Author: Zen, PANews
In the golden age of China's Internet development, Qvod was a legend in the hearts of countless people. The video player once occupied 80% of the domestic video traffic and served more than 500 million users. The founder of Qvod, Wang Xin, also experienced ups and downs in his life because of it.
After regaining his freedom, Wang Xin returned to the public eye with a new attitude. But his second entrepreneurial journey was not smooth. As the popularity of the new product faded, Wang Xin gradually "retired" and remained silent for a long time.
Until the beginning of 2025, Wang Xin regained his entrepreneurial passion and announced that he would devote himself to Web3 and focus on the intersection of AI Agent and crypto economy. He also proposed the concept of "technical fairness" and regarded it as the core value of the next stage of entrepreneurship.
In a recent exclusive interview with PANews, Wang Xin candidly shared his review of the past, his dedication to fair technology, and his belief in starting anew in the Web3 wave.
Passing the Blockchain Industry Gate Twice Without Entering
In 2011, Wang Xin first came into contact with Bitcoin. Out of curiosity about decentralized currencies, he read the source code of Bitcoin and simply mined some coins. Since he was focusing on the Qvod business at the time, he did not put too much energy into it and did not spend too much time studying it. At that time, BTC was more like a geek's experiment in his eyes: it was volatile and had an uncertain future.
"Now I have a completely different mindset towards Bitcoin." More than a decade later, Wang Xin's view on Bitcoin has completely changed. On the one hand, the blockchain technology behind Bitcoin makes him admire its technological innovation; on the other hand, Bitcoin has also grown from being a little-known asset to a mainstream asset on par with gold. Wang Xin said that the community-driven, decentralized structure has established global trust, which overturned his initial doubts and gave him a lot of inspiration.
Compared with the current cooling period of the Web3 industry, 2018 is undoubtedly an era of hot money for most practitioners and investors. Many Internet entrepreneurs went all in after Xu Xiaoping, the founder of Zhen Fund, called for "embracing blockchain". In February of that year, Wang Xin regained his freedom and made a "high-profile comeback" in a small gathering with He Xiaopeng, the founder of Xiaopeng Motors, Yao Jinbo, CEO of 58 Group, and Li Xueling, CEO of Joyy. He Xiaopeng said on social media that Wang Xin was in good health and his thinking was consistent with theirs. They discussed the development of AI, video, and blockchain technology together. At that time, there were many rumors that Wang Xin was going to enter the blockchain industry.
However, Wang Xin eventually chose to found YunGe AI in Shenzhen, and devoted himself to the social and AI track, and successively launched "MaToi" and "LingGe AI". Due to his previous experience, Wang Xin said that he could not lead the team to take policy risks. "If I went all in on blockchain at that time, I was afraid that I would touch the red line," Wang Xin said frankly.
Around 2018, although the ICO craze was still going on, the regulatory policies were highly unclear and the domestic blockchain entrepreneurial environment suddenly tightened. As an entrepreneur who is responsible for his team and company, Wang Xin once asked the company to fire employees after the Kuaibo incident so that the employees could apply for labor arbitration to obtain compensation. Therefore, when starting a second business, he was responsible and was unwilling to let the team take any risks. However, within the company, a small team is still retained to continue to pay attention to the blockchain industry and keep studying the technology.
After years of hiding, he entered the Web3 market
After launching the social application "Matou" and the flexible employment recruitment product "Lingge AI", Wang Xin faded out of the public eye for three or four years. Regarding this "disappearance", Wang Xin said that this was intentional and also caused by the environment.
"Lingge AI" and "Toilet" did not cause any subsequent splashes, except for the attention they received at the beginning of their release due to Wang Xin's "star entrepreneur" halo. Both products fell short of expectations, and the "Toilet" project was even stopped before it went online. This ups and downs experience made him realize the need for calm reflection. Wang Xin said: "I think this kind of adjustment is quite important for a serial entrepreneur like me. I used to have glory and lows, and what I actually needed was a stronger heart and clearer goals. I think only by settling myself can I go a little further."
In 2019, in an interview with the Beijing News, Wang Xin said, "I can't be a very good investor, but I will be a very good entrepreneur." However, during the precipitation period of several years, he actually invested in many projects, and most of them were concentrated in the fields of hardware and AI, such as the flying car company "Xiaopeng Huitian" that was recently rumored to be considering listing, and a laser radar company that occupies a major share of the global market. Wang Xin said that he did not intend to be an investor, but was invited by a friend to help with some guidance and support, and as he got to know more, he followed suit and participated in the investment. He also revealed that he is not currently involved in investing in Web3 projects.
Although he has not officially joined the industry, Wang Xin has always had a deep connection with the blockchain industry. Qvod's P2P technology enables all users to publish shared files and is not easily controlled by the central system. Its concept is similar to that of the blockchain network system. In addition, Qvod has also launched a traffic ore project, which aims to pool a lot of idle bandwidth and CPU resources such as personal handheld devices, home bandwidth, and enterprise nodes, and optimize the real-time deployment and utilization through cloud computing. In essence, it uses the sharing economy model to do CDN (content distribution network). To some extent, this is also the prototype of today's DePIN.
With the rapid development of the AI industry, the popularization of large models such as ChatGPT, and the gradual clarification of Web3 policies in countries and regions such as Singapore and Hong Kong, Wang Xin realized that these two technologies, which greatly improved productivity and production relations respectively, could be integrated. All these entry points also became his "entry point" into the Web3 industry.
Focus on Web3 + AI agent
Looking at the entire AI industry, "Web3+AI" is still a very niche track, and even many star "Web3+AI" projects have been criticized for being "shoddy." In fact, Wang Xin's time and knowledge in the field of AI may exceed that of most current Web3 practitioners.
Based on his personal entrepreneurial and investment experience, Wang Xin said that if small companies and teams want to build a general AI platform, the cost pressure is huge. The computing power cost often accounts for 80-90% of the budget, which is difficult for entrepreneurs to support. He believes that instead of building a general platform, it is better to focus on vertical scenarios and create "small and beautiful" landing products, or to find another way to combine AI with Web3 and find a new business model.
"AI is very centralized, including large models, which are all super centralized. It actually has nothing to do with Web3. At this time, we wonder, which part of AI will be related to the individual? That is the AI agent," said Wang Xin.
The essence of AI Agent is a programmable automated workflow that requires human participation in tuning and decision-making. People's choice of results actually participates in the "training" of the Agent. Wang Xin said that when a community or KOL repeatedly optimizes the same type of task, they own the core value of the Agent. At this point, the ownership and profit distribution of the Agent should belong to the contributors themselves. With the public/private key system of Web3, each Agent can have a unique on-chain identity, and the smart contract records each contribution and corresponding income in real time to ensure that "data contributors" truly become "value recipients."
In addition, Wang Xin believes that the two core elements of Web3 are asset issuance and asset transfer. The threshold for the former is getting lower and lower, and the infrastructure for the latter is becoming more and more complete. The real challenge is how to make the issued assets continue to increase in value, and how to make community participants, operation teams, and ordinary users each have their place in the ecosystem. He pointed out that the solution lies not only in improving product strength, but also in making good use of Web3 to reshape production relations, which contains a lot of potential innovation. For example, solving the pain points of Web3 such as high learning cost, private key management, and gas fee setting, and avoiding the vast majority of netizens being rejected, when the on-chain experience is close enough to people's daily operations, new professions, new communities, and new entrepreneurial opportunities may emerge.
How do “hidden” gaming giants view blockchain games?
In addition to the video player, the game platform "Kuaiwan Game Box" under Qvod was once an important source of revenue for the company. This platform, which integrates a large number of games, has opened the door to the world of stand-alone games for countless players. At its peak, it even rivaled Steam China, with more than one million monthly active users, surpassing most blockchain game projects. In the Web3 field, the game track, which was once highly anticipated, has been in a long-term downturn.
"It is difficult to have both playability and decentralization." When asked whether he is optimistic about the prospects of Web3 games, Wang Xin admitted that truly fun games do not rely on Web3 to exist. In fact, whether it is a blockbuster game or a classic web game or stand-alone game in the past, players are chasing immersion and fun, not the way the underlying technology is implemented. When developers blindly use blockchain as a "financing tool" and "coin issuance channel" and overlay it on the game, it often reduces the playability. Players have to learn private keys, worry about handling fees, and worry about asset security, which completely deviates from the original intention of "games should make people happy."
"If a new game carries both innovative gameplay and Web3 models at the same time, the chance of success is extremely low." Wang Xin pointed out that the core of the game is always the content. No matter how the technology iterates, players pursue plot, graphics, control and social experience. The correct path should be to start from "a certain link". For example, using low-cost on-chain payments to replace traditional credit cards and App Store sharing can save 3-10% of the handling fees and reduce the pressure on game manufacturers to acquire customers and realize. In addition, in the process of cross-border distribution, stablecoins or multi-chain wallets are used to complete player recharges, profit sharing and withdrawals, and developers can reduce costs without expensive advertising.
When payment and profit sharing are smoothly and "unconsciously" integrated into the game, players can enjoy the traditional gaming experience while using the Web3 infrastructure without realizing it. Developers will also reduce the intermediary's profit sharing and be able to continue to provide better products after gaining more revenue. "So how can we make them profitable? I think this depends on the changes in these production relations of Web3."
Why support Memecoin Fair3?
After entering the Web3 industry, Wang Xin's identity seems to be no longer a serial entrepreneur, but a supporter and evangelist. He often shares his views on artificial intelligence and blockchain technology on social media, and sometimes directly mentions Fair3, which he is supporting. According to Wang Xin, it is not a "project" in the traditional sense, but an ecosystem with "technical fairness" as its core concept.
Wang Xin said that Fair3 originated from a pure Meme coin. After a group of core members (CTO team) took over, they began to think about a more far-reaching vision: not only the cultural attributes of the community, but also to build a truly decentralized ecosystem so that every individual can benefit from participation. Fair3 hopes to use the power of Web3 to challenge the various injustices caused by centralized algorithms and platform monopolies in the traditional Internet, and transform the culture of "accumulating sand into a tower" into real ecological value.
"Every change in production relations in history solved the core problem at that time. Agriculture solved food, and industry solved capital," Wang Xin further said. In today's "knowledge stage" and "attention stage", the monopoly of data and algorithms has made ordinary users and content creators exploited. Mainstream platforms charge high commissions to creators, e-commerce purchase costs are as high as 30-40%, and content distribution charges even up to 90%. These are all unfair behaviors. What Fair3 needs to do is to gather the "sand grains" of countless tiny individuals, make unfairness visible through the cohesion and voice of the community, and use decentralized technology to achieve the transformation from cultural construction to ecological implementation.
For example, the CTO team has organized a number of small-scale Meme culture creation and sharing activities, where community members have independently recorded "unfair stories" to record their personal experiences and support each other. Recently, the community also launched the "Takeaway Fairness" campaign to encourage community members to support JD Takeaway and airdrop tokens to participants, revealing and correcting the unfairness of platform subsidies and commissions through actual consumption behavior.
Wang Xin revealed that the current size of the Fair overseas community is 20,000 to 30,000 people. As the ecological construction progresses, Fair3 plans to introduce more open source projects and tools, including investment analysis, airdrop information push, consumer matching platform, etc., to provide tangible value to holders and consumers.
What is technological fairness?
In the interview, Wang Xin mentioned "technical fairness" several times. He also shared with us the detailed connotation of this concept: to truly achieve technological fairness, the three elements of algorithm transparency, personal ownership of data, and continuous profit for individuals must be met at the same time.
Algorithm transparency means that all core algorithms must be open source and auditable, and there must not be any "black box" operations. Only when participants can clearly see the algorithm logic can they trust its results; once the algorithm is not transparent, it will cause widespread doubts and resistance. Wang Xin said: "All our projects will insist on open source algorithms to ensure that all users have equal right to know the system rules."
In large-scale model training and various digital services, massive amounts of personal data are often harvested by platforms for free and used for commercial purposes, while the original creators and ordinary users have difficulty obtaining any benefits or confirmation of ownership. Technical fairness requires that every piece of data should be owned and used by its creator, and can obtain clear proof of ownership on the chain. Only in this way can individuals truly become "masters" in the digital economy and avoid the situation where they contribute value for free but are deprived of benefits.
Wang Xin believes that individuals should not only be able to participate in technology construction and data provision, but also continue to obtain economic returns through their own contributions and consumption behaviors. He took his good friend Li Xueling as an example. After taking a weight loss injection, Li shared his experience on the social network and bought stocks of the biotech company. When more people benefited from his recommendation and further increased their holdings, both the original recommender and the audience received a double return of "consumption + investment".
He also pointed out that although traditional food delivery boys work hard, they lack a sustainable profit mechanism and have no income or security once they stop working; in a decentralized token economy, early builders and active consumers can continue to share in the platform's growth dividends by holding tokens and promoting the platform.
Fast broadcast can only represent the past
After Wang Xin was imprisoned, "I owe Qvod and Mr. Wang a membership" became a hot topic on the Chinese Internet. To some extent, this joke also reflects support, gratitude and emotional identification with him. Based on such a mass base, Wang Xin seems to have the conditions to issue personal tokens to "collect" membership fees.
"This is just a meme," Wang Xin responded with a smile. When Qvod was forced to terminate in the early years, it was these users' voices that helped him through the difficult times, so he is deeply grateful for this friendship. However, he made it clear that tokenizing this emotion would risk "overdrawing fans" for him, which is not in line with his pursuit of technical fairness and may also capitalize on the emotions of supporters, so he "will never issue personal tokens."
In addition, he also believes that Kuaibo can only represent the past, while high-quality memes (such as cats and dogs) are cultural symbols that can transcend time and space and represent the future. Kuaibo’s "pastness" means that it is not a good meme and is therefore not suitable for tokenization.
As for the outside world's doubts that he was using his personal image to promote Fair3 and make money, Wang Xin frankly admitted that he had "backed off" because he was worried about getting into trouble. But the support of the community made him firm. Many people believed that he was not here to "make money" and making a quick buck was not his goal.
He revealed that Binance co-founder He Yi had communicated with him in private messages and warned him that "issuing coins is like issuing bonds." That is, once a token is issued or supported, it must bear the responsibility and debt to the community. He sees himself as owing a debt of "technical fairness" and must continue to speak for the community and build an ecosystem, rather than making a one-time profit. The rise and fall of coin prices is inevitable, and freedom of speech also allows for questioning, but the key is to insist on doing a good job of products and communities, and to truly benefit holders through continuous feedback, so as to achieve sustainable development of the ecosystem.
Wang Xin further stated that he, his team, and his fund are working hard to improve the product and business model, hoping that early participants can continue to receive returns. He compared the platform to the live broadcast ecosystem, hoping that everyone has the opportunity to create value.
He also shared his experience of preaching Web3 to his family. "I am also building a Web3 for my family," Wang Xin said. He has exposed his wife and children to Web3, such as owning wallets and speculating on meme coins, and even made a little money in "PVP". He encouraged his eldest daughter, who is still in high school, to think about the needs of her peers, such as game proxy play and blind box exchange, which may form a small-scale community economy through simple tools and token design.
"I think the future opportunities are all in AI and Web3. It would be a great thing if she starts to get involved now," Wang Xin added.
