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China’s Communist Party eyes blockchain for ‘decentralizing’ social services

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The Chinese Communist Party has identified blockchain as a key tool for its innovation of nationwide social services.

On Aug. 25, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued a lengthy policy paper that provides regional departments with guidance on reforming and improving China’s social assistance system.

The document ostensibly reflects a “people-centered approach” in the spirit of the Party’s 19th National Congress, with a comprehensive strategy for providing basic social protections and services, emergency relief and distributing resources.

Key to this vision is the role played by modern technologies and digitization, which the Party addresses throughout the paper, and analyzes in a section devoted to decentralization reforms.

This section addresses state officials, enterprises, institutions, grass-roots mass organizations and social organizations. They are asked to report to country-level officials should they face obstacles to providing basic support and assistance to local communities. 

For this to work, the Party notes it is gradually working towards establishing nationwide connectivity and digitizing social security systems. Its strategic vision is to use blockchain technology, artificial intelligence, big data and 5G in social assistance provisions.

The Party plans to rely on a national data sharing and exchange system and to improve its database and information management for social assistance carried out by governmental departments and other regional organizations.

Blockchain technology and other innovations are proving to be a consistent cornerstone of Chinese state policy. 

Just yesterday, Cointelegraph reported that Huawei and Beijing’s municipal government have jointly developed a blockchain directory for use across urban governance. 

Beijing’s municipal government expects ordinary people to become the direct beneficiaries of the new infrastructure, which integrates blockchain technology into a “smart city” strategic framework.

In parallel, developers working on China’s nationwide blockchain project — the Blockchain Service Network — this week confirmed plans to integrate stablecoins as means of payment for services within the enterprise blockchain ecosystem.

The People’s Bank of China’s test run of its forthcoming digital currency has been conducted for small retail transactions in Beijing, as well as Tianjin and Hebei provinces.



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DeFi and NFT crossover project Aavegotchi releases ‘Gotchiverse’ litepaper

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One of the original decentralized finance and nonfungible token (DeFi/NFTs) crossover projects is taking a step forward today with the launch of a metaverse litepaper.

Aavegotchi — a project that creates upgradeable NFTs backed by yield-bearing positions on lending platform and money market Aave — announced the publication of a litepaper devoted to a gamified metaverse called the “Gotchiverse.”

Aavegotchi co-founder Jesse Johnson joked about the sometimes-esoteric features and backstory in the litepaper on a celebratory Twitter Spaces today:

“This is not your typical litepaper, it’s got a lot of lore in it […] We’ve got a bit of a DeFi RPG in front of us.”

The metaverse will introduce a new, fungible ERC-20 token, the “Gotchus Alchemica,” which will be farmable from REALM land plots, themselves backed as NFTs — similar conceptually to Decentraland’s MANA/LAND two-token system. 

Alchemica can be used to craft upgrades to REALM plots, including structures like the “Gotchi Lodge,” which will enable groups of players to socialize as well as combine their farming efforts. Upgrades will take a “certain number of blockchain blocks to finish constructing,” but liquidity providers to Aavegotchi’s in-house AMM, the “Gotchus Alchemica Exchange,” can hasten the process with rewards for providing liquidity.

This gamified yield farming is woven into the Gotchiverse’s considerable lore and backstory — about a third of the 14-page litepaper is devoted to storytelling and fleshing out the universe. The antagonists of the game, the Liquidators, refer to actual liquidators on the lending platform Aave, and the universe is speckled with DeFi in-jokes — a “home base” area of the map is called the “Citaadel,” and types of Alchemica include “Fud,” “Kek,” and “Fomo.”

RELATED: Aavegotchis sell out in under one minute as NFT euphoria continues

Aside from the farming gameplay, Johnson said the map will be “a huge game of Pac-Man,” where Aavegotchi run/float around the map to collect Alchemica and return it to their REALMs before getting caught by Liquidators, which may be player-characters as well as AI. 

A full release date for the Gotchiverse is pending, though Johnson said sections will be released as early as Q3 2021. Johnson added that the team has grown to 20 full-time employees, including veteran video game industry talent.

While Johnson has long been a bannercarrier for DeFi and NFT crossovers, interest in metaverses has been picking up as of late. This month, Nvidia’s CEO said that we’re on the “cusp” of a blockchain-powered metaverse, and the founder of major gaming title Fortnite said that metaverse tech is “going places.”