Author: Song Ping, executive director of Digital Renaissance Foundation, cold leek in the Nordic Growth.
This is an article that can feel the low temperature through the screen of your mobile phone. Please bring your own autumn pants. First, let ’s look at a very cold point of knowledge.
When it comes to northern Europe, modern technology is inseparable. Bluetooth technology is named after the legendary Danish king Harald Blastand. The king ’s full name translated into English means Bluetooth. The Bluetooth logo is the abbreviation of the Nordic characters of the Bluetooth king ’s full name. So Bluetooth King Harald doesn't have blue teeth.
- Introduction to Technology | Understanding Bulletproofs of Zero Knowledge Proof Algorithms --Range Proof III
- Opinion: The blockchain is not effective in the short term, and the investment in basic R&D of large domestic banks needs to be improved.
- Swiss regulation has changed, Libra has become a “hot potato”?
- Jingdong released a blockchain technology and application panorama, first disclosed the 2020 strategy
- The FOMO effect is coming! Following China, the Korean government is committed to supporting blockchain technology
- Li Lihui, former president of Bank of China: Is digital currency another reconstruction of the global monetary system?
The legendary Bluetooth king unified the Nordic countries and gradually ended the Viking pirate era of siege. "Bluetooth" connects Denmark and the five Nordic countries with Denmark as a channel, opening a new era of overall European development.
But this article does not write about Denmark, but Finland, one of the five Nordic countries.
Nordic Silicon Valley Model:
The Internet era has created Finland's Nokia and Rovio mobile games companies. Historically, the dragon-slaying boy has become Jackie Chan. After these companies entered the stage of growth and stagnation, the company's behavior style changed from innovation and breaking rules to maintaining market share. After all, the new technology cycle is destined to spawn new industry unicorns, such as Finnish Supercell, the mobile game company behind the tribal conflict and the royal war. The new unicorn will attract investors and entrepreneurs who have successfully withdrawn from the previous round of technology cycles. Local universities' innovative incubation of technological concepts, plus bold newcomers and programmers who are constantly changing jobs, will be blamed. This Silicon Valley model is being staged in Finland. The following table summarizes the "subtle" differences between California Silicon Valley and Finland's entrepreneurial ecosystem.
Eco-oriented map of the entrepreneur community of Aalto University: Where to find money, teams, communities, platforms
This series of Nordic Blockchain Week activities held in Finland relies on the entrepreneurial ecology and community of Aalto University, Finland. There is no California sunshine, only four or five hours of sunshine, and the temperature is below zero and snowy. This article records the experience of a series of blockchain events held in the capital Helsinki at the end of November.
Nordic Blockchain Week = Junction Hack Hack + SLUSH Bank Blockchain Application Forum + Helsinki DeFi Open Finance Roundtable and Workshop
Junction crack scene
Junction: Junction is the largest hacker pine developer competition in Europe . It has been held for 4 years. Every year at the end of November, the Thousands of People Technology Development Challenge is held in Helsinki, Finland. Global and Nordic technology companies, financial institutions, and universities as partners, set technical topics, issue contest questions, and serve as judges. Junction Hacksong includes single-track development of multiple technologies and mixed development of multiple technologies. At present, the most popular technology routes for developers include blockchain, artificial intelligence, Internet of Things, games, etc.
Since the first Junction in 2015 , blockchain developers have continuously submitted projects.In 2018 , the blockchain track was established for the first time . With the support of the Digital Renaissance Foundation, NEO, Pchain, Behara and Babbitt , A number of blockchain hacking pine challenges were released, and completed projects include multiple applications such as stablecoins, online governance DAO, and digital ID. During the same period, the partners of Junction 2018 also included Blackrock, Supercell, Ericsson, Nokia, etc.
2018 Blockchain Division Scene
Junction 2019 Winning Project: Blockchain Works for Youth Cyber Security Scenarios
The Junction team will host a total of 47 hackathons in 2019, with a total of 6,000 developers participating. Among them, the total number of participating developers in the Finnish Finals reached 1500, from more than 100 countries, of which Eastern European and Nordic countries, and Russian developers accounted for most of them. A total of 350 projects were submitted during the 48-hour development competition. In 2020, Junction plans to host 10-20 local hackathon competitions around the world.
This year, more than 1,600 developers and mentors from the Finnish Finals voted together, and the highest vote was Tassu Passu. Tassu Passu project team members have participated in Junction hackers pine since 15 years, and won the prize in 17 years. Can be considered a hacker pine race tyrant. When Latvian guy Reinis Skorovs participated in Junction in 2015, he developed the peer-to-peer payment system of BTC on the e-commerce website using the Omini protocol. 2019 Junction's blockchain cyber security challenge, the Tsuu Passu team submitted a cyber security design for teenagers.
In a near-cashless Nordic society, how children and adolescents can use online payment smoothly is a worthy need. It is difficult for young children to create and remember character passwords. The Tassu Passu project redesigned the online payment experience for this scenario. Adopting the technical standard of digital currency cold wallet, cartoonizing the mnemonic of the private key, children can choose the mnemonic to create an easy-to-remember story, so they can complete the private key login without entering a character password. For example, children under the age of 7 can set up a mnemonic private key combination through the setting of a role-playing game, by choosing a cartoonized hero image, the house where the hero lives and the food that the hero loves to eat.
SLUSH Conference Bank Blockchain Application Forum
Slush is originated from Helsinki Technology Venture Capital Conference in Finland. Since 2008, Slush has initially gathered from 300 entrepreneurs gathered in the entrepreneurial sauna of Aalto University, and has developed into a 20,000 European and global technology venture conference in ten years.
The 2019 Slush Blockchain Chapter in Finland was hosted by Bearing point: Blockchain Reinventing or renewing banking? The seminar discussed the current European case of the application of blockchain technology in the banking industry.
Guest organizations of the round table forum: Nordea Bank Nordea, Central Bank of Finland, Bearingpoint, University of Basel, Frankfurt Accelerator.
Although Nordea prohibits employees from holding bitcoin, its exploration of blockchain technology is at the forefront. Nordea Bank launched the we.trade alliance chain project in 2018, which aims to help SMEs solve the difficulties of trade guarantees and cross-border payments. The We.trade platform realizes on-chain confirmation of trade contract signing and information traceability through smart contracts. As a landing application of the blockchain supply chain financial scenario, We.trade cross-bank alliance provides interoperability of inter-bank transactions, and a unified electronic contract template can greatly replace paper contracts and emails.
ABACUS DLT Bank Market Supervision Reporting Project. At present, the supervision of European banks is based on the European Market Infrastructure Regulation (EMIR), which submits bank transaction information to regulators through the bank's own reporting system. This operation is inefficient and time consuming and easily leads to inconsistent data. By incorporating the European Central Bank's Financial Market Statistics Report (MMSR) regulatory rules into smart contracts, and establishing a unified process for uploading and reporting bank transaction data, the problems of inconsistent data and incompatible upload systems can be greatly resolved. And the system can be upgraded and expanded. The project has subsequently supported the Swiss and Canadian securities market regulatory rules.
Roundtable View Summary:
- Through the data sharing of nodes on the chain, the kyc data of a bank's customers can be used by other banks (nodes), reducing the cost and process of repeating kyc for a customer in multiple banks.
- Blockchain encryption technology can separate high-sensitivity data such as name and identity card data from personal low-sensitivity data during data circulation. For example, attributes such as age, finance, and gender. The encrypted use and sharing of these attribute data can protect sensitive data related to user identity and meet GDPR privacy regulations.
- Trust is difficult to scale. Trust is hard to scale. It is unrealistic to expect everyone to be responsible for their own digital currency investment, and to manage their private keys alone. Large-scale landing applications may still require a centralized trust carrier. The blockchain does not go to intermediation, but uses the distributed network as a new intermediary to reconstruct trust.
Compared with blockchain practitioners, the style of banking discussions on blockchain is very different, you know.
Helsinki DeFi Open Finance Night
SLUSH Side Event DeFi Open Finance Night: Host: AAVE, Co-organizer: MakerDAO Foundation, Konsensus Finnish Digital Currency Blockchain Association, DeFi60 Association, Finnish Digital Currency Broker Coinmotion, etc
Representatives of round tables: Finnish OP Bank, MakerDAO Foundation, AAVE, Coinmotion.
Roundtable View Summary:
The predecessor of the AAVE project is Ethlend, the first decentralized smart contract lending project on the global Ethereum. The AAVE project was upgraded from Ethlend's point-to-point order matching to a loan pool transaction. This solves the pain points that the borrower and the borrower could not obtain the profit and liquidity before the peer-to-peer order was closed. AAVE means soul in Finnish, and the name implies that it is transparent and open. Stani revealed that AAVE plans to change from a platform model to an open source protocol model. After the loan pool agreement is open sourced, anyone can use the AAVE protocol to create their own loan pool or connect to AAVE's loan pool to further improve liquidity and develop loan market products.
Open Finance DeFi Many people praised its open permissionless and smart contract. But the most underestimated innovation of DeFi is actually composability. Regarding combinability, my colleague Cao Yin has a special opinion. See the article “Through the Myth——Devcon's DeFi Thinking”.
Multi-collateral Dai, MakerDAO in the MCD era has gradually played the role of a digital currency central bank. After the release of the MCD, the Oassis platform launched a Dai Savings Rate (DSR) similar to a Dai current savings account. interest. The application layer above the maker protocol, such as conmpound's Dai, has higher interest rates and higher risks.
DeFi Workshop: The Makerdao Foundation European team will teach you how to transfer Sai to Dai.
After the MCD multi-collateral Dai goes online at the end of November, the single-collateral Dai (Sai) position SCD may be forced to liquidate after 6 months. Holders of SCD positions that have not yet been transferred need to pay attention. Dai and Sai currently have interest differentials and short-term transfer incentives.
Author introduces DeFi60 Association: WeConnect The Dots of Eastern and Western DeFi ecosystem
As the co-organizer of DeFi Open Finance Night, the DeFi60.com Association has also announced its launch. DeFi60 Association was established in Helsinki, 60 degrees north latitude, Finland. The purpose of the association is to bring together the unified voice of the DeFi industry, and set up a working group to help the association's DeFi member projects carry out work in the field of community communication and policy dialogue.
Nordic Blockchain Week's Junction Technology Hack Hack, SLUSH Bank Blockchain Application Roadshow, DeFi Roundtable Workshop. The theme of this series of activities is common: how to make financial services more transparent and friendly
o Hacking Pine: Make more users more friendly to access and keep their private keys
o Banking industry blockchain forum: As a centralized financial organization, banks solve the problem of mutual mistrust between banks and nodes through the alliance chain project.
o DeFi round tables and workshops: Decentralized financial DeFi, open source products and agreement to solve the problem of end user trust
The Europe in which the author lives has restarted the era of negative interest rates and is a unique "landline" of international financial markets. Keeping money in a bank account is a burden. Originally it was a business of saving money and making money, but now you have to pay the parking tax as well as the parking fee. If you use cash without saving money, you will find that in the five Nordic countries, the use of cash is a difficult problem in the leading cashless electronic payment market.
In order to cooperate with the government to stimulate the economy and consumption, banks continue to promote electronic cashless payments, cooperate with the government to introduce national digital currencies to replace cash, encourage loans and implement negative interest rate monetary policies. This is a containment of cash and deposit yield. For individuals to prevent their assets from shrinking, they must passively understand the financial wealth management products sold by banks, traditional insurance, and fund wealth management contracts for people in the non-financial field. Everyone needs to guess how much intent and concealment are behind the wealth management product managers and service contracts sitting in front of them.
Compared to centralized finance, the trust of open financial DeFi is based on open source code and protocols. The protocol itself is more user-friendly as a service. Everyone participates in an open game, and the rules of the game are open, which is largely avoided. Rent seeking and evil. Recently, Twitter CEO Jack Dorsey announced that Twitter will try to move from Internet platform to protocol. The biggest driving force in this is to start from user-friendly design, open source Twitter's user content recommendation algorithm, and modify the content recommendation algorithm for users. free.
Finance is the native battlefield of blockchain technology. In this battlefield, financial services are protocolized and open source has many advantages: making rules more transparent, allowing applications to be more decentralized, avoiding regulatory dilemmas, focusing on products, and being more user-friendly.
Open source and transparency also happen to be the character passwords of the Nordic programmers. In the "money first" financial industry, why are MakerDao from Denmark and AAVE from Finland wanting to open source software instead of making money by selling software? I once could n’t stand it in the office coffee shop Just throw this question to Martti Malmi. Martti said: We want to change the world through programming. The code I write is used by more people, and it is the greatest satisfaction to run on tens of millions of servers. I think: At this point, Marti has written the Bitcoin project code for Satoshi Nakamoto.
Winter in Finland has long nights, and snow on the road slows down. The harsh climate shaped the tough and tenacious Sisu spirit of the Finns. There is winter, there is hope for the recovery of all things and spring, and we will see you in the winter of 2020.