At 3 pm on April 2, in the second phase of Babit's live online program She Knows, Cheng Xiaoming, a special observer, equity financing expert and deputy director of the China Communications Industry Association Blockchain Professional Committee, said that this will be discussed on the current status of the blockchain. It is the norm, but the problem is that the blockchain is a developing thing, and the normal state is the past tense in the future. I suggest that the blockchain industry can learn from the effective practice of the securities market, which can shorten the time of exploration and avoid some detours. There are a lot of exchanges now, indicating two problems. The demand for the first pair of exchanges is very large. Second, the distance between the exchanges is not enough. The market structure has not yet fully formed, and no exchange has been overwhelmed. The advantage of sex has become the business standard of the market. I think one of the reasons is that the exchange is currently doing transaction matching. In fact, the most important thing in the exchange is supervision. For example, our A-share market, the main job of the Shanghai and Shenzhen exchanges is Supervision of listed companies. Therefore, I suggest that several major digital exchanges will be the important content of the supervision of the issuing party in the future. Of course, doing this in the current situation may be unpleasant, but I think in the long run, this should be a trend. .