Since the "10.24 speech", the entire industry has set off a wave of blockchain applications. At the cusp of the times, opportunities and challenges coexist. How do entrepreneurial rookies make a strong entry in the market with giants and develop in dislocation? The capital market bubble is rising, how do investors lay out? The public chain is not without land. How can regulators break the situation?
In the face of the above questions, from January 2nd to 3rd, Babbitt launched the "SheKnows final debate at the end of the year: 2020, the big change of the blockchain", inviting entrepreneurs, investors, research institutions and law firms in the blockchain field Delegates, find directions for blockchain practitioners, find their way, and welcome the big change of blockchain in 2020.
In the second event on January 3, "Talk about bubble discoloration? Layout of blockchain, capital will never sleep! In the book, Xie Wei , the general manager of Chain City Fund , Jiang Chun , a managing partner of Pricewater Capital, Tian Hongfei , the founding partner of Yuanwang Capital , and Wang Jiajian , the moderator of Babbitt , discuss the issues of blockchain investment.
- Beware of Yale and Harvard Endowment Funds, revealing the encryption investment "Prince" Paradigm
- Babbitt exclusive A-share blockchain concept stocks, the fastest growth rate of these 10
- Is there a future for Bitcoin? Is the fundamentals of the blockchain industry stable? Disciple Ren Zeping tells you the answer
- What kind of blockchain project is worth investing in? Graph Network Data Tells You | Babbitt Industry Lesson
- Global blockchain investment trend report for 2019
- The novice guide is ok, what is better?
Every aspect of blockchain investment
Moderator: According to information, in 2019, the number of institutional investment projects has fallen significantly, and 56% of institutional investment projects are only 1-5. All three are top-level investors. In 2019, how is your investment in the blockchain field (you can introduce the number of invested projects, your field, the amount of funds, etc.), do you think the market is cold or hot?
Xie Wei : OK! Our Hunan Chain City Fund is just a start-up company. Currently, we have completed three investments in 2019. Hunan Smart Government Blockchain, Hunan Chain City Digital Technology, and Hunan Defang Zhichain. They mainly cut in from the government field, from financial technology, and make full use of data. value. The gradual heating of the market is definitely a trend. More and more regions are in the learning and implementation stage. As influential products are gradually applied, 2020 will usher in a real opportunity .
Jiang Chun : We invested in Babbitt in the blockchain field . The whole blockchain industry should be in the near future, but it feels very hot soon.
Tian Hongfei : I invested in two projects in 2019, and the market did get cold. Neither of these projects is in the blockchain industry. Moderator: Our next question would like to ask President Xie Wei. Mr. Xie Wei, we know that Loudi's innovation achievements in the field of blockchain are well-known in the country. We are very curious. Why can Loudi, which is not a first-tier or second-tier city, have such outstanding performance on the emerging track of blockchain?
Xie Wei : First of all, we need our own development logic. Just like most of China ’s three or four cities, lack of talent, technology and capital, how to develop the blockchain industry? You need to find your way.
1. The value of government data needs to be re-understood. G-end data is the most valuable, and it better serves the people and realizes the data right, sharing, pricing, and trading on a larger scale.
2. Find our own advantages, small locality, familiar with the requirements of the government affairs system, and be able to land quickly; the government and departments have strong synergies and can quickly purchase products; the attitude of platform companies to cultivate industries can provide investment support and subsidy support in the early stage; we Of government leaders are highly aware, platform promotion, and government endorsement.
3. Thanks for the recognition and support of many experts and entrepreneurs in the industry, so that we have more opportunities for cooperation and development.
We got up a little early in the blockchain industry for more than a year, and fortunately, starting in the first half of 2017, our mayor fully recognized and personally participated! !! Moderator: The next question is for President Jiang Chun. Your main area of interest is technology. Some people believe that blockchain cannot stand alone. It needs to be combined with other technologies. What do you think of this issue?
Jiang Chun : According to a golden sentence from Luo Zhenyu's New Year's speech: " This world is not divided according to fields, but organized around challenges ." To solve any challenge, it is impossible to rely on a single technology, so the above question is basically a false question, the so-called "correct nonsense"
Tracing back to the source, Bitcoin, which is a model of blockchain applications, creatively applied a combination of distributed databases, point-to-point transmission, and encryption technologies to solve the problem of a decentralized currency. So in a sense, there is no simple so-called "blockchain technology", which is itself a technology combination organized to solve problems.
Blockchain is a technology combination from the day of its birth. It is a product innovation rather than a purely technical innovation . It is also normal for his connotation and extension to continue to expand. We should be full of expectations and confidence in such development. Moderator: Jiang Chun will always be more optimistic about the integration of blockchain and technology.
Jiang Chun : The Internet of Things (including the 5G "broadband Internet of Things"), artificial intelligence, and eventually these technologies will merge together. In particular, the branch of encryption technology in the blockchain is very important, and it will eventually be widely integrated with big data and information security.
Moderator: Mr. Hong Fei, Yuanwang Capital is a technology-based VC. There is a point of view that blockchain technology is still immature, so its application on land is limited. What do you think makes the blockchain go for ten years, but so far, the widespread implementation of the blockchain has not been seen? What is your main judgement, or trick, for investing?
Tian Hongfei: From the perspective of the development of the Internet, the Internet has experienced 1.0 portals to resolve information asymmetry, 2.0 to real-name social networks, payment and logistics-driven e-commerce and o2o, and industrial Internet. The development of the blockchain also needs to experience a completely virtual token economy system. To the real economy on the chain, the on-chain requires a credible institution to complete asset mapping and custody, as well as digital fiat currency and digital identity authentication infrastructure. The construction of these two infrastructures has not yet been completed, which requires the government to do. The basis for judging the project is whether the value creation system is closed loop and the on-chain system is credible.
Industrial blockchain, where is the living door, where is the dead door?
Moderator: At present, everyone is talking about the industrial blockchain, or equating the alliance chain with the industrial blockchain. What do you think of this concept? Is the combination of blockchain technology and industry the main theme of 2020? But public chains rarely talk about industry, why is there such a difference?
Xie Wei : I think that the industrial blockchain is more of a concept . The application range of the blockchain is very wide, whether it is government affairs + blockchain, finance + blockchain, or industrial blockchain, what is the name? Especially important. More practical applications of the blockchain field are suitable for the alliance chain, which is mainly determined by the degree of cognitive consensus and technological development stages based on the blockchain . Just like the original Internet from the single computer to the LAN finally formed the Internet, when the alliance chain is becoming more and more widely used, the degree of consensus is getting higher and higher, and technical support is becoming more and more perfect, many applications will eventually achieve cross-chain, side-chain or Other mature technologies realize the consensus of the whole society, just like the public chain.
I am very optimistic that more scenarios and cases of the integration of blockchain technology and the real economy will emerge in 2020, including the industrial field, government affairs field, and financial field. Application scenarios should be a stage of increasing proliferation.
Jiang Chun : As far as I know, the public chain does not have “rarely talk about industry”. Many public chains still actively want to combine themselves with the industry. Moreover, compared with the alliance chain, the public chain also has some advantages, such as the neutrality of the certificate.
The current difficulty of the public chain is mainly due to its business logic , because it must rely on issuing coins to the nodes to maintain the participation of the nodes, and the coins must be traded to have economic value. Under the current situation of financial supervision, this space will increase. Coming narrower. In addition, the public chain cannot, in principle, trust any node, resulting in a large amount of computing power between the nodes must be used to guard against each other, making the public chain's work efficiency unable to improve, and it will be very difficult to meet the industrial blockchain landing requirements.
Therefore, from the perspective of technology and business models, the current mode of the alliance chain is more advantageous for industrial landing.
Regardless of national requirements or the needs of the development of the blockchain, accelerating the industrial landing in 2020 must be the focus of the current blockchain companies.
But everyone must know that the blockchain technology itself can learn from each other , so we don't need to be particularly entangled in this matter. At present, some alliance chain technologies come from the public chain itself. After the alliance chain technology is developed in the application, it will also feed back the public chain technology.
Tian Hongfei : There is a problem in the blockchain industry. Too many people who don't understand technology like to talk about technology, and people who don't understand economy like to talk about economy. Everyone knows that there is an intranet created with the internet? The key is the ability to solve problems . I do n’t like to talk about technical concepts when I do technology, because the key to whether it is made in the end is not technology, but how to solve the problem of the scene. Technology will certainly evolve with the needs of the scene. I hope everyone understands the need to talk about the technical concepts less . The public chain is not talking about the industry because it wants to locate the infrastructure. Moderator: There are many landing scenarios for blockchains, such as government, finance, traceability, certificate deposit, etc. Which segment track are you most optimistic about? why? What's the biggest challenge on this circuit today?
Xie Wei : I am most optimistic about the government and financial fields for several reasons: 1. The data is credible and there is no original evil intention; 2 The degree of information is high and the value of data is highly recognized; 3 The space for data utilization is huge; 4 The willingness to pay Nurture. The pure traceability is limited by the development of the Internet of Things and the automation and informatization of the scenario. The benefits of pure certificate storage are not obvious, and the business model itself lacks incentives and is difficult to continue to operate.
At present, the biggest challenge on the track is inadequate effective demand , mainly because the main responsible person of the government has not understood enough and has not seen the huge bonus opportunities brought by the opening of government data. We are working with Peking University Boya Blockchain Data Research Institute to carry out in-depth case development, conduct mayor training courses, and use cases to guide demand.
With the rich application scenarios, the iterative update of technology will be accelerated!
Jiang Chun : Speaking of these tracks, they are all very good. Relatively speaking, I am optimistic about government and finance , because these two are customers . And these two types of customers have relatively strong ability to pay, and it is very important to find customers.
For industrial blockchain projects, the biggest challenge is how to integrate with the industry, understand the needs of the industry, and apply blockchain technology to solve industry problems.
Everyone has always said that blockchain is a technology about "production relations". If you want to change or optimize this production relationship, you must first understand this production relationship in order to promote the optimization and change of this production relationship.
Tian Hongfei : Before the completion of the digital fiat currency and digital identity authentication infrastructure, it is easier to do virtual assets that do not need to be on the chain ; or the scenario between enterprises in a trusted environment to improve collaboration is easier. There are some of these scenarios in these industries. But not all scenarios meet this standard, and I don't divide it by industry. Moderator: Mr. Xie Wei, the 1024 speech can be said to be the watershed leader in China's blockchain investment and entrepreneurship. You must be deeply impressed by this. Can you tell us about the specific changes before and after? In your opinion, has it affected your investment in the past 2 months?
Xie Wei : After the 1024 speech, many positive changes have taken place. The first is that leaders at all levels have moved. I accompanied the Ministry of Natural Resources and several provincial departments to report. I was thinking about how to solve the problems in the existing work with the application of blockchain technology. There will be more changes in 2020. Multi-purchase demand is generated.
Secondly, more traditional investment institutions have started to pay attention to the blockchain track. In the past month, the companies we invested in have been favored and docked by many institutions and listed companies in the industry. Large domestic capitals have begun to enter the market. The acquisition of Huayu Software into the Beijing Internet Court is a very good change, and the crisis coexists.
Many traditional information companies have awakened and started to actively cooperate with blockchain companies, unanimously optimistic about the huge potential for better data sharing and utilization. Opportunities for cooperation in this area will become a major trend in 2020. Not only to me, but also to the companies that have really taken root in the field of blockchain applications, it is clear that they have stronger confidence, more business, and a harder waist. Moderator: Mr. Hong Fei, after the 1024 speech, the country is hotly discussing blockchain, and entrepreneurship is in full swing. Will this policy-oriented "entrepreneurial wave" bring capital bubbles? As an investor, how do you think the blockchain investment under the boom is a blue ocean of opportunities or traps?
Tian Hongfei : The capital bubble is a manifestation of human nature . Overestimating short-term value and underestimating long-term value can be clearly seen from the Gartner curve. Investment value does not exist because of the presence or absence of bubbles, but bubbles bring a lot of noise and make decision-making difficult, not only for investors but also for entrepreneurs. For investors how to choose good projects and correct valuation; for entrepreneurs is to find real entrepreneurial opportunities and correct valuation of themselves. Some investors are good at speculating in the bubble to make money quickly, and some investors are good at finding long-term value in the bubble. The blue ocean of some people is likely to be a trap for others.
Moderator: President Jiang Chun, you once said that 1024 was the starting gun and the giants entered the game. Small and medium-sized entrepreneurs should run quickly because the window of opportunity is limited. In the past two months, we have seen that big factories can say that there are explosive projects landing every week. How do you think you can run as an entrepreneur? What kind of entrepreneurial projects do you invest in?
Jiang Chun : Hold on to projects, head projects, and big projects. The future belongs to people with ambitions and abilities . We like people with ambitions and abilities.
Moderator: We see a lot of fake blockchains or immature projects in real life. I would like to ask, in your investment logic, what kind of projects will you never invest in, and what kind of projects will you not invest in now, and may invest in the future?
Xie Wei : The key depends on the project logic, resources, and future data value . If it is only a technical pseudo-blockchain, we are fully capable of helping him to plug in the wings of the blockchain. Projects that don't touch the ground will definitely not be invested simply with great ideas. We keep track of projects whose project logic, resources, and future data value are feasible.
The team is excellent, and the logic and direction are not right. We can suggest and guide it. In addition to the docking of resources, the "pseudo-blockchain" is not absolute. Let the business model and technology run in parallel.
Jiang Chun : Confucius has said, " I can't even eat melon . I can't tie it without eating ." Either technique must be applied. Therefore, blockchain practitioners should be wary of hiding in their own ivory towers, sticking to some blockchain fundamentalist theories, not touching reality, embracing change, and even spending time on "blockchain ideology" to attack each other . People who can combine ideals and practice are people who can change the world. We hope to vote for such people.
Tian Hongfei : Those who do not comply cannot vote; those who are not credible on the chain cannot vote . Many projects require digital fiat currency and digital identity authentication facilities to be invested before they can be invested.
For blockchain, is there more opportunity or more risk in 2020?
Moderator: Some people say that the government council is the bridgehead of the blockchain landing? What do you think of this topic?
Xie Wei : I was the first to put forward this view, and it was also the earliest in China to be deeply involved in this field. Beginning in December 2016, I proposed to develop the development model of “ opening for the blockchain industry for the government affairs scene ” by fully mining data resources in the government affairs field.
Based on basic judgments, first of all, the value of data in the field of government affairs is extremely huge, and the degree of openness is low. Due to security concerns and data barriers, it has been lying in various "data warehouses" for a long time. Blockchain technology has brought about a new sharing mode and security method, which enables data to be really well-determined, priced, and traded. It has generated huge reform dividends. In the next 5-10 years, The deepening of the reform continues, and we are optimistic about the transition from "land finance" to "data finance". In 2017, when I communicated with internal employees, I proposed that there will be several "Ali" and "Tencent" in this field in the future.
Moderator: In 2019, the blockchain native project Jia Nan Yun Zhi and Ping An Yi Account are listed in the United States. In 2020, do we hope to see domestic blockchain projects listed? why?
Jiang Chun : I hope to see it because I already know how many are planning. But listing is not the end, and the real rise of the industry is the key .
Moderator: In 2020, it must be spring for entrepreneurs of the China Alliance Chain, but I still want to ask President Hong Fei, what will you expect from the public chain project in 2020?
Tian Hongfei : Look at what problems are solved. For example, the protocols on the Internet are http, ftp, and many other protocols. I don't think a public chain can solve all problems. A public chain that solves problems in a targeted scenario is a good public chain.
Moderator: 2019 has passed. I believe you all have a summary of the past year. What do you think of the impact of blockchain technology or ideas on you this year? In this year of the blockchain world, how many points do you give yourself?
Xie Wei : Since contacting the blockchain at the end of 2016, I think that the blockchain technology will change the world and make the world more honest and fair! The 1024 Politburo collectively studied the blockchain, and the Fourth Plenary Session of the 19th Central Committee focused on enhancing the modernization of the national governance system and governance capabilities, giving a very clear direction to the development of the industry.
In 2019, I participated in many professional activities and learned to speak in the industry. "The wine is also afraid of alleys." I am very fortunate to have the guidance of many experts, met many domestic entrepreneurs, and established deep cooperative relationships with more companies in the industry. In 2019, I also started to try to write my own understanding. The 21st issue of China Finance Magazine issued "Pragmatically Promote Fintech Innovation and Solve the Financing Difficulties of Small and Medium-sized Enterprises"; in November, it published "Blockchain Technology Application" on Rednet. Status and Opportunities in Practice.
Overall, score 8 points for the past 2019.
Jiang Chun : It should be said that this year's changes have given me a better understanding of the ancient Tai Chi thoughts: the cathode gives birth to yang, and the anode gives birth to yin .
Blockchain is a kind of decentralized technology, but in order to build this kind of decentralization, it contains a strong rule control. Therefore, he can also play a very important role in the social governance and data governance of the current digital society. This is actually to strengthen the power of centralized organizations such as the state, government, and large enterprises. But with such a large amount of technical investment, the development of blockchain technology is also promoted. Strengthening the implementation of the original ideal of blockchain will eventually promote the balanced development of human society.
I also score 8 points and need further practice.
Tian Hongfei : The development of blockchain technology is advancing by leaps and bounds. Although everyone does not say that the three-point group can't sleep yet, the development of blockchain technology has not stopped because of the departure of speculators.
I failed 5 points and still didn't track enough for many new technologies. Moderator: 2020 is here. In the new year, what are you most looking forward to? What new year plan do you have? For example, how many projects will be invested and how much will be invested?
Xie Wei : The application of blockchain has only just started, and the practice in many fields requires more open cooperation. We look forward to the booming development of the blockchain industry. We expect that the project companies we have invested in will make great progress and expand their applications to more provinces. The company will complete at least one new round of financing and become a benchmarking company in the industry.
In 2020, I hope to get a blockchain application case for an industry. Now he is leading the organization of the Changsha Construction Machinery Association's blockchain application practice survey and seminar. Four of the top 10 companies in the world's construction machinery industry are in Changsha. Try to find an overall solution model for the industry's blockchain to provide a one-stop solution for the industry. No longer just satisfied with finding application scenarios and solutions for customers, but also helping customers find business models, development units, complete product development, and even commercial monetization services.
In 2020, it is planned to complete 3-5 project investments, more than 20 million yuan . I hope more institutional funds will enter the blockchain investment industry and provide more ammunition!
Jiang Chun : I am most looking forward to seeing a wave of blockchain technology, just like the artificial intelligence of the previous two years, gradually landing. We hope to invest more in blockchain projects. Money hopes to be calculated in DC / EP . Our fund bullet is enough
Tian Hongfei : In 2016, I started paying attention to the monopoly of Internet giants and using the blockchain to break the monopoly; using the blockchain to solve the problem of user privacy data protection, and using zero-knowledge verification and counterparty computing to solve the data sharing problem . In 2019, everyone saw the various penalties imposed by the U.S. government on Facebook and the European government on Google ’s monopoly and privacy protection. I believe that these two areas will undergo dramatic changes in 2020. Yesterday's forecast from the Ali Dharma Academy also predicted this.
The use of blockchain technology to upgrade bt downloads, upgrade shared storage, zero-knowledge verification and share data, digital identity verification and other areas will make breakthroughs in 2020. I have seen several very good projects.