Interview with Babbitt 丨 Pure Capital Jiang Chun: The starting gun has been fired, blockchain entrepreneurs need to hurry up

Jiang Chun, a managing partner of Pricewater Capital, focuses on the field of science and technology, involving artificial intelligence, the Internet of Things, 5G, robotics, AR, VR and other sub-tracks. Invested in Tiger Sniff, Xiangxin Technology, and blockchain media Babbitt. He once ridiculed himself as a traditional investor, but no doubt he is one of the earliest people who paid attention to the blockchain circuit.

Interestingly, Jiang Chun is a Ph.D. in computer science and application from Zhejiang University. The technical + investment background makes Jiang Chun's view on blockchain very interesting.

Today, blockchain has become a national strategy. How does Jiang Chun and traditional capital markets view this track? Is it a crazy bet or just watching it change? Babbitt had an exclusive conversation with Jiang Chun and listened to the blockchain investment opportunities in the eyes of Jiang Chun.


▲ Jiang Chun participated in the roundtable sharing at the 2019 NetEase Future Conference-Blockchain Forum

However, before presenting the content of the conversation, it is necessary to understand how Jiang Chun views the blockchain. The following content is from his personal public account "East Tu Ximo", here you can see Jiang Chun's more complete explanation of the blockchain. The core points are summarized as follows:

The original intention of the blockchain system design is to ensure that blockchain systems such as Bitcoin are "decentralized" and that no one has the power to override the entire system. But what this mechanism promotes is actually "order", which ensures that the entire system runs on the "legal system" track in a certain sense and runs on established rules. It helps build a more standardized governance system for the information society.

Today, the essence of the blockchain advocated by the state is mainly to play the role of the blockchain in ensuring "order" and "institution", that is, the alliance chain.

We imagine that with the development of technology, it can also become a technology to "protect" privacy. And its foundation will be based on mathematics, and future development and imagination also need to make breakthroughs in mathematical research.

We see that the development logic of this new wave of technology has actually changed significantly from the previous wave. For example, 5G, this system is mostly used for "non-human" smart devices, or "Internet of Things". Blockchain is the same. The use of "things" and intelligent machines is very valuable.

Of course, the development of technology ultimately serves people, but we can no longer use intuitive personal perception to judge the logic of the construction of technology systems such as communication networks .

A powerful weapon for blockchain, data governance and community governance

Jiang Chun believes that AI, VR, Internet of Things, and robots are the interface between the digital world and the real world, of which AI is the core. There is a coupling relationship between the blockchain and these technologies, and together they form a complete solution. In the long run, there is no independent blockchain industry, it is a part of everything.

"Blockchain is a guarantee of the digital world and a maintainer of order in the digital world. There is no blockchain in the digital world, which is equivalent to nothing in the real world, a chaos." According to Jiang Chun, the digital world lacks artificial labor. Intelligence, like anything in the blockchain, is unimaginable. Artificial intelligence must be managed by the blockchain, otherwise it will be out of control and the whole thing will be messed up.

The birth of the blockchain is partly to resist the autocracy in the digital world, and to create a free world. For example, Bitcoin, its design is that even if it mobilizes the power of the country to fight it, it can withstand it. It is an extreme design.

Interestingly, the blockchain initially emphasized decentralization and freedom, but behind it freedom has strong orderliness. As long as most people are still on the side of Bitcoin, others can't suppress it.

"Today, the state advocates blockchain, and its essence is to play the role of blockchain in ensuring 'order' and 'institutions.'"

Jiang Chun compared value-added tax with the philosophical ideas of the Merkel tree of the blockchain. Merkel tree technology enables the generation and circulation of various types of data to form an interlocking effect, thereby ensuring the traceability of data. The value added tax is also linked through data, which greatly increases the cost of tax evasion.

"Blockchain technology will make data governance extremely accurate and accurate, and it will become a powerful weapon in social governance." Jiang Chun said.

The starting gun for blockchain startups has sounded, blockchain entrepreneurs need to hurry up

Jiang Chun told a story.

On October 25th, Pricewater Capital was discussing development plans with a first-level government, one of which was the development of a blockchain. At that time, government leaders were very cautious, considering whether this was politically incorrect.

That night, the news that the blockchain became an important breakthrough in the independent innovation of the country's core technology landed on the news webcast. Government leaders quickly responded: There is no problem with this matter. After the policy was issued, China began to promote the technology of the landing alliance chain on a large scale.

In Jiang Chun ’s view, blockchain fundamentalists want to create an ideal world, but today China is building an alliance chain. In this way, blockchain is a software service (BaaS) in a sense to achieve data Governance. Then it has no essential difference in business model from an ordinary software service.

There are two problems with software services. First, giants must have a greater say than entrepreneurs. Entrepreneurs will face the squeeze of many resource-based companies, and their development space is very narrow. Secondly, the blockchain is not a track with extremely high technical barriers. Software companies are nothing great, grabbing a lot of them.

"The public chain tells the story of changing the production relationship. The alliance chain has become a software service. How high is the ceiling of the software company? Of course, as long as you strive to run ahead and catch the most orders, then there is a brand premium."

As an investor, Jiang Chun believes that with the advent of policies and regulations, the current blockchain entrepreneurs should have a sense of urgency.

"Now, there is a certain threshold of knowledge in the blockchain, and many people will not do it yet. Everyone should urgently run forward, land quickly, and become the leading company, because the blockchain industry may soon repeat the artificial intelligence industry. Story. Like the four little dragons of artificial intelligence at that time, running slowly, more and more people will meet, and as a result, everyone will never have a window of opportunity. "

This is like, today's blockchain entrepreneurs will be labeled as a "blockchain company", and once the blockchain technology has become popular, it becomes one of the ordinary software technologies. Give the company a premium.

As an investor, Jiang Chun said that he is continuing to pay attention to the investment opportunities of the blockchain circuit, but today, the valuation of blockchain companies that are already at the head is very high, and there are not many things that really land. There are cost-effective issues in investment. These companies should hurry to fill in themselves and land quickly. SMEs should work harder to get tickets.

Jiang Chun emphasized more than once:

"After the firing of the starting gun, the window of opportunity for blockchain startups has become tense, and startups have to run quickly."