Author: Wang Ning
In the global financial crisis caused by the epidemic, what will happen to the development of blockchain? How to re-understand the development opportunities of blockchain technology with a long-term perspective? On March 24th, Fang Jun, a consulting partner and senior blockchain researcher at Huobi University, analyzed the development process of the information Internet in a live broadcast on the theme of “Re-understanding Blockchain and Blockchain Venture Opportunities in the Financial Storm”. Big opportunities in blockchain.
Fang Jun believes that in the context of the global epidemic, blockchain will develop better, and blockchain may follow a path similar to the development of the Internet. "It is time to seize the opportunities brought by the blockchain." "The current development of the blockchain is the Internet era in 1994, and the application of the blockchain has just begun." Early Internet has experienced explosive growth in the past 25 years. The year has experienced a long-term development, including the two bubbles it experienced, but even in the bubble, companies with very high domestic rankings have been born. The current blockchain is the second generation of the Internet, and the application of the blockchain has just begun. If you missed the opportunity of the Internet then, you must grasp the opportunity of the blockchain now.
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Numerous entrepreneurial opportunities can be found through the blockchain
Fang Jun was formerly the executive president of Entrepreneurship. He has nearly 20 years of experience in the Internet industry and rich experience in industrial strategic planning, technology product research and development, operation and investment. Now he is a partner of Kuaizhi Lab, a consulting partner of Huobi University, and a co-sponsor of the New Token Economic Practice Alliance.
Fang Jun said when comparing the Internet and the blockchain, what the current blockchain is experiencing is exactly what it experienced in the Internet era. "We can use historical information comparison methods to search how the current application scenarios of the blockchain are developing in the Internet era, so as to get more inspiration and more innovation." He believes that blockchain technology as a settlement platform, Trust agreements, fact machines, and world ledgers can give full play to their advantages in financial networks, token economy, certificate deposit platforms, and tools for confirming rights. This means that "Blockchain +" will officially open the era of value Internet. In the next ten years, countless entrepreneurial opportunities can be found through blockchain.
"Blockchain is a new generation of Internet technology. The stage of blockchain is the early Internet." He said, however, tokens and e-commerce are two concepts, but the model derived from tokens is similar to e-commerce. .
"The blockchain's certificate storage function is similar to the content of the Internet era, and the blockchain's token function is equivalent to the e-commerce in the Internet era." He said that the challenge that the Internet was facing when it changed the way people consume is exactly the current district. Blockchain is facing, new things are lying on the ground at the beginning. Blockchain is now on the ground. However, as a development trend of the times, blockchain will definitely take off in the future. So, now is the best time to grasp the blockchain.
In addition, Fang Jun also explained the hedging function of Bitcoin. He believes that safe-haven assets will not rise sharply during the global financial crisis, and safe-haven assets are only one of all asset allocations, and are relatively high returns. But this does not mean foolproof. Financial markets have their own laws and rules. Foolproof assets are against the laws of financial markets. Therefore, Bitcoin cannot be denied its status as a safe-haven asset because of the sharp fall in the global financial collapse.
In addition, because there was a short-term illusion before, that is, whether Bitcoin and gold are as safe-haven. In the long run, due to the low correlation between Bitcoin and safe-haven assets such as gold, investors can use Bitcoin as one of the safe-haven assets or as part of a safe-haven portfolio.
Blockchain technology upgrades trust protocol to sixth generation
Speaking of the trust agreement of the blockchain, Fang Jun said that human society has experienced five generations of protocols when it developed into the Internet society, and because of the smart contracts on the blockchain, it has truly realized point-to-point, individual-to-person, no longer need middleman. Through the smart contract programming of the blockchain, complete de-intermediation is achieved, and the various costs of establishing trust, signing contracts, and making guarantees are further reduced, and the trust agreement is officially upgraded to the sixth generation.
Fang Jun said that the blockchain has established trust between people and simplified transaction steps. In terms of trust agreement, it has two major characteristics: one is that when two or more parties reach trust and conduct transactions, there is no need for any form of intermediary intervention. Blockchain as a computer network can perform this function; Programmatically, smart contracts on the blockchain have developed into a mature technology that can be widely applied.
Fang Jun said that from blood relationship to blockchain, blockchain is the sixth generation trust agreement. The first generation of trust agreements was blood relationship; trust only existed between family members or tribal members, and the rest did not trust it. At this time, the trust agreement is blood relationship. The second-generation trust agreement is one-handed payment and one-handed delivery; in the market, people do not know each other, they do not trust each other, and they do not owe credit when they trade. At this time, everyone's trust agreement is that one hand pays money and one hand delivers. The third-generation trust agreement is commercial reputation; when the business is done for a long time, after the reputable seller gives the sample, the buyer will pay first and then receive the goods. The fourth-generation trust agreement is a commercial contract; the two parties rely on the signing of a sales contract to provide trust guarantees. The modern market economy basically revolves around the contract, and problems can be traced. The fifth generation trust agreement is an Internet platform; after entering the Internet era, the agreement has changed again. Regardless of whether individuals go shopping on the online shopping platform or conduct B2B transactions between companies, the Internet platform guarantees both parties, and the accounts and items of both parties are confirmed at the same time, and problems will be coordinated and dealt with. The sixth-generation trust protocol is an unmanned blockchain; when the blockchain came, the trust protocol was upgraded again on the basis of the Internet platform. Through the smart contract programming of the blockchain, complete de-intermediation is achieved.
Fang Jun pointed out that the characteristics of blockchain as a new generation of trust protocols are point-to-point, individual-to-person, and do not require any intermediary. It can also be said that blockchain is a social technology that promotes cooperation between people. It replaces company contracts and Internet platforms, but in fact, it is more like the "invisible hand" in economics. The difference is that the market economy is a human concept, and the blockchain is a network of programs, computers, and participants.
In addition, blockchain technology further reduces the various costs of building trust, signing contracts, and making guarantees. Through the blockchain, the cost of manual intervention is eliminated, and the cost will be reduced to one-tenth, or even one-thousandth, one-thousandth.