China State TV: Blockchain 10 Times More Valuable Than Internet

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China State TV: Blockchain 10 Times More Valuable Than Internet

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China’s primary state television CCTV has broadcast on its finance channel that the value of blockchain is “ten times more than that of the internet” in a discussion on the potential and the risks of the new technology in China, writes Coindesk.

In an hour-long discussion between representatives of both private and industry sectors and host Chen Weihong, it emerged that the panel viewed blockchain as “exciting”, labeled as the Internet’s “second phase”.

In its Dialogue segment aired on Sunday night, the panel included Canadian business executive Don Tapscott, the well-known author of ‘Blockchain Revolution – an acclaimed book on blockchain which explains how to capture the opportunity and avoid the dangers of the burgeoning technology.

Other speakers included Chen Lei, CEO of cloud network giant Xunlei and Zhang Shoucheng, a physics professor at Stanford University and founder of Danhua Capital, a venture capital firm that invests in blockchain technology.

Chen presented the discussion with his claim that that blockchain has become the second phase of the Internet and now has a value ten times greater.

Stanford’s Zang commented, “While the real value of the internet is aggregating individual pieces of information into one place, which is exactly what Google and Facebook do, we are now entering an era where information is being decentralized so that individuals can own their individual data. And that’s the real value of blockchain that makes it exciting.”

However, each panel member was asked to comment on fraudulent ICOs and their marketing slogans and explain them to the nationwide audience, highlighting the Chinese government’s prohibitive stance on cryptocurrencies.

By summarizing some of the usual marketing slogans used by potentially fraudulent ICOs and having each speaker to explain them to the station’s wide audience base, the program again signaled the station’s ongoing efforts to scrutinize cryptocurrency projects in China.

Recently, the state-run broadcaster in its Financial News program described token sale activities as still “rampant,” despite a 2017 ban on ICOs in the country.  The state media outlet said that the recent ICO ban had not prevented a get-rich-quick mentality driving a rush into the cryptocurrency space.


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