CGV Research DeSIM: Who is the Web3 operator?

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The mobile operator of Web3 may be able to take the lead in opening the prelude to the next generation of communication. Article author: Shigeru & Satou Article source: CGV Research Mobile communication has become an indispensable infrastructure in modern life, but the traditional operator model is facing a bottleneck and innovation stagnation. With the development of Web3 technology, Decentralization SIM (DeSIM) as a new type of mobile virtual network operation mode has emerged. This article will analyze in depth the current situation and future prospects of DeSIM from the following aspects: Explore the market pattern and pain points of the traditional mobile communication industry, and analyze the development opportunities of DeSIM. · Analyze the evolution of SIM card technology and interpret the technical principles and implementation methods of DeSIM · Through user profiling and business model analysis, explore the market positioning and rise path of DeSIM · Compare and analyze case studies of Helium Mobile, Depinsim, XPIN, and summarize industry development experience · In-depth discussion of the challenges DeSIM faces in terms of decentralization and tokenomics · Outlook for the integration prospects of DeSIM with emerging fields such as connected vehicles, star chain communication, and metaverse Origin: Perfect communication infrastructure and fierce market competition Communication is a perennial need of humanity. With the evolution of technology, the modes of communication have been gradually increasing. From images to language and then to text, information continues to condense; from printing to telephony and then to the internet, information has been continuously expanding. In 1969, ARPANET laid the foundation of the internet. In the 1990s, the emergence of the World Wide Web, Netscape, and Amazon brought about the true public internet. Around 2010, the iPhone sparked the smartphone revolution, and 3G/4G became widely popular, leading to the rise of mobile internet. Today, mobile internet has become an indispensable part of ordinary people's lives. By the end of 2023, 5.6 billion people worldwide subscribed to mobile services, accounting for 69% of the global population, compared to only 1.6 billion 8 years ago, with an average annual rise rate of 31.25%. Specifically, the mobile user penetration rate in Greater China is 88%, in North America it's 89%, and in Europe it's as high as 91%. Such a high penetration rate indicates the completeness and popularization of communication infrastructure, while also implying insufficient rise space. According to GSMA estimates, the average annual rise in the global mobile user base from 2023 to 2030 is about 1.7%, with a significant slowdown in growth.

For antitrust considerations, each country and region is usually served by multiple mobile operators, typically maintained at 3-4, with a relatively balanced market structure. For example, the major carriers in North America are AT&T, Verizon, and T-Mobile, while in Europe they are Deutsche Telekom, Vodafone, and Telefonica. In China, the main players are China Mobile, China Unicom, and China Telecom. Despite the relative independence of mobile operators between each country and region, internal market competition remains very fierce. As important infrastructure and livelihood projects, telecom operators have high industry access thresholds, heavy asset investment, significant economies of scale, and scope effects. The importance of economies of scale lies in the fact that for a given physical infrastructure, the marginal cost of adding new service users is low, while the revenue is high. Therefore, the core competitiveness of operators usually lies in the scale of users. However, for the sake of people's livelihood, countries usually do not allow price wars between mobile operators. At the same time, in order to avoid the actual monopoly and stagnant innovation among several operators, Mobile Virtual Network Operators (MVNOs) have emerged. MVNO does not build network infrastructure, but directly utilizes existing network resources, cooperates with traditional operators, competes for more users with differentiated services and prices, provides flexible services in a light-asset operation mode, and also offers traditional operators additional income at low marginal costs to increase network utilization. DeSIM is indeed an application form of MVNO, which, through the global payment system of Web3, differentiated services, and the diversified gameplay of tokenization, attracts Cryptocurrency practitioners and traditional users to engage in the Web3 industry. Change: The Evolution of SIM Technology and the Possibility of DeSIM When we communicate on the mobile network through mobile devices, the complete link will go through a lot of network device collaboration.

Inside the mobile device, the application generates data, which is processed by the TCP/IP protocol stack in the application processor (AP), and then passed to the baseband processor (BP) through the driver interface. 2.BP interacts with SIM, reads identity information, performs identity verification, generates a session Secret Key, and establishes encryption channel
The radio frequency module (RF) performs analog-to-digital conversion and transmits the signal to the base station through the antenna.
The base station receives the signal and processes it, performs resource management and mobility management, and sends it to the Mobile Switching Center (MSC).
MSC performs routing selection and roaming management, and submits packets to the core network
The core network communicates through fiber optic and is transmitted to the Internet through components such as gateways and location registers.

Among them, except for SIM, users have almost no autonomous choice. SIM plays the role of identity verification and security assurance in mobile communication. The centralization and monopolization of SIM will result in centralized risks to identity privacy and information security. Therefore, we need DeSIM. In the era when only physical SIM cards existed, there were many obstacles to the implementation of DeSIM. Operators relied on physical SIM cards to sign long-term contracts with users, thereby binding them. With the emergence of technologies such as eSIM, vSIM, and iSIM, DeSIM has ushered in an opportunity for development. SIM card technology has gone through many generations of evolution, developing from traditional physical SIM cards to different technological solutions such as eSIM, vSIM, iSIM, and Soft SIM, each with its own characteristics.

As the most mature new generation SIM technology, eSIM adopts the method of embedding physical chips into devices, equipped with dedicated security units, supports remote configuration management, and fully complies with GSMA standards. Its architecture includes hardware security zone storage, Profile management system, OTA update mechanism and other components, supporting multiple Profiles coexistence. In terms of security, eSIM implements hardware-level encryption, secure boot, integrity verification, anti-tampering protection and Secret Key isolation mechanisms. Currently, eSIM has gained widespread support from mainstream terminal manufacturers and operators, mainly used in high-end smartphones, smart watches, tablet computers and other devices. vSIM adopts a completely different technical approach to achieve SIM function through software virtualization, relying on cloud-based configuration management and parameter downloads, and supports dynamic identity simulation. Its features include cloud-based profile storage, real-time configuration delivery, building a secure environment at the software level, and supporting flexible identity switching. Security mechanisms include software encryption, TEE protection, dynamic secret key, and communication encryption. The standardization of vSIM on mobile devices still needs to be improved. Currently, it is mainly used in scenarios such as internet of things devices and shared devices. iSIM represents a higher degree of hardware integration, directly integrating SIM functionality into the SOC, sharing hardware security units with the processor, and using dedicated secure storage areas to store data. This solution has advantages such as ultra-small size, extremely low power consumption, hardware-level security protection, and is particularly suitable for scenarios such as ultra-small IoT devices and wearable devices. Its advantages include saving PCB space, improving production efficiency, and enhancing system integration. Soft SIM is the lightest solution, fully implementing SIM functionality through software, running on a general-purpose processor, and using software simulation for secure environment without the need for dedicated hardware support. This solution has a completely open architecture, highest flexibility, and lowest deployment cost, but relatively weaker security, mainly used for experimental projects, specific industry applications, and development testing environments. Due to difficulties in ensuring security and compliance issues, it currently has less support from operators. With the support of the SIM technology solutions mentioned above, DeSIM can access a large number of mobile operators through the Decentralization system, minimize the centralization risk of user mobile communication through automatic switching at the lowest cost, drop the usage expenses, and improve network utilization. Breakthrough: Finding Target Users and the Rise Flywheel In a market with a multitude of operators, how does DeSIM use the advantages of Web3 to provide differentiated services? Analyzing the successful experiences of MVNO, we can roughly attribute success to three categories of value propositions: "audience-driven", "collaborative diversification-driven", and "technology-driven". Audience-driven refers to providing services to specific target users. The following features of DeSIM enable it to differentiate itself from other operators:

Crypto Assets unified payment: supporting globalized business
Privacy Protection: No KYC Required, Terminate Anytime.
Lower early customer acquisition cost: Token incentive is expected to attract early users, and drop user actual expenditure Based on the feature analysis, it is easy to draw the user portrait of DeSIM. One type is cryptocurrency practitioners who frequently travel globally, focusing on privacy protection and strong payment capabilities; the other type is price-sensitive speculators, hoping to obtain profits through token incentives or reduce communication expenses. The synergy of diversification is aimed at expanding existing business into the field of mobile communications. The Web3 industry has already had many cases of business expansion, the essence of which is to better integrate the cryptocurrency system with real-world business. Public chains, exchanges, social applications, and other businesses can be combined with DeSIM to achieve higher user adoption and commercialization. For example, Solana launched the Saga phone as early as 2023, and Aptos, Sui, and other public chains have followed suit. The combination of DeSIM and mobile phones is very reasonable; major exchanges have launched their own payment cards, making it convenient for users to make Fiat Currency payments with Cryptocurrency, and DeSIM can enable users to pay for mobile phone bills with Cryptocurrency; social applications such as Telegram and Line have also seen the sale of various mobile communication services, creating super apps in the communication field. Finally, technology-driven represents the business built on the characteristics of specific technology. Just like Cubic Telecom's MVNO is built on the IoT business, DeSIM can cooperate with almost all DePIN products to provide mobile network connectivity, which is a prerequisite for DePIN. DePIN devices are diverse and can be used in various aspects such as geography, power, computing, storage, etc., but in order to synchronize data between the network composed of nodes, DePIN devices must be connected to the internet. The built-in DeSIM in the device can perfectly solve the network connection problem, support global mobility of the device, and the cooperation between the two parties can also provide multiple benefits to users. Case: Mature Applications and Early Opportunities Since the rise of mobile Internet, SIM card has become a mature application that people cannot live without in their daily lives. SIM card is like a key, without which mobile devices cannot prove their identity and cannot access the operator's network. It is the foundation of the entire mobile communication security system. SIM card is not only the entrance for users to obtain Internet data traffic, but also the entrance for merchants to obtain user traffic. Nowadays, this mature application of SIM card has ushered in a new development-DeSIM, with the support of Web3. Since the concept of DEP exploded in 2023, there have been appearances of the DeSIM project in the market, some of which have successfully operated steadily up to now. Along with the rise of Telegram ecosystem applications, entrepreneurs have also attempted to combine DeSIM with the Telegram ecosystem to obtain higher user traffic. In the following, we will select some early projects for a brief introduction. Helium Mobile Helium started as an IoT service, and in 2017 entered the blockchain field, establishing the Helium Network to incentivize users to provide Node coverage for wireless networks using cryptoeconomics, making it one of the early successful cases of DEP. In August 2023, Helium launched the world's first encryption operator, Helium Mobile, in collaboration with T-Mobile, the largest 5G network in the United States. Combining Helium's network infrastructure with a dynamic coverage model, it integrates traditional mobile network coverage with the locally built Helium hotspots network created by the people, providing users with a more decentralized mobile communication community solution. As more users join Helium Mobile, $Mobile Token captures value, and more users will actively provide local network coverage, improve coverage and enhance user experience, attract more users to join the network, build the encryption flywheel, and gradually reduce dependence on traditional mobile operators, and increase the degree of decentralization.

In traditional mobile communications, users' data is transmitted wirelessly to signal towers/base stations. In order to further break free from the limitations of heavy infrastructure, Helium Mobile introduces Hotspot hardware and Carrier Offload program, where each Hotspot can act as a mini signal tower for mobile phones. Deployers of Hotspots can be rewarded based on the amount of traffic they handle, and mobile operators can also purchase traffic from Hotspots, allowing them to expand their coverage without building signal towers and enhancing their own networks. This essentially reduces the cost of centralized infrastructure through decentralization and achieves cost reduction and efficiency improvement through community participation. In terms of specific usage, the service form of Helium Mobile is a $20 monthly package, with unlimited data, text messaging, and telephone services, which has significant price advantages compared to other carrier plans at that time. Helium uses the highest level of standardization eSIM for identity verification and provides additional privacy and security layers on top of eSIM to prevent SIM Swap attacks.

Helium Mobile captures Token value in multiple ways to promote the rise of the flywheel: Mining: Get $Mobile rewards by using the Mobile network Task: By completing the Mapping task, you can obtain $Mobile. Mall: Users can use $Mobile to purchase packages, hotspots, and mobile phones in the built-in mall of the application. In addition to the $20 monthly plan in the United States, Helium Mobile has launched a global roaming service for overseas travel needs, which includes 1GB of data, 60 minutes of calls, and 100 text messages for $15. After more than a year of development, Helium Mobile has over 120,000 users, 27,000 hotspots, and has transmitted over 4PB of mobile data.

Depinsim Depinsim is a Decentralization mobile communication project launched in 2024, built on the TON Blockchain, providing global roaming services to users through Telegram. To address the drawbacks of traditional telecommunications networks and digital identity systems, the Depinsim protocol introduces a powerful, scalable, and user-centric framework. The protocol includes three types of roles:

Data consumers: Enjoy free data traffic, gas-free payment services, and secure encryption communication services Data provider: that is, the operator network, sells data traffic through blockchain quotations Data Sponsor: Purchase data traffic and distribute it to consumers through tasks or advertisements, etc. To support a large number of network interactions, Depinsim adopts the DPoS Consensus Mechanism to ensure high scalability and efficient network operation with low latency. By migrating traditional data service contracts, digital identity management, payment, and other functions to the blockchain, communication services achieve decentralization and automation. To achieve flexible switching of communication networks, Depinsim adopts eSIM (embedded-SIM) technology. eSIM supports remote configuration management, unlike physical SIM cards that are pre-configured at the factory, so eSIM is more flexible. eSIM technology has been widely adopted by mainstream terminal manufacturers and supported by operators in most regions worldwide. It has a high degree of standardization and a mature ecosystem. By using Depinsim's Decentralization eSIM technology, users can download the operator's eSIM configuration file and security parameters through the Decentralization Blockchain network and complete network registration. During the communication process, Depinsim adopts end-to-end encryption, giving users full control over their data and interactions, so that even mobile operators cannot access the specific data content, minimizing the risk of privacy leaks and asset theft. For C-end users, Depinsim integrates eSIM with DID, Wallet, and Mining Rig, seizing the entrance to the world of encryption. For B-end users, Depinsim provides reliable and flexible communication solutions, achieving global scalability and providing traffic customer acquisition channels for enterprises through the task system.

In specific business, DePINSIM covers more than 200 countries and regions, adopts a pay-as-you-go billing model, and the lowest traffic tariff is as low as $2/GB. Users can choose eSIM or physical SIM card, both of which support all Web3 functions of the project. To enhance user stickiness, the project has designed diversified revenue models: users can sell idle traffic on the P2P market to provide connection services for merch IoT devices to earn income, or earn Token by completing positioning tasks, watching location-based advertisements, and other methods. In terms of tokenomics, the project maintains ecological balance through the mechanism of 'consume-stake-burn': users consume data to generate continuous demand; unused traffic can be staked to earn points; at the same time, transaction fees are regularly burned to control inflation. In addition, the project has launched Premium membership services, providing more exclusive benefits for heavy users. Another feature of Depinsim is the fixed number mechanism, which ensures the stability of user identity verification on various platforms and effectively avoids the security risks caused by the easy failure of traditional numbers. This design makes Depinsim not only a communication tool, but also a carrier of digital identity for users. XPIN XPIN is committed to building a multi-level, comprehensive internet of things platform, consisting of the XPIN Cloud Basic Service System and XPIN Decentralization protocol.

XPIN Cloud Infrastructure Service System provides innovative vSIM (virtual-SIM) solutions. Users no longer need physical SIM cards and can complete mobile network communication through software-based virtual SIM cards. The configuration management of vSIM is implemented in the cloud, with real-time downloading of security parameters and dynamic identity management, allowing for flexible identity switching. The deployment cost of vSIM is extremely low, and it has great application prospects in areas such as IoT and shared devices. In the cloud configuration management, XPIN cloud system provides network access services. All internet of things devices that comply with the XPIN communication protocol standard can access, collect, process, and analyze data through the XPIN cloud platform, achieving efficient data management and application. XPIN's intelligent vSIM and subnet, because there is no hardware limitation, are fully implemented by software, thus achieving the highest flexibility and supporting various network communications, such as 4G/5G, SDWAN, Wi-Fi, LPWAN, and satellite networks, providing users with the highest connectivity guarantee. The XPIN Decentralization protocol builds a Consensus Mechanism for internet of things devices, providing a secure, transparent, and efficient unified data exchange platform for internet of things devices. Each internet of things device in the XPIN network communicates with other Block chain nodes through vSIM services, and each device has a unique on-chain DID for local identity verification, enabling trusted and traceable data exchange and data sharing. In product design, XPIN adopts a phased development strategy. The first phase launches global eSIM services, covering 200+ countries and regions, and supports automatic switching between multiple operators. The second phase will release XPIN smart power bank, integrating Wi-Fi hotspot and Mining function, while also deploying XPIN Box home router and base station equipment to form a complete hardware ecosystem.

The project ensures sustainable development through diversified revenue streams, including vSIM package sales, hardware sales, game props, etc. In terms of user incentives, a 'Connect to Mining' mechanism is designed, allowing users to receive Token rewards by providing network services. Tokens can be used for paying service fees, stakeMining, participating in governance, and other scenarios. The target users of XPIN include global travelers, digital nomads, Web3 projects, and other groups. The project redefines the future form of mobile communication through decentralized infrastructure and blockchain-driven economic models. AISIM AISIM is a Web3 internet of things infrastructure project based on the TON ecosystem, aiming to build the world's first Web3 IoE (Internet of Everything) ecosystem. In order to solve the issues of data security, privacy protection, and interoperability in traditional IoT, AISIM has designed a complete technical architecture. The core technology components include: STP protocol, DID system, privacy engine, and smart SIM card. STP protocol is a communication protocol independently developed by AISIM, as a core component of the ecosystem, it realizes three key functions: IoT Device Translation Layer: Providing modular, layered translation API interfaces, supporting direct access to the network for devices from different manufacturers and different technical standards. Data Transmission Center: Using P2P and cryptographic techniques such as Zero-Knowledge Proof, to ensure the data privacy of point-to-point communication between devices Resource Allocation Center: Users provide Computing Power, bandwidth, storage, and other resources through the DePIN client, and receive incentives based on Consensus Mechanism Through the STP protocol, AISIM is able to support the unified connection and data transmission of internet of things devices, build Consensus among network Nodes, and allocate incentives. The DID system is built according to the W3C DID standard, supporting cross-platform, cross-chain interaction identity authentication. Users and devices can independently create and manage DIDs without relying on centralized institutions. Combined with the Zero-Knowledge Proof technology in the privacy engine, the DID system realizes secure, private, decentralized, and interoperable digital identity management, ensuring users' personal privacy and information security. The privacy engine adopts a hybrid scheme of ZK-SNARKs and ZK-STARKs, utilizing the scalability of the ZK Algorithm to meet the efficient verification requirements of a large number of small devices, while ensuring the high security and scalability requirements of large-scale ecosystems through zero-knowledge properties. Privacy protection is achieved in identity verification, data transmission, Smart Contract execution, and other processes. Intelligent SIM card supports various forms of SIM card such as standard physical card, vSIM, eSIM, etc., allowing users to freely choose between usability, flexibility, and reliability. Card holders obtain a unique DID account and become a distributed physical Node, jointly building a permissionless trusted communication network alliance, and being able to associate and use various operator network services with a single DID. At the same time, AISIM integrates MVNO function, supports Fiat Currency and Virtual Money deposit, and provides global roaming services. AISIM plans to deploy Smart Contract using zkEVM solution to protect transaction details and participant privacy. In the future, cryptographic schemes such as MPC and FHE will be introduced to support more IoE scenarios. For users, AISIM not only meets basic communication needs, but also provides a wealth of network application scenarios, including IoE device interconnection, remote office, Web3 community, smart home, smart city, etc. Through DID and encryptionWallet function, AISIM card becomes a hub connecting users with multiple service providers (SP) and content providers (CP). In terms of incentive mechanism, AISIM adopts TST Token for ecological governance, with a total of 1 billion tokens, of which 70% are used for Mining output (PoW+PoS). Users holding DID physical Nodes can receive ecosystem network revenue sharing, including network service fees, SIM card fees, and other income. One of the great features of AISIM is its complete internet of things solution. By implementing the STP protocol, it enables direct access to devices from different manufacturers with different technical standards. Combined with the DID system and privacy engine, it ensures both peer-to-peer communication between devices and data privacy and security, providing a foundation for applications such as smart homes, industrial internet of things, and smart cities. Challenge: Decentralization and Tokenomics Although named DeSIM, the current mobile operators of Web3 still face significant challenges in Decentralization. The initial investment cost of network infrastructure is extremely high, and it is almost impossible to build from scratch through Decentralization, which means that the DeSIM project must use existing network infrastructure, which is also the solution adopted by the vast majority of projects at present. On this basis, how to improve the level of Decentralization? Returning to first principles, why do we need Decentralization? The reasons can be roughly divided into the following points: · Improve fault tolerance · drop usage cost · Protect user privacy · Improve network efficiency When DeSIM is able to support automatic switching between different operators, even different network types, the conditions for decentralization seem to be met. The network lines and base stations between different operators are usually built separately, and users can also perceive the signal differences between different operators when using them. When the signal of a single operator is abnormal, DeSIM can automatically switch to other networks to improve fault tolerance; A large amount of Settlement data can obtain price advantages in operators, dropping user usage costs; The switch between networks makes it impossible for a single operator to obtain all data, protecting user privacy, and the SIM-side encryption can further protect the communication content; Automatically detect the signal strength of the base station and connect to the drop network with low latency, greatly improving network efficiency; Compared to Decentralization, the design of Tokenomics seems to be more troubling for DeSIM entrepreneurs. Based on extensive project experience, the following suggestions are available for reference. Token utility design: diversified as much as possible, can be used for paying service fees, Margin for operating Nodes, Medium of Exchange for traffic trading market Inflation Control: Set the upper limit of Mining flow and unlocking method to incentivize long-term stake to lock the Circulating Supply Incentive model: Mining basic income serves as a subsidy, and stake income accumulates to increase the stake rate. In order to avoid falling into the death spiral of mining, procuring and selling, the key is to balance the store of value, circulation and governance functions of Token, and form a benign closed loop of Token economy. Outlook: The transformation of the Internet of Vehicles, Starlink and the Metaverse human communication form is gradually accelerating, and the DeSIM project may as well explore the upcoming possibilities while effectively improving the service experience, and through the deep integration with the Internet of Vehicles, Starlink communication and next-generation communication technology, DeSIM is expected to redefine the future form of the global communication network. In the field of connected vehicles, DeSIM is expected to play the role of core infrastructure. As autonomous driving technology matures, the need for real-time, reliable data transmission in vehicles has increased dramatically. Traditional centralized communication networks may face bandwidth bottlenecks and latency problems in the face of massive Internet of Vehicles data. DeSIM's Decentralization architecture is well positioned to address these challenges. Vehicles in motion are no longer just users of the network, but participate in network construction as mobile base stations, building a dynamically expanding mesh network. This "car-to-network" model not only provides better network coverage, but also encourages car owners to contribute bandwidth resources through a token incentive mechanism. At the same time, DeSIM can also be integrated with the charging pile network Depth, providing high-speed network services while charging electric vehicles, and automating charging payments through Smart Contracts. In the field of space communications, the combination of DeSIM and satellite networks such as Starlink will open up completely new possibilities. Low-orbit satellite communications networks are reshaping the infrastructure of the global internet, and DeSIM can be a key link between terrestrial and satellite networks. Through intelligent routing technology, the user device can automatically select the optimal network link according to the actual situation, whether it is a ground base station or a satellite signal. This ground-air integrated communication network can not only cover the most remote corners of the planet, but also provide reliable emergency communication in extreme situations such as natural disasters. LEO satellites are expected to be incorporated into the DeSIM token economy, and satellite operators can earn token rewards by providing communication services. This economic model contributes to the continued development of space communications infrastructure. In the Metaverse field, DeSIM can not only provide high-speed and low-latency data transmission, but also solve key issues such as digital identity authentication and virtual asset Equity Confirmation through customized SIM and DID. In AR/VR applications, DeSIM's distributed content delivery network can dramatically drop data transmission latency, providing a smoother immersive experience. At the same time, DeSIM can also facilitate the interconnection between different virtual worlds, laying the foundation for the openness of the Metaverse. CGV Research believes that DeSIM, as a next-generation decentralization communication infrastructure, is standing on the key node at the intersection of multiple cutting-edge technologies. With the recent pump of Secondary Market DePIN zoneToken, the DeSIM track is expected to usher in more market follow, further promoting the adoption of a large number of users. Web3 mobile operators may be able to take the lead in unlocking the next generation of communications. Disclaimer The information and materials introduced in this article are from public channels, and the Company does not guarantee their accuracy and completeness. Descriptions or predictions of future situations are forward-looking statements, and any suggestions and opinions are for reference only and do not constitute investment advice or implication for anyone. The strategies that the Company may adopt may be the same, opposite, or unrelated to the strategies speculated by readers based on this article. CGV (Cryptogram Venture) is an encryption investment firm based in Tokyo, Japan. Since 2017, its funds and predecessor funds have participated in over 200 projects, including investment in the licensed Japanese stablecoin JPYW. Additionally, CGV FoF is a limited partner of several globally renowned encryption funds. Since 2022, CGV has successfully held two Japan Web3 hackathons (TWSH), with the joint support of institutions and experts such as the Ministry of Education, Culture, Sports, Science and Technology of Japan, Keio University, and NTT Docomo. Currently, CGV has branches in Hong Kong, Singapore, New York, Toronto, and other places. In addition, CGV is also one of the founding members of the Bitcoin Tokyo Club located in Tokyo, Japan.