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Pat Yiu
@patyiutazza
Have been involved in China's chain the past few weeks and doing a small writeup of notes to share. The official announcements will happen on Sep 13th. 1. Multichain system built on solidity. Early discussion about compatibility with foreign chains, earliest announcement Q2 2025. Connected to the tianping chain of internet courts. Standard fees will be done through a digital RMB system synced with alipay/wechat 2. The chain will operate as a public chain with "diverse node types" supporting various segments of the industry. There will be a variety of nodes split by industry, city, and other criteria. Nodes will be the differentiator for projects who want to access read/write records onchain. Think of this as a bookkeeping node. 3. No mention of the word "NFT" which has been replaced by Digital Assets. These digital assets must be government certified. All assets will be synced to the National Culture Big Data System, the official infrastructure of China's national cultural infrastructure.
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Pat Yiu
@patyiutazza
Concerns I have: 1. Iteration 1 is a very centralized chain with the hope that there can be a middleground found for a semi-decentralized chain future. 2. The Chinese hate paying taxes and this chain was created to combat the significant tax loss of P2P purchases through services like alipay. Building this culture into 00+ is much more likely than those with purchasing power. 3. Single entity controls the distribution of first party tokens, automatic 10% tax on all primary sales.
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Pat Yiu
@patyiutazza
Benefits of early adopters as a foreigner: 1. Building a relationship with the correct government authorities in China is important for doing any sort of business in China. Having a direct access to the Beijing Copyright Bureau, Publishing Copyright Association, and Copyright Protection Center could save 12+ months of time 2. Early focus will be on traditional sports, gaming & esports, and consumer products. Has existing network of 3000+ streamers and over 100MM in sales during 2022. Thanks @ccarella for doing your daily writings, I will try to write more on warpcast too.
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