Science and Technology Daily: Be wary of changing the blockchain into “blocks”

Reporter: Dai Xiaopei

Source: Technology Daily

"The curtain of the digital economy era has now been opened. As a blockchain of the underlying technology in the digital economy era, Ruisheng will never miss it."

At first glance, this paragraph is placed on the homepage of the "RXChain Ruixing Chain" official website. The words are full of emotions, and people can't help but want to give praise to Ruixing Coffee. Interestingly, Ruisheng Coffee recently announced that the “RXChain Chain” has nothing to do with Ruixun Coffee. Ruixing Coffee will also seek the involvement of relevant departments to investigate the facts in accordance with the law in order to investigate relevant legal responsibilities. As of press time, the official website of "RXChain Ruixing Chain" can also be accessed normally.

A similar puzzle is: Is "Alibaba Coin" issued by Alibaba?

The "chain-hot chicken" blockchain technology set off a technology boom, which was originally ridiculously ridiculed by various "chains". The situation is even more unclear.

What exactly is “RXChain Ruixing Chain” and “Alibaba Coin”? What should the attendees pay attention to in the face of the blockchain project under the mud?

The first token issue is illegal

According to the official website of “RXChain Ruixing Chain”, in June this year, the “RXChain Ruixing Chain” virtual currency “RX” was officially launched. The Science and Technology Daily reporter saw on the digital currency market MyToken website that "RX" is now in a stagnant trading state.

In early 2018, a Dubai company issued the "Alibabacoin" virtual currency, with a crowdfunding amount of more than $3.5 million. Because the names are very similar, Alibaba Group accused the company of infringing its trademark rights. Until March of this year, the other party finally admitted the mistake.

Zhao Lei, a researcher at the Institute of Law of the Chinese Academy of Social Sciences, said in an interview with the Science and Technology Daily that the above-mentioned "chains" and "coins" that make people think about it may infringe the trademark rights and trade names of related companies. However, these "chains" and "coins" are more confusing because of their natural connection to the blockchain.

Why is the blockchain and virtual cryptocurrency accompanied?

In 2008, physicist Nakamoto published an article titled "Bitcoin: A Peer-to-Peer E-Cash System". In 2009, a virtual cryptocurrency, Bitcoin, was born, becoming the first application of blockchain technology. . The relationship between virtual cryptocurrencies and blockchain technology has therefore become difficult.

"Between the blockchain and Bitcoin, you can't draw the equal sign." Many industry insiders stressed to reporters that the blockchain is a low-level technology. Based on this technology, a number of digital currencies such as Bitcoin were born. But you can't be confused together.

Many experts told reporters that virtual cryptocurrency without real value should not be the application direction of blockchain technology. "The blockchain is the infrastructure of the future digital economy. It should be alert to all kinds of scams in the name of the blockchain chain, so that the underlying technology that should generate more value becomes the swindler's guise." Zhao Lei said.

Yu Jianing, the president of the China University of Petroleum Industry and the deputy director of the China Communications Industry Association Blockchain Committee, told the Science and Technology Daily reporter that the domestic financing of the token is strictly controlled. On September 4, 2017, the People's Bank of China and other seven ministries and commissions issued the "Announcement on Preventing the Risk of Subsidy Issuance Financing", which identified the initial Coin Offering (ICO) as an unauthorised illegal public financing act. Alleged illegal distribution of securities, illegal fund-raising, financial fraud, pyramid schemes and other illegal and criminal activities, all types of token financing activities should be stopped immediately.

Low thresholds increase regulatory pressure

“The digital assets on the blockchain are different from the infrastructure on which traditional assets depend.” Yu Jianing said that the confirmation, transfer and trading of traditional assets depend on banks, registration companies, clearing companies, stock exchanges, securities companies and other foundations. Facilities, the transaction process is relatively complex, and the transparency is relatively low, resulting in relatively high transaction and transfer costs of assets, which inhibits the liquidity of assets to a certain extent.

But in the digital finance era, digital asset trading uses a peer-to-peer (P2P) digital payment system based on a blockchain-based network without the need for an intermediary. The confirmation of assets and liquidation will also be witnessed by multiple parties. The processing costs are lower, faster and more efficient, and can create more liquidity for assets.

"It is precisely because of this feature that the threshold for the issuance of digital assets is relatively lower than the threshold for the issuance of traditional assets." Yu Jianing said frankly that the low threshold has increased the risk of investors. “In the past, if a company had to prepare for listing, it would generally cost a lot of money. Once the material was found to be fraudulent, it would pay a huge price. But in the field of digital finance, the current regulatory system is still not perfect, which is obviously for the future of global finance. The system brings new challenges."

Therefore, the digital financial system is not required to establish a sound and complete supervision system.

"The United States, Japan, Singapore and other countries have already carried out relevant legislation on the blockchain, but no country has established a mature regulatory system in this regard. Legislation and supervision will be an important competitive point for countries in the digital finance era." Yu Jianing introduced.

Using technology to "chain the chain"

Due to the mixed mix of early blockchain projects, Yu Jianing suggested that the entry should be strengthened. “The digital financial system is not a system for sprouting old trees. It is a brand new system. Whether it is a blockchain information service provider, users or investors, it is necessary to fully understand the underlying operating mechanism, basic principles and assets of digital assets. Information such as characteristics and value sources," Yu Jianing said.

In the face of the immature blockchain project, what measures should the relevant agencies take to regulate?

In this regard, Yu Jianing said: First, we must gradually incorporate digital finance into the legal system and start the legislative process as soon as possible; second, we must rely on scientific and technological supervision means to achieve "chain-chaining"; third, we must strengthen education and publicity in blockchain technology. Improve the discriminating ability of users and investors; Fourth, we must strengthen the guidance of application. "To create a suitable development environment for good projects, let teams with technical strength and application level, accelerate the application of blockchain technology-related applications, and then use the spillover effect to eliminate projects containing water, so that the scammers have no foothold. Ground." Yu Jianing said.

In this regard, Zhao Lei holds the same view. “The blockchain technology can only be applied to specific scenarios, and it may involve social interests or public interests. Accurate understanding and rational use of blockchain technology is the right way,” he said.

In addition, Zhao Lei said that in a variety of blockchain application scenarios, it is necessary to distinguish which ones are really using blockchain technology, and which ones are selling dog meat.

“The establishment of unified and standardized technical standards is the primary problem that needs to be solved urgently in the development of blockchain technology. At the same time, since the disruptive technology of blockchain has not been incorporated into any existing regulatory framework, it is necessary for relevant departments to introduce the state as soon as possible. Standards provide the basis for regulatory work." Zhao Lei emphasized.