Jason Qiao, Plato's Chief Eco Officer: Blockchain needs to focus on privacy protection

At the recent HashKey 2019 Digital Assets Global Summit, Platon's Chief Eco Officer Jason Qiao shared his latest insights on blockchain technology, cryptocurrency and cryptography at the Roundtable Forum. The following content is organized from the on-the-spot shorthand, and some of them do not change the original intention:

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I. The core concern and exploration of JPMCoin

Before joining Platto as the Global Chief Eco Officer, I am the Managing Director of Wall Street JPM Asset Management and can share the story of JPMCoin from the perspective of JPM's former employees.

JPMorgan Chase has actively explored the underlying technology of blockchain since 2015. I have participated in many early internal blockchain technologies and business model sharing sessions. From the outset, JPM has focused on the underlying cryptographic techniques of blockchain and its application in privacy protection, which is quite different from the starting point of many of the public chains we have seen.

JPM finally launched JPMCoin in mid-February this year from the earliest hybrid solution based on Ethereum Quantum and the use of constellatio technology to solve privacy problems. Later, JPM evaluated Ripple's business model and ZCash's zero-knowledge proof technology.

Although JPMcoin was only applied to the clearing and payment between JPMorgan's enterprise users in the early stage, it was not excluded to promote more areas in the later stage. Among them, the more secure private key management system based on cryptography technology and the comprehensive data privacy protection are still the core points of JPM.

Second, privacy calculation empowerment private key management and privacy protection

Regarding the cryptocurrency, JMP's official attitude is very clear, supporting cryptocurrencies with regulatory and effective management. The core of regulation is to achieve global anti-money laundering. One of the most feasible solutions at present is PlatoON's privacy-based computing technology based on secure multi-party computing (MPC). The core of effective management of cryptocurrencies is private key management. The private key is an asset, so there must be a complete set of private key protection and recovery techniques based on cryptography to ensure the absolute security and applicability of client funds.

Even in traditional Internet companies, data privacy protection is urgent, and giants such as Facebook and Google have repeatedly been penalized for data leakage in Europe. In terms of data privacy protection, Europe took the first step in the world. The GDPR was officially implemented in May last year, which means that data utilization without privacy protection will be difficult to be recognized by the government and regulatory authorities.

So one of PlatON's important missions is to wear privacy-protected clothing for the current blockchain. The data should be protected, the algorithm should be protected, and the collaborative computing at the enterprise and enterprise level should be provided on the basis of effective privacy protection. The blockchain project can really walk from the rivers and lakes to the temple, and the efficient collaboration of enterprises can be extended from the inside to the enterprise and enterprises. between.

Third, cryptography technology will open the next revolution

Over the past decade, everyone has misunderstood cryptography and blockchain. Blockchain is the first application of cryptography in the field of peer-to-peer payment. The most important form is the global consensus system based on blockchain. However, cryptography will open a larger transformation in the next decade than the previous generation of the industrial revolution, including productivity and production relations.

As Dr. Xiao Feng said, “Compared to the last industrial revolution, data is oil, and algorithms are internal combustion engines.” Data has privacy protection, and it has the power to make sure that it can be priced or leased or sold. This greatly reduces the cost of using the data, allowing the data to truly flow and realize value.

A typical example is the taxi industry. If you can't confirm the ownership of the car, you need to buy a car when you take a taxi. And passengers here don't need to buy the ownership of hundreds of thousands of cars, but only need to buy a very few hours of car use. The right to use is much cheaper than ownership, which can promote more liquidity and flow of data.

A similar example is Uber, a taxi company that collects passenger demand information and geographic location, then makes an optimal passenger matching plan and gives pricing. Then sell the results of this algorithm to the taxi driver and get up to 30% of the proceeds. Such a unicorn company in the Internet age, in the blockchain era, may be based on a Dapp that can provide privacy computing capabilities on the public chain.

PlatON is committed to a high-performance public chain that meets enterprise-level and strong privacy protection to support the next era of data sharing and privacy computing. We firmly believe that 2019 will be the first year of privacy computing. The public chain with privacy protection and privacy computing capabilities is the core element for realizing data utilization and digital assets from rivers and lakes to temples.

Fourth, cryptography technology has broad application prospects

When it comes to applications, you should look back from the blockchain back to the cryptography technology itself. The application of cryptography in the field of payment has already landed, and it is a peer-to-peer payment system similar to Bitcoin. The core of this application is the private key management system. Personal investment password currency is mainly concerned with income, while institutional investors are concerned about the security of password currency. The cryptocurrency is very different from the traditional currency, especially gold. Its security is actually the security of the private key.

Current private key solutions are at a very early stage, both in terms of security and user applicability. Therefore, based on MPC, Platon developed a new private key management system to solve enterprise-level cryptocurrency security issues, which can be used in password currency escrow, cryptocurrency funds, exchanges, and cryptocurrency asset management industries. The cryptocurrency is the first true private wealth and currency in human history, based on the idea that the private key is the asset.

Cryptography applications are not limited to blockchain and payment. In the next decade, we will see that with data privacy protection technology, data sharing between enterprises will be the next big application and market. Cryptographic-based privacy protection is like the “constitution” of the data economy, which regulates and protects “personal privacy data sacred and inviolable”.

In the past ten years, we have heard "In code, we trust". In the next decade, we may hear "With privacy, we preserve" more.