Viewpoint | Blockchain don't pass the pass?

The pass was once considered the soul of the blockchain system and the bearer of the rights of different entities in the blockchain system. However, after 2017, with the upsurge in the blockchain, the card has become a financing token issued by various projects in the name of the blockchain through ICO. However, such tokens are neither equity nor creditor's rights, and the rights and interests of different entities in the blockchain system that were generally recognized are not reflected in the form of a pass.

At the same time, the blockchain emerged from the beginning, and another branch developed and operated a coin-free blockchain, that is, a blockchain system without a pass. This type of system is dominated by the alliance chain, including the Hyperledge initiated by the Linux Foundation, the Corda launched by R3CEV, and the domestic interesting chain.

So, what is the pass in the blockchain? Don't you pass the blockchain? If not, what kind of pass design do we need?

What is the pass?

Pass is a term that has become popular with the rise of blockchains, which was intended to be a token in the early Token Ring network of computer networks. In a token ring network, all nodes share the same communication channel, but only nodes that have tokens have the right to send information on the network. The blockchain system borrows the English TOKEN of the token as the equity bearing and interest expression of different business entities in the blockchain.

With the emergence of most blockchain projects such as ICO, IEO or STO, the certificate has become a tool and carrier for financing these projects. Therefore, the US Securities and Exchange Commission will supervise the issuance of the blockchain project parties in accordance with the securities management measures. However, these so-called "pass cards" are lacking in the expression of rights and rights, and do not have some powers of traditional stocks. For example, they cannot acquire control over the project through secondary market acquisition.

ICO, IEO, and STO are not legally licensed in China, and their actions are considered illegal fundraising. If you do not pass the issuance of the pass, but adopt the traditional method, such as the project party through equity financing, or within the scope of the law to conduct public or private placement, or after the project quality reaches a certain standard after the formal IPO, can also achieve project financing the goal of. Of course, the traditional financing methods have many links, many processes, high standards for project parties and project quality, and long financing duration. However, these problems are also related to the risks inherent in the project itself and the risk management and control of financing needs. matching. Many of the projects or quality of the block chain coats are not up to the requirements, or the project side has problems. Although the state has ordered the ban on ICO, IEO and STO, this financing method is still popular.

What is the nature of the blockchain?

Fundamentally, blockchain is a network-wide consistent distribution and redundant storage of data. This change in data transmission and storage greatly reduces or even eliminates the original information asymmetry between the nodes, eliminating the dependence of the entire system on the central node of the original information system, and changing the system from the original centralization and organization. Provides a foundation for technology and system architecture for decentralization and self-organization.

The role of the blockchain in the whole society is to reconstruct the organizational structure and production business processes of the entire society through the decentralized information system constructed by the underlying technology of the blockchain. The social organization structure and production business process after reconstruction will realize the decentralization of the social organization structure and production business process, and then realize the de-intermediation of the social organization structure and business process under the premise of having peer-to-peer data. Improve the efficiency of production and living in the entire society.

In addition, each node has more complete data, and has more powerful business capabilities, so that more individual enthusiasm and initiative can be fully utilized to create more new businesses.

Don't you pass the blockchain?

The blockchain system is object-oriented and is divided into public chain, alliance chain and private chain. The public chain is a non-permitted chain. It is a system open to all. Anyone can freely enter and quit at any time without the approval of anyone. The alliance chain and the private chain are license chains that require approval before they can enter or exit. The alliance chain is oriented to multi-service entities with business associations. The private chain is oriented to a single business entity and is used for single business management within a company or organization.

Public chain can not pass the certificate

Because the public chain is open to everyone, the business carried by the public chain cannot be logically too complicated, nor can it establish a long business chain. In the structure of the information system, there is basically no central link and intermediary link that can be removed from the public chain. At present, the public chain system achieves more traffic through the so-called census incentives to achieve community fission. This is also determined by the characteristics of the public chain and the external environment it faces. It is difficult for the public chain to have more choices in the design of the certificate. And design. This kind of operation is essentially the way of the Internet.

Because the public chain has a simple logical chain and short business processes, even if it needs to carry the rights of different entities in the public chain, this interest cannot be particularly complicated, and at most it is a substitute for the traditional existing rights. Therefore, the public chain can not pass the certificate.

Jade's " Passive Economic Paradox: Incentive Mechanism, Social Production, Post-Capitalism" published by WeChat's " Zen and Universe Maintenance Art" (ID: cosmosrepair) profoundly states: "If economic incentives are useful for certain behavioral motives That token must not be as effective as a legal currency or a more stable currency, because they are pure money with purchasing power. If economic incentives are not effective for certain behaviors, then no matter how perfect the pass design will be invalid, because the violation is The law of human nature itself. If money can drive something, then capitalism has been unstoppable for centuries, and will it leave us the opportunity?"

Alliance chain most needs to pass the design

The alliance chain is oriented to multiple business entities and needs to be approved before it can enter and exit. Therefore, the alliance chain can carry many key business applications in real life, and can also carry multiple business entities with business associations, and can pass data on the chain. Sharing, realizing the reconstruction and optimization of the original organizational structure and business processes, and then removing the central links and intermediary links that are no longer necessary in the original system. This not only improves the efficiency of production and life, but also realizes the redistribution of the profits occupied by the original central links and intermediary links.

The alliance chain can realize the reconstruction of the original business process and organizational structure. In theory, this kind of reconstruction can also be realized without the pass-through design. However, if the corresponding benefits are not carried through the pass, the top-level design needs to be directly confronted with the various interests of the original system and the original institutional mechanism. This kind of conflict and game needs to pay a lot of money. In the end, the result of the game is probably not really good. Just like the reforms in history, there are more failures and less success.

The blockchain system deconstructs various rights and interests under the original interest structure through the pass, and then re-loads it onto different stakeholders. Driven by this kind of interest, the various stakeholders who were originally organized will take the initiative to carry out new interest restructuring and business process self-organization, and implement new structural reforms from the bottom up. Obviously, the speed of advancement will be faster and the promotion effect will be more obvious.

The so-called coin-free blockchain only provides the information technology architecture of the alliance chain, and does not provide the grasp of business process optimization. At this point, the coinless blockchain is incomplete as a blockchain system.

JPMorgan Chase is a financial institution with a global presence, but its business relationships within the group are bound to be governed by the different institutional arrangements of governments and governments, and its business efficiency is greatly constrained. If you do not pass the issuance of the pass, but directly transform the original system and business processes, it is inevitable that JP Morgan will negotiate with the government agencies one by one, and the possibility of successful negotiations is negligible. However, JPMorgan Chase has used its own credit and the assets of the bank as collateral and guarantee, and through the issuance of its own token JPMCoin, it is used for business settlement and liquidation among institutional clients within its business system, which is a good way to circumvent various governments. Supervision has also achieved near-real-time clearing efficiency. This approach by JPMorgan Chase has also prompted governments and institutions to re-examine their laws and regulations governing cross-border operations.

Private chain can have a pass or no pass

The private chain is more used for a single business scenario within a small, fixed organization. Through the sharing of information and data within a fixed scope, the management system and workflow within the organization can be further optimized, and the rights and responsibilities are clearly defined.

Because the private chain is limited to a single business scenario and a fixed scope, the degree of centralization is relatively high, and the business relationship and logical relationship are relatively clear. The original system should have relatively complete KPI indicators, and no additional interest carriers need to be reloaded. The original interest allocation. However, if the original KPI indicator system is not complete enough, or for some reason, there is still a certain deficiency or deficiency in the open and fair angle, then you can consider loading the corresponding certificate design in addition to the original KPI indicator system. The original KPI indicator system is a useful supplement.

What is the essence of the role of the certificate?

The focus of blockchain applications is on the alliance chain. The role of the alliance chain is to promote and promote the self-organization of nodes and the re-architecture of business processes more quickly and smoothly by giving all kinds of corresponding rights to the certificates on the basis that all nodes have the same data. Achieve the goal of decentralization and de-intermediation of the system, and ultimately improve the efficiency of production and life.

The goal to be achieved by the blockchain is essentially the goal of further marketization pursued by our country for 40 years of reform and opening up. It is also an important part of the structural reforms currently under way in our country, and it is also necessary for the market to play a fundamental role. The most effective way. In this structured reform, the pass-through design of the blockchain provides another road from the bottom up, that is, not directly reforming the original business process from the top down, not directly adjusting and changing the corresponding system, Laws and regulations, but from the bottom up, through the self-organization between nodes, directly implement the optimization of business processes. This path is also verified by the history and experience of China's 40 years of reform and opening up, and is a deeper reform of another dimension.

How does the certificate work?

The design of the pass must be able to land and be enforceable. Otherwise, the beautiful and perfect design will be a piece of waste paper. So, what kind of pass-through design will work?

The premise of the design of the pass is the consistency of all nodes in the possession of data.

Passing is another key to promoting market-oriented reform and structural reform, but this grasp must be based on the complete reciprocity of all nodes in the system. If you leave this premise, don't talk about the design of the pass, and even the blockchain system has no meaning. Therefore, it is necessary to carefully study what changes have occurred in the consistency of data before the establishment of the blockchain system and before the establishment of the blockchain system. That is, what data is publicly released by the original central node, and what kind of optimization can be brought about by the publicly released data in the business process and organizational structure, and which central links and intermediary links may be removed.

Also pay attention to what other data is not publicly released, what is the relationship between publicly released data and unpublished data, and whether the business logic is independent or intrinsically related. That is, it is necessary to conduct an in-depth analysis of the system's data flow, data attribution, and data permissions, so that it is possible to establish a suitable framework for the design of the certificate.

Pass-through design must be combined with the scenario to achieve process optimization

The industrial optimization of blockchain focuses on the alliance chain, which is to realize the optimization of industrial organization and the reconstruction of industrial business processes. Therefore, the design of the certificate must be combined with the characteristics of the industry, and it is necessary to closely match the original business logic of the industry and solve the original business pain points of the industry. This is also a compensation for the resource consumption of consistent distribution and redundant storage across the entire network.

The rights carried by the certificate must be closely related to specific industries, specific scenarios and specific process links. The realization of the design, circulation and certification of the certificate is also limited to the specific industrial logic. It is the adjustment and redistribution of the interests of the relevant nodes in the logical scope of the industry. It is the business process of the relevant industry. advanced optimization. There is no universal pass design.

In the process of designing the certificate, it is necessary to accurately distinguish between the two phases and the relationship between the two phases. These two phases, the original data centered storage phase, and the decentralized data distribution and redundant storage phase of the data after the blockchain transformation. What are the scenarios, links and processes in the previous stage, and what are the different subjects in each scenario, link and process, and what are the interests of these subjects and how much interest space there is. In the latter stage, what are the different business scenarios, processes, and links from the first phase, what are the scenarios, links, and processes, and which scenarios, links, and processes are missing. These changed scenarios, links and processes have changed the interests of the subjects and the direction in which they have changed. Is it increased or decreased? How much has the increase increased, and how much has been reduced? For those scenarios, links and processes that have not changed, we must also analyze the different subjects in these scenarios, links and processes. In the adjustment process of the two phases, their interests have not been affected, how much influence is affected, which is The influence of direction.

The interests of the business participants in all scenarios, links and processes in the two phases will be re-calculated and re-matched in terms of the evidence. In order to ensure the smooth implementation of new business processes and organizational structures, based on the principle of Pareto optimal improvement, it is also important to ensure that the business participants in the new business process are not less profitable than they are in the original business system. Obtained, in order to smoothly promote the design of the certificate can bring more power and get the maximum advancement.

In addition, if you can further redefine the data attribution, you should reorganize the business process reengineering based on the business process, and then decide which data needs to be disclosed. Who needs to disclose the data, who will benefit after the disclosure, who will receive Loss, and where it benefits, and where it is damaged. The size of the benefit or damage is large and needs no compensation for benefits. If interest compensation is needed, who will pay the benefits needed for compensation.

After the business process combing analysis and business logic construction, the data flow model is built. In addition to the disclosure of data, who is open to the public, but also in-depth analysis of the business process after the design of the certificate, which nodes can be self-organized, what are the premise and foundation of self-organization, and how much impact on the existing organizational structure How to debug this conflict. And the blockchain system based on this is based on the design of the system architecture in one-time place, or the step-by-step implementation in stages.

The design of the certificate is complex and cumbersome. It is the core content of the economic mechanism design and must be deeply related to the industrial scene. However, most of the current projects are not related to the industry logic of the project. This kind of pass design can be placed on which project, because the pass design is not based on the logic and process adjustment within the business system.

Who should design the pass?

Who is going to design and how to issue it? This is a problem that most blockchain projects have ignored in the past.

We must see that most systems, both information systems and organizational management systems, have formed an inherently vested interest class. These vested interests control the data and control the distribution of benefits. From the perspective of their own interests, it is extremely difficult for them to design a scientific and reasonable certification system.

Therefore, the biggest possibility of the design of the certificate is to plan by another third party outside the original system. Just like Ma Yun once said, "If the bank does not change, we will change the bank." The design of the certificate also requires a strong third party, from the perspective of public welfare, or from the perspective of the third party's own interests, to create a new design and transformation with the power of innovation.

Because this kind of transformation will inevitably touch the interests of countless vested interests, so this external force must be strong enough. From this perspective, the design and implementation of the certificate can not be the grassroots or the entrepreneurial team can do the job. Because the grassroots and the entrepreneurial team, their power is too small, and the credit is not enough.

Therefore, the blockchain is not likely to be an opportunity for the grassroots to rise. At a high probability, the blockchain is another centralized node that replaces the original centralized node, but in this alternative process, new forces emerge, new business processes are formed, and new organizations are formed. The architecture is generated, and most people benefit from this process.

Of course, at the specific operation and implementation level, the certificate must be designed by professionals, but its operation must not be a matter of professionals. A design similar to the renminbi is a matter for professionals, but its issuance and regulation must be the central bank.

Pass-through design requires a high degree of focus on enforceability

The ideals and concepts of the design of the certificate are good, and they must be tested by landing. There is no point in designing a pass that cannot pass the field test.

In the implementation of the design of the certificate, in addition to the premise of the design of the certificate, the business logic of the industry, the acquisition of interests and benefits of the relevant people, the change of the industrial structure and the optimization of the business process, it is more important to pass the design of the certificate. It is able to mobilize more people to participate in the transition process of the original system to the blockchain system by using the certificate as the carrier.

In addition to the adjustment of the interest expressions of different stakeholders and the adjustment of the content of interest expressions in the design stage, the design of the certificate is also an important aspect to achieve the binding of the certificate and related rights. The design of the certificate is scientific and reasonable, but it is the content of the digital level. More rights are reflected in the digital economy below the real life. Therefore, how to realize the deep binding of the certificate and the more rights in the real life is the thing that the blockchain system must pay attention to in the actual implementation process, and it is also the most critical part of the success of the blockchain system transformation.

Smart contracts, or codes, can guarantee the enforceability of the pass to a certain extent. But code or smart contracts are based on the digitalization of business systems or business processes. For un-digitized content, how to be carried by the pass, still need offline or chain of institutional arrangements, such as the legal system, to ensure the implementation of the contents of the pass.

In the same way, the design of the certificate can ensure a certain degree of credibility by means of open source code, local compilation, and consistency and complete verification. But any code is done by people, there must be logical incompleteness, so some institutional arrangements under the line still need to endorse their credibility.