The Hyatt on the Bund in Shanghai is quietly documenting the transformation of blockchain technology from geek ideals to industrial applications during an industry event that spans eleven years.

The 11th Global Blockchain Summit grandly opened at the Hyatt on the Bund in Shanghai. This year's summit, themed "Web3, Boundless," gathered representatives from global regulatory agencies, industry leaders, and innovative forces.

Xiao Feng, Chairman of Wanxiang Blockchain, pointed out in his opening speech that the main line of blockchain technology development has shifted from early technical exploration and grassroots innovation to large-scale application and standardized development.

I. Return and Heritage: The Eleven-Year Journey of Blockchain

The Hyatt on the Bund, where this summit is held, is also the starting point of the first Global Blockchain Summit eleven years ago. This arrangement not only symbolizes the return and heritage of industry development but also witnesses the journey of blockchain technology from conceptual germination to ecological prosperity.

Since its first event in 2015, the Wanxiang Blockchain Lab has met with the global industry in Shanghai every autumn, continuously promoting innovation breakthroughs and industrial implementation of blockchain technology.

After eleven years of ups and downs, the Global Blockchain Summit has become a top event in the global blockchain field, gathering leading thinkers from technology, finance, academia, and more.

II. Technological Breakthroughs: ZK and FHE Leading the Cost Revolution

Vitalik Buterin, co-founder of Ethereum, delivered a keynote speech at the summit, systematically reviewing the development of blockchain and cryptographic technology over the past decade.

● He emphasized how key technologies such as Zero-Knowledge Proofs (ZK) and Fully Homomorphic Encryption (FHE) have matured from theory, driving the industry into a new phase that is scalable, low-cost, and developer-friendly.

● Vitalik revealed a key technological breakthrough: it is now possible to prove almost all Ethereum blocks in real-time using only about 50 GPUs, whereas two years ago, it was believed that this would take five to ten years to achieve.

● He stated that with the development of ZK technology, the ability to use ZK to verify all blocks on the Ethereum mainnet, which was thought to require 5-10 years two years ago, has now been achieved with dozens of GPUs.

● Looking to the future, Vitalik proposed a thought-provoking perspective: in five years, many people's attitudes towards the new ZK technology in blockchain will shift from "Why do we need ZK?" to "Why not add ZK?"

III. Application Prospects: Infinite Possibilities from Finance to IoT

● Xiao Feng emphasized that blockchain will gradually grow into a new type of infrastructure for the global financial system. He pointed out that as blockchain deeply integrates with real scenarios, users, and demands, it will inevitably be constrained by social rules, which is an important sign of its maturity.

● Vitalik envisioned the application prospects of ZK technology in privacy protection. He mentioned that this year we can have a project slogan to think about all aspects of Ethereum privacy, including on-chain transaction privacy, off-chain transaction privacy, and various applications.

● He also particularly emphasized the importance of hardware security, proposing a new security concept: "Not your silicon, not your private key."

He believes that everything done in blockchain relies on cryptography, which depends on private keys. Algorithms need to run in hardware and be stored in hardware. If you cannot trust your hardware, you cannot trust everything that happens on that hardware.

IV. Shanghai: A Hotbed for Blockchain Development

Shanghai, as a highland for China's blockchain industry, has been continuously promoting blockchain technology innovation and industrial implementation in recent years.

● Jing'an District, as the core area of Shanghai's blockchain industry, currently has nearly 190 blockchain companies, ranking first in the city in terms of the number of companies.

● Among them, the "Data Communication Chain Valley" has nearly 170 blockchain companies, with a growth rate of over 300% in the number of companies within a year.

● In 2024, companies with blockchain as their core business are expected to achieve a revenue scale of nearly 3 billion, driving the upstream and downstream industry scale to over 21 billion, with tax revenue exceeding 240 million.

These data fully demonstrate Shanghai's significant achievements in building a blockchain industry ecosystem.

V. Web3: A New Ecosystem of Boundless Integration

The theme of this summit, "Web3, Boundless," profoundly resonates with the core trend of current industry development—decentralized technology is dissolving the boundaries of the traditional world, constructing a more open, interconnected, and free digital new world.

● Boundless technology is reflected in breaking down technological silos, achieving composability and interoperability;

● Boundless finance means that capital flows are not restricted by geography and time zones, reconstructing the logic of value distribution;

● Boundless collaboration is based on DAOs and smart contracts, enabling large-scale collaboration without permission.

Vitalik encouraged developers to actively engage in this wave of transformation, proposing three paths for participation: entrepreneurship, creating or supporting applications using ZK, FHE, blockchain for ZKID, development and optimization of underlying cryptographic technologies, and using existing technology-based applications.

As the opening ceremony's phrase "The bright moon rises over the sea, and we share this moment across the horizon" suggests, blockchain technology seems to be welcoming its "moment of bright moon over the sea." From the first summit in 2015 discussing "What can blockchain do?" to the 11th summit in 2025 focusing on "Web3, Boundless," blockchain technology has transitioned from theoretical discussion to practical application.

In the next decade, blockchain may become as ubiquitous yet invisible as today's HTTPS, truly achieving "boundless" integration.

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