The future development of the blockchain is mapped under the policy of the sun

Author: Song Jiaji

Source: Guosheng District Block Chain Research Institute

Summary

Event: On the afternoon of October 24th, the Political Bureau of the CPC Central Committee conducted the 18th collective study on the status quo and trends of blockchain technology development. We believe that the reason for launching the blockchain new deal at the current point in time is three reasons:

1) Policy orientation

The open and transparent technical characteristics of the blockchain itself are important tools for improving the ability of social governance. It has a unique role in solving the problems of precision poverty alleviation, difficulty in financing small and micro enterprises, and opening up data islands.

2) Technology orientation

Under the background of Sino-US trade friction, any technology track should not be ignored. Blockchain technology is gradually recognized as an important part of the next generation of information technology;

3) Regulatory orientation

Previously, the blockchain development in China was uneven. After a period of rectification, it has improved. At present, the Ministry of Industry and Information Technology has launched two phases of filing, and it is expected that it will continue to advance, and supervision is for better development.

In combination with the collective learning spirit of the Politburo and the filing of information services on the blockchain of the Internet, we believe that the following three main lines are worthy of attention.

1. Financial services, including supply chain finance, financial technology, and financial security;

2. People's livelihood services, including blockchain bills, deposit certificates, etc.;

3. Government affairs scene.

Of course, the current blockchain has too many weak links in the underlying technology, social acceptance and economic business logic exploration. This is also the development space of the blockchain. Only when it is closely integrated with the real economy, the blockchain has a future.

Last week's market review: Chainext CSI 100 fell 2.5%, and the payment performance in the segment was the best. From the perspective of subdivision, IoT & Traceability, Storage & Computing, AI performance is better than Chainext CSI 100 average, 0.95%, 0.85%, and 16.05%, respectively, payment transaction, entertainment social, commercial finance, basic enhancement, basic chain The pure currency sector performed underperformed the Chainext CSI 100 average of -0.95%, -0.84%, -2.0%, -3.21%, -1.64%, -3.65%.

Risk warning: regulatory policy uncertainty, project technology progress and application landings are not as expected, and cryptocurrency-related risk events occur.

Format 2 (18px, bold, #FFFFFF)

1. Hotspot tracking: The development map of the blockchain is mapped under the policy of the sun

Event: On the afternoon of October 24th, the Political Bureau of the CPC Central Committee conducted the 18th collective study on the status quo and trends of blockchain technology development. General Secretary Xi Jinping emphasized that the integration and application of blockchain technology plays an important role in new technological innovation and industrial transformation. It is necessary to use blockchain as an important breakthrough for independent innovation of core technologies, clarify the main direction and increase Investing efforts to focus on a number of key core technologies and accelerate the development of blockchain technology and industrial innovation.

On the afternoon of October 24th, the Political Bureau of the CPC Central Committee (hereinafter referred to as “Political Bureau”) conducted the 18th collective study on the status quo and trend of blockchain technology development (Report Note: The number of times here refers to the 19th National Congress, if there is no note Ming, the same below). In his presiding study, General Secretary Xi Jinping emphasized that the integration and application of blockchain technology plays an important role in new technological innovation and industrial transformation; we must use blockchain as an important breakthrough for independent innovation of core technologies, and clarify the main direction of attack. Great investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation. Chen Chun, a professor at Zhejiang University and an academician of the Chinese Academy of Engineering, explained the issue and discussed opinions and suggestions. Previously, on May 28, 2018, General Secretary Xi Jinping made an important speech at the 19th Academician Conference of the Chinese Academy of Sciences and the 14th Academician Conference of the Chinese Academy of Engineering, blockchain and artificial intelligence, quantum information, and mobile. Communication and the Internet of Things are listed as representatives of next-generation technologies.

We believe that the reason for launching the blockchain new deal at the current point in time is three reasons:

1) Policy orientation

The open and transparent technical characteristics of the blockchain itself are important tools for improving the ability of social governance. It has a unique role in solving the problems of precision poverty alleviation, difficulty in financing small and micro enterprises, and opening up data islands.

2) Technology orientation

Under the background of Sino-US trade friction, any technology track should not be ignored. Blockchain technology is gradually recognized as an important part of the next generation of information technology;

3) Regulatory orientation

Previously, the blockchain development in China was uneven. After a period of rectification, it has improved. At present, the Ministry of Industry and Information Technology has launched two phases of filing, and it is expected that it will continue to advance, and supervision is for better development.

In the collective study of the Politburo, General Secretary Xi Jinping put forward higher requirements for the development of China's blockchain:

1. In terms of international competition, we must make efforts to make China's blockchain, the emerging field, at the forefront of theory, occupy the commanding heights of innovation, gain new industrial advantages, and enhance the right to speak and rule in the world;

2. In terms of domestic social governance, it is necessary to play the role of blockchain in promoting data sharing, optimizing business processes, reducing operating costs, improving synergy efficiency, and building a credible system, for example, creating convenient, efficient, fair competition, stable and transparent. Business environment; promote supply-side structural reforms, achieve effective docking of supply and demand in various industries; accelerate the transformation of new and old kinetic energy, and promote high-quality economic development. General Secretary Xi Jinping also mentioned some specific scenarios, such as

In the financial scenario, it is difficult to solve the problem of financing loans for SMEs, difficult to control the bank, and difficult to supervise the departments; in the livelihood scene, provide more intelligent, more convenient and better public services for the people; improve the intelligence and precision of urban management. The level of protection; ensuring the orderly and efficient flow of production factors within the blockchain; in the government affairs scene, the government data is maintained and utilized across departments and regions to bring better government service experience to the people. It is worth noting that General Secretary Xi Jinping also emphasized the security requirements for the development of China's blockchain:

1. Strengthen the guidance and regulation of blockchain technology, strengthen the research and analysis of blockchain security risks, closely track development trends, and actively explore development laws.

2. It is necessary to explore the establishment of a safety guarantee system that adapts to the technical mechanism of blockchain, and guide and promote blockchain developers and platform operators to strengthen industry self-discipline and implement safety responsibilities.

3. Implement the rule of law network into the management of blockchain and promote the safe and orderly development of blockchain.

In combination with the collective learning spirit of the Politburo and the filing of information services on the blockchain of the Internet, we believe that the following three main lines are worthy of attention.

1. Financial services, including supply chain finance, financial technology, and financial security;

2. People's livelihood services, including blockchain bills, deposit certificates, etc.;

3. Government affairs scene.

 

Of course, the current blockchain has too many weak links in the underlying technology, social acceptance and economic business logic exploration. This is also the development space of the blockchain. Only when it is closely integrated with the real economy, the blockchain has a future.

2. Relevant news of governments: Xi Jinping emphasizes the use of blockchain as an important breakthrough for independent innovation of core technologies

Xi Jinping emphasized that blockchain is an important breakthrough for independent innovation of core technologies. 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 delivered a speech while presiding over the study. 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 UK announced the taxation standards for encryption companies. According to the bloombergtax ​​news, the UK has clearly defined the tax treatment of the cryptocurrency business and certain record retention requirements during the audit. According to reports, in the guidance issued on November 1, the UK Tax and Customs Administration said that encryption companies must keep all transactions in pounds, even if the transaction is between two different encryption assets.

3. Industry chain related dynamics: BTC miners' revenue increased by 2.6%

(The following source website data is updated to November 4th)

Last week, BTC added 2.12 million new transactions, down 3.3% from the previous month; ETH added 4.71 million new transactions, down 6.0% from the previous month.

Last week, the average daily income of BTC miners was 15.72 million US dollars, an increase of 2.6% from the previous month; the average daily income of ETH miners was 2.52 million US dollars, an increase of 4.8%.

Last week, the average daily computing power of BTC reached 90.7EH/s, down 5.6% from the previous month; the average daily computing power of ETH network reached 187.3TH/s, an increase of 0.2% from the previous month.

Last week, the difficulty of mining the BTC in the whole network was 13.69T, an increase of 1.4% from the previous month; the next difficulty adjustment date was on November 8, the expected difficulty value was 13.21T, and the difficulty decreased by 3.48%. Last week, the average mining difficulty of the ETH whole network was 2.44T, an increase of 0.4% from the previous month.

4. Last week's market review: Chainext CSI 100 decreased by 2.5%, and AI performed best in subdivisions.

We introduce the professional index product of the token market, the Chainext CSI series index, in which the CSI 100 index [1] represents the overall trend of the market; the CSI 5 index [2] represents the trend of the market oversized currencies; the CSI 21-100 index [3] Represents the trend of small caps in the market. This week, the market was stimulated by the favorable policies and then pulled back. As of last Sunday (November 3), the Chainext CSI 100 index was 819.3, down 2.5% from the previous week, and the total 24-hour trading volume on Sunday was 44.41 billion US dollars; among them, the global average price of BTC was $9235.35, a decrease from the previous month. 4.2%; ETH global average price was 182.43 US dollars, down 1.8% from the previous month.

From the perspective of subdivision, IoT & Traceability, Storage & Computing, AI performance is better than Chainext CSI 100 average, 0.95%, 0.85%, and 16.05%, respectively, payment transaction, entertainment social, commercial finance, basic enhancement, basic chain The pure currency sector underperformed the Chainext CSI 100 average, with -0.95%, -0.84%, -2.0%, -3.21%, -1.64%, -3.65%.

risk warning

1. Regulatory policy uncertainty;

2. The technical progress and application of the project fell below expectations;

3. A cryptocurrency-related risk event occurs.