Babbitt Column | Blockchain: Smart Assets

We can intelligently adjust information content and trading rules according to the actual situation, we call them "smart assets." Due to the high credibility characteristics of technology generation, assets can be defined solely by the description of the information itself.

– Smart Asset Price Anchor Impossible Triangle –

In that land, the data nodes will float over the city and the village. When we want to get some kind of goods or services, these digital codes will be combined according to our needs – for example, you want to go to the audience to listen to the artist. The performance of the show, while paying the fee, the ticket string representing the admission rights will be automatically generated and stored in your personal digital wallet.

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It seems that this kind of ticket is not much different from the previous one. The electronic voucher installed on mobile phones, smart hardware and other devices has been around for a long time. In reality, however, tickets have long been subject to a large amount of information and usage restrictions due to the use of a series of programming contracts in the background. For example, you basically don't need to worry about it being faked because the system has created a unique code for each ticket owner.

Even if you have lost your ticket purchase time because you are busy with work in the past week, you don’t have to worry about whether you want to pay for the second-hand ticket that is several times the original price. This is because the artists, agents and promoters are on the contract. The resale ceiling price and transfer restrictions have made the sales price of the second-hand market not too expensive – and this will also benefit the organizers of the show with good reputation and audience support. Of course, if the outcome fails to deliver on the initial service commitment, process-based traceability will make it easier for you to get a refund or compensation.

Our lives will be covered by a variety of scenarios similar to the above. Since the “tickets” in these situations can intelligently adjust the information content and trading rules according to the actual situation, we collectively refer to them as “smart assets”. If the mirror world is a face, there are countless such asset nodes embedded in it. We know that assets are concepts in economic interactions and financial trading activities. They are used here because the future digital network can not only record general information transmission, but also rely on the high credibility of technology to generate The description of the information itself defines the asset.

Since it is an asset, everything that will happen next begins with the most basic trading behavior. From the barter exchange in the late period of primitive society to the prosperity of the modern commodity economy, human society is conducting trading activities almost all the time. The virtual space woven by the new generation of digital technology represented by the blockchain will have a large number of intelligent assets that can be traded from scratch. They not only clearly record the accurate information of goods and services, but also have the core A good pricing mechanism can form the cornerstone and trust skeleton of the mirror world, become the distribution center of the entire digital ecology, and promote the low friction and high efficiency of digital transactions.

Everything in the physical world will be gradually mapped to a new digital continent. However, this process is not mechanically described and copied, but is abstracted and refined by means of models, and assembled by techniques such as blockchain. Form new species, and then in turn to incite real assets and services to interface with them. For example, the smart tickets mentioned above, which brings together customers' demand for anti-counterfeiting and excessive second-hand price exclusion, can enable the organizers to actively upgrade the key technology to protect the rights of the owners, and promote the parties to seriously discuss the sale of tickets and Transfer criteria. In other words, it is precisely because of the generation of intelligent assets that other processes and links rooted in the scene will gradually be attracted to the bit world, and eventually form a complete puzzle of the digital mirror world.

The process of evolution does not happen overnight, but is hidden between several ups and downs, but there will always be a trickle, starting with the humble creek and eventually forming into the sea. In many cases, it requires us to abandon many of the established mindsets in the past. For example, the core of assets lies in pricing and risk management. Now the varieties of assets on the chain are not rich enough, the scale of transactions is small, and there is no clear price. Benchmark. On the one hand, with the expansion of the total amount of assets and transactions, the digitized price anchor will gradually be established; on the other hand, in the process of combining large-scale and offline entities, the pricing process of existing financial markets and the spontaneous formation of the chain The price discovery mechanism will interact with each other and there will be many situations that we have not encountered before.

The development of technology will be crucial to the future direction. Many of us talk about the impossible triangle of the blockchain, that is, we cannot achieve decentralization, security and high transaction performance at the same time. In essence, there is an impossible triangle for everything. For example, there is a fixed exchange rate in the monetary system, an independent monetary policy, and the free flow of international capital. The emergence of blockchain technology represented by Bitcoin, including the subsequent invention of fragmentation, expansion, state channels and sidechains, does not mean breaking the triangle, but expanding the scope of the triangle so that The problem is solved accordingly. The entire human civilization is constantly moving forward in such repeated breakthroughs.

Just like the rise of technologies such as computers and the Internet, the journey of new technologies will also start at the edge of the existing world. Starting from a small number of fanatic geeks, a small-scale consensus will be formed first, and then gradually adopted by various institutions. Application, and finally spread to a wider range of mainstream people. Different from the previous one, the blockchain is not a simple technology, but a complex body with technical, economic and organizational self-trust closed loops, which determines that it will experience more in the process of its growth and growth. Tribulations and challenges.

Inevitably, the early market will still be full of fraud, speculation and a large number of lawless elements, coupled with the high circulation and easy hype of digital currency, making even the foremost pioneers vulnerable to misunderstanding. After the technology has a preliminary potential, it will encounter pressure from many aspects because it will have a major impact on the existing market structure and interest system. In such an environment, we should keep clear thinking, cherish people in the same industry, and always have the best dreams – new technology will not stop, it will break the barriers and barriers of the existing world. Let the numbers flow without boundaries, profoundly affect the economic and cultural systems of the whole society, and eventually bring human society to a higher level of prosperity.

We will surely walk into the world of digital mirroring.

* The article is the original independent view of the author Li Kailong. Unauthorized reproduction is prohibited.

* Li Kailong, founder and chief architect of Robin Technology & Stream.

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