Web3 News

LSE Consulting, a firm based in the London School of Economics and Political Science (LSE), recently released a report that outlines a potential plan for Europe to become a dominant player in the emerging Web 4.0 sector. 

The report suggests that the formation of an industrial conglomerate similar to Airbus, dedicated to fostering innovation and growth in the metaverse, would be Europe’s best strategy to compete with the U.S., China, and other global sector leaders, and to exploit Europe’s curEurope’shnological and economic potential potentially. 

Airbus is a multinational conglomerate created in 2000 when three aerospace companies from France, Germany, and Spain merged. Since then, it has been the world’s leading manufacturer of airliners and helicopters. 

The report argued that Airbus’s cross-border incorporation and focus on ensuring Europe’s dominance in the global aerospace market makes it relevant to the metaverse market.

According to the report, which suggested adopting an Airbus model for the metaverse could help position the EU at the top of the Web 4.0 hierarchy, an immersive industrial cluster will contribute to specialized internet engineering expertise in Europe. While national and regional governments must support engineering and research education programs more broadly, immersive technologies can also make these programs more attractive.

The report included several case studies from well-known European companies such as BMW, Ikea, Bosch Sensortec GmbH, Ericsson, and STMicroelectronics. These companies have successfully explored metaverse technologies, and based on their success, LSE Consulting has made three recommendations to advance the metaverse sector in Europe.

Firstly, the report suggests that an international conglomerate, similar to the Airbus model, should be formed to encourage European innovation in the metaverse. This is necessary to compete with other countries at a global level. Secondly, LSE Consulting recommends prioritizing skills supply training to ensure the European workforce can innovate in the metaverse. 

Finally, the report called for government support in developing innovative cross-border solutions and standards for adoption to tackle emerging challenges. 

BytePlus, the enterprise technology division of ByteDance, the parent company of TikTok, has announced its entry into the Web3 space through a strategic partnership with Mysten Labs, the developer of the Sui layer-1 blockchain.

As per the statement issued on April 17, BytePlus plans to leverage its expertise and experience in artificial intelligence (AI) and data warehousing to support the Sui ecosystem, specifically focusing on Web3 gaming and SocialFi projects.

Under this partnership, BytePlus will combine its advanced solutions, including ByteHouse, a cloud-native data warehouse, with Sui’s full-node data.

According to the announcement, integrating BytePlus could boost Sui’s analytics capabilities by enabling infinite scalability and real-time data processing.

Mysten Labs, on the other hand, will benefit from ByteHouse’s high-performance, low-maintenance properties, which could ultimately accelerate data delivery for users on the Sui network.

Evan Cheng, the co-founder and CEO of Mysten Labs, said the partnership could “revolutionize” data analytics in the Web3 sphere.
“Integrating cutting-edge AI and visual algorithms into Sui signifies a leap forward for user experience within Web3 gaming platforms and SocialFi projects.”

ByteDance has been interested in exploring Web3 technology for a while now. In 2019, the company established a joint venture with a state-owned Chinese media group to develop business arms focused on blockchain and AI.

In June 2020, ByteDance applied for a virtual banking license in Singapore to enter the digital finance scene.

On the other hand, Sui is a newer layer-1 network that Mysten Labs introduced in March 2022. However, the ecosystem has rapidly developed in recent months with various new partnerships.

In February, the Sui Foundation partnered with a university in the United Arab Emirates to launch a blockchain academy. A month later, it was revealed that the Greek stock exchange ATHEX would use Sui’s blockchain ecosystem for its new fundraising mechanism.

Huawei Cloud, a global leader in cloud computing, and EMURGO, a founding entity of the Cardano blockchain, have announced a significant partnership. The collaboration aims to accelerate the development and adoption of Cardano-based Web3 solutions, particularly in the rapidly growing Asian and African markets.

On April 11th, EMURGO formally announced its partnership with Huawei. As a part of this alliance, EMURGO will establish a Cardano Validator Node on Huawei Cloud, seamlessly integrating Huawei’s robust cloud infrastructure into the Cardano public blockchain network. This integration will give Cardano developers access to Huawei Cloud’s vast computing resources, enabling them to build innovative Web3 applications in an ideal environment.

Huawei will also feature Cardano on its Marketplace, a platform well-known among major businesses. This inclusion will grant Cardano increased visibility and potential for enterprise-level adoption. Through this strategic collaboration, both companies aim to enhance the overall interoperability and scalability of Cardano’s cloud capabilities.

Ken Kodama, CEO of EMURGO, expressed excitement about the partnership, highlighting the shared objective of cultivating trust and transparency within the cloud computing environment. Meanwhile, Rex Lei Yang, Managing Director of Huawei Cloud Singapore, conveyed similar enthusiasm, noting that the partnership offers access to Cardano’s extensive Web3 developer community.

Founded in Japan in 2015, EMURGO plays a crucial role in Cardano’s commercial development and expansion. The company fosters strategic partnerships, offers educational programs, supports investments, and builds infrastructure to maximize Cardano’s potential.

The collaboration between EMURGO and Huawei is a significant first step, setting the stage for future ventures. It aligns with EMURGO’s broader mission to introduce Cardano into major economies. Huawei Cloud’s established presence and enterprise connections, particularly in Asia and Africa, could pave the way for the widespread adoption of Cardano-based solutions.

This partnership may also encourage other major cloud service providers to explore the benefits of integrating blockchain technology into their offerings. As the collaboration matures, innovative use cases and projects that leverage the strengths of both Huawei Cloud and the Cardano blockchain can be anticipated.