Babbitt reported on the 8th, November 8th, 2019 World Blockchain Conference·Wuzhen officially opened at Wuzhen Internet International Convention and Exhibition Center. In this afternoon's round-table dialogue on "Where is the smartest capital flow? 2020 investment trend discussion", Hashkey Capital Deng Chao said that after the blockchain policy is favorable, there is no substantive change yet, and more people are in market sentiment. The change on. Whether it is investment or project, there must be a certain sense of crisis, and the macro environment is more friendly. We also need to have a sense of crisis in our own right, from the perspective of investment projects, the application of technology in real application scenarios. From the perspective of investment trends, more and more projects are moving from Token financing to equity financing. A very simple question, the original investment in the blockchain, more phthon vision of the blockchain, more to see the business behind, a blockchain technology if it is commercial, it will be presented in the form of commercial entities. Will do a lot of competition with business entities. In the macro environment, we have a more friendly macro environment and a clearer regulatory framework. From the perspective of industry segmentation, we should have more crisis awareness and truly realize the value of technology in blockchain technology, not just the performance of the secondary market.