The decade is a flaw, the blockchain is about to pass, and as a new starting point, create a new economy in the blockchain.
In 2009, with the birth of Bitcoin, a new economic model that had never been seen before opened the new economic era. In 2019, Bitcoin is about to enter a new decade, moving from the bitcoin economy to the blockchain new economy.
On September 17, the 5th Global Summit of Blockchain, hosted by Wanxiang Blockchain Lab, was officially opened in Shanghai. Quantum Chain founder Shuaichu attended the summit and delivered a keynote speech "Qtum 2.0".
- Large institutions continue to expand: Bakkt launches BTC futures contract in Singapore
- The Fed may cut interest rates again on Wednesday, will the encryption market benefit?
- Babbitt column | Swiss regulation of stable coins and Libra
- Senior crypto trader: "Bitcoin is digital gold" has not been confirmed, prefer band trading
- Staking new gameplay: the currency of the lock can also be sold
- BCH develops the Cashscript language to build a specific decision-making scheme for autonomous decision-making
The following is the content of the speech compiled by Babbitt (slightly deleted):
Looking back at the blockchain for ten years
Technology is often a roundabout and tortuous move. In 2012, I once imagined that one day Microsoft, IBM, Google, and Ali could join the blockchain battlefield, waited for another three years, waited until IBM, wait until 2018. Companies and giants like Facebook and Google are constantly coming in, but they will be very violent when they come in. As a technology developer, when I was studying in 2013, I expected that one day maybe a big company would come in.
The first decade of the blockchain was from 2009 to 2019. The cryptocurrency concept led the reflective discussion and commercialization of blockchain technology. The initial touch was still the emerging one represented by Bitcoin. The agreement on the Internet to complete the value transfer, the agreement has a lot of interesting points, although we rarely discuss the basic protocol used by the Internet to complete the exchange and transmission of data, but bitcoin represents a new way of protocol exchange, such a The way is actually leading the development behind.
There are many features that are trust-free, from information asymmetry to information-symmetric business models, which pose a huge challenge to existing business models. Why do you say that? Regardless of today's Internet companies that look at all the giants, it is essentially to provide an extracted value-added information service, whether Ali provides information integration between buyers and sellers or Tencent provides information connection between people, based on technology and platform. The network effect is still playing the role and service of “information sellers”. Of course, the information connection has brought great convenience to the society, and they have also gained great value.
The business information network is a symmetric and peer-to-peer network. How to build a new business model? Such a path is still under investigation.
Look at the development of Bitcoin
Bitcoin is the most typical representative of cryptocurrency. Whether we are discussing the blockchain, Bitcoin as a technological innovation and conceptual innovation is still inspiring how we can better construct a new open source software system, service system, and the design concept behind it. The logic is similar to a software system based on the automatic evolution of the game mechanism. Before Bitcoin, it was difficult to have software that thrived after the founder had gone away for 10 years, and so far it has not seen the end, and the border and network effects are expanding.
The set of incentive design and game design behind it provides a good reference for us to design more and more service systems.
As an alternative asset, the Bitcoin network has received the attention of various countries, including the scope of supervision. This must be a long-term path, rather than a short-term establishment, and it will inevitably face a long-term collision.
There are many interesting places in the development of the Bitcoin network. The design of the concept has the story of the following ten years. It is precisely because of the peer-to-peer open network and the information-symmetric network, and in essence, the funds are also managed very efficiently.
I don't know if you noticed that a $1 billion transfer occurred on the Bitcoin network a few days ago. The handling fee was a few hundred dollars, and the transfer was completed within 10 minutes. Such an open financial system can have disadvantages and benefits, and technically guarantees that everyone can believe that the network can carry a single transfer worth up to $1 billion. What is behind this is a strong trust mechanism, including its security is very clear The trust, of course, benefits from efficient fund management. Multi-signature technology can guarantee even one billion US dollars of Bitcoin can be safely kept, $1 billion in gold, individuals cannot be kept, and $1 billion in assets Many individuals and companies have no way to keep them alone.
The stability of network security has caused the past development to be the cornerstone of the industry's value. Based on the Bitcoin logic, various platform development ideas have emerged. Why distinguish between cryptocurrency and blockchain platforms? This is a very deep misunderstanding in the industry.
After Bitcoin, Ethereum brought a decentralized application economy
The demand for cryptocurrency is very different. The community-based cryptocurrency is simple, secure, stable, and reliable. Of course, it must be decentralized enough. Even the most original idea in some sense is how to achieve everyone. Can participate. However, the initial definition of the Ethereum representative does not start with the concept of cryptocurrency, but rather how to build a blockchain platform that supports a large number of applications in the future. However, this actually gave the Ethereum a huge development in the past few years, and today it has become a huge constraint.
why? Think about the logic behind it. As a platform, it needs unlimited scalability, good privacy protection, resource isolation, a very good governance framework, and of course, a very good financing/funding model besides ICO. As a platform, this is a huge challenge.
Ethereum has made tremendous innovations as a platform, but we must also reflect on the difficulties that the industry has developed to the present, not only in technology, but also in ideas and business models.
Why do you need to rethink distributed applications? Redesigning distributed applications? I believe that everyone has the same feelings, whether it is entrepreneurs or investors in the industry, in the industry will find that many distributed applications do not have suitable landing scenarios, and do not create great value for the society, but rather a tool for hype.
We need to jump out of the framework of thinking and then imagine and set up how to find truly valuable distributed applications.
Why do today's Ethereum, EOS, and quantum chains have huge problems when it comes to application? Because they are all along the logic of the earliest cryptocurrency, the currency requires verification on the global chain, and any transaction on the Bitcoin network will be broadcast to 8,000 nodes across the network, which is okay for the currency because High-value things require a consensus across the network. However, if a small application needs to be notified to 1000 or more than 8000 nodes on the network, this is a huge logical problem, which will impose huge constraints on the application platform.
Therefore, at the time, Ethereum expanded the Bitcoin scripting language and turned the limited processing power into a more flexible virtual machine processing capability. However, the idea of global verification of Bitcoin is still in use, which will impose huge constraints on development.
Ethereum is a world computer, but it is a single-threaded world computer, because all the logic behind it is that one 8000 nodes are unified by the global department. It is impossible to do this kind of thing on Alibaba Cloud. Alibaba Cloud has hundreds of thousands of servers around the world, and each server runs differently. But on the Ethereum's tiny Cloud, all the running logics are synchronized at any time, and strong consistency constrains the development of all applications.
It is necessary to jump out of the framework to look forward to the future development of the blockchain , because the infrastructure needs huge upgrades and iterations.
Of course, Ethereum is also aware of such problems, whether it is doing sharding or chain computing, but if there is no fundamental change in logic, it is difficult to make a big breakthrough.
Outlook: Blockchain applications and platforms
Why is decentralized DAPP a pseudo-concept ? We observe how to transform existing applications on the Internet. Perhaps DAPP should not be called DAPP, but should be called an application with blockchain features. What are the characteristics of the blockchain? Account, identity, address, and funds are four in one. Unlike today's Internet-registered applications, you must first register with your mobile phone number, bind your ID card, and bind your bank card. In fact, it is multiple registrations, and even each platform will stay. The next data. However, the address on the blockchain network represents the unity of funds, money, ID, and identity at the address.
If a good Token design would bring great value to the cold start of the project, the early development of Ethereum benefited from a good economic model. With the regulation of the regulation, the blockchain, as a natural bottom-level micro-service clearing settlement facility, will naturally provide clearing and settlement tools, although most of today's applications still use Alipay, UnionPay, WeChat to provide clear settlement, but in any The public chain and the alliance chain have naturally replaced the clearing and settlement functions of Alipay and UnionPay, but whether the law is complete is a problem that regulators need to think about, but technically realizes the possibility of technology.
In a sense, this is the “three axes” of the blockchain, which can be used to empower all existing Internet applications. In the future, based on such characteristics, new applications will inevitably be born .
In addition, the new direction of the industry we are thinking about just said that Ethereum wants to do the sharding, but the result of the network unlimited sharding will become a stand-alone cloud service. Ethereum 8000 nodes are divided into 4,000 nodes twice. The node performs the consistency operation. After 10 times of fragmentation, it becomes 1024 slices, and becomes 8 nodes to achieve the expansion of the network with consistent budget. The result of infinite fragmentation will inevitably go to the traditional cloud service provider. If it weakens, the strong consistency of the network will become weakly consistent, which will make the application bear better. If the network has always been strong, it is difficult to achieve the integration of commercial entities.
Naturally support the blockchain characteristics of the account system, public and private key encryption system, Token model, if there are cloud service vendors naturally support the blockchain characteristics, I think the promotion of the application is huge. Therefore, we proposed the concept of “chain cloud”. As a tool-based natural plant, the blockchain will bring great benefits to the so-called Dapp developers and distributed application developers. Helps the development of Web 3.0 applications, which requires deep integration and integration with cloud services.
With regard to privacy computing, privacy assets, private data extraction, and data-linked value mining, there will inevitably be huge developments in this field. Whether it is the popularity of IoT devices or the popularity of 5G communication, society will generate massive amounts of data and how to extract data. The value and commercial application, the society will pay more attention to the privacy field, no matter why Facebook proposed Libra, from our thinking, he is not willing to assume the responsibility of data storage in the world. Body, because this is a huge responsibility, a huge legal risk.
How to integrate data privacy, data value extraction and privacy in the future? The blockchain has also done a lot of exploration in this area, especially the issuance of private assets. In a sense, the bank's bonds are unlikely to make all the positions of the positions clear, but everyone knows the distribution of positions, and even does not know the distribution of positions, but everything is verifiable. We are optimistic about the categories of privacy assets, including privacy-themed data mining and data extraction.
Let the smart contract participate in the governance of the blockchain network. The mechanism for the proof of equity is originally to vote for an agent, but the agent has the risk of a single node. Why can't we vote for the smart contract? The logic of the contract is written in advance and the rights are guaranteed. Therefore, it is based on the contract's equity certificate. Future contracts will play a more important role in the blockchain network. Including the preset of the contract parameters, from the technical point of view, it can be ensured that the evolution of the blockchain network can be observed, which is a path that commercialization must undergo.
The technology stack of the blockchain network is still not perfect, and we are also inventing a new type of virtual machine compatible with the X86 instruction set, which will be officially released next year.
Observing all the way, the future mainstream of the blockchain industry is still embracing the real economy and embracing things that can truly create social value. Pure speculation is a tool for financial speculation. It is feasible in some sense before supervision is in place. Because it is an early stage of irregular growth, the development of blockchain technology in the future still needs to create value for all real economies. In a sense, it provides efficiency and transparency for society. This is the only way for the large-scale commercialization of the blockchain in the future.