role in crypto.

Supra Redefines Cross-Chain Communication with HyperNova's Bridgeless Tech

Swiss blockchain organization Supra has introduced HyperNova, an innovative bridgeless technology that enables direct cross-chain communication through L1 consensus. This advancement eliminates the need for centralized Web3 bridges, enhancing security, scalability, and versatility. Supra's Moonshot Consensus algorithm underpins the technology, securely connecting blockchains by verifying cryptographic signatures. HyperNova's benefits include heightened security with L1 to L1 guarantees, improved scalability due to Supra's high throughput capacity, and enabling novel cross-chain use cases. Possible applications range from cross-chain DeFi and gaming to reliable cross-chain oracles. Supra aims to provide comprehensive Web3 capabilities with its IntraLayer™ infrastructure, characterized by research-backed solutions and commitment to advancing Web3 performance and security.

Photo by Bleron Salihi on Unsplash


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