Layout in Hong Kong, how Relation will build a global Web3 social network

The core highlight of Relation is the concept of semantic SBT. In order to improve this concept, it proposes EIP-6329.

Written by: angelilu, Foresight News

In June, Hong Kong began to implement a number of policy guidelines on virtual currency. This news has attracted a large number of Web3 project parties to settle in Hong Kong in the past six months. Under the guidance of policy guidelines, Hong Kong is expected to cultivate a complete Web3 ecosystem in the near future to promote the development and innovation of virtual assets.

Under the Hong Kong New Deal, more users will enter the encryption field through Web3 social

The dawn of Hong Kong’s new policy on virtual assets will light up Asia’s construction journey in the Web3 field. Hong Kong will also undertake the mission of accepting a large number of new users to enter Web3, and urgently needs some Web3 applications that can really be implemented and have practical application value. Compared with DeFi and NFT protocols that have a certain threshold, Web3 social attracts new users in a more user-friendly and sustainable way. After decades of Internet social infiltration, users are more accustomed to entering from the "social" door Crypto New World. So which promising Web3 social protocol in Hong Kong is worth paying attention to?

Decentralized Social Graph Protocol Relation

From the investment map of HashKey Capital, which was first deployed in Hong Kong, we can find a seed player in the Web3 social field under the concept of Hong Kong-Relation, a decentralized social graph protocol.

Relation Protocol is a decentralized graph protocol that identifies and connects social relationships in Web3. It aims to use Semantic SBT and the standard data format RDF embedded in it to build a semantic data layer on Ethereum. Allow developers to build their social applications on the semantic data layer, while allowing users to save their social relationships and content in their own Semantic SBT metadata to promote the interoperability of blockchain applications.

The core highlight of Relation is its semantic SBT concept, and in order to perfect this concept, Relation proposed EIP-6239, the core of which is to allow users to cast programmable and computable SBT in a machine-readable way to represent users' on-chain relationships , such as proof of friendship, affiliation, membership certificate eligibility, commitment, etc.

The key to Web3 social networking lies in the identification, association matching, and connection methods of users on the chain. Relation uses SBT as the main tool to meet the needs of scenarios such as identity authentication, authorization, and management, and has launched a variety of Web3 native social products to meet decentralized social networking. diverse needs, including:

• Decentralized instant messaging tool Relation One (which also integrates NFT sharing function);
• Help the community distribute and collect SBT's digital identity management application SBT Bazaar;
• Souldrop, a Web3 airdrop tool based on the identity verification on the user chain;
• Soulscan, the exclusive browser for SBT record query in Relation;
• Domain Name System .Soul of Relation;
• NFT community management tool NFT Club, etc.

Relation's layout in Hong Kong: step by step

The layout of Relation in Hong Kong is timely and rapid. The arrival of the new policy has once again aroused the lingering warmth of the Hong Kong Web3 Carnival in April. Looking back, Relation has spotted the opportunities brought by the new policies in Hong Kong during that period and took practical actions Responding to this opportunity, the debut and release of important initiatives at the Hong Kong Web3 Carnival showed the entire community their determination and ability to build a global decentralized social network in Hong Kong.

First of all, Relation previewed the .Soul minting and token airdrop plan at the conference, and it has been launched recently. In addition, the semantic SBT protocol EIP-6239 launched by Relation at the end of 2022 was widely disseminated during the Hong Kong Web3 Carnival, further promoting the development process of SBT.

The layout of Relation in Hong Kong is consistent with the idea of establishing the "standard" path of the semantic SBT protocol, aiming to participate in the Web3 standardization process in Hong Kong. It is conceivable that after the liberalization of policies in Hong Kong, Web3 has entered a high-speed development. Although it has brought unlimited opportunities for innovation, it also faces many challenges. In a highly decentralized network environment, it is easy to establish a set of consensus standards. It is particularly important. Li Ming, chairman of the IEEE Blockchain and Distributed Accounting Standards Committee, once said that "standardization is an industry and the cornerstone of human development. It can promote an industry from chaos to gradual innovation and then to further iterative development." It can be seen that in How important is the emerging Web3 field in Hong Kong? Standardization can not only provide industry consensus and technical benchmarks for Hong Kong's Web3 industry, but also promote the innovation and ecological prosperity of Hong Kong's Web3 applications.

As a decentralized social infrastructure, Relation Protocol has been committed to the construction of data standards. In line with this, Relation has recently cooperated with the IEEE Computer Society Blockchain and Distributed Ledger Standardization Technical Committee to participate in the promotion and promotion of Web3.0 standards.

In order to promote the prosperity and development of the Web3 industry in Hong Kong, Relation Hong Kong undertook the "Seminar on High-Quality Development of Web3.0 in Hong Kong" held by the IEEE Computer Society Blockchain and Distributed Ledger Standardization Technical Committee on June 2, and invited Important figures from Hong Kong's political and business circles participated in the discussion, including Hong Kong Special Administrative Region Legislative Council Member (Science and Technology Innovation) Qiu Dagen, Hong Kong Digital Economy Development Committee Member Che Pinjue, Dean of the Hong Kong Polytechnic University Graduate School Cao Jiannong, and Hong Kong Financial Technology Association Chairman Li Guoliang , Lei Zhibin, Secretary General of Hong Kong Web3.0 Association, Yan Diyu, Director of Financial Technology of Hong Kong Cyberport Management Co., Ltd., Li Ming, Chairman of IEEE Computer Society Blockchain and Distributed Accounting Standardization Committee, and more than 20 experts and scholars in the Hong Kong science and technology industry Discuss the development of Web3.0 industry after Hong Kong's new policies, analyze the theory, technology and industry situation of Web3.0, clarify the synergistic relationship between legislation and standardization, and preliminarily sort out the standardization path of Web3.0 in Hong Kong. In the next step, IEEE BDL will continue to work with the Hong Kong government and industry experts to promote standardization research and practice, and jointly promote the high-quality development of Hong Kong's Web3.0 industry.

Jessica, the founder of Relation, mentioned at the meeting, "Web3.0 needs "standards" first, and the decentralized network must first reach a consensus before it can enter rapid development. For example, the development of various tokens only after ERC20, and the development of NFT Summer after ERC721 It will come. The "standard" of Web3.0 is a common format established from the bottom up that enables the community to quickly generate consensus. Relation, as the only Web3.0 aboriginal enterprise participating in the conference, also hopes to bring Bringing our experience in standardization into the process of Web3.0 standardization in Hong Kong.”

Relation will also continue to cooperate with Hong Kong government agencies, investment institutions and industry leaders to promote the development of the Web3 social field and provide Hong Kong and global users with a more secure and decentralized social experience.

Summary

Relation has announced the economic model of the native token REL and launched the first season airdrop with a total of 50 million REL. According to its roadmap, Relation will also build a global Web3 social alliance and establish a reputation system based on the global social graph. After completing the construction of the Ethereum semantic data layer in a standard data format, Relation will also integrate AI into the social graph.

Although I don't know whether Relation will finally be the leader of Web3 social networking, but it takes the train of Hong Kong policy dividends, takes root in Hong Kong and has a global layout. The Web3 ecosystem built by Hong Kong has laid an important foundation.