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The Ministry of Industry and Information Technology of China plans for intelligent computing power to reach 9800 EFLOPS by 2030

The Ministry of Industry and Information Technology of China released the "14th Five-Year Plan for the Development of the Information and Communication Industry," setting the national intelligent computing power target at 9800 EFLOPS by 2030. According to data from the National Bureau of Statistics, as of the end of July, the national intelligent computing scale was approximately 2450 EFLOPS (FP16), indicating that it needs to expand by about 4 times in the next four years based on this standard.The plan proposes an orderly deployment of intelligent computing clusters with tens of thousands and hundreds of thousands of cards, building inference computing power for different scenarios, and increasing the adaptation of domestic computing power chips. Currently, 52 intelligent computing facilities with more than ten thousand cards have been established nationwide. The Ministry of Industry and Information Technology disclosed that the intelligent computing power scale at the end of June was 2185 EFLOPS, a year-on-year increase of 177%. The plan uses 1590 EFLOPS in 2025 as a benchmark, aiming to reach 9800 EFLOPS by 2030, which is an expansion of about 6.2 times. During the same period, the cumulative investment target for information infrastructure in the information and communication industry is 3.8 trillion yuan, which also includes communication networks and is not all allocated for AI computing power.

Ministry of Industry and Information Technology issues the Artificial Intelligence Small and Medium Enterprises Entrepreneurship Support Plan

According to a report by the Financial Associated Press, the General Office of the Ministry of Industry and Information Technology has issued the "Entrepreneurship Support Plan for Small and Medium-sized Enterprises in Artificial Intelligence (2026-2028)." Over three years, it aims to cultivate a large number of innovative and dynamic artificial intelligence startups with significant growth potential in key areas such as industry applications, data services, and intelligent computing power. More than 10,000 new technology and innovation-oriented small and medium-sized enterprises will be nurtured, with over 2,000 "specialized, refined, distinctive, and innovative" small giant enterprises emerging, along with a number of gazelle and unicorn companies.Focusing on the field of artificial intelligence, the plan will establish 10 high-standard technology enterprise incubators and 10 national public service demonstration platforms (bases) for small and medium-sized enterprises. It will also cultivate 10 national-level characteristic industrial clusters for small and medium-sized enterprises. The entrepreneurial and innovative vitality of small and medium-sized enterprises in artificial intelligence will continue to surge, and a preliminary pattern of high-quality development for small and medium-sized enterprises empowered by artificial intelligence will take shape.

The Ministry of Industry and Information Technology has launched a special initiative to cultivate artificial intelligence application service providers

The Ministry of Industry and Information Technology of China has launched a special action to cultivate artificial intelligence application service providers, encouraging various regions to increase the procurement of large models, intelligent agents, and Token services through first purchase and first use, risk compensation, and other methods, while using tools such as "computing power vouchers" to reduce computing power costs.The Ministry of Industry and Information Technology will also establish a national resource pool for AI application service providers, aiming to exceed 2,000 by the end of 2026 and no less than 3,000 by the end of 2027. These service providers mainly help enterprises implement AI projects, with services ranging from early consulting, program design, to system development, integration delivery, and then to subsequent operation and maintenance and security governance.This policy also specifically names FDE. The Ministry encourages service providers to form FDE teams to directly address project implementation issues on-site with users. Various regions are also required to open real business scenarios, organize supply and demand matching, and turn high-frequency, essential business needs into standardized AI products that can be delivered repeatedly.

DWF Ventures: The rapid rise of social trading, platform competition is shifting from trade execution to social networks and information advantages

DWF Ventures released a report stating that as trading fees continue to approach zero, social trading is becoming a new direction for financial trading platforms to compete for users and build moats.The rise of social trading stems from users seeking validation from others and references for investment decisions. From early brokerage copy trading to investment communities like Reddit and Stocktwits, and now to platforms that combine real position verification, trading signals, and social relationships, social trading is evolving from a simple copy trading tool into a product form that integrates trading, content, and social interaction. As trade execution becomes increasingly homogenized, the future competitive advantage of platforms may come more from network effects, resources of well-known traders, and exclusive information and distribution capabilities.Analysis suggests that social trading platforms are forming a clear growth flywheel: platforms attract well-known traders and their fans, traders build reputations through public trading, fans amplify market influence by following trades, which in turn increases the visibility of traders and the user base of the platform. Public calls for trades may even generate a certain "self-fulfilling" effect in this process.Platforms also lower the entry barriers for users through one-click trading, low-threshold acceptance, trading competitions, and fee incentives, and leverage the social influence of top traders to facilitate user migration. In the future, the social trading ecosystem in the cryptocurrency and traditional stock sectors may further integrate, and platforms that master trader, user attention, and information flow are expected to form stronger network effects.However, social trading also faces significant structural risks. Data shows that among approximately 292,000 wallets analyzed by the Fomo platform over the past three months, only 6.16% achieved profitability based on realized gains. Followers lack independent investment logic and are easily influenced by herd behavior, while there may also be conflicts of interest between traders and followers.Furthermore, even if platforms can verify public positions, traders may still establish undisclosed positions through other wallets, making information asymmetry difficult to eliminate completely. Analysis suggests that as the boundaries between trading and entertainment continue to blur, platforms that can establish unique information layers, gather quality traders, and form network effects may gain an advantage in the competitive social trading market.

Federal Reserve Research: Cryptocurrency investors are more driven by belief, and information about Bitcoin's rise can stimulate more buying

According to Cointelegraph, the latest research from the Federal Reserve Bank of Cleveland shows that there are significant differences between cryptocurrency investors and traditional asset investors. Their views on the future returns and risks of digital assets diverge greatly, and the information about Bitcoin's historical price increases may further encourage investors to increase their allocation willingness and actually buy crypto assets.The research paper "Do You Even Crypto, Bro? Cryptocurrencies in Household Finance" is based on multiple rounds of household survey data in the United States, with each round covering up to approximately 25,000 households.Researchers found that compared to demographic characteristics such as age, income, and gender, investors' expectations for future returns from cryptocurrencies better explain who chooses to hold crypto assets. The study shows that cryptocurrency holders expect an average return of about 22% over the next year, significantly higher than the approximately 7% expectation of non-holders.At the same time, holders generally believe that the risks of crypto assets are lower than the judgments of non-holders. Researchers found that for every 1 percentage point increase in an individual's expected return from cryptocurrencies, the probability of holding crypto assets increases by about 0.8 percentage points. The explanatory power of return expectations and risk perceptions for cryptocurrency holding behavior even exceeds that of traditional factors such as age, income, and wealth.This characteristic contrasts with traditional assets such as stocks, bonds, and gold. For traditional investment types, investors' economic backgrounds usually better explain differences in asset allocation, while the crypto market relies more on investors' subjective judgments about future price performance.In addition, the research team discovered through a randomized information experiment that simply providing investors with information about Bitcoin's price increase over the past 12 months significantly boosts their willingness to allocate to crypto assets. Data shows that respondents who saw historical performance information about Bitcoin had an approximately 2 percentage point increase in the proportion planning to allocate to crypto assets, representing about a 47% increase compared to the control group's 4.3% allocation willingness; the probability of actually purchasing crypto assets also increased by about 2.5 percentage points.The study suggests that this mechanism may explain the cyclical boom and bust phenomenon in the crypto market: price increases attract more investors, and new funds further drive up prices, thus forming a cycle of "price increase --- enhanced optimistic expectations --- more buying."

hot_img The Shanghai court in China analyzes the criminal responsibility determination in cases of "traffic diversion" fraud involving virtual currency, which may constitute complicity in fraud or illegal use of information networks

The Shanghai Intermediate People's Court has published typical cases, analyzing whether "traffic personnel" involved in telecommunications network fraud related to virtual currencies constitute accomplices in fraud. From February 2022 to April 2023, the defendants, for the purpose of profit, assisted upstream fraudulent activities by "draining traffic," using online virtual phone software to lure victims into related scam groups, ultimately causing 30 victims to be defrauded of more than 2.34 million yuan (the same currency hereafter) by an overseas fraudulent organization. The overseas fraudulent organization transferred funds into the suspects' trading accounts via virtual currency.The Shanghai First Intermediate People's Court pointed out that in telecommunications network fraud cases, "traffic personnel" may constitute accomplices in fraud or illegal use of information networks depending on specific circumstances. The key lies in determining whether they have formed a clear criminal intent connection with the upstream fraudulent organization and whether there is stable cooperation and division of labor. In judicial practice, when assessing the criminal responsibility of "traffic personnel," factors such as their role in the criminal chain, the degree of organizational management, connections with upstream criminals, methods of profit, and abnormal behavior should be comprehensively considered. Actions that only provide general online services and do not form a conspiracy to commit fraud should be distinguished from "draining" actions that knowingly participate in the implementation of fraud.
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