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Introduction
In the field of digital finance, Web3 is seen as a new generation of disruptive Internet infrastructure.It not only breaks the limitations of the traditional financial “double bookkeeping” system, but also takes the transparency, immutability and programmability of the entire network as its core features, and accelerates the reconstruction of the financial system in the AI era.
At the “2025 Luohan Hall – Peking University Guofa Institute Digital Economy Annual Meeting”, Hash Global founder Shen Kang deeply shared the far-reaching impact of the integration of Web3 and AI technology on the financial industry.He pointed out that the implementation of stablecoin regulation will drive on-chain finance to the mainstream and usher in the “iPhone moment” of Web3.Just as smartphones have opened a new era of human-computer interaction, Web3 and AI will bring about an interactive revolution at the bottom of the financial system and promote the Internet, digitalization and intelligence of finance.
Speaker
Shen Kang:Graduated from the Department of Aerospace at Fudan University, he holds an MBA from the Booth School of Business at the University of Chicago, and holds a CFA qualification in the United States.He has held important positions in many financial institutions such as PIMCO, Solomon Mebang, and Bose Fund.In 2019, he founded Hash Global, focusing on investment and practice in the fields of digital assets and Web3, and promoting the construction of a more prosperous Web3 ecosystem.
The following is the original text of Shen Kang’s speech:
Good afternoon everyone, I am very happy to be able to communicate with you at the Luohan Hall annual meeting today.The topic I share today is “Web3 and AI Resonance: Promoting the Internetization and Digitalization of Finance”.This topic may sound a bit difficult to read and not very intuitive.But the core of what I want to express is actually very simple, I just want to explain one thing to everyone: Why is the finance supported by Web3 the truly Internet-based and digitalized finance?As long as this is explained clearly, I believe everyone will have a deeper understanding of the significance of Web3 to finance and AI.
From electronic ledgers to digital ledgers: Web3’s financial revolution
I believe that everyone has paid a lot of attention to the development of AI and is quite familiar with it, but they may still be unfamiliar with Web3.Before introducing and reviewing the development of Web3, I would like to talk about the existing traditional banking financial system.The traditional financial system is actually built on the electronic system of double-entry accounting. Double-entry accounting means that each institution has its own account book.: There is a lot of data verification work between banks and banks, between banks and branches below the bank, and often work overtime for a number.Then this means that the capital market built on it is also fragmented.Our existing banking and financial system is actually electronic, not truly digital.
You can recall that when we bought things on the Internet, we actually used “two networks”.I place an order on Taobao, and the information is transmitted to the seller through the Internet; but the funds liquidation behind it is transactions between my bank, such as China Construction Bank, and the seller’s bank, such as Bank of China.When we complete an Internet purchase, information goes through the Internet and funds goes through the interbank financial settlement network.
Web3 finance is completely different.Taking Bitcoin as an example, in addition to solving the problem of store of value, it also brings a digital blockchain ledger.The characteristic of this account book is that it is visible on the entire network and cannot be tampered with.To shop with a Web3 wallet, you only need to download a browser plug-in wallet and pay with US dollar stablecoins, Hong Kong dollar stablecoins or digital RMB. The entire shopping completion does not require bank infrastructure.The peer-to-peer transaction processing speed makes you feel even unsatisfied.It truly realizes the combination of commerce and finance, completed on the same Internet, realizes the Internetization of finance, and realizes the assetization of everything.By understanding this, you can better understand why Web3 is an inevitable choice for future finance.
Web3: A new generation of Internet infrastructure
I think the development of Web3 has dual characteristics.On the one hand, as the predecessor of Web3, crypto finance has accumulated about 600 million users, which is roughly equivalent to the scale of Internet users in 1999.So, we have seen payment-oriented financial applications like stablecoins and DeFi; but as the next generation of Internet infrastructure, the Web3 ontology may be at the level of 1994-1995.My personal judgment is that it will take about two years for the mainstream application of Web3 to explode, because not enough users are willing or naturally willing to use Web3 wallets to interact with the Internet.
But I believe that Web3 technology will surely become the infrastructure of the next generation of the Internet.It will bring a better user experience because the unified ID of the entire network can help data get rid of silos and achieve convenient sharing.It is the only large-scale underlying coordination network that truly adapts to the development of AI productivity.The significance of Web3 to business is like Bitcoin to finance – the changes in the underlying data ledger technology will definitely bring about changes in the upper-level business model.
“De-platform” Finance: The Real Face of Web3 Ecology
Based on a public ledger that is universal across the entire network, what is the financial ecosystem of Web3 like?Unlike traditional finance, no matter whether you are a broker, bank, or exchange in Web3, all transaction records are stored on the blockchain in the middle.Users do not use bank accounts, but use a “wallet” to interact with these financial institutions.You can understand this wallet as a unified entrance, it is not locked by any platform, which makesWeb3 essentially becomes “de-platform” finance.
You may often hear the word “centralized finance” (Decentralized Finance, DeFi).But I prefer to call it “de-platform”. It is actually not centered or regulated, but rather obeys supervision.Since the IDs of all on-chain users are unified across the entire network and all transaction records are verifiable, it is actually easier to be regulated.Therefore, compliance and embracing regulation are the mainstream trends in DeFi in the future.At present, the scale of DeFi is about US$115 billion. The application ecosystems on mainstream chains such as Bitcoin, Ethereum, and Binance Chain are developing rapidly, and their activity and capital volume are constantly increasing.
Web3’s “iPhone Moment”: Stablecoin ignites growth flywheel
I believe everyone has paid attention to a news recently, that is, the United States and Hong Kong, China have successively passed legislative regulations related to stablecoins.This is a very important turning point for the Web3 financial industry, which many people callWeb3’s “iPhone Moment”.
I think there must be profound strategic considerations behind the passage of relevant regulations on stablecoins at this point in time.Although everyone has various interpretations of this matter, I think the one who explains it the most thoroughly is Dr. Xiao Feng from the HashKey Group in Hong Kong.He believes thatThe breakthrough of stablecoins is a victory of technological innovation. This is not a random decision by a country or government to adopt, but the advantages of the technology itself determine that the system needs to adapt to the development of technology.
In my opinion, the development of on-chain finance needs to turn a “flywheel”: on-chain funds, on-chain users and on-chain high-quality assets continue to increase.This flywheel was originally very slow, but with compliant stablecoins, off-chain funds can enter the chain more easily, and the flywheel speed has greatly accelerated.I believeStablecoins will greatly accelerate and promote Web3 finance to the mainstream.
In addition, I would like to illustrate the “Internetization of Finance” through two examples.The first example is that everyone may have heard about Trump’s issuance of cryptocurrency recently.Regardless of the moral issues of the team’s issuance of coins, this incident demonstrates the advantages of Web3 technology well.In traditional stock markets, if the dealer wants to manipulate the market, it often involves multiple related parties and is also subject to time and region restrictions – for example, Hong Kong dealer can only affect Hong Kong investors.Trump coins are issued on the blockchain, no matter where you are in the world,Users around the world can trade the same capital product 24 hours a day.Market prices are formed on a globally common ledger, which is a real Internet-based asset.
The second example is the real world asset (RWA, Real World Asset), which is likely to be familiar with, that is, to map real assets off-chain to blockchain through tokenization.so,The assets on the chain become digital tokens, no longer limited to the ledger of a brokerage firm, nor are they limited to specific stock exchanges, and have obtained global liquidity.Whether it is money funds or stocks, they can be tokenized. Users can trade and transfer anytime, anywhere after purchase, which greatly improves efficiency.
Web3 ‘NVIDIA’ in the financial field: Binance and BNB
Next, I would like to briefly introduce Binance Exchange and its platform currency issued by BNB.What is unique about BNB is that it has both equity attributes and an economic token.Binance Exchange is currently the world’s largest digital asset exchange and is in an absolute leading position.Its trading volume has doubled the New York Stock Exchange, thanks to its global platform, it supports 7×24-hour operation and has a user base of up to 270 million.Frankly speaking, no traditional exchange can do this.
Binance’s business has surpassed simple transactions and is more like a super ecosystem built by an Internet giant, covering spot trading, lending, financial management, payment, and even social functions.In this ecosystem, BNB not only has the function of handling fee discounts, but also has stock repurchase as value support, and has currency attributes similar to QQ game tokens.Many people are accustomed to using traditional value investment frameworks to evaluate BNB, but I think Web3 products cannot simply apply stock valuation logic.
So, since 2019, we have tried to evaluate BNB with the “monetary equation” (MV=PQ) because its nature is closer to a currency.We first conducted our assessment in April 2019 and have completed six issues so far.My judgment is that BNB’s current situation is similar to the Moutai I saw when I first returned to China. At that time, there were almost no institutional investors optimistic about it, and it was mainly bought by retail investors; and now, institutional investors are gradually beginning to understand and understand the true value of BNB.
The time is almost over, and finally I would like to talk about the integration of Web3 and AI in the financial field.I think,The finance promoted by Web3 is the real digital finance. Only truly digital finance can perfectly integrate with AI technology and bring the maximum multiplier synergy effect.
Web3 finance has the characteristics of digitalization and programmability, and its address consists of a string of complex characters. This “language” is obviously not suitable for humans to read directly or remember, but it is naturally in line with the way AI is dealt with.In the future, AI’s financial needs and services may only be achieved through Web3, because it is impossible to open a traditional bank account for an AI agent, it is difficult to process small transactions of one ten thousand dollars, and it is even more difficult to respond to its tens of thousands of service call requests within one minute.
Finally, I would like to emphasize that AI is empowering the application of Web3 in the financial field, and Web3 is also providing AI with decentralized data and computing power solutions.The integrated development of the two cutting-edge technologies is accelerating the construction of a new generation of Internet infrastructure and promoting profound changes in the global financial system and business model.
Thank you everyone!
