– PART1 –
On August 18th, the "Opinions of the Central Committee of the Communist Party of China on Supporting Shenzhen's Pioneering Demonstration Zone with Chinese Characteristics" was officially released, which mentioned: "Building a Digital Economy Innovation Development Pilot Area" and "Supporting Digital Money Research and Mobile Payment in Shenzhen" Such as innovative applications, it has caused heated discussion among the public.
Just a week before the introduction of this heavy news, a thousand-person conference on in-depth discussion of the digital economy and digital currency was successfully concluded at the Sheraton Shenzhen Hotel in Shenzhen, and was obtained by Securities Times, Securities Daily, China Securities Journal, Economic Daily, The First Financial Daily, First Financial TV, Ta Kung Pao, Daily Economic News, Southern Metropolis Daily, Nanfang Daily, Phoenix Finance, Shenzhen Business Daily, Shenzhen Finance and Economics Channel, Guangdong TV Channel Zhujiang Channel and other nearly 20 mainstream media reports, The newspaper version of Ta Kung Pao used half a page, and the web version was more than 4,000 words. The report was in-depth and the influence was unprecedented.
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It is the Shenzhen Fire Conference hosted by Fire Communication, with the theme of “Chain Next: The Next Station” Digital Economy Technology Application Conference and Distributed Storage Summit Forum. The conference was hosted by the Galaxy Cloud Technology Co., Ltd., and was jointly hosted by the Hong Kong Blockchain Association, the China Commodities Association, the WBF Exchange, and the Shoutou Gold Control. Co-organized by Jinshan Yun, OK, Firecoin, Bibox Exchange, Block VC, JLAB, Hong Kong Blockchain Industry Association, DoraHacks, CoinWord, INTELLISHARE, ArchiBTC, and Ben Talent Community.
The audience of this fire meeting is strong, bringing together senior executives of Micro-Bank, Jinshan Yun, etc., professors from Tsinghua University, Peking University, Renmin University, and other well-known exchange executives such as OK, Firecoin, Bibox, and many famous investors. People and technical big coffee are equivalent to Taiwan. The agenda of the Fire Watch Conference is divided into five sections: “The Giant's Attack”, “Distributed Storage”, “Open Finance”, “Exchange New Ecology” and “Awarding Link”, focusing on the hot topics of the industry.
Li Xinsheng, deputy secretary-general of the China Software Industry Association Blockchain Branch, delivered an opening speech for the conference. He said that China has completed hard-track overtaking in the world of blockchain patent technology: in January 2019, the world's UN professional organizations announced 310 blockchain patents, with 99 in China, 92 in the US, and 34 in the UK. . The China Software Industry Association is very supportive of the blockchain field.
Highlights of the Fire Highlights: The Attack of the Giants
The opening session of this fire-watching conference is the round table forum "The Giant's Attack", the round table host is Luo Jinhai, the founder of the quantum school, and the round table guest is Zhang Kaixiang, the chief architect of the blockchain of Weizhong Bank, and the block chain department of Jinshan Cloud District. General Manager Zhu Jiang and Chen Haoming, CEO of Fire Coin China.
First of all, the three guests discussed how the blockchain will empower the real economy and the next opportunity.
Zhang Kaixiang said that blockchain technology can play the role of anchoring, sharing and increasing trust in the information flow of the whole society, making the chaotic information become credible. Compared with the past, this is a "quality leap." He pointed out that as a blockchain of connectors, it is of little significance to operate from a single company. Sharing it as an open source solution makes it more meaningful for the industry to build an ecosystem. “Weizhong Bank has been exploring and practicing open source, cutting through the underlying technology platform, and combining the fields of finance, industry, internet of things, culture and entertainment to jointly build open, transparent and efficient technologies and industrial communities.
Zhu Jiang said: "The scale of domestic supply chain financial market is expanding rapidly. Supply chain finance based on blockchain is the new growth point we are looking for. He introduced Jinshanyun to build a local industry platform based on blockchain technology, platform. Aggregate multiple entities such as regulators, corporate customers, and funds. The reviewed information on enterprise asset identification, registration, and circulation records are stored on the platform in a traceable manner. The rapid financing and lending business saves the cost of high-level adjustment and guarantee, greatly improves efficiency, and makes the risk of financing and lending overall controllable.
Yuan Yuming pointed out that the blockchain needs a gradual process for the penetration of the real economy. Next, the blockchain industry will have two major opportunities: First, training, with the giants entering the market and the continuous penetration of the physical industry, through training to let more people understand the blockchain, become a new market demand; It is to provide consulting and technical solutions to more traditional enterprises, to help them infiltrate the blockchain into more traditional fields, and to promote the efficiency reduction and transformation of the physical industry.
In addition, the three guests also had a deep discussion on the future of the central bank's digital currency and Libra.
Zhang Kaixiang believes that the two-tiered structure of the legal digital currency proposed by the central bank has a practical guiding role. "For technology companies and commercial banks, we should consider what we should do in this two-tier architecture so that our legal digital currency can be used efficiently in various scenarios to improve the efficiency of fund use and clear settlement efficiency. The effect, while complying with relevant regulatory compliance requirements. In the two-tier architecture, there are still many infrastructures to be built or refined, including the entire distribution network, user terminals, payment channels, clearing and settlement, etc. I believe the central bank proposed This kind of thinking can guide all parties to think from the engineering and market level. I think it will have a positive and positive effect on the industry." For Libra's prospects, Zhang Kaixiang believes that Libra still faces serious challenges in its supervision. "Overall, Libra is still in the early stage of technology and product form. It is still not a white paper to describe it. It is very uncertain, because this road is still unclear."
Zhu Jiang is very optimistic about the issuance of digital currency by the central bank, because the central bank's secondary operating system can bring great opportunities to commercial companies. “It encourages our companies to innovate in the secondary operating market. This will not lock in a blockchain technology or platform to do M0 cash flow management, which brings us opportunities. This architecture is for distributed business. Network-based collaborative convergence provides a good market environment. It happens to be very consistent with Jinshan Cloud's blockchain technology strategy. We build a cross-chain multi-chain architecture based on open source technology, then M0-based digital currency is distributed by the business. Bank management, our blockchain technology can meet this multi-level management system. This is a big opportunity because the government-led technology application innovation allows our company to integrate technology into the digital economy and let it play its core. Role." For Libra, Zhu Jiang believes that it may not be able to proceed smoothly according to its release plan. There are two reasons for this: First, from a technical point of view, after testing, the current open source Libra can not meet the traffic of Facebook's 2.7 billion user payment system, and its technical architecture is only a simple blockchain-based payment system. Second, Facebook itself has a data breach in Western countries in 2018. Due to the reputation issue, it is not optimistic in the Western world and the blockchain industry.
Yuan Yuming compared the difference between the central bank's digital currency and Libra: First, Libra is anchoring a basket of currencies, and the central bank is anchoring the renminbi's currency. Second, the central bank's digital currency is clearly saying that it is M0, and Libra is ambiguous. It is not clear that M0 may also be M1 and M2, which may bring various changes such as currency multipliers. Once again, the central bank adopted a two-tier structure to promote through commercial banks. Libra is a member of 28 associations. In the future, it will be promoted by 100 members of the association, and authorized dealers will promote it. Therefore, the issuers are different. Of course, you can say that it is similar, but the members are different. You can understand Libra as a two-layer mode. In addition, Libra uses a very clear technical solution, currently in the form of a coalition chain, BFT's consensus mechanism, and created the Move programming language to do smart contracts. The central bank's digital currency is not going to pre-set the technical route. Any route in the future may or may not be the optimal technical solution. In the future, there may be several parallel routes. "At present, Libra, the central bank's digital currency, including various countries and companies, may become a new trend in the future. How to apply blockchain technology to the financial system, I think for all participating companies. It is a huge opportunity." Yuan Yuming further said.
Highlights of the Fire Highlights 2: Open Finance
In the open financial sector, Gu Yanxi, founder and dean of CBX Research Institute, delivered a keynote speech on "Libra's Impacts and Risks on the Global Financial Industry." He said that there will be two types of digital currencies in the future. The digital currency issued by sovereignty, and the second is the digital currency in which the market is collateralized by distributed assets. Libra itself is the extension of the sovereign credit currency and will be in a relatively embarrassing mode in the future. However, Gu Yanxi also pointed out the advantages of Libra. Similar to Bitcoin and Ethereum, Libra's strength lies in the global clearing system. "Libra's impact on the clearing network is actually the impact of the blockchain on the clearing network," said Gu Yanxi. The existing bank's clearing network is not efficient globally, Libra clearing network and stable currency are global. Circulation will have the biggest impact on existing financial markets, and commercial banks will be a very shocking institution.
Tang Yi, co-chairman of the Hong Kong Blockchain Association, delivered a speech on "The Risks and Opportunities of Libra Issues." He said that the Hong Kong Blockchain Association is applying to join Libra's super node, which is the first application in Hong Kong. This year is a year for traditional giants to enter the blockchain industry, including the New York Stock Exchange, Starbucks, and Wal-Mart.
Xie Tingting, deputy director of Tsinghua Economist Accelerator Blockchain Application Lab, served as the host and guest of the Roundtable Forum, and the founder of the quantum school, Luo Jinhai, founding partner of BlockVC, at the Heavy Roundtable Forum “Opening the Financial Age after Facebook Reform” Xu Yingkai, head of the fire coin labs, post-doctoral Yang Jinyan of the Supreme People's Court, founder of dForce, former director of Standard Chartered direct investment Yang Mindao and other round table guests started a dialogue.
Xie Tingting said that although Libra's future development is long-term: First, because of its urgency and rush; the second is that the entire industry is still in a very early stage, and some theoretical foundations are still under construction. The third is to promote the commercial landing, will be subject to many third-party constraints, what can be done to the situation or things are artificial. However, regardless of the end result, its groundbreaking and positive driving role has been successful since the first day of release.
Luo Jinhai said that Libra's proposal is much more mature than we think. From a technical point of view, there is not much to be critical. It refers to the concept of Ethereum and Bitcoin. An Internet company can take its value concept. Thinking about technical solutions, future regulation, etc. Libra considers it very far-reaching. He pointed out that understanding Libra historically, the US government's attitude toward cryptocurrency has been tangled. Since 2012, Americans have not found a way to control cryptocurrency. Since 2014, the SEC has cryptocurrency every year. The hearing, until 2018, the US government started from the regulation of the issuance of stable currency, passed the legally stable legal currency of the two companies, and finally found a way to control the cryptocurrency from the source, combining the digital dollar with the traditional dollar. At this time, the United States really knows how to control the cryptocurrency. The emergence of Libra disrupts the rhythm of the United States. It relies on the endorsement of a company to issue stable coins. This is a stable currency belief built by a complete market. Once successful, it will bring a strong demonstration effect to the Internet world. Has a profound impact.
Xu Yingkai pointed out that, to a certain extent, Libra has allowed Facebook's 2.7 billion users to passively accept the dividend of inclusive finance of encrypted assets, which will bring extensive social and institutional changes to the development of encrypted assets. Libra achieved three “firsts”: for the first time, it provided a borderless, stable and simple payment method and smart contract platform for billions of people around the world; the first encrypted digital currency based on world-class Internet giant hair The international new financial system cooperation framework and organization; the first explosive expansion of the encrypted digital currency user base, affecting the scale of more than 2.7 billion people. "The Internet giant entered and then launched Libra, which made the outside world realize that the encryption of assets and the blockchain wave is irreversible, but what kind of height it can reach depends on the breadth and depth of the landed Pratt & Whitney," Xu Yingkai said, "Libra is only Made a beginning and a start. Blockchain open financial applications can fill the gaps in countries with relatively backward banking systems. If Libra can be implemented on a large scale as a new financial infrastructure, then these developing countries can get corners. The opportunity to overtake, this will be a very big bright spot in the global financial market for the next 5 to 10 years."
Yang Jinyan believes that Libra's regulatory barriers and regulatory risks should not be overestimated. In the issuance of tokens, the United States has several precedents for the legal issuance of stable currencies. The current hearings around Libra are also an important channel for communication and negotiation between the US market players and the regulatory authorities. I believe that through the series of communication, Libra will eventually be released in compliance. Libra's main regulatory challenge is in the circulation. Different countries have different regulatory attitudes towards Libra's inflows. For example, the officials of the Bank of France stated that Libra is a securities in nature. If it is not only regulated by banks, it may be regulated by the method of securities; in Singapore, the guide to the issuance of tokens identifies the stable currency as a bond. Securities Law Specification. However, it should also be noted that due to the technical characteristics of the stable currency, a country's legal barrier to prevent the entry of an external digital currency can easily be broken, because the token built on the distributed ledger can be downloaded as long as a digital wallet is downloaded. Easy to use, the legal supervision of token inflows is very difficult. Therefore, as a sovereign country, the more sensible choice is to launch its own stable currency to occupy more application scenarios and win more users to compete with foreign digital currencies.
Yang Mindao said that some people think that Facebook's launch of Libra is a victory for cryptocurrency, but positively, Libra's biggest contribution is to make the world widely aware of and accept cryptocurrencies. In the long run, Yang Mindao is more optimistic about the non-licensed blockchain opportunities than the licensing chain like Libra. The foundation of open finance is based on decentralized trust minimization settings, which can extend its own network effects at low cost and efficiency. From the birth of Bitcoin to the present ten years, it has been proved that blockchain technology itself is difficult to supervise with the existing regulatory framework. Even if Libra is not approved, there will be other stable currency for applying blockchain technology to be more open. The way it works.