Block road

I. Introduction

Every time we mention the blockchain, there will always be a feeling of "thunder and heavy rain". We say it is very useful and revolutionary, but in real life, we can't tell what it is. We say that major Internet companies have begun to study blockchain technology, but they can't tell which blockchain applications are actually in use. In the final analysis, it is a sentence, the blockchain has not yet landed.

From the concept of blockchain, it has been several years since today. Why have you not landed? What else is missing? Is it technically immature? Is it the reason for the policy? Is there any other deeper reason?

Second, the technical level

At present, the blockchain industry is certainly immature in terms of technology. The most direct manifestation is that the blockchain industry is currently inefficient and cannot carry large, high-frequency, concurrent applications.

After experiencing the Internet era, I have experienced a similar approach to the double 11 big rush, and hope that everything can be processed in real time, we will certainly not be satisfied with a few minutes, and will not be satisfied when the traffic is large, the network will actually The congestion was too much to use, and the handling fee soared to be unbearable.

This is the core technical problem facing the blockchain at present, but these problems have different solutions, and these solutions are in sync. For example, the fragmentation technology proposed by Ethereum, if the fragmentation technology is really put into use, the efficiency will indeed be greatly improved; for example, many blockchain projects are adjusting the consensus mechanism, the POW project is beginning to decrease, and most new projects are selected. POS and DPOS; the rise of sidechains and Layer 2 networks are all addressing the problem of inefficient blockchains from different perspectives. If the biggest bottleneck in the blockchain is efficiency, then this technical difficulty is being slowly solved.

Some people say that the biggest bottleneck in the blockchain is not efficiency, but that each chain is currently fighting separately, and the value between the chain and the chain is not interoperable.

This is indeed a problem in the current blockchain industry, but this issue is not without a solution. Many project parties have proposed cross-chain solutions from different perspectives, some from the perspective of the underlying protocol, some from the perspective of the gateway, and from other system architecture perspectives, although the technical architecture is not the same, but the overall idea is Communicating.

The most difficult thing is that basically all projects are in favor of the idea that inter-blockchains need to be interoperable, which means that only a mature cross-chain solution is needed, and most blockchain projects can be quickly docked. Chain, at that time, different blockchain projects can be connected into a complete interoperable value chain in a short period of time.

The technical problem, the most fear is that there is no direction, once there is direction, the rest is only a matter of time. The difficulties encountered in the specific implementation process are all small difficulties, and there are ways to solve them.

Then the problem facing the blockchain landing may not be from the inside of the blockchain, perhaps from the outside of the blockchain? For example, the government's policy and regulatory attitude?

Third, government attitude and supervision

The attitude and supervision of the government does play a decisive role in the blockchain industry.

For example, before the various projects used digital currency financing, there was a lot of chaos, but when the government clearly stipulated that all digital currency financing was illegal fundraising, the phenomenon of using digital currency financing basically disappeared;

For example, there were a lot of projects that used the workload proof mechanism. However, when the government issued a certain restriction on “mining”, the new project basically seldom adopted the proof of workload, and turned to POS and DPOS. .

Moreover, from the perspective of contact with enterprises, the government's attitude towards digital currency is indeed the main reason why many companies are unwilling to contact digital currency and pass certificates.

For example, technically speaking, digital currency payments already have the possibility of large-scale commercial use, and many commercial organizations have long been able to access digital currency payments. In addition to Bitcoin, we have many other digital currencies. The payment of these digital currencies can be close to real-time payment. There are also technical means to ensure that you can immediately exchange the corresponding currency after receiving the digital currency. Large price fluctuations occur; it is also very simple from the specific means of payment. Like WeChat and Alipay, it is also a scan code payment.

But no big business dares to publicly support digital currency payments, even if it is a good publicity, even if it knows that it will bring a lot of customers. The reason is that the state's attitude towards digital currency is resisted and rejected, so it is difficult to obtain digital currency payment in the current business ecology.

For another example, it is a good idea to issue points in the form of a pass through a blockchain. Traditional points are closed and can only be used within a company's ecosystem. Larger companies like Alipay may have a wider range of points that can be used in many of their ecosystems, but they are still limited.

Based on the blockchain pass, the closed system is broken. You can exchange it with a benchmark digital currency at any time. At the same time, you can redeem the points at any other store that joins the credit system. The point system has become an open point system, turning the original closed marketing system into an open marketing system, and the role is still very obvious.

However, most merchants are hesitant after being exposed to this concept. What they hesitate is that as long as the pass is issued, it seems to be equivalent to accessing the digital currency system, and the country’s current attitude toward digital currency is rejected. By adding the elements of the certificate, the benefits are not obvious, but the risks are real, which will lead them to consider the actions. Except for digital currency, any part that intersects with digital currency has been significantly affected.

In fact, the state does not support the blockchain industry, but if it simply thinks that "blockchain = distributed accounting + digital currency", then the government supports distributed accounting, but suppresses digital currency .

The original blockchain should be walking on two legs. Now that one leg is smashed, only one leg is left to walk, and of course it will be slower.

In the government's perception, the blockchain is distributed accounting technology. The distributed accounting technology supported by the state does not need to issue coins or financing. The benefits are very large and the risks are very small. It is only necessary to do technically. improvement of. This kind of distributed accounting technology itself can indeed improve efficiency. Because of this, this piece is also where the major banks, financial institutions, and Internet companies concentrate their efforts on investment and development.

You can specifically understand that the most popular items in the media are the projects of this type, such as ant blockchain, such as Baidu Super Chain. But the characteristics of these distributed accounting projects are that most of these projects are To B, not To C, most of which are low-level technologies , not related to the product level , so even blockchains have begun in these areas. After a large-scale landing and putting into use, ordinary people may not be able to perceive it, and may still think that the blockchain has not yet landed.

Digital currency is the most dynamic part of the blockchain. It is the core of the blockchain. After this most dynamic part is restricted by the government, the blockchain wants to be accepted by the traditional business world. Life, the pace will be much slower, and the explosive development will be a step by step.

Fourth, the road to landing, that is, the road to compliance

What should we do in this situation? How can we break the game?

The government's supervision has its advantages and disadvantages. On the one hand, it has led many companies to hesitate to accept digital currency and blockchain technology, but it is also risky; but on the other hand, it has also greatly cracked down on crime fraud projects.

If the blockchain world is likened to an endless grassland, then the government's supervision is equivalent to setting the boundaries on the grassland. How can we play around the border, how can we innovate, but outside the border is to be hit. And limited.

The focus of our discussion here is landing. The process of landing is actually the process of compliance. What is compliance? Compliance is the game within the rules.

What are the rules currently formulated by the government? To put it simply, these are three points: 1. Support distributed accounting projects 2. Neutral attitude towards currency issues 3. Resist digital currency financing.

Now that we have defined the rules of the game, we can play within the rules of the game.

1, distributed accounting

Since the government strongly supports the blockchain project of the distributed accounting class, we currently use the distributed accounting class as the main force. In this part, those big companies have already begun to enter, already have a large number of patents, the products have been basically formed or even put into use, then we will make this part become the main force of the development of the blockchain world at this stage, let the distributed accounting The blockchain will dock up banks and government agencies, and connect all SMEs and users to the blockchain technology to each specific product.

At this stage, it is no big deal to let the traditional big companies like Alibaba, Tencent and Baidu become the spokesperson of the blockchain.

On the one hand, the distributed accounting that they are engaged in is indeed useful. It can indeed make great improvements on the basis of the original Internet, making cross-departmental and cross-center cooperation possible, greatly improving efficiency. And these distributed accounting projects are the infrastructure needed to digitize assets in the future ;

On the other hand, as their distributed accounting technology deepens, they will also encounter real bottlenecks. They will find that although distributed accounting is already very useful, it still lacks the qualitative step, which is Token. Without Token, it is as if you have a very advanced machine gun, but there is no bullet, and by that time the popularity of the pass is a matter of course.

2, pass and issue

The government is hesitant about the behavior of the currency. On the other hand, it is not sure whether the blockchain can be separated from the development currency. It is uncertain whether the core of asset digitization is actually a process of issuing money. On the other hand, the government I also know that there is an unclear relationship between the currency and the financing. Therefore, the current attitude of the government to this piece of neutrality is to give the industry enough freedom to let the enterprise explore on its own.

This piece of our strategy should be a secret force, not a force on the bright side.

There was a news before that Sina Weibo sent an oasis APP and issued a pass. In fact, it only issued a certificate here. It did not involve financing, but it was stopped by the government because the government worried about these. The propaganda role generated by large companies issuing certificates will give people a wrong understanding, and the behaviors of issuing money, illegal fund-raising, and air coins will be revived.

Of course, the certificate is issued, but the silent issuance will be done, so that some enterprises will use it first. As long as the role of the certificate is truly reflected, it is believed that the fire of the stars will sooner or later, and the government will change its attitude towards the certificate sooner or later.

3. Financing

The currency I mentioned above refers to the issuance of certificates, but does not include financing.

The part related to financing is the key part of the government, no matter what form you are, whether it is ICO, IEO or others.

In this case, I personally support the government's practice. At present, the financing behavior of the blockchain industry does need to be governed. Now there are no standards for these financing behaviors. The corresponding rights behind Token are not standardized, and most of them are air coins.

If you really need financing, it is enough to use the traditional VC and PE financing model. Institutional investors provide you with various resources. At the same time, institutional investors indirectly help ordinary investors to do due diligence and alleviate ordinary investors. The risk of illegal fundraising and fraud.

V. Conclusion

1. Play within the boundaries delineated by the government;

2, let Alibaba these large enterprises doing distributed accounting to be the spokesperson of the blockchain;

3. The project that issued the pass is silently issued and silently developed, and does not have to be too high-profile;

4, only the currency, not financing, if you need financing, still go through traditional channels.

This is the smallest path of resistance that I have seen in the current blockchain industry. If the direction is right, other things only need to be handed over to the time.