Since the beginning of 2019, many multinational companies have been involved in the blockchain field. JPM Co., the largest financial services institution in the United States, has launched JPM Coin, an encryption digital currency, for real-time settlement of payment transactions between customers. The stable currency FacebookCoin (FBC) will be issued. IBM has signed a letter of intent with six international banks to issue stable currency or tokens based on fiat currency on the use of IBM Payment Network World Wire, as traditional financial institutions continue to enter the blockchain field. In 2019, it will become the turning point of blockchain application and the opening of the new world of blockchain. Based on this, Mr. Yuandao has pioneered the "blockchain 1234" model, namely Divide the sky, the two sides, the three countries, the four coins, synergistic symbiosis, and mutual integration, open the blockchain world and the new prologue of the blockchain economy. To this end, Mr. Chen Yun, the president of the WBF (World Blockchain Conference) and the founder of Juxiang Capital, talked about Mr. Yuan Dao, and discussed and exchanged the new situation in the blockchain field in 2019 and the future development direction. And sorted into text as follows.
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01 new situation and new world of blockchain
Chen Yun: Hello, Teacher Yuan Dao, I am very honored to be with you today to discuss the latest frontiers and situations of the blockchain industry. First of all, what do you think of the overall macro situation in the blockchain field? You mentioned the new world of blockchain many times in recent times. What do you think of the new world of blockchain?
Yuandao: Yes, I think the biggest value of the blockchain is to open up a new world parallel to the Internet. The basis of the new world of blockchain is bitcoin. Without bitcoin, there is no blockchain. I am concerned about Bitcoin, but I don't speculate on it. I mainly focus on the Bitcoin mechanism and the "Tao" behind Bitcoin (the core spirit of Nakamoto Satoshi and Nakamoto Satoshi). The next step, including the bitcoin-based mechanism, can drive disruptive innovation in the future of information infrastructure, the combination of bitcoin mechanisms with 5G, terahertz communications and 6G, edge computing, decentralized AI and ultra-smart cities. All of this belongs to the new world description of the blockchain, and is also described in the 1234 model of the blockchain I recently proposed, and the most important "one-of-a-day" is the most important part of the new world of blockchain. component.
I believe that the new world of blockchain must have its own independent underlying infrastructure. Today's blockchain projects are built on the Internet (overlay). Currently, they are only pre-blockchain stages. Just like the Internet in 1995, they only relied on the PSTN dial-up telephone network to experience the Internet. The same logic, the original block infrastructure of the real blockchain has not yet formed, and the real world of blockchain has not yet begun. I believe that with the deployment of 5G, with the edge of edge computing, the maturity of edge AI and ultra-smart cities, and the continuous integration and application of technology, 2020 or 2021 will become the real foundation for the new world of blockchain.
Chen Yun: I also agree with your views on the overall form and the new world of blockchain. 2019 must be a turning point in the formation of an important consensus in the blockchain world. Everyone begins to truly understand and understand the blockchain world. Although it is now a Pre-blockchain stage built on the Internet overlay, with the continuous enrichment of blockchain protocols, the continuous upgrading and optimization of related technology packages, and the continuous access of related applications, we are thinking about the new blockchain. The world will usher in a new prologue, so how do you see such a great change?
Yuandao: Any blockchain + chain of assets (business) changes will take quite a while. Just like the Internet+, it must happen after the large-scale promotion of the Internet's original ecological applications (Internet new media, SNS, etc.) and the brewing of enough Internet aborigines. Our country officially proposed the Internet + industry application, which is the two sessions in 2015, which is 20 years after the birth of the Internet. Similarly, the large-scale explosion of the first wave of blockchain applications must also be combined with the full chain, complete blockchain ecosystem application. Following the above logic, I feel that based on the Bitcoin mechanism and the spirit of Nakamoto, the real point-to-point physical layer blockchain information infrastructure itself is a cultivating blockchain aborigines, full chain assets, fully consensus-driven The original ecological application of blockchain.
The new world establishment process of blockchain based on such original ecological and complete chain assets is also the basis and root of the overall structure of the new blockchain new finance, new economy and new society. This change will follow the relevant blockchain. The continuous improvement of the infrastructure and related application ecosystem is gradually unfolding. A new blockchain economic paradigm and a block new world order system will come.
02 block model of the 1223 chain
Chen Yun: We are really looking forward to what you have described, the arrival of a new blockchain world. You recently proposed a blockchain 1234 model to elaborate on the infrastructure of the future blockchain world. You can give Let us introduce the connotation in detail?
Yuandao: The 1234 of the blockchain mainly refers to the opening of the sky, the two banks, the three countries, and the four coins, as shown in the above figure. The birth of Bitcoin, and the birth of Bitcoin on the basis of Bitcoin, are based on the core spirit of Nakamoto’s thesis, and the structural expansion of Bitcoin through stratification and decoupling. . We all know that Bitcoin was born in the global financial crisis in 2008 because Nakamoto saw that the traditional international monetary and financial system has disintegrated and saw the normalization of the financial crisis, while Nakamoto has hoped to pass the cryptography system and economy. Incentive systems, the construction of a truly distributed world book to solve this problem, thus creating a new economic order, this is really a day. The birth of Bitcoin, without any institution sponsorship, no fundraising, no one to lead, has achieved real no original sin; each bitcoin participant can completely self-interest, compete for power and gain profits, and build value together; Inaction and inaction make such a system eternal. I believe that bitcoin will still exist after 10, 30, 100 or even 1000 years. Therefore, borrowing the philosophy of our Chinese civilization, I call the bitcoin product the “Daoshengyi” of the new world of blockchain. The birth of Bitcoin refers to the birth of Bitcoin. Of course, there are a lot of shortcomings in Bitcoin. I don't think we should improve these deficiencies by simply modifying the code and using "hard forks". Although hard forks improve the performance of Bitcoin from a technical perspective, they completely destroy the most valuable consensus. I believe that after the start of Bitcoin, we should continue to consolidate the consensus and deepen the interpretation of the core spirit of Nakamoto's thesis, and implement a structural expansion of the Bitcoin network through stratification and decoupling: first, upward Expand, build lightning network, decentralized stable currency based on bitcoin, defocal bank (DeFi) that explores autonomous encryption tribal governance, etc. This is "one life two", and second, expand downwards, using the latest black technology To create an Internet-independent future information infrastructure, the real version of the Matrix, including the complete decentralized network, storage, computing, building a truly never-ending world computer, and realizing the upgrade from the world books to the world's computers. three". With these three foundations, the new world of blockchain can be "three things." Today's ICO, all kinds of new tricks of IXO chaos, in essence, can not wait, the inevitable result of all life. The birth of a new world of blockchain requires patience; the consensus of the new world takes time; chaos and even sin can only be saved after destruction, and new students can be born.
Chen Yun: Yuandao teacher, you use the traditional philosophy of Chinese Taoism to understand the blockchain interpretation is very exciting, from Bitcoin to Bitcoin's upward expansion layer, programmable decentralized financial agreement, and then to the Bitcoin network to expand downward Out of distributed storage, decentralized networks, and distributed computing, the blockchain derives a prosperous universe from an underlying cornerstone. The impact and change it brings will require the participation of each of us, and will ultimately benefit each of us. I have to say that this is a huge change in the times. So how do you understand the "cross-strait" that you proposed in this model?
Yuandao: The two sides of the strait are the two forms of application represented by the Internet and the blockchain. I have three levels of interpretation on the understanding of the two sides. First, the respective descriptions of the two sides. In the Internet world, applications are kings and traffic is king. The underlying protocols of the Internet world (including TCP/IP protocols, HTTP, SMTP, etc.) account for a relatively small proportion of the Internet world, and applications account for the vast majority, especially mobile Internet applications, and now almost us Every aspect of life is based on the application of mobile internet, from the take-away to the taxi to the Internet payment, the application layer is the main body of the Internet; the blockchain world is different, the blockchain is "fat agreement + thin "Application", the protocol layer occupies the vast majority of the blockchain architecture, the blockchain is colorful, first of all, the underlying consensus agreement is colorful; second, the basis of the blockchain new world, the first is to fully inherit the Internet The achievements of the world, the aborigines of the new world in the blockchain, are first and foremost users of the Internet users in the Internet world. Third, the two sides of the strait echo each other and borrow from each other. The Internet and the blockchain, which are two mutually intersecting and parallel worlds, called the two sides of the strait, I feel quite a philosophical sense of the world from the other side of the world.
Chen Yun: Teacher Yuan Dao is very interesting to explain the system and structure of the blockchain based on the technical interpretation. The blockchain is an industry that is particularly close to the interests. There is no shortage of speculators who are quick and profitable, and you really have a firm belief in the new world of blockchain, crazy technical geek spirit and profound philosophical cognition. Always pay attention to the real value of the blockchain is very small. Can't wait to hear what you understand about the "Three Kingdoms"?
Yuandao: The public chain has the meaning of "Private state" in essence. The so-called "Three Kingdoms" mainly refers to the three forms of the public chain, three points in the world, each according to one party. The first party is the league's public chain. For example, the recently released JP Morgan coin has gathered more than 170 banks worldwide to build a coalition-type public chain. It also includes a digital credit union based on national credit, and a stable currency alliance based on legal currency. The STO Alliance public chain conforming to the local securities laws, etc.; the second party is the “private public chain” launched by the large-scale Internet platform based on its own users, such as Facebook’s release of FaceBook coin, on the one hand to create a multinational social virtual central bank, and on the other hand In terms of end-to-end encryption, user privacy through blockchain technology, realizing the return of user data, and realizing my data, the third party is the original public chain camp, opened by V God, around the basic public chain, industry applications The public chain, DAPP, cross-chain multi-chain platform, etc., the original public chain camp is the most active position of blockchain innovation and entrepreneurship, entrepreneurs, speculators, investors constantly influx, constantly trial and error, accompanied by manufacturing bubbles, The bubble burst, sin and destruction, salvation and new life. The three major public chains camp, the three countries compete for hegemony, and fully compete in the new world of blockchain.
Chen Yun: Very interesting interpretation. This year, we also saw that the three major public chain camps have achieved very important milestones. The blockchain has gradually returned to rationality from madness to the present, and practitioners have begun to sink their minds to think about the direction that is truly suitable for them. The collation and interpretation of the three major chain camps is very helpful to everyone. Finally, what about the four coins and which four coins? What is the specific content of these four coins?
Yuandao: The three countries are all issuing coins, plus the bitcoin camp (including the bitcoin expansion layer of coins), which is the four coins. The four major currency camps, each camp is colorful, self-contained, looking forward to fair, just, open competition, and expect to eventually achieve good money to drive out bad money. In particular, the Bitcoin camp and the original eco-chain camp have a common attribute, both with “capital formation”, which is the most exciting and controversial; the greatest and the most prone to sin. In addition, it is especially necessary to interpret the issue of the currency of the league's public chain camp, which is essentially based on the mirror map of traditional legal currency or traditional world assets. In principle, there is no new capital formation. However, these certificates can be programmed, can be arbitrarily divided, and can have the three-in-one characteristics of the gold flow, logistics, and information flow. The currency of the alliance public chain will also greatly improve the currency circulation speed and circulation quality of the traditional economy, greatly reducing the number of passes. Transaction costs and friction are reduced. I believe that the traditional world has made it possible to open the self-change through the alliance public chain and actively embrace the blockchain new world under the premise of keeping the basic monetary system stable and the traditional financial supervision system unchanged. Finally, regarding the original ecological chain of the currency, on April 4th, the US SEC issued the guidelines for the encryption of tokens, clarifying that the tokens belong to the evaluation criteria of securities, which is definitely a good news for the original ecological public chain camp, I believe it will soon emerge. A large number of utility tokens with real use value (features) and true legal compliance.
Chen Yun: Mr. Yuandao, you proposed the new block 1234 model of the blockchain. I think it is very simple and clear, but it provides a deep and comprehensive overview of the blockchain new world that is coming towards us. The practitioners of blockchain like us have been For a long time, it has been in the situation of blind people, it is difficult to see the global and truth of the new world of blockchain. This model is very valuable.
Yuandao: Yes, I have been thinking about this model for a long time. I think it has a very important meaning. With regard to this model, I am still thinking and perfecting, especially in the belief of friends in the industry and the new world of blockchain. Work together to discuss, rapid iteration and self-evolution. With the 1234 model of the blockchain coming from theory to landing, I believe that the new prologue of the blockchain world, a new social order and the world system will unfold.
03 The future of the blockchain new world
Chen Yun: Wanxiang’s Xiao Feng also expressed the view that the blockchain is creating a new world. We can create new wealth in the digital space that is much larger than the entire human social physical space. The distributed business brought by the chain may have a $5 trillion company in the future. Finally, do you have any good insights to share with us about the future prospects and development of the new world of blockchain?
Yuan Dao: I am full of expectations for the new world built by the blockchain, and I am working hard to promote the development process. In my opinion, the construction of the new world of blockchain must be created with the Bitcoin mechanism and the way of Nakamoto. A new future information infrastructure, including: point-to-point physical layer communication network, point-to-point encrypted storage network, point-to-point computing network, etc., eventually forming a ubiquitous, everyone-owned, never-ending world computer. From the world book of Bitcoin to the creation of a real world computer, this is a long-term evolution process that requires faith, patience, and the need to use the world for public reasons. This world computer will dominate the future world order, and the future economy, commerce, and finance will all be based on this. The most important thing that needs to be done now is the cold start, starting from a building, going to a community, going to a city, quickly iterating and self-evolving, and finally realizing all the smallest units in the new world and all the edge nodes interconnected. We are not far from the new world of blockchain.
Chen Yun: As far as I am concerned, as a firm believer and practitioner in the field of blockchain, the purpose of my establishment of Juxiang Capital is to position itself in the era of blockchain-passenger economy or the era of digital economy and distributed business. Investment and value creation of innovative industry investment banks, we help powerful companies to do compliance reform and transformation and digital asset management, and all these commercial applications must also be based on the new world foundation of blockchain. This will be very different from the traditional business world. It is a brand new system. After listening to your sharing, my confidence is more firm, and the development of the blockchain and the connotation of the blockchain new world and The architecture has also a clearer understanding. On this road, we will stick to our original heart and continue to contribute our strength to the positive development of the industry. Through our efforts, we will welcome the new world of blockchain.
[Author] Mr. Yuan Dao is the chairman of the Zhongguancun Blockchain Industry Alliance, a firm pioneer and believer in the field of China's blockchain, and a proponent and leader of the generalist economy. Mr. Yuan Dao believes that blockchain is a new generation of value chain network, which is essentially a new generation of organizational cooperation system in which the wealth creation process is democratized, value creation is more fair, and wealth distribution is more reasonable. Token is Based on the digital legal currency or cryptocurrency as the value voucher of the settlement currency, the application of the pass is the core driving engine of the blockchain. The pass + physical economy is the real blue sea; the public chain and the chain will be free, the crypto token will compete freely, Dapp The application will move toward multi-chain and cross-chain. The certificate will freely choose different public chains (or even a group of crypto tokens) as its own value anchor, while the issuance, exchange transactions, appreciation and depreciation will be a strong collaboration between people. Large-scale collaboration provides a very sophisticated and feasible economic incentive system. The financial subversion of the economic system will break the original industrial structure, shape a new industrial collaboration, division of labor and distribution system, and bring about blockchain and certification. The economic new economy and new finance are great opportunities for industrial upgrading.
Produced by: BitTribe lab (Hong Kong); Joint production: Giant Elephant Capital