As the lights dim after the annual FinTech Week conference in Hong Kong, the city is grappling with two pressing issues in its bid to become a global cryptocurrency and Web3 hub: user-friendliness and a talent crunch.
Hong Kong is pushing hard to make Web3 a mainstream technology
The recent JPEX cryptocurrency scandal, which resulted in over HK$1.5 billion (US$192 million) in lost consumer funds, underscored the need to shift the conversation from mere financial speculation to real-world applications. A year into its policy pivot, Hong Kong is pushing hard to mainstream Web3 technologies. Local companies like Animoca Brands are already playing a pivotal role in developing blockchain video games. The aim is to make technologies such as decentralized ledgers more relatable and useful to the average person.
Yat Siu, co-founder of Animoca Brands, likens the current Web3 landscape to the internet 25 years ago, emphasizing the urgency companies now feel to embrace these technologies for their future success. But there’s a catch: the technology is hard to use for the average Joe. Take cryptographic keys, for instance. They’re your ticket to a new digital world, but they’re also easy to lose and hard to manage.
Dfinity Foundation, among other players, is looking to solve this issue. They’re developing passkeys that turn your physical device into a digital key, aiming to end password-related vulnerabilities like phishing attacks. Tech solutions like these aim to simplify the user experience, a critical step in driving mass adoption.
While Hong Kong shows promise in embracing Web3, there’s another hurdle: talent. Despite its strategic position in the Greater Bay Area, the city faces a dearth of developers needed to realize its digital ambitions. The competition is stiff, especially from tech-savvy neighbors like Singapore. According to Ryan He, co-founder of ICP Hub Hong Kong, the city’s edge lies in how swiftly it can tap into a larger pool of developers in the area.
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(Via)
