On the afternoon of the 9th, at the site of the 2nd Global Blockchain Summit·Wuzhen hosted by Babbitt, X-Order.ai founder Tao Rongzhen brought a title titled “The Blockchain Ten Years, From the Cryptology Community Road Game” The theme of sharing.
Tao Rongzhen divided the blockchain's ten-mile mileage into four time periods, which accurately outlined the development of the blockchain in the past decade. He believes that we will enter a complete blockchain financial system based on currency. Today, the United States has ruled the blockchain world, and China's original advantages have begun to weaken, which is very dangerous.
However, Tao Rongzhen still believes that the state attaches importance to the future of China's blockchain. DCEP also hopes to become the first global digital currency. The opportunity is still there.
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The following is shared by Tao Rongzhen, organized by Babbitt.
2009-2013: ignorant teenager
The theme of these five years is the grassroots community against the US imperialist hegemony. The protagonist is Bitcoin. The participants are niche geeks, that is, the geek community formed by the financial enthusiasts who resist the American emperor. The key word is to encrypt digital currency (without Blockchain in Western context, but Crypto). The application direction is financial innovation.
Its characteristics are as follows: 1. Products under the background of the subprime mortgage crisis; 2. Forming a community around Bitcoin; 3. The geek culture is very strong.
These characteristics have led to several important behaviors in the blockchain industry, such as mining, payment, exchanges, open source and evolution, such as the evolution of ICO into IXO, and even this year's XTO. What is more important in this process is not the technology itself, but the open source community and the power it condenses.
2014-2017, Fenghua Zhengmao
The theme of these four years is that the blockchain is the future, the protagonist is Ethereum, and the participants are the capital and entrepreneurs who come with Ethereum. The key word is blockchain technology. The application direction is from financial innovation to general technology.
In 2015, Ethereum proposed a smart contract. The most important thing about smart contracts is that the word blockchain is stripped of bitcoin, which allows people outside the cryptocurrency community to understand and apply blockchains with low barriers. Before the currency, the chain is not divided, but after the smart contract, the concept of the alliance chain is proposed, and the currency and the chain appear different.
In October 2015, the cover book "Economics" of "The Economist" was launched, and the world was boiling. In 2016, IBM launched the Hyperledger. It is hard to imagine that there is no trace of Ethereum in Hyperledger (IBM started the private chain of Ethereum in 2014). This year, the concept of chain circle was born.
In 2018, capital went away and supervision came.
In 2018, the theme was compliance, and the protagonist was the SEC. The 2018 was taken out alone because it was very long, and it gave everyone a 90-degree turn.
This year, things that were previously recognized are not recognized, and things that I believed before are no longer believed. why? Because the time has passed.
From the end of 2017 to 2018 is the highest point of the entire Hype (hot), and the second half of the year into the disillusionment period. Everyone is rethinking where the blockchain is used. By 2019, we will find that it is still the best in finance.
In 2019, new players are coming.
In 2019, the theme was the big country game, the protagonist is Libar. Participants are the government and large companies. The key word is the coin/no-coin blockchain, and the application direction is to return to finance.
Why is it back to finance? Since the blockchain was initially a financial innovation, the direction of 2014-2017 became a common technology. At that time, because in a big Hype, everyone felt that it was invincible and could be used in any field. However, in 2019, everyone found that the field of its application is still limited, and the most suitable one is still finance.
That's why the SEC and Libar world-class characters will participate in the blockchain industry in 18-19, because they also believe that the best area of the blockchain is finance.
There are many key events this year. You will find that the elements of the community are getting lighter and lighter, and the factors of the state and the big government are getting heavier and heavier. Let's make a summary.
Our blockchain has four protagonists for ten years, Bitcoin, Ethereum, SEC and Libra. You will find:
1. Finance is the most important application of the blockchain in the past decade. 2. Currency is the basic application, and securities are the upper application. 3. Open communities are the foundation for the development of blockchains.
We say that bitcoin and Ethereum are getting lower and lower between 2018 and 2019, and SEC and Libar are on the stage. In addition to financial attributes, the latter is characterized by American finance.
The United States fully dominates the blockchain world, and China's advantage is weakened
Beginning in 2018, the United States is the protagonist of the blockchain world. It began to rule in the world of blockchain. Regulatory power, financial support, entrepreneurship/technology, pricing power, pricing power, application landing. The US’s total ruling blockchain is terrible.
China used to have advantages in the past, such as computing power, patents, and exchanges. But today, computing power is in a secondary position in the financial system represented by the blockchain. It is a heavy physical labor based on pricing power and pricing power. Do you think that the technology in the blockchain industry in Europe and America is not strong enough? The weakness of their patents is because the blockchain that originated in the open source community does not care about patents. At the exchange level, the SEC is deeply involved and radiates globally. It looks very far, and our exchange is not regulated, the result is that there is traffic, but there is no power to set rules.
A popular saying: The currency is wrong and the technology is right. This has a strong relationship with the will of the regulator.
This is a comparison between the US and China blockchain companies. The number and importance of blockchain companies in the United States have forced China. Even the number of Chinese companies is not as good as Singapore, because many Chinese have no way to go to Singapore.
We have a lot of patents, but it doesn't matter. What about investment funds? We have 1.5 of the top ten in the world.
Libra does not necessarily have a good future. The country’s emphasis on China’s opportunities is still
Libar is important, but Libar is just a monetary base. In the future, it will be a complete blockchain financial system based on currency (we don't even have blockchain currency). In the future, it will be an open finance of global collaboration.
Take BlockStack as an example. It complies with the SEC RegA standard. Its startup team comes from the United States. Wall Street participates in the primary market investment. Coin Security assists in fundraising and listing. Coinbase recognizes this target, and its pricing power is determined by BTC and USD. You will find that this whole is the epitome of open finance, global collaboration, and then the use of blockchain technology.
Looking back at the US rule over the blockchain, is it strong? Very strong, but it is just just beginning. Even Libra, it is not so close to the US government, it is not so easy to land. Once Facebook and the government compromised, it would be really dangerous to use the dollar as a Libar package.
China has some advantages in the past, but it is not enough. Where is the future advantage?
The state values, I am very convinced that the state attaches importance to the future of a blockchain.
DCEP, when we mentioned Libar, DCEP was the first digital currency at the global level.
The Internet generation, the spirit of the blockchain open source community has a very deep connection with the Internet generation. And our China's Internet is the best in the world, so the Internet generation will help the blockchain develop.
Finally, everyone present, I think these are the advantages of the future.