On November 8th, the “2019 World Blockchain Conference • Wuzhen” hosted by Babbitt was successfully held. In the sub-forum “Technology changes the world: the underlying infrastructure of the blockchain”, YottaChain founder Wang Donglin took “China Leading Storage Public” The chain was shared on the theme.
The following is the full text of the speech, published by Babbitt.
Recently, everyone's enthusiasm for the blockchain has been particularly high. But what exactly is the blockchain used for? We need to land, need applications, especially commercial applications, people are confused, I think storage public chain is a better landing application.
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In contrast, everyone today admits that the Internet has changed the world, but in the early days when the Internet was invented, people didn't know what it could do. The Internet was invented in 1969, but until 1994, there were no commercial applications. At that time, it was also an Internet story that would bring a lot of money, and the liar project and the bubble project accounted for 90%. But after the Internet bubble burst in 2000, it began to return to value. People began to pay for the value created by the Internet, rather than paying for the word "internet."
Most of today's blockchains are scammers and bubbles, and the ratio is even higher than the Internet bubble period, but it will return to value sooner or later, forming a situation that only pays for the value created by the blockchain. The final blockchain will change the world and change the world far beyond the Internet. Why do you say that? Because the Internet has created a new form of business, the blockchain has not only created new business forms, but also created new economic forms, new organizational forms, and new social forms.
There is a mainstream view in the economics world: transaction costs determine economic systems. The transaction cost of the blockchain will be very low, and the low to quantitative change will lead to qualitative changes. Finally, a new economic form and a new organizational form will be created. It can also create a new pass-through economy and surpass the existing corporate system. In this organizational form, whoever does well, who uses things, and who is large, then its things are worthwhile, while avoiding the monopoly of the super platform. The new social form means that the blockchain can manage assets through code. For example, a property-related contract can be executed with code. Thousands of programmers can replace one or two million civil servants, and the social burden will be greatly reduced.
Having said that, what can the blockchain do? I think storage is one of the best blockchain transformations in the real economy.
First, the storage is completely digital, and the whole closed loop can be formed by code, and it can be directly wound. Secondly, the data storage itself has the requirement of distributed development. Because the centralized storage has encountered bottlenecks, decentralized storage is the inevitable development of storage technology. Third, the storage deduplication feature, so that the more users the lower the storage cost, it is suitable to use the pass; fourth, financial, game, data storage is the best application scenario of the blockchain, where data storage It is the only real economy.
Storage is also the core technology of IT. We know that China's confrontation with the US in the IT high-tech field is still a disadvantage, but China is gradually overtaking in the field of applied technology, such as mobile payment. In fact, the core of IT technology architecture is storage, computing, network, and storage is the core of it.
Store metrics, let us know: persistence, consistency, latency, throughput, IOPS, etc. Advanced metrics include deduplication, concurrency, resilience, scalability, and anti-DDoS, all of which are the most important metrics. If we want to do it, we must do a good job of each indicator to the extent that it is better than the best, so that we can reflect the value of the blockchain.
What is blockchain storage? It is the abbreviation of decentralized storage driven by blockchain, which consists of a decentralized storage system and a blockchain excitation layer. The data is not stored in the blockchain, but in a decentralized storage system. Decentralized storage is a unified shared storage pool built by the world's edge nodes. The blockchain is a reward and punishment mechanism, because only incentives, some people are willing to contribute to the storage node, when it is unstable, it will punish it. The blockchain is doing this.
We often see reports of AWS, Microsoft Azure, and Google Cloud failures. These global companies with a market value of more than $400 billion employ talented employees in the world. Why is it so unreliable? This is because the reliability of centralized storage is close to the bottleneck. Storage technology itself is the process of continuous redundancy and fault isolation. Storage technology has evolved over the decades along the technical path of "increasing redundancy and fault domain isolation to improve reliability." Decentralized storage is an inevitable trend.
I want to talk about the data reliability guarantee mechanism. There are three elements: 1. Data redundancy technology, which is the most stupid redundancy method. It is better to use redundant coding. 2. Heartbeat monitoring, see if you have Heartbeat, are you still alive, what do you need to do if a section goes down? 3. Data reconstruction, quickly rebuilt the data, what do you mean? For example, our Wuzhen node is broken, and the data may be rebuilt in Hangzhou and Beijing. The immortality of data is guaranteed by these three important links.
About storage public chain, the most famous are IPFS and FileCoin, one is decentralized storage, one is blockchain economic layer, its vision is to replace http, they have two very big contributions: First, changed the block The mining method of the chain has changed from destroying resources to mining and sharing resources. My hard disk has saved data, and altruism is self-interest. This is a high-level sharing economy, healthy, benign and sustainable. Second, the certificate has commodity attributes.
In addition, the lack of IPFS and FileCoin, the lack of data reliability guarantee mechanism, redundancy, cardiac monitoring and data reconstruction, none of these three. In other words, if the data is stored on IPFS, will it be lost? Listening to the fate; second, it does not encrypt the data, without encryption, it can not automatically push the data, because there are ethical issues. Why not encrypt? Because it does not have ciphertext to emphasize technology, zero-knowledge encryption and data de-emphasis are contradictory; third, because you don't encrypt, all the data you save can be seen, you can only bet that others don't know your hash value. Equivalent to the fact that you send a file to the website, gambling that you don't know the domain name, the truth is the same. Fourth, IPFS is a single pass model. This mode is not good enough. The dual pass is more valuable and is a better model. .
YottaChain is a commercial storage public chain. In terms of technology, I think that our core technical indicators have surpassed the world's best centralized storage system. We compare it with Amazon and Google, not with blockchain storage systems. Our core technology is ciphertext de-emphasis technology, which is zero-knowledge encryption and de-emphasis on cross-user data. The two are generally contradictory. Only one choice can be made. This is a misunderstanding of everyone. I invented a ciphertext to heavy technology, and the patent is already in my hands.
In terms of safety, because I have done data security for more than 20 years, our customers are the top secret institutions in the country, so we have a good accumulation in this area. On the business side, we build a business closed loop that benefits everyone, and is suitable for B-end users. We are the economic model of the dual pass, consisting of a low-volatility certificate that anchors the storage space and a long-term value-added equity pass.
In terms of governance, we have a complete governance structure that covers all the powers of each matter, checks and balances, and is guaranteed by code. Moreover, we propose to de-founderization, which is moving from centralized governance to semi-centralized governance, and then to the process of decentralized governance. On June 29th, our public beta online line completed the main online line this month.
Compared with IPFS/FileCoin, we also include the characteristics of commodity nature of the benign mining certificate, but we make up for the lack of data reliability, data security and the economic model of the certificate. Technically, we can seamlessly interface with existing storage markets and support multiple storage. We also have a complete smart contract that can be applied to the currency. And we also embrace regulation and allow for proper regulation in each country.
Looking back at history, in the era of desktop storage, China was completely annihilated, and none of the desktop file systems had anything to do with China. In the era of enterprise storage, the industry leaders are concentrated in the United States and Japan. In the era of cloud storage, Huawei has been doing it for more than a decade. Now it is second-rate. Some small banks are just starting to use Huawei storage. In the era of cloud storage, Alibaba Cloud has also been working for more than a decade, and now it is also the second-rate level in the world. In the era of blockchain storage, we hope that in the future, we will not only be the world's number one in product technology, but also be able to achieve first-class market share and achieve world first. Thank you!