Source: Metaverse Thirty-Person Forum

Li Guoquan, Professor of Financial Technology and Blockchain at Singapore University of Social Sciences (SUSS), member of the academic and technical committee of the Metaverse Thirty-Person Forum. Professor Li Guoquan is a professor of financial technology and blockchain at Singapore University of Social Sciences (SUSS), a distinguished professor at Shanghai University of Finance and Economics, an expert consultant for NUS AIDF at the National University of Singapore, vice president of the Singapore Economic Society, and a council member of the British Blockchain Association.

At the same time, Professor Li is also the dean of the Global Financial Technology Institute (GFI), co-founder and chairman of the Singapore Blockchain Association, co-founder of the Blockchain Security Alliance, member of the Ping An One Account Technology Advisory Committee, independent director of several listed companies in Singapore (eToro, HLH), an internationally renowned blockchain scholar and industry opinion leader, an international renowned blockchain and inclusive finance innovation and entrepreneurship angel investor, and the main investment advisor for Web3 funds Artichoke Capital and Rule72.

Question:

Li, what have you been busy with recently? What areas are you focusing on?

Li Guoquan:

At the university, our main work is to research and organize various summits, contribute research to the Web3 community, and strengthen communication and cooperation with the industry. Recently, there has been an inclusive finance node at Singapore University of Social Sciences, focusing on blockchain, artificial intelligence, and technology research related to various contexts. We are mainly busy with several things, first is researching decentralized physical world networks, which involves distributed physical infrastructure networks, including the Internet of Things and decentralized networks. In this regard, we have collaborated with multiple institutions and conducted research with various government departments and prestigious universities on how to implement these innovations in Singapore or in schools, and integrate the digital economy into the real-world economy.

In addition, I am busy managing the Global Financial Technology Institute. I just returned from Africa, where I collaborated with the Singapore Economic Development Board to introduce some Web3 projects internationally. Africa, the Middle East, and Turkey have shown strong interest in the blockchain industry, especially in the Web3 field. They have huge market potential, with Africa having a population of 1 billion, and although the Middle East is smaller in scale, it has abundant funds. We have invested a lot of effort in this area. We are actively working in Africa and Australia, bringing Singapore's Web3 to these places, providing professional financial technology training, and penetrating their communities through training.

At the same time, our Global Financial Technology Institute is also establishing a platform to facilitate better communication and capital flow between investors and Web3 entrepreneurs. We hope that investors from around the world can come to Singapore to invest, whether in Singapore-listed companies or globally listed companies, with the help of this platform to develop in Singapore. At the same time, the platform will also bring these Web3 companies to the global market, especially in China. We hope to collaborate with China in the Web3 industry, create entrepreneurial opportunities for graduates and technical personnel, and use this platform to help them understand the development of the global internet. This is the role that our Global Financial Technology Institute hopes to play globally.

Recently, I have also found that with the development of artificial intelligence, the way education is delivered may change. Through AI, I can transform a teacher's course into various teaching methods. Although it is the same teacher, the teaching effect is different. Therefore, students can choose courses with different styles; some teachers may be more humorous, while others may be more serious or efficient. This method can meet the needs of different students. This is also a form of popular education that can reach remote areas, as not everyone can study at top universities like the National University of Singapore, Singapore University of Social Sciences, or Nanyang Technological University. But we can send these teachers to these places to spread courses on financial technology and other subjects to the world.

Through education, we can guide Web3 towards a direction that is beneficial for sustainable human development. Therefore, we have been working hard not only in the field of blockchain and artificial intelligence, but also in sustainable economics and finance, which are our recent focus areas.

Question:

You started researching blockchain technology as early as 2012 and are a prominent figure and expert in the blockchain industry. Regarding the combination of blockchain and artificial intelligence, could you please talk about what kind of innovation the integration of artificial intelligence and blockchain will bring?

Li Guoquan:

We have been actively involved in the blockchain and cryptocurrency community since as early as 2012, working with regulatory agencies and academia in Singapore to promote related activities. Recently, we have noticed the combination of artificial intelligence and blockchain, so we plan to actively establish a global Web3 association, which will be officially launched on September 11, hoping to attract more practitioners in the Web3 industry and bring the entire Web3 community together.

I want to emphasize that the combination of artificial intelligence and blockchain is important for the following four aspects.

First, artificial intelligence reduces the difficulty and cost of content production and improves content quality. Artificial intelligence has long been used to optimize large-scale blockchains, which are essentially large-scale distributed systems. We can establish a unified artificial intelligence-supported blockchain from the perspective of large-scale systems, including energy optimization solutions, addressing the issue of high power consumption in blockchain systems.

In this regard, I want to emphasize that the security of underlying technology is uncompromising, because to develop the digital economy, we must invest a large amount of energy. If we are not willing to invest in human resources, the digital economy will not be realized. We must focus on renewable energy and distribute and optimize it from the perspective of artificial intelligence to meet the needs of applications. No country can be without renewable energy, otherwise the digital economy will not develop. This is a basic requirement, so in-depth research and substantial investment in renewable energy are necessary. This is also beneficial for the Earth, and we must realize that technology should be responsible.

Second, artificial intelligence can help us optimize human resources solutions, addressing the issue of high power consumption in blockchain systems by allocating computing power where it is needed.

Third, artificial intelligence can learn to detect code, improve the attack capabilities of blockchain systems, and enhance the security of information systems. If these two are combined, it can better ensure security.

Fourth, the artificial intelligence network utility maximization model can perform dynamic learning to predict a node's ability to meet specific mining tasks, thereby improving mining efficiency. If the blockchain community does not help develop green energy communities, blockchain will face many difficulties. This is the point I want to emphasize.

Artificial intelligence greatly liberates productivity, but it definitely needs blockchain to coordinate, so I have a few more points to share with everyone.

First, as I mentioned earlier, artificial intelligence technology requires a large amount of data for training, so data privacy becomes particularly important. If our personal data is not properly protected when using artificial intelligence, it poses a great threat to privacy. Blockchain technology can effectively solve this problem by not only increasing the transparency of data, but also using encryption technology to protect privacy, and is responsible for recording the access history of data, which is crucial for governance. If someone abuses artificial intelligence for illegal activities, blockchain can record these actions. Although we may not know the specific identity, we can at least trace the behavior itself, which helps prevent abuse. Through blockchain technology, we can also achieve the separation of data ownership and usage rights, determining the sharing objects and purposes of data, rather than allowing data to circulate without control.

Second, blockchain-based cloud computing can provide distributed computing power for artificial intelligence. This is very important for the application of artificial intelligence, as they usually require a large amount of computing resources. For example, a game player's computer usually only uses a portion of its computing power and storage resources during idle time. Through smart contracts, they can sell these unused resources to generate income. At the same time, artificial intelligence developers can use these idle computing resources for training and deploying deep learning algorithms, avoiding waste of computing power and storage resources. Therefore, blockchain can provide more efficient allocation of computing resources for artificial intelligence.

In addition, blockchain can help us track and understand the logic behind artificial intelligence decisions. Since the models and algorithms of artificial intelligence are usually very complex, it is difficult for humans to understand their decision-making process. This leads to a problem - we do not know the decision logic of artificial intelligence in the digital world. But blockchain can record this logic, helping us better understand the reasons behind the decisions, which is crucial to ensure that the decision-making process of artificial intelligence is transparent and explainable.

Finally, decentralized blockchain can prevent a single entity from controlling artificial intelligence. If the artificial intelligence system is completely controlled by centralized servers, once a problem occurs, it may affect the livelihoods of the entire country, as many infrastructures, such as electricity and networks, rely on artificial intelligence control. Therefore, decentralized blockchain can be used to decentralize control and ensure that artificial intelligence does not completely dominate everything, which is also to protect the safety of people and society.

We live in an untrustworthy environment, so measures need to be taken to protect people's privacy, ensure data security, provide distributed computing power, and track the logic behind artificial intelligence decisions. The combination of blockchain technology and artificial intelligence can provide us with these protections and possibilities, achieving a more secure and sustainable digital society.

Question:

What do you think are Singapore's competitive advantages in the field of AI and blockchain?

Li Guoquan:

In the early development stage of Singapore, around the late 1960s, we focused on building infrastructure, mainly focusing on hardware, which is similar to the development approach of the Belt and Road Initiative. First, we started building ports, because having deep-water ports can make us a trading center. Next, we realized the need for sound financial infrastructure for conducting trade activities, so we attracted global banks to set up headquarters in Singapore and even establish branches in the Asia-Pacific region, thus establishing an international financial center. In addition to transportation and finance, we built hotels, restaurants, and other tourism facilities, attracting a large number of tourists. This series of measures allowed us to establish a complete hardware infrastructure.

However, the situation is different now. Once the hardware infrastructure is complete, we need to develop software infrastructure. The Singapore government is considering how to develop in this area. We have noticed that the concept of a financial center is no longer applicable, and the idea of nodes and blockchain is usually used, so the Singapore government is positioning Singapore as a node for Web3 and the digital economy, rather than a center. To become a node, we cannot do without blockchain and Web3 technology. Therefore, the Singapore government has begun to take measures in the fields of artificial intelligence, blockchain, and big data.

The Singapore government hopes to position us as a node for the global digital economy. To become a successful digital economy node, international digital trade agreements are essential. Therefore, the Singapore government is actively promoting the signing of these digital trade agreements with other countries, which determine the location of data storage and whether blockchain and other technologies are used to address data privacy and regulatory issues.

Next, the government must take the lead. Because in the construction of infrastructure, especially when we first entered the public blockchain field, we need to overcome barriers like Bitcoin. People cannot be stopped from downloading this software and connecting to different nodes or IP addresses, so we need to maintain transparency. The government needs to learn from the experiences and lessons of Satoshi Nakamoto. They realize that to cross borders, they must rely on digital economic infrastructure, not just private blockchains. The government's role is to promote the development of private chains. In Singapore, you can see that the government has initiated many plans aimed at addressing the lack of cooperation between banks. The government issues orders requiring banks to cooperate and establish blockchain nodes. In the business community, this kind of collaboration is difficult to achieve, and only regulatory agencies can achieve it. The government tells banks to establish payment infrastructure, digital asset blockchains, and conduct blockchain exchanges. Both banks and licensed blockchain micro-companies can participate. If banks are unwilling to cooperate, it's okay, the government will issue new digital economic licenses. We have invited Tencent, Alibaba, and Greenland Group from China, as well as a World Bank established in Singapore. In fact, many domestic and international companies from China are engaged in Web3 business in Singapore. This is because Singapore has advanced infrastructure and regulations, unlike the retail market, which is more suitable for institutional development.

Why do I say this? Because if retail investors suffer losses, they will complain to regulatory agencies, and the regulatory agencies must take action. Therefore, after careful consideration, the Singapore government believes that if irresponsible speculators are not brought into the legal system, it will lead to market chaos. We will not prohibit people from buying Bitcoin, Ethereum, or other cryptocurrencies, but we hope that all licensed or unlicensed institutions will take responsibility. If something happens in the future, do not interfere with policies and regulations, but cooperate with these licensed companies, and leave the issue of fines to us.

But if regulatory agencies can take responsibility, I think there is no need to interfere with the development of the entire Web3 business. Therefore, I think this strategy is very important, not to let irresponsible speculators disrupt our digital economic ecosystem. This is the thinking of the Singapore government. We are not promoting internationalization, but we encourage and assist in the responsible development of Web3 projects.

The government leads by example, combining the government's alliance chain, public chain, and private chain. In Singapore, all certificates from schools and universities are related to data on the Ethereum chain. The government has also proposed a concept that in the absence of a single control system, when everyone is a node, blockchain has the greatest potential use.

In terms of trade, the cost of trade cooperation is the highest, and blockchain happens to be able to solve this problem. The Singapore government has proposed a trade trust platform called "Trade Trust Balance," abbreviated as TXT. What is the main goal of TXT? Its role is that anyone with trade needs can use this platform to verify the existence of certificates and use them for transactions and other related operations. This platform takes into account both public and private chains, and all data is protected by the necessary privacy, which is the responsibility of the government. But the trust mechanism is maintained by the public chain, which means that trust and reliability can be ensured, and can only be achieved on the public chain, not the private chain. This is a huge advantage for the public chain, as it can better ensure privacy.

The Singapore government's idea is that you can see that recently they have specifically provided 150 million in funding for projects in the fields of AI and blockchain. As long as your project is a responsible Web3 project, you can cooperate with the Singapore government, and may even help you enter the African market.

Singapore's development is sustainable, and it has a great mission. Our goal is an inclusive platform involving inclusive financial technology and sustainable CBD economic development. Our Web3 projects aim to help small and medium-sized enterprises transform, as future carbon taxes will be high, especially for companies like Singapore Airlines, whose planes have an impact on the environment and need to transform their planes into carbon-neutral ways, which requires a lot of funding. So how does our Web3 community collaborate with this? This is something we need to consider. They must ensure that the planes are transformed into environmentally friendly ones. We can also introduce blockchain technology into the transportation sector to help people choose the lowest-emission mode of transportation before going out. Taking the subway is the lowest-emission way, and we need to vigorously develop the subway and public transportation, rather than having as many large vehicles as possible.

It is not wise to own a 3,000-watt large vehicle in Singapore, which raises concerns for the Singapore government. Because on the one hand, you need to be responsible for technology, and the government is also supporting you, but on the other hand, you choose to own a high-emission vehicle, which is unreasonable and does not conform to the concept of truly serving the people. If you are a Web3 practitioner, I suggest you take the subway and public transportation. No matter how wealthy you are, we advocate this behavior. This is a way to show our sincerity, rather than just focusing on profit.

In Singapore, building a brand is not about spending a lot of money to buy traffic, but about demonstrating your sincerity through action and showing your true self. Your actions are the brand of your company, even if no one is recording your actions, you should have a loving heart in front of your family and strangers. This is the most important brand for Singapore's internationalization. I have also noticed that many people from other countries come to Singapore, and if they do not integrate into Singaporean culture and do not understand how to expand their business in the international market, they will not be able to enter the international market.

Question:

What are the special features of Singapore's research and education in the fields of blockchain, artificial intelligence, and the metaverse?

Li Guoquan:

Singapore has been actively collaborating with the community since 2010, exploring how to promote the development of Singapore in the financial field. One of the reasons Singapore is so outstanding is that it is small in size but has a very elite talent pool.

Although Singapore is small, there are also some fraud groups, as reported in recent news. These fraud groups are usually quickly discovered because the country is small and there are not many places to hide, which may be more difficult in larger countries. Therefore, larger countries must be more cautious.

Small countries also have their advantages because the government is easier to control, making it easier to support innovation. For practitioners in Web3, if you have honest intentions, Singapore is a place where you can realize all your dreams. But if you have ulterior motives and just want to hype and speculate, it's best not to come to Singapore because such behavior will not be tolerated here. In Singapore, your brand and reputation are very important, and if you are associated with fraud groups or other unethical behavior, your reputation will be damaged.

Singapore's leaders are very astute, and civil servants in the government are very responsible for social services. When the business and academic sectors provide advice to them, they will do their best to transform regulations into forms that are beneficial for business and academic research. They have increased funding for research at schools and brought scholars into the community, establishing an ecosystem. For example, the Singapore FinTech Association has funded us, and the Singapore Blockchain Association is also supporting us. I believe they will continue to strongly support the development of the Global Financial Technology Institute and the Global Web3 Association in the future.

The government's plans to help Web3 and schools are very clear. Whether in the education field or the Web3 field, the government provides a lot of support. In terms of education, we need to cultivate students with skills to work in companies. The role of schools is not only to cultivate scholars, but also to cultivate practitioners closely connected to society, helping companies internationalize. Therefore, schools provide specialized courses, making our education unique. Some scholars are dedicated to research, but two-thirds of scholars at schools are dedicated to teaching, with the goal of ensuring that students can quickly work for companies and help them internationalize after graduation. We need to provide students with practical business-related skills, not just academic knowledge.

Singapore takes a collaborative approach, with the government, schools, and the community complementing and helping each other. The government is not a high-handed regulator, but a collaborator willing to help solve problems. If you have a problem that cannot be solved, you can find scholars, and the government will provide funding. Community groups are also fully supported, no matter what activities you are engaged in within the community. This spirit of collaboration has led to Singapore's continued success.

We invest heavily in education and support projects that research blockchain innovation. Our universities, especially those in the social sciences, have begun collaborating with companies in the fields of blockchain and Web3, incorporating this knowledge into their curriculum. We not only focus on technology, but also on the business aspect, especially the sustainability of business models. Business schools play a key role in promoting this development. Business schools are also actively promoting research and education in the field of financial technology and blockchain. Students at business schools have an advantage in this field because they understand both business and technology, and in the future, they will become leaders in companies.

Our education has an internationalized feature and is dedicated to teaching students how to understand the relevant code of Bitcoin. Initially, some universities in Singapore restricted access to cryptocurrency networks, causing our students to be unable to access these networks, including Ethereum. Our teachers found this unacceptable because the government is using Ethereum, so our schools need to have expertise in this area.

Unlike universities in other countries, universities in Singapore can operate on any network. This is because we need to learn skills such as smart contracts and coding to support our Web3 projects. The government's technology department plays a crucial role in providing us with a lot of teaching materials and resources. Therefore, Singapore is different from universities in other countries, with a more open and cutting-edge mindset.

Therefore, schools have established these courses, which is a unique aspect of our education field. We need to conduct research with industry leaders, who may not have the excellent academic writing skills of scholars, but are very skilled in business models, making them more valuable than scholars. The Doctor of Business Administration program aims to cultivate students who have the demeanor of scholars and can spread their ideas globally, enhancing the brand value of their companies. In this regard, schools play a key role that is different from other countries.

Question:

What are the ways in which humans and machines are combined? What role does artificial intelligence play in the combination of humans and machines? What impact do they have in real life?

Li Guoquan:

There are various ways in which humans and machines are combined, and we are already widely using them in real life. The main ways of combination can be divided into the following.

First is the man-machine interface, which is the most direct approach, such as using computer keyboards and mice every day, as well as hearing aids. Artificial intelligence can further enhance the efficiency and convenience of the man-machine interface. Now, we can use voice recognition, gesture recognition, and other methods to assist devices, helping us better accomplish tasks.

In addition, we now have smartwatches and health monitoring devices, which can automatically adjust based on the user's habits and needs, including adaptability in language and devices. More importantly, they can provide personalized services, rather than being limited to a single product, which is very important for our needs.

Blockchain is another important area where we need to improve the personal experience through personalization. AR/VR technology can change people's perception of the real world through computer-generated images, and artificial intelligence can also help create more virtual environments, providing a better user experience, which is the most crucial.

Robots, including autonomous driving technology, can better assist various human activities, enabling machines to understand and adapt to the complex real world. Advances in brain-machine interfaces allow us to more directly connect the brain to machines, although the fusion of the human brain and machines may still be in the early stages. However, research and applications in these areas will play an important role in the future.

In the fields of healthcare, privacy protection, job security, and social dependence, our schools are currently most concerned with the collaboration between humans and machines. For example, some schools believe that GPT models should not be used because they may involve privacy protection issues, while other schools believe that full automation should not be used because students may forget how to manually perform calculations.

Singapore's schools are currently teaching methods for efficient collaboration with machines, and each student needs to transparently declare when using generative artificial intelligence. Transparency is crucial for the integration between humans and machines, but technology alone is not enough. This is the approach of Singapore's education, which emphasizes ethics, morality, and professional standards.

I believe that the integration of humans and machines will generate and drive many research projects, but all these design ideas must consider ethics, morality, and professional standards, which cannot be ignored. Schools encourage interdisciplinary research in various colleges, not just the computer science department, but also the business school. The business school has always been interdisciplinary, covering fields such as law, finance, marketing, and humanities. Now, the business school also needs to include the computer science department, so I encourage all business schools to quickly promote interdisciplinary research, which is very important.

Question:

Can you share why Web3 and government digital economic infrastructure are inseparable? What specific scenarios do we need to focus on?

Li Guoquan:

There are some common goals between Web3 and the government, with the most important being the digital economic infrastructure, including central bank digital currencies, which are the most basic digital tools. However, the real goal is to make all production and products fair, which is our ultimate goal. From the government's perspective, there is no government without taxation, so taxation is crucial for the government. If there is a more transparent and fair digital economy, the government will definitely support this practice.

In addition, the government needs to consider the relationship between taxation and carbon credits. Taxation is an important source of revenue for the government, and every government is looking for ways to increase tax revenue and improve transparency. Therefore, the government has invested a lot of effort in building digital infrastructure, but the infrastructure that can truly help multinational companies is a country's ability to self-restrain and become a node's infrastructure. This is very important for the promotion of blockchain, just like Satoshi Nakamoto, who disappeared after creating Bitcoin. If a public chain is controlled by a specific individual or entity, it will no longer be a truly decentralized public chain. A true public chain should be a process in which the initiator gradually fades away.

The government must actively embrace decentralization. If it does not do so, the government will face external threats and internal pressure. The government needs to help the business sector expand the market and create employment opportunities for the people. In Singapore, we have taken some measures, such as introducing a new digital identity verification system, giving everyone an independent identity.

The government is gradually decentralizing, starting with the establishment of a decentralized online infrastructure. Then the government provides a copy of identity verification for businesses. Global companies only need to register on a decentralized registration platform, and Singapore will provide certification, proving that these companies have no money laundering or fraudulent activities, and digital banks will be willing to provide loans to these companies. This infrastructure is not only to attract companies to Singapore, but also to help other countries establish decentralized infrastructure.

As for some specific application scenarios that need to be focused on, I believe there are several key areas:

First is digitalization. We are gradually achieving digitalization, which is the first step to focus on.

The second step is decentralization. We need to determine which institutions need to be decentralized, which is also a potential trend.

The third is democratization. We need to popularize technology so that more people can access and benefit from it, which is crucial for achieving sustainable development.

The fourth is self-shrinking. This means that the government or institutions gradually fade out in the process of decentralization, so that the community and the market can operate better.

The most important and largest trend is data security. Data security and privacy protection are long-term and continuous focus areas that cannot be compromised. The government will actively promote data security, so positioning in this area is crucial.

Question:

What cooperation opportunities do you think there will be in the AI and blockchain fields between China and Singapore in the future? What advice do you have for Chinese entrepreneurs who want to develop in Singapore?

Li Guoquan:

I want to emphasize that China is the world's largest market, and if you plan to succeed in the Web3 field, China will definitely be a key market. China is the future market, there is no doubt about it.

I want to remind everyone that Singapore has also gone through a period of instability. In the 1980s, the Singapore government at that time adopted very neutral and strict regulatory measures, which, although controversial at the time, were actually the right approach. This period can be seen as a transitional period, and after the government stabilized, Singapore's development achieved tremendous success.

China is definitely the world's largest market, and I personally have high hopes for China's future. I know that some people may choose to leave China to seek opportunities, but I believe that China is the future direction. In fact, China and Singapore already have extensive cooperation. In Chongqing, our FinTech Institute has signed agreements with cooperating units of the Chongqing government, and the Chinese government has explicitly expressed its welcome for this cooperation.

As for the development of Web3 abroad, I want to be very clear that you can establish exchanges and conduct Web3-related businesses abroad, but please do not interfere with the stability of China. Financial stability and social stability are crucial for China.

The Chinese government has always encouraged talent to go abroad, and this time we have truly gone abroad. The government hopes that these Chinese talents who have accumulated experience abroad can make greater contributions to the country's development when they return to China. Accumulating international experience is important for a country's development.

Finally, I want to emphasize that cooperation between Singapore and China is deepening. And the United States and Singapore are also actively cooperating. This is Singapore's advantage, being able to establish cooperative relationships between different countries, whether with China or the United States.

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