Aya x Chanjiang Dialogue ETETH HK Hub talks about the Etherwood Foundation's “Demolition Philosophy”: Success means EF does less, and it gets stronger

ETH HK Hub

On April 21, ETH HK Hub, operated jointly by SNZ and ETHTAO, officially opened in Hong Kong. Aya Miyaguchi, President of the ITA Foundation, Quidagan, Member of the Legislative Council of the Hong Kong Special Administrative Region (the scientific community of science, technology and innovation), and ETA EcoFoundation Partners QZ, held an opening session。

The dialogue revolved around the long-termism of the Etherwood Foundation, the philosophy of reduction, Walker-away Test, the ecological development of digital assets in Hong Kong, and the meaning of ETH HK Hub for Asian Etherwood communities。

On the 10-year-long ETA node, Aya stressed that the goal of the ETA Foundation was not to become an ecological control centre, but to allow the system eventually to continue without the participation of the Foundation. For its part, Chudagan shared the unique advantages of Hong Kong as a digital asset development node from the perspective of Hong Kong policy, financial infrastructure and human mobility。

The full text of the post-translation dialogue is presented below, edited and slightly deleted。

MODERATOR QZ:This year is the tenth anniversary of the development of the Tailet. It is a very important sign of progress to see ecology in Hong Kong from its earliest small gathering and discussion to its own real community today, Hub。

The Ether House has always meant more than technology itself. It reflects the possibility of building large-scale systems and even a new form of digital civilization. But this path is not easy。

The Etherwood Foundation has recently put forward an important idea: a system that works effectively today cannot be a bottleneck in the future. This reflects the Foundation's core principle of choosing a more difficult but sustainable longer-term direction, even if there is a faster path to short-term growth。

Aya, from your point of view, have there been real difficult times in upholding this principle

Aya Miyaguchi:This tension actually exists every day。

I JOINED THE ETHERWOOD FOUNDATION AT THE HEIGHT OF THE ICO. MARKETS HAD STRONG GROWTH MOMENTUM AT THE TIME, ACCOMPANIED BY SIGNIFICANT EXTERNAL PRESSURES. MANY SUGGESTED THAT FOUNDATIONS SHOULD BE RAPIDLY EXPANDING, ACTIVELY RECRUITING AND OPERATING LIKE A TRADITIONAL LARGE COMPANY, SUCH AS THE CREATION OF POSTS SUCH AS CTO OR CMO。

That sounds very natural, but we did not。

Because the Ether Workshop has to go through the so-called “Walk-away Test” — that is, even without the Ether Mill Foundation, the entire system can still function. That is our long-term goal。

A typical example is The Merge in 2022. This is an extremely complex upgrade involving a large number of applications already in operation and collaboration among multiple client teams. If done by a single team within the Foundation, it would be much simpler。

But we deliberately chose customer diversity. While this makes it more difficult, it increases the resilience of agreements in the long term. In many cases, therefore, we have chosen a more difficult path to achieve long-term sustainability。

QZ:If the Foundation had opted for centralized development, what would not exist today

Aya Miyaguchi:We have always emphasized the philosophy of reduction。

If the Foundation builds everything for the whole ecosystem, the participants will become dependent. In the long run, this weakens competition, without which the optimal solution cannot be achieved。

The potential of the ETA is too large to be controlled by a single organization. Many of the important innovations in the ecology today occur without the direct involvement of foundations。

And that's the advantage of the Taifei. Our role is to support and coordinate, not to overcontrol. And the community that we see in Hong Kong today, Hub, is itself a manifestation of this concept。

QZ:Duncan, from your point of view, how did you get into this field

Duncan Chiu:Before I answer, I would like to welcome Aya to Hong Kong, hopefully it will not be your last time。

I WAS IN CONTACT WITH THE ETHER FACTORY IN ABOUT 2014, BEFORE ICO. AS VENTURE INVESTORS, WE ALSO FOCUSED ON A NUMBER OF BLOCK-CHAIN PROJECTS AT THE TIME, BUT, DUE TO LIMITED AWARENESS, NO LARGE-SCALE INVESTMENTS WERE MADE, ALTHOUGH SUSTAINED ATTENTION WAS PAID TO DEVELOPMENTS IN THIS AREA。

Since 2021, I have been involved in technical trend analysis and policy research as a member of the Legislative Council. By 2022, the Hong Kong Government was aware that the block chain would have a far-reaching impact on financial infrastructure and that, as an international financial centre, we must remain competitive。

As a result, we have embarked on a range of developments, including legislation to stabilize currency, monetized financial products (such as bonds and deposits) and encouraging financial institutions to explore chain infrastructure. It moves from products, ecology, infrastructure to regulation。

QZ:what is the greatest challenge in terms of an approach

Duncan Chiu:any technological development will take time. if artificial intelligence is seen, it has evolved over decades, while the chain of blocks is still at a relatively early stage. application cannot be imposed; it is the result of innovation. when products that really require users appear, applications occur, institutions follow and supervision follows. regulation is always behind schedule. therefore, it is of paramount importance that there be a sustained builder who is promoting innovation and creating new products。

QZ:Why is “no intermediary system” so important

Aya Miyaguchi:Because without this guarantee, no one can build it。

The absence of an intermediary means that no single subject can shut down the system. We have seen the fragility of centralized systems, such as a global software failure in 2024, which led to massive system disruptions, cancellations of flights and billions of dollars in economic losses。

This illustrates the high risk of reliance on a centralized system. Thus, it is not just a matter of philosophy, but of real needs。

QZ:Why should developers choose Etherwood

Aya Miyaguchi:This depends on the characteristics offered by the Taifeng. It has the world ' s largest developer ecology and the most active development platform. When developers join the Ether Workshop, not only build products, but also engage in a global system exploration. Ultimately, the focus is not on the Ether Workshop itself, but on the world it can create。

QZ:What does "success" mean by the Etherwood Foundation

Aya Miyaguchi:Success means that the Foundation does less and the Ether House gets stronger. Ecology is healthy when communities can grow independently and innovation does not have to depend on foundations. Ideally, the ETA would become an infrastructure, like the Internet, to be used naturally。

QZ:Duncan, what is the uniqueness of Hong Kong in digital asset development

Duncan Chiu:Hong Kong has multiple advantages, including connecting East and West, attracting global talent and a mature financial system. It is a place where connectivity, cooperation and landing ideas can be quickly built. In recent years, we have also seen an increasing inflow of talent, while changes in the global situation have further highlighted the importance of Hong Kong。

In the final analysis, technology development depends on people, while Hong Kong is a place where people are willing to build。

QZ:Thank you, Duncan, Aya, and thank you for your participation。