Annual Observation | Who can rule the blockchain?

Source: Netease Technology "No. 7 Houchang Village" (ID: tech_163)

Author: for Immunity

First, a round of wind driven by blockchain academicians

Wearing glasses, holding lecture notes, dark casual suits, and gray hair, Academician Chen Chun appeared in Zhejiang University Hangzhou Yuquan on the sixth day (that is, October 31) after the Central Political Bureau ’s collective study of blockchain topics The campus, as the media wishes, to meet you.

Chen Chun is a member of the Chinese Academy of Engineering and a computer application expert. As a scientist specializing in big data and artificial intelligence, he has not paid much attention to public opinion before.

Who is Chen Chun, why did he go to Zhongnanhai to give a lecture, why the blockchain is mentioned, why the blockchain has become a strategic focus that the country cares about and focuses on, and what will happen next …

A collective study of the highest specification caused a series of question marks, and the media tried to obtain certain information answers from Chen Chun.

At this collective interview of blockchain research organized by the Propaganda Department of Zhejiang University, Netease Technology "Houchangcun 7" was also one of the media invited to participate in the interview. The reporter noticed that the eyes were smiling and talking, and the speed of speech was not stubborn. Chen Chun used two-thirds of the time to introduce the situation of the Blockchain Research Center of Zhejiang University. Then he answered a few questions from the media. Step away from the table without stopping.

Chen Chun himself and his deputy, Cai Liang, executive deputy director of the Blockchain Research Center of Zhejiang University, attended the interview together, and his speech was more about explaining the principle of the blockchain from the application level of engineering technology, and the possible The application scenario does not involve other topics. During the one-hour meeting, the whole process was rigorous and professional.

Chen Chun, a native of Ningbo, Zhejiang Province, was a knowledge youth in the upsurge of going downhill to the countryside in 1974. His dream was to "be a new generation of farmers". In 1977, the national college entrance examination was resumed. Under the background of "the spring of science", he entered the university and began the learning process from mathematics to computer science.

After graduation, Chen Chun has been working at Zhejiang University. "Strong software country" and "developing independent and controllable software systems" are the research pursuits that Chen Chun has always had. After that, he basically followed a path of combining production, teaching, and research, while doing scientific research and doing industry at the same time. (According to Metropolis Express)

In April 2018, the Blockchain Research Center of the School of Computer, Zhejiang University was established, and Chen Chun served as the director. According to the information, this center led by him brings together many famous experts at home and abroad, with the goal of "committed to the creation of the blockchain field and even A world-renowned high-level industry-university-research base. "

Their main attack direction is divided into two parts. One is to overcome the underlying technical difficulties of the blockchain and effectively promote the rapid development and industrialization of China's autonomous, secure, and controllable blockchain technology. On this basis, another is to use this underlying technology to effectively support the transformation of the blockchain in various industries in the upper layer, "so as to leverage the trillion-scale next-generation Internet application market."

With the trigger of the Politburo's study, the reporter of "Houchangcun 7" found out that Chen Chun is not the only academician engaged in blockchain research and practice in China. Industry insiders also introduced the former vice president of Beijing University of Aeronautics and Astronautics. Zheng Zhiming and Chen Xiaohong, President of Hunan University of Industry and Commerce, are also two academicians who have studied the blockchain well. And internationally renowned cryptographers, Wang Xiaoyun, an academician of the Chinese Academy of Sciences and a professor at Tsinghua University who has promoted the hash function standard (blockchain core technology) with his research, also has the right to speak in the blockchain field.

From the public information, the emergence of several academicians and the blockchain's entry into the upsurge of public opinion are basically in the same period. Especially in 2018, when several academicians appeared in their respective appearances, they all had an opinion on the blockchain. This is obviously not a coincidence, but is more likely to represent a wind direction. For the development of China's blockchain technology, 2018 is not a special year.

"I had the honor to listen to the General Secretary's speech on the blockchain twice, and the earlier one was at the academic meeting of the two academicians in May 2018." On October 31, he participated in "Houchang Village No. 7" At the scene of the Zhejiang University media meeting, Academician Chen Chun recalled, "For me, this is the first time that I have heard that the central government mentioned the blockchain to such a height, and proposed it with artificial intelligence and the Internet of Things."

At the two academicians' conference held in Beijing in 2018, the country's top leader juxtaposed blockchain with artificial intelligence, quantum information, mobile communications, and the Internet of Things in his report. He believed that this was the representative of the new generation of information technology to accelerate breakthrough applications. In the field, media have since said that the statement in the report is to regard blockchain as "one of the five new-generation information technologies to be broken through. The importance of blockchain technology in building the next generation of value Internet is self-evident. "(China Science News)

But this is not the earliest mention of the term blockchain at the national level. In the "Thirteenth Five-Year" National Informatization Plan issued by the State Council in 2016, it was mentioned that the global informatization development is facing profound changes. Blockchain and quantum communication, future networks, brain-like computing, artificial intelligence, holographic display, gene editing and other new technology foundation R & D and cutting-edge layout are listed as "major tasks and key projects" in the 13th Five-Year Plan for information development The starting point of the new arena is dominant.

Second, Libra is coming, many developing countries are very anxious

What exactly happened that prompted the blockchain to become the focus again almost overnight in 2019, and the degree of boiling has escalated?

Industry insiders interviewed by "Houchang Village No. 7" reporter pointed to the virtual cryptocurrency Libra (also known as "Libra") planned by Facebook, which was considered to be one of the direct incentives.

Facebook announced in June this year that Libracoin will be released in 2020. According to the data, it is a digital currency based on blockchain technology with sovereign currencies or bonds as collateral. If it comes out, this will be the world's largest digital currency project. In essence, it is the same as Alipay and WeChat Pay, except that Alipay and WeChat Pay are directly linked to RMB. One yuan of RMB corresponds to one dollar in WeChat and Alipay. The value of Libra is linked to a basket of currencies.

Libra Coin is managed by Facebook-funded Libra Coin Association, based in Geneva, Switzerland. The industry has questioned the status of Libra as an independent currency, as it does not correspond one-to-one with the sovereign currency of any country and may develop into an important non-sovereign currency. Although Zuckerberg declared in a special hearing of the U.S. House of Representatives in October this year that Libra is first and foremost a global payment system, and they have no intention of trying to create a new sovereign currency, Zuckerberg also clearly emphasized that they created Libra. It is based on the intention of consolidating the financial sovereignty of the country. If the United States does not innovate, there will be no guarantee of financial leadership, and part of China's infrastructure is much more advanced than the United States. The United States must build a more modern payment infrastructure on the existing basis. (According to surging news, etc.)

"Because Facebook has more than 2.6 billion users, it means that his number of users is close to one-third to half of the global population. If his Libra stablecoin is issued, it can actually cross the international border. He covers The crowd is too wide. "Yang Linyuan, managing partner of DFund Fund, told the reporter of" Houchang Village 7 ". He was originally the investment director of Lenovo Venture Capital. He has made multiple transitions from traditional VC venture capital to cryptocurrency to blockchain investment. He has just invested in two platforms for digital currency integrated financial services this year. As a practitioner, Yang Linyuan feels that the launch of Libra means the start of a currency war. "In the past, everyone may have been unaware of such risks and crises, but in fact, cryptocurrencies represented by blockchain technology are actually really Is a trend. "

"Many developing countries are very anxious. They are worried that after the launch of libra, they will lose their currency sovereignty and financial sovereignty. This is what we can feel," said Li Lin, founder of the well-known digital currency trading platform Huobi Group. "Changcun No. 7" reporter said that due to the psychological threat of the upcoming launch of Libra, "Many countries are acting in different ways, hoping to deal with this crisis."

Huobi.com, founded by Li Lin in 2013, is one of the three largest Bitcoin exchanges in the world. On this platform, the daily transaction volume of bitcoin exceeded 350,000 at a time, and the single-day transaction volume exceeded 1.5 billion yuan, setting the world's highest spot transaction record for the first time. Li Lin is well-known in the industry for his record.

Since its establishment, Huobi has carried out a global business layout. According to Li Lin, they are not only licensed institutions in the United States, Japan, Europe and other countries or regions, but also have business cooperation with many developing countries, especially countries along the Belt and Road. Through the "Huobi public chain", they can be quickly deployed. Financial infrastructure to provide relevant countries with various blockchain services such as stablecoins, pensions, and payment systems.

At the beginning of December this year, Huobi, as a private institution, participated in hosting the "Hainan Free Trade Port Digital Economy and Blockchain International Cooperation Forum", which is also the world's first global ministerial conference on blockchain, including Russia, Bahrain, Indonesia, etc. Ministerial representatives from more than a dozen countries gathered for a dialogue. "Houchang Village No. 7" is also one of the media participating in the conference.

The sight Li Lin sees is that countries around the world are actively developing blockchain technology in order to stand out in the next round of technological competition. Huobi established "Huobi China" in September last year, focusing on service applications in the blockchain industry. Li Lin personally told "Houchang Village No. 7" that after the collective study of the Political Bureau, the business demand for Huobi China's blockchain has increased "many times".

According to the data provided by Huobi, as of December 14, 2019, Huobi China's "Blockchain Education Project · Master Teachers' Lecture Hall" has completed 100 patrol lectures, covering as many as 16,000 people.

The unpublished Tianbao currency has become a torrent of rain internationally, which has prompted Li Lin to spend a lot of time and energy exploring a new direction: what can be done to help these countries?

He told "Houchang Village No. 7" that Huobi has established a new goal: in 2020, it will focus on the two major businesses of Huobi Cloud and Huobi Public Chain. Huobi Cloud is a Huobi Group company that provides overall solutions for digital currency issuance and payment based on blockchain, as well as digital asset financial market solutions. Huobi Cloud is currently working with the Congress, the Ministry of Finance, and the Ministry of Economy of multiple countries along the “Belt and Road” initiative. The central bank and other central banks negotiated to jointly build a digital financial system; Huobi Public Chain is an open source and autonomous public chain. At the beginning of the design, it added the design of a regulatory node, which aims at the traditional financial industry and national applications. Blockchain technology serves the global market.

Li Lin hopes to use the blockchain technology to make Huobi the builder and leader of the new global financial infrastructure in the future, and participate in the global economic and financial discourse competition that may be opened based on the blockchain technology.

"Possibly, the digital financial system that is truly spread across the world ’s new digital financial network and parallel to the traditional banking system of the past is accelerating. When will Libra be launched, and whether it can be launched, this is no longer important, because even if there is no Libra will have a similar thing. "According to Hu Jianing, president of Huobi University, it turns out that under the US dollar system, China has always had a weaker voice in global financial infrastructure. With the help of blockchain technology, China has finally encountered a global financial infrastructure upgrade and change opportunity, and we must seize it. "I feel that if we abandon the blockchain, we will abandon the future initiative and the future finance. The target will have a very negative impact. "

As early as 2012, Yu Jianing began to focus on the blockchain field. Prior to September last year, he was also the director of the Institute of Industrial Economics of the Information Center of the Ministry of Industry and Information Technology. He was a cadre in the government system. At the request of relevant leaders, Yu Jianing led a team to visit and investigate more than 100 blockchain-related projects, and led the preparation of a "White Paper on the Blockchain Industry 2018."

The white paper states that 90% of governments around the world are planning for blockchain investment. The United States is the forefront of blockchain technology. The United States Congress has established a "Blockchain Decision Committee". The European Union is working hard to create a leading area for global development and investment in blockchain. Their "blockchain observing stations and mechanisms" have been established, and while accelerating the research of blockchain international standards, they have also provided a large number of blockchain projects. Funding support. And South Korea in Asia also has corresponding state-level actions in the development of blockchain.

This official report describes the blockchain technology as a major adjustment that will drive the economic and industrial structure. It is a major turning opportunity for developing countries to achieve leapfrog development and occupy a strong position in the international division of labor.

The report systematically sorts out China's level of blockchain technology and industrial applications. It believes that China is in a leading position in some technologies and has a good foundation for the development of the blockchain industry.

After leading the report, Yu Jianing resigned from the Ministry of Industry and Information Technology and joined Li Lin's Huobi to preside over the establishment of Huobi University. Although the resignation of the sea is not an occasional event today, his job-hopping move out of the system convergence blockchain field still attracted media attention at the time.

"When many countries in the world still regard blockchain as a concept, or purely confine it to the field of digital currencies, China ’s exploration of applications has actually been very extensive," Yu Jianing told "After "No. 7 Factory Village" reporter, Chinese enterprises have already had a lot of applications in the blockchain technology fields such as BaaS system, supply chain finance, and traceability system that sounds obscure to the average person, and can also solve some practical problems in the industry.

According to the interview in "Houchangcun 7", China currently has a number of blockchain projects led by BAT giants, which are notable in performance, especially in the field of traceability and bills. There are some applications of their own scale, but they have not yet achieved universal social applications. To achieve this goal means that they need to fully realize the true value of the blockchain and the actual application scenarios.

"Its challenge is on the ground, not on technology." Li Jin, chief financial technology consultant and founding partner of Chained Future, Tsinghua University's Cross Information Core Technology Research Institute, told Houchang Village No. 7 that he worked for a domestic Internet giant blockchain company several years ago and participated in their district For the strategic planning of the blockchain business, he saw that they had partially solved the problem, but also faced huge challenges at the same time. Next, it can be suitable to use the blockchain, and then how to use it well, there is still a long way to go. "

3. " Ecology must be in our hands"

What is a blockchain? According to the reporter of "Houchangcun No. 7", the basic definition of it is: each participant establishes a digitally-trusted distributed shared ledger based on a consensus mechanism and smart contracts. On the blockchain, data is difficult to tamper with, can be shared, can be authenticated, transaction counterparties can choose each other, and can be traced back and audited. (According to Li Lihui, Chen Chun, etc.)

Academician Chen Chun also made a popular analogy when he met with reporters on October 31: In a village, Zhang San lent Li four hundred dollars to broadcast the debt to the whole village through a broadcasting station. All villagers After hearing the broadcast, after confirming point-to-point, record such a loan event on your own account book, and as a result, no one will dare to rely on the account, and no one will.

Chen Chun said, "One of the ideas of the blockchain is single point of initiation, network-wide broadcasting, cross-examination, and joint accounting."

This technical feature of the blockchain is not only naturally applicable to digital currency (financial), but also there have been many discussions about its integration with certain physical industries, but what kind of applications will this technology bring? In this situation, industry insiders also have mixed opinions. Some people claim that the next-generation Internet infrastructure may be built on the core of the blockchain. Others are cautious and think that not everything can be reconstructed with the blockchain. This technology is only suitable for certain special scenarios and New business build.

However, no matter what kind of application and construction, according to "Houchangcun No. 7" reporter understands that if the blockchain is to achieve further development prospects, it must have a solid foundation support, and this foundation support is for the underlying technology Take control.

"Every country has not realized the large-scale application of blockchain technology." Li Lihui, the leader of the Blockchain Working Group of the China Internet Finance Association, introduced at the annual meeting of NetEase economists on December 22, the blockchain database, P2P Although the basic component technologies such as peer-to-peer networks and cryptographic algorithms are relatively mature, they must further meet the new requirements for integrated applications, and other new technologies such as consensus mechanisms and smart contracts need to be improved. According to him, an international saying is that it will take 5-10 years for blockchain technology to mature, and China is also working to break the bottleneck of large-scale and reliable application of blockchain technology.

From the government to the industry, in fact, they are paying attention to the issue of "independent innovation" of the core technology of the blockchain. Based on the introduction of the reporters of "Houchangcun 7" by relevant interview subjects, the current development of China's blockchain is still based on foreign countries. The open source blockchain underlying platform, and the open source system re-developed in China, are also on top of Ethereum or the super ledger.

According to the data, Ethereum is an open source global public blockchain platform with smart contract functions. It was created by a Russian hacker Jeffrey Wilk, who is known as "V God", and the super ledger is a Finnish computer. The Linux Foundation, founded by programmer Linus Benardikt Tovac, led the initiative.

As an authoritative person in the financial industry, Li Lihui, who once served as the deputy governor of Hainan Province and the governor of the Bank of China, also disclosed that China lacks independent property rights in the underlying technology of the blockchain, and the widespread application of foreign open source programs may lead to Technology dependence risks, and must comply with the jurisdiction and legal constraints of the open source platform registration place, hidden geopolitical risks.

Li Lihui cited the "Digital Trade Agreement" signed by the United States and Japan in October 2019 as an example, citing the "Prohibition of requiring companies to disclose computer source code and (artificial intelligence) algorithms" clause to support his own opinion.

Earlier, the media pointed out directly that the trade agreement between the United States and Japan points to the leading power of global digital trade rulemaking (according to China News Agency).

"Blockchain is actually the integration of various technologies. At present, there is still a lot of work to be done in this area. (More new patents and ideas are needed. This is a new world. Others have not yet occupied it." Norway Academician of the Academy of Engineering and co-chairman of the International Institute of Electrical and Electronics Engineers (IEEE) Rong Chunming told Houchang Village No. 7 when he attended the global blockchain ministerial conference in Hainan. Another identity of Rong Chunming is the standard consultant of the European Regional Information and Communication Technology (ICT) Standardization Organization. He believes that China can cooperate with the EU in the development of blockchain technology.

Born in Guangdong, China, Rong Chunming is one of the most representative scientists in the field of international blockchain research. In many conferences and events in China, his name is often juxtaposed with Chen Chun, an academician of the Chinese Academy of Engineering.

This spring, the Blockchain Research Center of Zhejiang University, where Chen Chun is the director, officially launched the English academic journal "Blockchain Research", and invited Chen Chun to be the chief editor, while Rong Chunming was the co-editor of the journal. According to media reports, Zhejiang University's Blockchain Research Center will integrate domestic and foreign academic and industrial resources, and make "Blockchain Research" into a global-oriented, internationally influential academic that releases the latest research results in the first-class blockchain field. Journal. (According to New Finance Magazine)

In addition, Rong Chunming also served as the consultant of the Blockchain Special Committee of the Chinese Computer Society, which was established in May last year. His team also has projects in China, working with China to carry out digital economy and trusted network construction technologies around the strategy of network power. Cooperation (according to Qingdao Daily, etc.).

Over the past year or so, the European Union and relevant member states of the European Union have successively established blockchain alliances and joint declarations, the "Gaia-X Project", the Organization of the Seven Mediterranean Countries, special investment funds for artificial intelligence and blockchain technology, etc. Category organization or project. According to information disclosed by the media, the European Commission has been providing funding for blockchain projects since 2013, and it is estimated that by 2020, the amount used to finance the use of blockchain technology projects will reach up to 340 million euros (according to media such as China Business News) Message).

"If important technologies are developed on the basis of others, they may be regulated from the ecosystem similar to the Android system in the future," said Rong Chunming. "The ecology must also be in its own hands, not just open source. "

According to Chen Chun, in terms of blockchain, China and Western countries have different development paths. Western countries focus on financial innovation driven by public blockchains, and China has the underlying platform construction based on alliance chains. Advantage. However, the underlying research of the alliance chain is still led by the United States. "Our advantage is focused on the alliance platform."

Chen Chun is more optimistic about the development of the alliance chain in China, and believes that its performance is better than the public chain. "The focus of China's blockchain technology development is on autonomous and controllable alliance chains." (According to Li Lihui: Blockchain can be divided into public and private chains. Chain and alliance chain. At present, most experimental commercial applications use the alliance chain technology architecture. This is a distributed, multi-center, intermediary architecture. Most of China's blockchain financial R & D adopts a multi-center alliance's distributed shared ledger architecture. ).

In the process of competing in various countries, there is no conclusive conclusion as to who can become the world's strongest blockchain nation, but some main players in the Chinese industry have confidence in the future. Hold this view.

In domestic blockchain research, Tsinghua University is located in the north and Zhejiang University is located in the south. The media uses the "Tsinghua Department" and "Zhejiang University Department" respectively, and it is said that the current two leading blockchain scientific research camps. It is understood that as early as 2016, Tsinghua University was one of the earliest institutions to host blockchain competitions and summit forums in China.

By 2017, Tsinghua launched the earliest postgraduate blockchain-related courses in domestic universities, and academics including Academician Wang Xiaoyun participated in the lectures. (According to Connected Pulse).

And in early December, Xing Chunxiao, who participated in the Global Blockchain Ministerial Conference in Hainan, told the reporter of Houchang Village No. 7 that he made a report on blockchain technology and bitcoin applications at the Tsinghua University School Council in 2016. Several school leaders heard it vaguely, but under his explanation, in the end, they basically understood what the blockchain and bitcoin are all about.

Xing Chunxiao is optimistic about China's development in the blockchain. He believes that the rapid development of information science and technology in the past century, especially the Internet, which originated in the United States, has been developed for more than half a century, and China has taken the journey of others for almost half a century in only 25 years. According to this, on the track of blockchain, Xing Chunxiao also believes that China's "curve overtaking" will be the general trend. Of course, there are three indispensable prerequisites: first, the government's supervision and guidance; second, the process of core technology accumulation; and third, the innovation of industrial modalities. In the process, Xing Chunxiao, a scholar, also proposed that as a scientific researcher, he needs to sit down, be lonely, and really do a good job in the core original research of the blockchain.

4. "The era of making quick money is over, and the time to make big money is here"

"Look at the most important Internet companies in the world right now. They were all set up around 2000. Did the Internet technology mature at that time? Not mature. If you wait until the Internet technology matures and then enter this industry, then this The world does not belong to you. "

Sitting in the Wanxiang Building in Lujiazui, Pudong New District, Shanghai, Xiao Feng in front of the reporter of "Houchangcun Village No. 7" is clear-cut, well-quoted, and full of scholarly entrepreneurs. When it comes to blockchain, he is like many treasures, not like talking about a business, more like talking about a hobby, passion is difficult to hide.

Xiao Feng, 58, is a successful tide in the capital market. Since 1998, he has created and managed the Boshi Fund for 13 years, and developed Boshi from a 2 billion closed-end fund into 20 fund products with a total size of nearly 200 billion. He is currently the vice chairman and executive director of China Wanxiang Holdings Co., Ltd., and chairman of Shanghai Wanxiang Blockchain Co., Ltd. Wanxiang Holdings is a member of the Wanxiang Group founded by the famous entrepreneur Lu Guanqiu.

In 2014, Xiao Feng and related media cooperated to organize a digital currency forum in Sanya, Hainan, inviting Wu Xiaoling, then a member of the Standing Committee of the National People ’s Congress, the former deputy governor of the central bank, and Wang Yongli, a senior researcher at the Bank of China, to participate in the meeting. An asset management practitioner, he was very concerned about this trend, so he led the organization.

Xiao Feng told Houchangcun reporter No. 7 that his initial judgment was that Bitcoin may be unreliable, but the blockchain technology can be used. The theme of the forum he organized at that time was "Digital Currency-From Information Network to Value Network". He later noticed an evaluation from the Internet: this is probably the first time a central bank official has talked about digital currencies in public.

In the second year, Wanxiang Holdings established the first domestic blockchain research institution, the “Wanxiang Blockchain Lab”. The institution explored from blockchain technology research and development, commercial applications, and industrial strategies. They invited Vitalik Buterin, founder of Ethereum, served as chief scientist. In the same year, Xiao Feng organized the first Blockchain Global Summit. What he was satisfied with was the significance of leading the way. "This may be the first time someone officially promotes the concept of blockchain in China. . "

Xiao Feng is not the kind of industry insider who sits and talks. He has really pulled up his trouser legs to "go down" to practice. When the laboratory was established, Wanxiang Holdings launched a $ 50 million fund dedicated to investing in blockchain technology and application projects (distributed capital) with commercial prospects. In 2016, Wanxiang also publicly announced that it will jointly develop an 8.42 square kilometers Wanxiang Innovation Energy Concentration City in Xiaoshan District, Hangzhou with IBM, Microsoft, Ethereum and other institutions, investing 200 billion yuan. This is a building that can accommodate 70,000 to 90,000 people. Smart city driven by blockchain technology. According to official sources, the project officially started in March 2019.

In Wanxiang Blockchain, it is said that there are already more than a dozen applications in production, conceptualized, and proven design. They have a team of two hundred people doing blockchain applications. Their official statement is that there are nearly 200 high-quality blockchain projects invested by Wanxiang Blockchain Ecology in the world.

"We successfully eluted the scammers." Xiao Feng told the "Houchang Village No. 7" reporter with humor that this year's high-level signal was a "dongfeng" to them. Before I went outside and said the blockchain, at least half of the people looked at them with "different" looks. But Xiao Feng also frankly said that, regarding the blockchain, they have not yet been able to imagine a complete and accurate future, and he cannot say where the breakthrough point is.

Xiao Feng only initially noticed that if the blockchain can be widely used, it must be that it can really bring value that the Internet cannot bring. Although these value points cannot be made clearer, he is convinced that this is definitely not the current fund. And speculation.

It was almost a reversal overnight. Between the inexplicable outsiders and the cheering of the industry, the voice of "the smartest people in the world are doing blockchain" circulated on the network. It is still in the early stage of development (Chen Chunyu) and there is no industry standard that allows different frameworks to communicate with each other. There are many people in the industry like Xiao Feng who have insisted but have no clear direction.

"It feels like a pioneering experience in the industry." Hong Sheng, who has been doing blockchain operations for an Internet giant for more than two years after graduation, said that his conversation is not as excited as most people think. "Blockchain In order to realize its value, it must be superimposed with more advanced technologies. The key is to solve problems for the industry, so you need to understand a vertical industry. What problems exist and how can the blockchain solve them? "

When he said that, the Chinese-based Internet giant he worked for had already carried out a four-year blockchain research and development and application promotion work. It is said that more than 90 clues have been conducted or are currently being tracked.

On the one hand, the Chinese government has released signals to encourage independent innovation of the blockchain, and on the other hand, it is still strengthening the ban on the speculative activities such as the speculative operation of the blockchain to recover from the east wind of the blockchain. On November 22, Shanghai, Shenzhen and other places successively launched investigations for virtual currency transactions. A number of central media have also issued a series of warnings to the public to prevent the use of blockchain concepts to speculate in coins and make money.

"Strange and ridiculous, as long as it is labeled" Blockchain ", it seems like it can rise to the sky." Since being an investor, Yang Linyuan has witnessed a lot of blockchains. Fake entrepreneurs in the guise. He described this situation as "crazy", "Everyone has too high expectations for this new thing, thinking that it can change everything, subvert everything, and change the world." The reality is that inadequate infrastructure and other reasons lead to admission. Afterwards, everyone did not get the expected value, and the illusions were disillusioned. "The entire industry is facing a huge collapse of confidence."

Although the high-level wind direction in the second half of this year has boosted everyone's confidence, Yang Linyuan also proposed not to use the blockchain as a panacea. When the policy is good, we must be alert to scammers and blockchains wearing a blockchain coat. "Hard use", and practitioners must carefully choose between the three positionings of short-term speculation, medium-term arbitrage and long-term win. "Any investment institution must define its own ability model and find its own position."

Some people in the industry also told the "Houchang Village No. 7" reporter that for more entrepreneurial and innovative entities focusing on blockchain applications, a clear and fair starting line can be defined, which is also a good starting point for the blockchain industry. Development is beneficial.

"The era of making quick money with blockchain is over, and the time has come to make big money with blockchain." Hu Jiaoyuan President Yu Jianing said in an interview that he believes that the real sense of trust has now been opened. An era of making money and making money with far-reaching cognition.