Ling listening to Wuzhen site | Do you like a wave or a big river? How to grasp the new opportunities of historical development of blockchain

On November 8th, at the opening ceremony of the World Blockchain Conference·Wuzhen Summit, a serious and hard-core round-table dialogue was staged. The theme was: “Ling listening to the scene | Dafengkou, the great era, grasping the historical development of the blockchain New Opportunities.

The discussion included: What signals did the central release of collective learning on the blockchain? How do overseas users see China's top blockchain speech? Is the tuyere really coming? What new opportunities have it brought? After that, will the TO G business be a new breakthrough? Large-scale commercial use of blockchain, relying on rivers and lakes or temples? Is the industrial blockchain so hot, is it a concept? How to get from the industry to the industry? Under the new situation, how do we grasp the new opportunities in history?

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Tang Xialing

The whole round table is logically complete, with clear viewpoints and frequent verses. The whole dialogue was planned and hosted by Babbitt editor and Tang Xiuling, the promoter of the blockchain. The guest speakers were: Dong Feng, General Manager of Qianhai United Trading Center, HKEx; Wang Yunwei, Chief Innovation Officer of Wanxiang Holdings; Meng Yan, Associate Dean of Digital Assets Research Institute; Jocy Lin, founder of IOSG.

In order to preserve the wonderful results on the spot, the following is a live dialogue. The full text of 10,000 words, it is recommended to collect and read.

Tang Xia Ling: This morning we saw a lot of explorations by BAT and blockchain practitioners. Recently, everyone feels that the industry is very excited. Our topic today is: big winds, big times, new opportunities in the development of blockchain history. We will have some new thoughts on each historical key node. Today we also hope to discuss it with the guests. First of all, please let the guests introduce themselves and share what they have been doing recently.

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Dong Feng : Hello everyone, I am Dong Feng from the Qianhai Joint Trading Center of the Hong Kong Stock Exchange. I am very happy to come to Wuzhen today.

Wang Yunwei : Good position, I am Wang Yunyi of Wanxiang Holdings. My main work in the near future is to start a smart city and build a smart city on the blockchain in the innovative energy city of Xiaoshan, Hangzhou. I hope everyone will take care of it.

Meng Yan : I am Meng Yan, the vice president of the Digital Assets Research Institute. I am also a partner of Ruixin Capital. I mainly study the direction of the general economic.

Jocy Lin : I am Jocy Lin, the founder of IOSG. IOSG is an early dollar fund. We focus on blockchain and cryptography. Over the past three years, we have invested in more than 60 early blockchain projects in the US, Europe and Asia.

1. How do you view the central group's collective learning of blockchain?

Tang Xia Ling : The background and professional status of the distinguished guests today are different. Some are financial backgrounds, some are investment backgrounds, and there are industrial backgrounds. In October, the Central Committee of the Communist Party of China organized a collective study of the blockchain. Everyone was very excited. There were some signals in the middle. These signals may have different interpretations in everyone's mind. The first question is to ask the distinguished guests. What signals do you think the Central Committee has released for the collective learning of the blockchain?

Dong Feng : I summed up the 12 words: abandoning the dark, clearing the truth, going to the countryside .

If you are behind, you will be beaten. In any frontier highland, the Chinese must have a place. This is the starting point of logic. In the past, blockchain practitioners often felt that they were in a small circle of darkness. This time it was different. The whole industry must be upright and bright, and it must have a positive effect on economic and social development. This is called Discard the dark cast.

How to do this? It must be closely integrated with the real economy and the real trade. This is the illusion. Not only must it be useful, but it must be able to land. There are two important points in this: one is to be brave in climbing, to dare to fight hard, to harden bones. I can't always think of "it's hard for me, I'm easy for it", there must be a hard-working craftsman spirit, this is called Shangshan. The second is to ground the gas. To be a barefoot doctor, you can't say that you are going to do something that is purely virtual. This is going to the countryside .

These 12 words should be a very complete and clear logic. I am a trader. I want to do everything. Just like doing a deal, the big direction is right. If your beta is right, you can win if you do it. You are a friend of time. It doesn't matter where you come in and where you come. If your beta is wrong, it doesn't matter if alpha is doing well.

Wang Yunwei : From my personal point of view, first of all, this is the long-term grasp of the Chinese government's current situation and future opportunities for China's industrial development. The second is the common problem facing all mankind. For example, data security, China is here to play a role in demonstration and global leadership, and to achieve leadership in cooperation, this is also a forward-looking idea.

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Wang Yunwei

The third is that we like to quote a sentence, artificial intelligence is productivity, and blockchain represents production relations. In the process of economic transformation, the use of blockchains to reorganize production relations, capture opportunities in this process, and promote cooperation between industries and countries are very admirable and far-sighted ideas.

Meng Yan : I think there are two "positives": proof, right way.

"Certificate" refers to the removal of the blockchain stigmatization hat. When I was 11 and went back to the classmates, I was laughed at by others. "Qing Ben Jia, who is a thief" why ran to do the blockchain that is not clear. If you search for "blockchain" words in Baidu, if you search the blockchain two weeks ago, its automatic association is "blockchain is a scam?", after receiving a carriage return, receive a knowledge The high score question and answer, the beginning is: blockchain is a scam, note, I am not saying that part of the blockchain is a scam, but all blockchains are scams. Tang Xia Ling : Baidu Xiao teacher is here, is this post there?

Meng Yan : The blockchain was stigmatized before the general secretary’s speech. This stigma itself shields people’s perceptions . Many people are not interested in understanding the blockchain because of this stigma. What is East, this is the real obstacle to the development of China's blockchain. I think the biggest significance of this central speech is to take this "hat" off . Once this hat is removed, more and more people will come to study, research, analyze, think, understand, and participate. The various aggregated transitions in this process are unpredictable now.

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Meng Yan

"The right way" means that the general secretary has pointed out a bright road. This is very clear to the general manager Dong. I will not repeat it. I want to say something that is not conveyed. Because there are a lot of misunderstandings now, many people are in a state of awkwardness, do not understand what happened, and do not know what to do. Soon some people mistakenly read something, for example, returning to some traditional gray areas, ready to make this game bigger. In fact, this is not the message conveyed in the speech of the general secretary. We still have to understand it carefully. Don't be at this time.

Jocy Lin : We have been looking at the blockchain industry from an overseas perspective. Many traditional dollar funds have invested in blockchain projects in the past two or three years . 70% of our own funds will invest in overseas projects. Globally, we have already entered a stage of formalization and mass production. We also saw that many excellent Google and Facebook employees have entered the blockchain industry.

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Jocy Lin

This central learning signal released three points:

1. Policy to support the industry . President Xi’s speech, I feel that I have given the industry a strong boost. The blockchain industry has always had advantages in efficiency and innovation. The entire industry will enter the mass market from the previous niche market. The industrial upgrading is believed to be in the big industrial map. More interesting Chinese companies will be added, and excellent developers will enter the industry with new and continuous creativity to help Chinese blockchain companies stand on the world.

2. BAT's actions will be more radical . Traditional domestic enterprises, Internet companies, and traditional manufacturing companies will also start doing their own business in the industry. This year, Facebook sent Libra, a lot of overseas Internet companies, and Amazon also made online blockchain points. After the policy came out this year, I feel that many domestic technical teams will also explore more political and business cooperation programs. Even the academic community will intervene in government affairs, and it will be a trend to explore a more grounded blockchain landing scene.

3. The blockchain arms race has begun . Competition around the hegemony of the dollar or the nature of currency competition has begun to enter the mainstream stage. The entire regulatory system is divided into two: a strong regulatory system led by the United States and Japan. The United States has issued dozens of licenses to various states so far, and Japan has issued nearly 18 exchange licenses. Weakly supervised countries: Venezuela sends the country's oil coins, and Malta restructures the entire national financial system into a blockchain-driven financial system. From this point of view, the global arms race has begun.

2. How do overseas users see China's high-level blockchain speech?

Tang Xia Ling : I pay more attention to the user's mentality. Today is a domestic perspective. The country is very excited. Does the overseas perspective think that this is a big thing? What is the mentality of the projects you observe and the investors around you?

Jocy Lin : This is quite interesting. The policy released on October 24th, I went to San Francisco "blockchain week", the Asian face to the "San Francisco Blockchain Week" is very few, everyone will think that it was an industry downturn. However, in the four-day conference after 1024, most of the discussion topics revolved around China's speed, China's supervision, and China's national stability currency, which has a very obvious impact on overseas friends.

Just a few days ago, Facebook’s hearing, they were complaining that the US regulatory authorities were so backward, and the understanding of digital currency and blockchain was so lagging. We also received some inquiries. They have previously acted in the US and Asia. They think that China's Mass Adoption is very good. If the national level supports this industry, they are interested in making bigger moves in China and making more investments to recruit more excellent developers. As Lubin of Consensys bluntly, its focus in the second half of the year will be transferred from the United States to China, and it will be used in the Ethereum application community in China.

3. Is the tuyere really coming? What is the real opportunity?

Tang Xia Ling : Foreigners are also discussing this big event. We all feel that the wind is coming. The next question is to share with you, how do you think about the feng shui ? Is the tuyere really coming? What new opportunities will there be under this guise?

Dong Feng : Let me change the angle. Everyone has always said that technology, finance and industry are mutually integrated. However, the penetration of technology into finance and industry is gradually weakening. The blockchain is now also the problem. We are talking about the blockchain now, and I estimate that 80% of the 90% are in the traditional FinTech category, talking about the financial application of the blockchain. In fact, the speech of the General Secretary this time really has a ground-breaking effect. I feel that it is necessary to jump out of this frame and go to the traditional industry.

why? I came out of the financial background myself, because the financial industry itself is an industry with very dense capital and technology. Its security and efficiency margins are very high. You invest a lot in it. In fact, the marginal benefits are not so obvious. My personal point of view is that the application of blockchain should jump out of the pure financial mindset and go to the traditional industry. The more you go to the real entity, the better the marginal effect and the input-output are, the easier it is to land, the stronger the pulling effect, I believe this is what the country wants to see. Tang Xia Ling : Just now Mr. Wang shared the innovative energy gathering city of Wanxiang. Is this possible a sample of the industrial blockchain ? A concentrated display of various technologies gathered together? I don't know if my understanding is correct. Please share the latest situation of Wanxiang Innovation Energy City.

Wang Yunwei : I just mentioned the problem of the tuyere. I think the wind is definitely up, but where is the wind blowing? Is it blowing on the top of the plant or blowing it on the roots ? If it is just blowing on the leaves, it may be a pity. We hope to blow to the roots, to have more industry experts to do blockchain, to absorb blockchain technology, to see industry solutions and technology trends. In this case, when everyone talks about the industry and does not talk about the blockchain anymore, there is no longer a blockchain company, but an industry company, then the blockchain is truly successful.

Specific to Wanxiang's innovative energy city, in the heart of Hangzhou, we now have the opportunity to build a large-scale new city. Let's see how these two things are united. First, the concept of a smart city has been proposed for more than 20 years. We have seen some examples of “success”, which is quoted. In fact, smart cities are not very good. The growth cycle of cities is decades, and it is impossible to make a big change in two or three years. However, the cycle of technological trend innovation is 3-5 years, there will be big innovations, depending on how these two match.

Traditional smart cities are basically top-level designs by consulting companies and technology companies. They can only be applied to the most advanced technologies at that time. After a long time, there are many problems later. How can it keep pace with the times and the evolution of the technology cycle? This requires that it has a kind of intellectual ability.

Where does the wisdom come? When planning and designing, we can coordinate design in three dimensions, the first is in the physical structure; the second is in the data architecture; the third is in the communication architecture . To do this, we can ensure that the city's technology and urban form are highly synergistic.

But this is not enough. We have to go one step further. The collaborative design must be distributed. We can't assume that we know all the answers today, and we will leave it blank in the future . Distributed technology, like blockchain, is a very good way to leave a gap in the data architecture and communication architecture. This is a natural fit.

Around this, we will carry out our own intellectual capacity building and the cultivation of a smart city ecology. In the planning stage, we can jump out of the physics city of the innovative energy city, make effective preparations for it, and build the capacity of the entire smart city and the new distributed smart city through ecology. Not necessarily in Hangzhou, we can practice first in other places, I believe it is very future. Tang Xia Ling : Thank you for sharing. What do you think of Meng Yan, what do you think is a real opportunity?

Meng Yan : The blockchain industry has been groping for more than two years in the dark. Some of them are relatively smooth, and some have received some obstacles, but they have achieved certain results. In fact, some have not left the route. The latest speech by the central government, the improvement of the policy can indeed accelerate the entire industry forward. But on the whole, it won't say that there are a lot of problems that have not been solved before, because the improvement of the policy has suddenly been solved, not so fast. Therefore, my judgment is: After the New Deal, because there is still a period of time behind us, governments at all levels need to formulate relevant policy rules, implement them, and formulate relevant standards. This requires a cycle.

In this cycle, some areas that we used to go through, even some industries that were originally in the gray area, will have a strange, even morbid, sudden prosperity. But this is not a long-term state.

In the long run, the industries in the direction pointed out by the central government will develop steadily and steadily. For example, I have studied the pass-through economy for a period of time, mainly to study how companies use the things like the certificate to encourage and unite a very large community to create value together. This has made some achievements in the past two years, but it definitely does not belong to the turmoil of this industry. It is a slow process, I believe there will be such a process.

Everyone here can have different choices. You choose to fish in a short-term, but unsustainable industry, or stick to a solid logic and grow with this logic. This is a matter of personal choice.

Jocy Lin : I believe many people are like me, and this policy has disrupted the rhythm. Each institution has its own investment focus and strategy. This policy is coming to let many people change their thinking and make better decisions.

For our part, we agree that the traditional business system has its way of working in the blockchain. In the blockchain system of niche encryption world, it has an independent set of running logic, and these two sets of logic have opportunities to penetrate.

Libra's open source system came out. The traditional world developers who poured into the same day were equivalent to more than five times the total number of developers in Hyperledger for five consecutive years. This is amazing. There are so many developers in the traditional system who are interested in this direction. If Facebook is to bring in all the traditional business world things, it can open a door to the entire niche blockchain world.

The same is true for China, where the central bank is likely to issue a programmable renminbi, renminbi and all businesses for hooking and refactoring. How to make a better and more efficient open agreement in the whole niche blockchain world, it is possible to get through a bridge between the two. This bridge will bring the technical geek thinking and open source ideas led by Nakamoto to the real business world. The combination of the two is very exciting and exciting.

We are very optimistic about open financial innovation. The entire financial system has been very liquid in the past 20 years, and financial business is still in the hands of Wall Street or the centralization giant. If finance is not liquid, it loses the incentive to create profits. At present, the entire decentralization system has begun to circulate throughout the Ethereum system. And the infrastructure is enough to support the development of open finance. At present, the borrowing Maker DAO on Ethereum is an example. Its circulation is close to 100 million US dollars, and the loan amount is 1.2 US dollars. The modular lending platform derived from Maker DAO: compound, dydx, Dharma, this platform is very overseas, and China is still very few. Tang Xialing : So you think open finance is a new opportunity?

Jocy Lin : Yes, we are optimistic about this opportunity.

Tang Xia Ling : I want to ask Meng Yan about the next question. In fact, several major events this year, the first is the birth of Libra, the second is the central study of the blockchain, and the third is the latest research trend of the central bank on digital currency. What are the rules that can be observed when these three things are linked together? You said before that the global arms race of the blockchain has been opened.

Meng Yan: I really think this is an arms race. But if we take a step back, from a larger perspective, from the time when Nakamoto took the blockchain creation block ten years ago, and then from the birth of the basic idea of ​​the Internet in 1961, it was just on the big screen. The achievements of human civilization on display. The entire human society is moving in a particular direction with a rhythm that no one can control . In this direction, you seem to be a specific point in time. What you see is a great decision made by a certain leader. What you see is that a certain country’s Congress is conducting a variety of discussions on a project. And the debate, what you see is that Germany suddenly issued a blockchain national strategy, and India has banned Bitcoin and other complicated phenomena.

But if you strip away these specific details, you find that humans are definitely moving in a certain direction no matter what way. And this direction may be the so-called digital survival, which may be the so-called digital life. Under this big direction, many of the problems we are arguing and discussing now are negligible from a macro perspective. From a final point of view, in fact, we are moving towards a new form of civilization, and we can only conceive such a thing in science fiction. I have a deep understanding of this matter recently.

4. Is To G a new breakthrough? Large-scale application of blockchain, relying on rivers and lakes or temples?

Tang Xia Ling : Towards a new form of civilization, there may be some different forces on this road. What can be clearly seen now is two kinds of forces: rivers and lakes and temples. Especially after this central speech, there was a voice saying that To G may be the real breakthrough of the blockchain. It relies on a strong government to solve the problem of large-scale application. Do you think that the real breakthrough in the application of blockchain scenarios depends on the power of rivers and lakes or the power of the temple?

Meng Yan : Let me give you an example. I have discussed it with the teacher of Puhua Business School. It is very interesting. The real estate industry is a pillar industry in China, with 220 related industries, and is the industry with the best economic performance in China. However, real estate is considered to be excessively prosperous or is abnormally prosperous and must be suppressed.

In fact, according to Mr. Yan’s view, real estate still has a lot of potential that has not been released. He gave an example. In fact, there are many kinds of real estate rights, such as ownership, lease rights, and sub-leasing rights. In fact, more rights can be derived from this right, for example, all, part of the lease, Part of the lease part of the sublet and so on. But why are you in practice, it is difficult to see the meticulous rights of people trading on various platforms? The important reason is that there is no effective means of identification.

In fact, the blockchain can cross-certify a certain fact through a number of different authoritative departments, social institutions and groups, enterprises, etc., and verify the rights on the chain, and clearly and unquestionable confirmation of this right. On this basis, our entire society will become more prosperous, efficient and low friction.

You just asked me if the blockchain is the main toG. I think the government's participation can really accelerate the development and development of the blockchain industry. However, the blockchain is the blockchain. One of its biggest features is multi-node and distributed. It must cross the trust boundary and cross the interests. It is not the only government involved. Government participation is important, but other social institutions, social organizations, groups, companies, and funds have the opportunity to participate in such a process of co-determination, certification, and cross-certification. So in essence, I think the blockchain is the synergy and union of different entities in a society . I want to see this question like this, thank you. Tang Xia Ling : Yes, Mr. Dong, you have been Q by Meng Yan teacher 3 times. Then you answer the question. How do you think several different forces are working? Where is the motivation?

Dong Feng : I have worked as a bank and a company. Now I am an exchange. I can say that Party A, Party B and Party C have done it. I think toB is good, toC is good, toG is also good, in fact, it is essentially the same, it is to be sustainable in business, we must create value. ToG's business is also like this. Don't think that the government is fooling, the government will calculate the account. If the input-output ratio is not sustainable, it is not sustainable, just like you do toB and toC. Therefore, I still want to repeatedly emphasize this point of view – if the blockchain really needs to take root and grow, it must be commercially sustainable . You can't just rely on the capital market to speculate or simply do Ponzi games. So as long as you can meet this standard, no matter toG, toB, toC, you can develop well. On the other hand, you pin your hopes on the support of the simple government, it is impossible to make it in the long run. This is my point of view.

Tang Xia Ling : Thank you for sharing. Mr. Wang, I want to hear from you, how do different forces work?

Wang Yunwei: toG is indeed a very important dimension for discussing the future of blockchain. But we have to ask ourselves: When we talk about toG, what is toG? What do we mean? Because everyone talks toG, it may not be the same.

Tang Xia Ling : Refers to the government.

Wang Yunwei : It is the government, but the government has multiple forms of participation and multiple dominant forms. ToG does not mean that the government will arrange it. General Meng said very well. They discussed how the government should participate in the strategic aspect, mainly because the expectations of the ecosystem for the government would be more reasonable.

I only talk about To G from one level. As Jocy Lin said just now, a big part of the future of the blockchain is infrastructure. I would like to ask if everyone agrees with this judgment. If everyone agrees that the blockchain is the future data infrastructure, I will ask the next question: If it is purely market-oriented, what would it look like? Is it more favorable or disadvantageous for us?

I will not talk about the conclusion here. I will briefly discuss the other two possibilities: one is to make a model of Zhuang, the industry inside the industry is big and IT is united, and Zhuang is done like a club. You invested a lot in the beginning, and the first few big ones will have a lot of future divisions. The companies that join the company can still be divided, but relatively speaking, you are already enjoying the built network, you invest less, and the comparison is relatively small. Smaller, in order to make the industry bigger, so as to avoid vicious competition. Because you have a lot of investment in front of you, it is a way to consider whether it is reasonable from the point of time and the scale of investment.

There is also a California gold rush to sell jeans, you go to gold, I do not go to gold, I sell jeans, this is like doing cloud equipment, I am not going to make money by blockchain, but I rely on cloud traffic to make money. I am now building a platform for you. You are on my platform. You use the blockchain to make all kinds of money. It is not mine, it is yours. But if I am your blockchain cloud platform, I will make money from the traffic, just like the AI's computing power running on the blockchain cloud. This is another way.

I put these two possibilities on the desktop first. I have no conclusion. Please consider 1, 2 and add toG, then what kind of pattern do you hope to see?

5. Is the industrial blockchain a concept? How to get from the industry to the industry?

Tang Xia Ling : Thank you for your question. We talked about the application of many industrial entities, and the five words of the industrial blockchain have been particularly hot recently. The next question we want to discuss: Is the industrial blockchain now a slogan? What stage is it in the end? Is it the best time to talk about the industrial blockchain? And how do you come from the industry to the industry? I would like to hear from experts about the industrial blockchain.

Dong Feng : Now I am talking about the industrial blockchain, including talking about the digital economy. In fact, I may be conservative. I think we are still in the stage of building infrastructure. We have not really talked about the industrial blockchain or the big one. The stage of the scale digital economy. From the perspective of assets, we are now experiencing a process of asset standardization, and we can't talk about the digitization of assets, let alone the certification of assets.

Those who are here today may have more friends in the technology circle and the financial circle, and there may be few in the industrial circle. But in fact, if the blockchain really roots in China's real economy, rooted in our manufacturing base, rooted in large-scale real trade, infrastructure in all aspects, including financial, industrial, warehousing, and logistics facilities. , including supervision and law, need to keep up.

We must remain awake. The most important thing we need to do now is to lay the groundwork for the first step. We must start with standardization and then start the digitalization of assets by forming a closed loop of business, helping everyone to improve the efficiency of capital use and reduce the cost of credit . After these things have formed a business closure, we will discuss various mechanisms for benefit sharing. I think more is at this stage. Tang Xia Ling : Two key words: “standardization”, first clear the definition, then “commercial closed loop”. Mr. Wang, I want to hear about your sharing. How do you understand the industrial blockchain?

Wang Yunwei : I add one: technology strategy. Talking about investment and talking about industrial policies, I am afraid that everyone is more powerful than me. One of the most important principles of the technology strategy is technical synergy. I fully agree with what Mr TUNG just said is that if the industry embraces the blockchain, the degree of industrial digitization and the overall state of the industry are ready. From a technical strategy perspective, how can we push the industry to embrace the rhythm of the blockchain? Let me talk about one, that is , the synergy of different new technologies .

Everyone said that the blockchain is now on the air outlet, but there are artificial intelligence and Internet of Things outlets before the blockchain. The wind of these air outlets continues to blow, not to say that there is a new air outlet, and the wind in front does not blow. It is. I think an important opportunity is to explore the synergy between the blockchain and the Internet of Things, the manufacturing industry Internet.

I am planning a smart city now. If there is no Internet of Things and no artificial intelligence, a smart city cannot complete it. Therefore, I hope that everyone can promote the industry to embrace the blockchain by promoting the synergy of different related technologies. Tang Xialing : Your key word is "collaboration." Teacher Meng Yan, listen to your understanding of the industrial blockchain.

Meng Yan : We haven't figured out what is called the industrial Internet, and we have come to the industrial blockchain.

Tang Xia Ling : Yes, there are so many new words, so it is very hard.

Meng Yan : Industrial Internet, I slowly figured out, because the original Internet is mainly used for consumption, toC. Now let's say that we have used the technology of the Internet to organize production and organize the supply chain of the back-end B-side. I understand it slowly.

If so, are we not only speculating on coins, but other blockchain applications are industrial blockchains? Tang Xialing : This problem exists. The definition of the industrial blockchain has not yet been clarified.

Meng Yan : As long as the blockchain linked to the entity, I am afraid it can be called an "industrial blockchain." From another point of view, there will be many people who raise the banner to say that I am integrated with the real economy, and the "industrial blockchain" has become a slogan. I agree with Mr. Dong’s statement. In fact, in any industry, if you want to use the Internet and the blockchain, you have to go through five customs and regulations. People are still doing standardization, standardization is complete, and digitalization is over. Passing the pass, after the completion of the pass, we have to trade and set the trading rules. This road is very long, but it does not mean that we can't see the outline. As long as the outline is there, it doesn't matter if the road is long. Mr. Dong, let's do it in 20 years. (applause)

Dong Feng : I agree with what Mr. Meng said, and add and clarify one point: indeed, the development of the industrial blockchain requires a process, but it does not mean that nothing can be done now. The victory of the war is won by every battle . Today, we are talking about the application of the blockchain in the industrial Internet. It is not that we have to solve all the problems with the blockchain when we come up. This can't be done. What we have to do is to mine one value point, find one, do one, and land one. Doing better than not, there is better than no, I believe so. Tang Xia Ling : Thanks to the two people for sharing, Jocy Lin talked about your point of view.

Jocy Lin: The change of the industrial blockchain is nothing more than two aspects: one is to improve in the existing business needs; the other is to create new business needs. Under the traditional Internet system, the model of US group take-out and drip taxis was not available before. It was created because of the development of mobile Internet. In fact, the US Mission and Didi in the blockchain, I think it is a great distributed collaborative DAO market. So in this case, I think the industrial blockchain needs three aspects: 1. The reduction of trust cost, 2. The improvement of synergy efficiency, 3. The reconstruction of value distribution. The reduction of trust costs is actually that the entire Ethereum smart contract platform can effectively prevent bribery or fraud of business activities, everything is in the chain, no one can deny it; secondly, the synergy efficiency is improved, in fact, the blockchain The technology can serve the real economy in terms of monetization, distribution, weak centralization and industry consensus. Blockchain technology can reconstruct the platform value distribution system and promote the development of the Internet economy. In the blockchain model, all consumption is based on the core, the link, and the channel. Every time everyone produces and consumes, they are gaining a value distribution right in the future of the platform, and get a certain degree of commitment from the platform to obtain a corresponding series of rights. In this way, the blockchain technology can quantify the contribution of users to the platform through the pass, realize the value added by the user and the platform owner to share the value of the platform, change the incentive mode and the value distribution system, and promote the fair and healthy development of the platform economy.

6. How to grasp the new opportunities for the development of blockchain history?

Tang Xia Ling : The last question, under such a new historical opportunity, specific to the individual, how to grasp the historical opportunity, please give some suggestions.

Meng Yan : Just one sentence: stay in the car, don't be squeezed . (applause)

Jocy Lin: I think it is necessary to go through the cycle in this industry. It is very rare to stay in the car every cycle. We must insist on doing the right thing. Then make a value scale to measure your value. In addition, traditional enterprises want to enter the blockchain industry. I think it is still necessary to be cautious. Don't be too aggressive and will encounter many crises. You can find some funds and some pioneers to understand the industry and provide more information. Tang Xia Ling : Yes, do the right thing, do the right thing, and do it continuously.

Wang Yunwei : We are very optimistic about the Token economy. Now everyone is drilling well around the blockchain. How do you get water out of the well? Because there is a groundwater layer below. The current groundwater layer has to solve the problem of business model, otherwise it is POC. So how do you get water in the ground? My opinion: The Token economy is the groundwater layer . Token economy, there are now several opportunities: First, the state's clear support for the blockchain, second, the blockchain is at the forefront of many applications of financial technology, and third, the country is also creating a new economic form, a smart city, Do an industrial park. I think these three factors can be united. That's why we are going to set up a small-scale Token economy in the innovative energy city. We will do this groundwater layer in that place and welcome everyone to go to the well.

Dong Feng : I have two thoughts and suggestions:

1. When talking about the industrial application of blockchain, I personally insist that the application scenario must conform to the technical essence of the blockchain, namely distributed, decentralized, and self-organized. At the beginning of this turmoil, almost one-fifth of the A-share listed companies claimed to be related to the blockchain. In fact, many of them may not have anything to do with the blockchain. How to judge? The key depends on your work, your application, and whether your scenario fits the technical essence of the blockchain. If you just do it, do tinkering, or just do some marginal, operational improvement and improvement, this is not called blockchain, and now many supply chain finances are the case. This is my first thought and suggestion: the application scenario of the blockchain is in line with its technical essence. Although this issue is often talked about, to be honest, I think that many people may never really sit down and meditate for 5 minutes: Does my job meet the technical essence of the blockchain?

2. Because I am an outsider, I am more from the perspective of industry and finance. At the beginning, I was talking about the currency circle. Later I talked about the chain, and now I am talking about the industrial blockchain. Of course, in the big era, everyone can have different choices: the first type of person is called a waver, and every time the hurricane switch can quickly seize the opportunity to get the most benefit in the capital market, this kind of person is very smart, I I think we all want to be such people;

The second type is the big river and the river. Look for a big direction, play the spirit of the craftsman, smash the bones, and do everything to the extreme, calm and deep, this style of doing things is called the river.

In the end, whether you choose to do the tide or do the big rivers, everyone has their own choices. But I think that it is impossible for everyone to be a wave. The so-called wave of children must be a smash. It is my advice to go to the rivers and rivers, to find a sustainable business logic, and then grow with the industry. Tang Xia Ling : Thank you all! In fact, today's final recommendations from several guests on the stage will be considered a complete logical chain: first we must understand the technical nature of the blockchain, and secondly use Token incentives, welcome everyone to dig wells, then Meng teacher Say you stay in the car, don't get out of the car, and finally we must continue to do things and do the right thing. I also hope that everyone can find their own position in this historical tide. We are here today's roundtable forum, thank you!