Time stamp capital Zhang: Does the blockchain have a future?

The Political Bureau of the CPC Central Committee conducted the 18th collective study on the status quo and trends of blockchain technology development on the afternoon of October 24. Xi Jinping, general secretary of the CPC Central Committee, emphasized that the integrated application of blockchain technology plays an important role in new technological innovation and industrial transformation. We must take the blockchain as an important breakthrough for independent innovation of core technologies, clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation.

The blockchain was publicly named, which once again triggered a hot discussion among netizens. People from different industries and in different regions have reached the same consensus as never before: blockchain technology is the trend of the times.

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Prior to this, in September, JarvisPlus and Microsoft co-hosted the "see more to touch" AI+ blockchain future trend discussion also made a prediction on the future of the blockchain, including time stamp capital investors Zhang Wei on the block The future of the chain has been analyzed and predicted. Here is his share:

I have tried many times to explain the blockchain in one sentence. I found that the blockchain is really difficult to explain in one sentence. If you have to explain it in one sentence, it may be difficult for others to understand it.

Bitcoin experienced a very sharp rise from the 16th to the end of 17th and early 18th. The highest value of Bitcoin can reach 20,000 US dollars. At that time, the whole market was crazy, and from that time on, Bitcoin and blockchain were the first. In the true sense, it has entered the perspective of the mainstream society. WeChat picture_20191102120627 Looking at it for another 18 years, it has gone from the Peak of Inflated Expectation stage to the 2018 Trough of Disillusionment stage. It is the stage of decline. Its bubble has already exploded. Many people feel a little Ponzi’s feeling, and then they start to think of the blockchain. It is a demon, sucking your own money.

But in fact, the blockchain technology itself is still there. Many social teams include giants like Microsoft, and many innovative teams like JarvisPlus, who are still working hard on their own technology. So like AI, I think blockchain technology will gradually move towards its use in the future. So these two pictures are for everyone to show the relationship of the whole environment. What is the blockchain from the perspective of historical evolution, there are two directions. As far as the left side of this picture is concerned, it is a language, and I should summarize it should be information. At the earliest time, humans developed language and then evolved from language to text. After the emergence of Internet technology, it turned the words and language and all the information into bits, which is what is on the Internet, so that it may be easier for people to understand what evolution of information is. WeChat picture_20191102120631

On the right hand side is the evolution of money, which is the exchange of things from the earliest shells. It is a currency of commodity properties; then it develops to use precious metals because it is easier to cut and the value is relatively constant; In order to facilitate more carrying and exchange, banknotes appeared; and then to the last electronic money. In fact, the electronic money here, I refer to the currency that we use to pay on the Internet like Internet technology or mobile Internet technology, which is essentially the same as M0/M1/M2. But the blockchain combines these two evolutionary routes to form a point of convergence. The blockchain technology itself is actually a low-level ledger that records all such information, so it can realize the exchange of information, and at the same time it produces its own original encrypted digital currency. This digital currency has various attributes of traditional currency coverage. The basic functions that you have learned in economics before, such as value scales, general equivalents, etc. But I think Bitcoin now has a very obvious feature: it gradually changed from what we thought the payment attribute has become a stored value attribute, or a collection attribute, a bit like gold, everyone thinks I am holding bitcoin. In the future, you can sell money. Just like the original works of the Ming and Qing Dynasties, it is essentially a piece of paper and ink. It has no real value, but it is worth millions now. So this is from the perspective of historical evolution, blockchain technology combines the two evolutionary routes of information and currency into one point. You can look again at explaining what the blockchain looks like in both broad and narrow senses. WeChat picture_20191102120636 Broadly speaking, it is a kind of data storage method that stores information in a block form. The narrow definition is more difficult to understand. The blockchain technology is based on a distributed network topology, using a consensus algorithm and so on. We can take a little bit of it out. I think it might be understandable to some people who have a little bit of internet background and technical background. At the bottom, it has cryptography, hash functions, and networking mechanisms, and then it is a ledger with data storage. After we know this, what can we know about going up? It is the consensus algorithm, what is the purpose of the consensus algorithm, the purpose is to make everyone have a common rule to confirm the books, how to book, and then do data verification. Then the motivation is to encrypt the digital currency, the familiar mining process, and the POS, like the Proof of Stake. Then go up and you can see that it attaches some scripts, some smart contracts, and then does some complicated things after introducing some extra-chain data in the virtual machine or through the oracle. Then what can these things form? There may be something like DAPP that is similar to games, gambling, and lending. In this way, you can have a clearer understanding of the blockchain technique or what it can do. If you want to know more rigorously, you still have to look at Nakamoto's white paper.

What is the value of the blockchain?

I think of two points. The first point is the trust brought by blockchain technology. You can imagine how the trust of society is.

Earlier, trust was a unified national credit endorsement. It is the state that has the final say: the food stamps are all issued by the state, and then you use these things to trade, all of which are national credits. You endorse. In recent years, after the emergence of Internet technology, there have been many Internet credit systems, that is, their credit is used by some well-known giants to assist the government to do his credit endorsement. WeChat picture_20191102120641 For example, like ant Jinfu Sesame Credit, WeChat Weizhong Bank, and many big data companies in the society, they can assist the government in making credit endorsements as a business entity. What does the blockchain mean? It uses a consensus algorithm. In fact, he is a mathematics. The mathematics does not agree with it. Therefore, on the basis of the consensus algorithm, it is indeed possible to verify that the data ran on the chain is real and non-tamperable, and then the consensus algorithm based on mathematics promotes the interaction between individuals.
what does this mean? This means that trust can permeate between any individual. Therefore, credit is endorsed from a unified country, and it can be trusted to do anything between any individual. I think this is a big value brought by blockchain technology. To sum up, business and social stability based on trust will slowly infiltrate from the main control to personal compliance. What does that mean? For example, blockchain can make people's interactions with people more trustful, which will actually form some users' habits. At least my thoughts are so beautiful. I think that after gradually adapting to the interaction of trustless, you will become more sincere and less willing to do evil.
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The second point is that the value brought by blockchain technology is that it is unique. When it was the industrial society, what was its great change? It invented a lot of machines through the steam engine, and then the machine was able to produce a lot of things, so the things that people used to make a little bit by hand became replaced by machine manufacturing. Its marginal cost is reduced, and after the reduction, these items lose their uniqueness, because many things are the same.
Then from the industrial society to the network society, the whole process is a change like this, that is, the marginal cost of producing one thing is getting lower and lower, and then its uniqueness is becoming weaker and weaker.
Kevin Kelly said that when the marginal cost becomes very low, and everyone gets it very simple, our attitude towards the opposite will change dramatically. It's a great thing to have a light bulb just like an electric light. Now, eating a light dinner in a place without a light is more romantic.
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After the Internet community applied to the blockchain, it showed something from the industrial society to the opposite of the Internet. What do you mean? The blockchain technology has a feature that can give a unique identity to data or information. In fact, Microsoft's blockchain decentralized identification system (DID) does this, all the data and information. The traceability is also similar. It has a specific unique logo. Then, after a unique logo appears, it changes from everyone else to a single thing.
Let me give you an example. For example, on the social platform, now everyone can have a lot of trumpet, and then the water army is like this, he can not reveal his identity, not by saying that he is Whoever, then launches any entertainment-oriented remarks they want to launch, does not cost anything or a high price. But if he joins the blockchain, his identity can be identified. Although I don't necessarily know the real name and ID number behind him, I know the IP address. If he is a water army, after we mark it, we will know that he can not believe what he sent; if a person "big V" is marked with blockchain technology, he will say something later with an unidentified one. The weight of people's words is not the same. So after identifying the identity on the blockchain, it will be valuable. Then my personal summary, it is the value of a unique and unique information of the network society. WeChat picture_20191102120654 Applied to the actual scene, the new technology is mainly to reduce costs and increase efficiency. The cost reduction is to reduce the cost of trust between any form of subject, and the increase is the unique premium of information identity data in the network age.
Blockchain industry, its underlying logic is complex, these are very attractive to me, it is estimated that in this industry will always be self-breakthrough, self-breaking, and then reorganized knowledge accumulation, so now is happy. thank you all. Finally, I believe that the blockchain will have a bright future.
Nowadays, the blockchain is moving towards a bright future. The blockchain has been publicly named, and everyone has reached an unprecedented consensus: blockchain technology is the trend of the times. Jarvis Plus will also respond to the call of the central government to accelerate the blockchain technology and enable AI and blockchain to collaborate and innovate to provide a better user experience.