Block.One CEO BB 4D Interview Record: What is the future of the blockchain?
Original from sebastiaans.blog , the original author: WordProof founder Sebastiaan van der Lans
Source: Odaily Planet Daily Translator: Moni
(Star Jun: Brendan Blumer is the founder and CEO of EOSIO development company Block.one. Brendan Blumer is also an early investor in the blockchain and began to transition to the block after meeting with business partner Daniel Larimer in 2016. Full-time work in the chain field.)
Watched five times with Brendan Blumer, "What is the future of the blockchain? After the interview, I was surprised by all the content, so I decided to write the full text of the interview. This interview gives me the feeling that, like Walt Disney once said: "Celebrate progress, tomorrow is just a road to dreams!"
First of all, I want to list the interview content directory:
1. Let the blockchain surpass high-value financial transactions;
2. Blockchain, as a social movement, is a revolution dominated by consumers;
3. Popularization and application of enterprise blockchain technology;
5. Block.One and governance participation;
6. The blockchain is just an alternative database;
7, the technology network will soon be ripe;
8. Product development and regulatory framework development;
9. Blockchain and legal tender;
10. Bitcoin is the best value proposition for value storage;
11. The bubble is blown up by the media;
12. Blockchain technology is being adopted by enterprises;
13, the full stack technology stack;
14. The compound annual growth rate in the next five years will reach 75%;
15. The ultimate opportunity of the government;
16. The upcoming 20-year blockchain chain;
17. A huge challenge; meeting the expectations of the community
Q: Tell us about Block.One. There are also important things. Can you share some of your views on the direction of the industry?
As some may know, Block.One has been in existence for two years, and we are really focused on driving the adoption of blockchain technology and extending other use cases. As you may know, the first application of the blockchain is bitcoin, which is designed for its specific use case, namely as value storage, settlement layer and value storage.
If you want to extend the trading range to high-value trading, then the inherent problems of some blockchain techniques need to be corrected. In fact, these problems can be grouped into three categories: larger capacity, faster, and lower cost. And this is what I, our CTO and business partner Dan Larimer need to solve. Dan Larimer is the inventor of the Delegated Proof of Stake agreement, an alternative solution to proof of effort, basically a blockchain consensus and putting things into blockchains And the method on the ledger.
1. Let the blockchain surpass high-value financial transactions.
In the end, I was attracted by the work done by Block.One. We actually had a meeting in Blacksburg, Virginia. It was actually the place where we actually conceived EOSIO earlier, and then spent several months repeatedly. Meeting. But in reality, we are trying to focus on three things and work hard to make blockchain trading begin to apply to things other than high-value financial transactions.
Therefore, if we want to enter a new database world where every timestamp and every entry is placed in a blockchain-based ledger, many problems need to be solved. In addition, although we have made great progress in some areas, such as reducing the block generation time to one second and minimizing transaction costs, a single blockchain can now reach up to 10,000 transactions per second. Single-thread throughput. Of course, the blockchain needs constant improvement, and we still have a lot of work to do.
Our next step is to explore multiple sets of blockchains and cross-chain scheduling.
Q: When you see 10,000 transactions per second, do you think this is more practical from a business perspective?
When I say that the transaction volume is processed every second, it is only viewing the operation. When you try to put some content on the blockchain or change some content on the ledger, this is an operation, it is into the database. One step.
Historically, the blockchain's transaction throughput at a given moment—which we call single-threaded throughput—has been limited. We are continuing to add these resources, but at the same time, we are also studying how to cross-chain the education and meet the level of capacity that companies need to really use the blockchain, allowing companies to use the blockchain as part of their technology stack.
2. Blockchain, as a social movement, is a consumer-led revolution.
Q: Blockchain is not new, but now every company is trying to use this technology, can most large companies do it?
More and more big companies are trying to use blockchain technology, and their initial idea may simply be: "Well, we can use blockchains to be faster and cheaper." But they are not aware of blockchains. A social movement is being created.
Because we were able to create an ultra-secure, ultra-transparent auditable ledger, the blockchain began to shift consumer expectations for business model best practices.
We are now living in a world filled with social media, and Facebook shows us the information they have filtered. We can see the news feed and know that there are algorithms there. We know they are getting our data and are using it to advertise to us. We have a rough premise about what is going on, but we don't see anything under the surface. For us, all the databases and the logic that affects all the operations we see and execute are hidden.
Q: Well, they certainly don't want you to see these things.
Of course, but I believe that as time goes by, the blockchain will change this situation. The blockchain will change this situation through consumer-driven demand, and we will ask us to show us information that is hidden underground. Now, we want to see how they handle our data, how they advertise to us and how to pay for them.
Q: Is that going to be a big wall that you want to knock down?
Yes, just as the Internet has just emerged and began to destroy the institutions that existed at the time. Few people will use new technologies in the first place, but as time goes by, you will have more and more users and start to come up with better solutions to gain more trust from consumers and provide more features to consumers. And eventually achieve this change.
3. Popularization and application of enterprise blockchain technology
Q: You are dealing with companies with deep structures and thousands of employees, trying to change their minds, or at least adjusting their ideas, or letting them accept new ways of thinking. What do you do?
The Harvard Business Review wrote a great article saying that “blockchain is not a destructive technology, but a basic technology”, which means that the blockchain will not change everything in two to three years. Fundamentally, the blockchain is a new base building block that we can use to create alternative systems.
We used to build buildings with straw and haystacks, and now we have concrete. If you want to build a skyscraper, the first building you try to build may leak or be a bit ugly, but in the end, if you want to build a large building, you have to use concrete.
It will take time, I don't think this will happen immediately, and I think it's also due to the willingness of the company to accept these new technologies and whether they are willing to accept changes and risks.
The reality is that when you come into contact with all these big companies, their risk profile is different, and there are some tasks that are not even risk-taking. But these problems will arise in the future, and companies will have to cope with changes after things happen. In this case, they still have to know how much market share they have left.
I do believe that most innovations will come from emerging companies. Just as the Internet has changed our economic landscape, most of the world's largest technology companies do not exist in the past.
Printers and publishers have not created social media, but others who use innovation have introduced social media technologies. They have a high appetite for risk and are willing to take on everything that changes do, because they have already gotten out.
In the blockchain industry, I think you will see many similar things happen, but I do see a lot of innovative organizations, more and more private organizations, they are willing to embrace blockchain technology and adjust their technology stack. , change the trust relationship, coexist with consumers and realize the value proposition of block technology.
Q: You will wait and see, and then wait for your willingness to sell? Is this your long-term plan?
We are a very value-oriented organization. In order to achieve our mission, everything must be evaluated according to the plan and whether we see opportunistic synergy.
Q: I think the difficulty I encountered was: I always heard the word "decentralization". You have been talking about the blockchain. I also heard a lot about safety. But when I heard about decentralization, I always felt that it was not so safe. I felt more like "Wild West."
Yes, this is a good analogy. I have a weird relationship with the word decentralization because I understand the meaning of many people, but even in our own community, our definition of decentralization is very different. It has been said that Bitcoin is managed by the “centralization” of the miners who control the power. It is also said that EOS or Ethereum is “centralized” and everyone comes from different attack vectors.
Decentralized movement can be applied to all kinds of different things, and even decentralization can be achieved based on different geographical locations, favorable interests, and control. Everyone has different definitions of decentralization. I try to get rid of the term context as a whole, but analyze different forms of specific governance.
Any change must have a control group to implement these changes, and I believe that more and more sports are trying to spread this control through the social environment to achieve more checks and balances, but there is no one-size-fits-all solution.
There is no real definition of “decentralization” so far, and we are trying to create better networks, systems and organizations that represent us all, and provide better, more complex, and more balanced forms of governance.
5, Block.One and governance participation
Q: Your community is around the world, and there are different people and entities. Everyone and entity has a community. You have heard a lot about Bitcoin, Blockchain, Ethereum and all similar things. Terms, but they may have different purposes. Is it possible for you to reach a point in the future, that is, there will be some natural conflicts in the construction of the industry, and whether such conflicts will also be part of your development.
Absolutely, when we enter Block.One and assume their respective roles, especially in management, we spend a lot of time building the EOSIO infrastructure, which is now used in many different blockchains. To be honest, many of our competitors have used the innovative technologies developed by Dan Larimer. If you look at the top 20 public blockchain projects, many of them use technologies developed by Dan Larimer or EOS.
What we really want to do is focus on the basic technology. We have played a very important role in governance. This is the choice we make because we don't want to fall behind and recognize a specific form, a large number of public and private blockchains. Both use our technology.
We have not said, or even hinted at, any way of doing things. We believe that different types of use cases will adopt different forms of governance, and ultimately there will be one that will allow organizations to participate in the world of blockchain technology. In many cases, these organizations will launch their own blockchains, define their own governance styles, and do some reverse work from the organization's specific goals.
6, blockchain is just an alternative database
Q: You said that you have a complicated relationship with the word "decentralization", but if I look at it from my point of view, I don't like the word "subversion". The word is really used up, such as cars. Subverted the carriage. I mean, everything is being subverted or replaced. Of course, this may be the history of mankind, but we also have to say that a technology or an industry may be changed by you or by blockchain technology. So who is afraid of this change?
I don't want to give an overly simple answer, but it should be noted that the blockchain is just an alternative database. As for who is afraid of "subversion", I think everyone who uses this database needs to constantly study what its function is? What are the inherent characteristics and value propositions of blockchains? How can we benefit from it?
Everyone should do this, everyone will do it now, otherwise the subversive will happen. When you talk about who should be scared, I think what you are really talking about is what the blockchain technology has been. As for where the first dominoes in this revolution will start, this is indeed a tough question, depending on which blockchain entrepreneurs are in your area and how they will challenge existing business models.
7, the technology network will soon be ripe
Blockchain has revolutionized finance, especially for financial institutions with large technology networks, but outside the financial industry, it relies on user groups to drive value. Why is the code segment worth nearly $1 trillion? Because people choose to use them.
I think that people not only need to understand the blockchain technology stack, but also need to understand the social movement behind tokenization. Users should be the greater beneficiaries of the blockchain platform output, they will participate and create success.
As time goes by, I really believe that everything in the world will become a token-based element, everything. Let me give you an example:
You can think of the influential people who are keen on the new brand of clothing. They like the new brand because they are in the early stages. Once everyone starts wearing the brand, the hipsters will not wear the brand's clothes anymore, because in the DNA of the hipsters, it is to discover and spread new ones that they think are cool or add value to the society. product.
If you start to tokenize these types of components, you will fundamentally create a more competitive business model. If at the early stage, there is a private key on the back of the tag, the private key will provide you with a token, which will give you some benefits, both in terms of utility and value. This type of business model allows you to turn your user base into a marketing team and make your user base your beneficiary.
If you can start creating these types of patterns, what we see in a small amount of time is that things will change from 0 to 10, because the virality that brings the community into the high-speed development process is hard to match. contend. (Note: you can refer to the success of WordPress)
8. Product Development vs. Legal Regulatory Framework Development
Q: Is the cost too expensive for most organizations?
This is a good question. The biggest cost of most development work is time, complexity and legal costs. There is no clear framework for related fields. If you look at companies like Block.One, you'll find that they're innovative in starting to design a network (such as an EOSIO network) and even starting to raise money to build a product before building a business model.
We went out and used 60% of the total budget for legal fees to figure out how to get into the market in the best possible way.
Q: Is 60% of your budget spent on legal fees?
We must get legal advice in each jurisdiction because we are building a global network that sells products to people around the world. If you want to make sure you do business with best practices, and unlike other industries that have a very clear framework, we have to take a step back and do our best, then go to these lawyers to get legal advice to understand each Jurisdictions are all possible rights. The problem is that even if we seem to be insured, we can still take responsibility if something goes wrong.
Of course, cryptocurrency and blockchain are just an emerging product, and these problems are just by-products. As we continue to evolve, many of the regulations surrounding these industries will be further refined, and we will also know how to legally interact with tokens.
One more thing about tokens is that they are just an account unit, like an Excel spreadsheet, so you can't use a "one size fits all" approach to the content. Tokens are like tickets and digital goods. I used to sell virtual assets in a large online video game. When building EOS, we used a similar model, created a sale and purchase agreement, and sold digital goods.
We need to understand how these types of things interact with different organizations and build a mature framework that regulators are trying to accomplish. Now, everyone is at a different stage, and they are actively engaged in discussions within the industry, and everyone works with the best intentions.
In this case, it will become easier for companies to enter the cryptocurrency and blockchain industries, and the cost will be further reduced because they know that the way the government wants them to do this, and the regulators want you. Do this because they know that doing so will comply with the regulations in each jurisdiction.
Q: Legal companies may deliberately slow down their work efficiency because they are charged according to time. Since this is a new industry, the processing speed will be slower. Can they understand what you are saying?
Ok, I hope so. We spent a long time educating the law firm about how we plan to use and distribute these tokens, including in which jurisdictions we distribute tokens, and which sales methods are used in different jurisdictions, and then they will Give us the lessons and try to draw a path we can use. Next, we will accept their suggestions and follow them, but this is just an organic process.
Yes, the initial cost will be higher, but it is also full of opportunities. I think this is worth it, I am really optimistic.
For us, an organization like Block.One is more about understanding the rules. Regulators are also changing, and now the guidance provided by regulators is much more than ever and is still evolving.
Sometimes there will be some regressions and sometimes some progress, but in general, regulators will have a better understanding of the cryptocurrency and blockchain industries. From the US Securities and Exchange Commission (SEC) to other regulators, everyone has put forward a lot of different guidelines. When we move on to the next product, we will definitely have a better understanding of what needs to be done. Now with the regulators The communication between the two is also more open.
Regulators have begun to get involved in this area, so you can even go to the regulators, explain what they want to do, and get their feedback before they make a suggestion. This is obviously what Block.One is committed to, but it is the same for other organizations.
We can make products according to the rules, we only need to know what the rules are, because the clearer the rules, the easier it is for us to define the requirements of the product.
Q: Are you looking at how to create rules in multiple industries in real time?
The process of developing these rules is different based on different government governance conditions. The United States itself is a consensus-driven government, and no one can control everything on the top floor.
It's like a piece after piece, everyone is looking for very specific pieces. There is a good public health debate in US government governance, and this is now the case, but the operations of other countries are different. Sometimes, regulators in some jurisdictions may suddenly say: "This is the rule, it has been completed." Of course, we have to say that there is not much difference in building and implementing these rules.
You can call it a strength or weakness, but the United States is like a very democratic organization, although sometimes it may take more time to do things in the United States, but it's good. (At this point Sebastiaan van der Lan s said:) "This is one of the reasons why the United States has become a popular place for business. We have a strong contract law and have established a broad consensus."
9. Blockchain and legal tender
Q: Bitcoin may be very useful for Venezuela and Cuba, where the economy is going down, but for a more stable dollar, Bitcoin doesn't seem to be very useful.
When it comes to legal tender, I really think that cryptocurrency does not really infringe or compete directly with legal tender. I think cryptocurrency may be more competitive with products like gold. I believe Bitcoin is a new generation of gold.
When you really know the fiat currency, you know that the fiat currency is actually built for local spending and is designed for local payments. One of the criticisms of Bitcoin is: "Have you spent Bitcoin? Where can I actually use Bitcoin?" Well, where did you pay for gold? And, even if I give you the opportunity to spend your gold, would you buy the Facebook stock in gold, or buy any other assets that store value?
For these questions, your answer is no, right. Because the law is not built for gold. Whenever you have an adjustable asset, whether it is the proposed Facebook digital currency Libra, or Bitcoin, or gold; you want to pay in the US, you must calculate the profit and loss relative to the US dollar. That would be a tax nightmare, right?
What we have to do is to use the fiat currency for local spending, then transfer the assets from the value store to the fiat currency and then store the required resources there. Of course, some countries have better legal currency than other countries, such as the US dollar.
Since the US dollar is relatively stable, the US dollar itself has gained a lot of benefits while gaining wide recognition. But when people regard the dollar as a value reserve, many countries are not satisfied, and some even pay a heavy price. I think Bitcoin is more competitive with gold and other cryptocurrencies than the US dollar, and Bitcoin will reshape business models in many ways and will beat other types of accounting models.
Of course, maybe I just can't see the real competitive relationship between the independently issued currency, the non-government currency and the government-issued currency.
10. Bitcoin is the best value proposition for value storage
Q: If you have a car worth $10,000, if the value of Bitcoin is $10,000 at this time, and you happen to have a bitcoin, why should I pay in Bitcoin? In the unlikely event that bitcoin will cost $14,000 tomorrow, and I bought a car, I will be angry in this situation. Of course, maybe Bitcoin may fall to $5,000 tomorrow. What level do you think Bitcoin will reach in ten years?
I like this question. Obviously, I am a bitcoin loyal supporter. Although I believe that technology solutions like EOSIO are more environmentally friendly, cheaper and faster, Bitcoin has achieved critical awareness and mobility. Sex, its value proposition and technical differences are greater than any cryptocurrency incremental scheme. Bitcoin is sufficient for the purpose of value storage.
I really believe that Bitcoin has won the Holy Grail of value storage, because the critical mass surrounding Bitcoin is already a huge value proposition, and I believe in Bitcoin very much.
Q: Has Bitcoin won the cryptocurrency war?
I think you ask this question, it is like letting me compare apples and oranges. If you let me evaluate the war according to the gold standard, then I definitely think that Bitcoin won, because the value proposition of bitcoin's universality and potential liquidity is so great that you can't improve its technology to better. Good to compete with it.
But if you follow other types of use cases, I don't think Bitcoin is a success. It's not even comparable to other platforms and other product-driven tokens that realize smart contract revenue.
In the past, we often built our business model under monetary constraints. But now, we're integrating digital currency into product design, so we can actually build something very specific.
So what are we doing? In fact, when you see something like Voice, you will find that we are actually bringing more value and practicality to users. The platform for Facebook, whose output is visible, attracts a lot of mass users and then draws attention.
What would it look like if we shifted our attention to the users themselves through digital currency? In fact, when users interact with content and create content, we use tokens to express attention. The goal is to start reducing the participation of organizations such as Facebook and return the value to the content creators who really create value.
However, the above requirements will never be built on the Bitcoin blockchain. As we discussed earlier, this need requires a faster, more scalable, and lower cost blockchain.
11. The bubble is blown out by the media.
Q: Does anyone still remember the Internet bubble? Especially two years ago, during the heyday of Bitcoin…
To be honest, it is actually the media that blows out the bubble.
Today, digital currency has indeed become a region of mainstream media attention, and it seems that overnight, the news channel is full of digital currency and blockchain news. The result of this is that the ecosystem will suddenly inject a lot of fresh blood, and many people will be interested in the industry, so that the seller's market can not keep up. In fact, in such a short period of time, the creation of these huge public entrances into the entire ecosystem can easily lead to short supply.
Q: If the price of one thing rises by $1,000 in one day, I don't think anyone would want to participate. I mean, please believe me, I have seen these things since 1999. I feel the same now, but for beginners, the digital currency and blockchain industry is not easy. Do you think this will be like a comedy?
One hundred percent is like this. As I said, when an industry attracts so much attention in an instant, it is certainly not the fault of ordinary people. Instead, the media quickly produces a large amount of this awareness, causing people to flood into cryptocurrencies. And in the blockchain ecosystem.
But in fact, like everything else we have in the world, digital currency will follow supply and demand. Just like you will see the Internet bubble first, then see the Internet bubble burst. But the bursting of the bubble also has a good effect, it has planted the seeds of innovation. Last year, the cryptocurrency industry suffered from a bear market, just like a bubble burst.
12. Blockchain technology is being adopted by enterprises
In the past five years, we have seen an increasing interest in blockchain technology. You mentioned that the "unfortunate adjustment" is inevitable, but it will be the enhancement of industry awareness. With the deep understanding of blockchain technology, the practical application at the enterprise level is also becoming more and more.
We have seen the New York Stock Exchange parent company Intercontinental Exchange launching the cryptocurrency exchange Bakkt, and many organizations have also launched various types of blockchain programs (whether public or private), more and more companies Both have begun to get involved in this field.
Coinbase CEO said on Twitter that almost no agency was involved in cryptocurrency trading a year ago, but now some customers spend three to five hundred dollars a month on cryptocurrencies, as well as other new institutional funds. In the purchase of digital currency, Coinbase has also begun to respond to these customer needs.
Therefore, at this stage, many companies have begun to try blockchain technology. I believe that the entire industry is in the healthiest state I have ever seen.
Q: So every trader knows at least one broker, right? The market has a clear cycle. For cryptocurrencies, which stage of the market cycle are we currently in? IDC has said that in the next five years, the blockchain industry will grow at a CAGR of 75% per year. IDC is a great company, I respect their work very much, but they are evaluating a big number.
I also think IDC's numbers are too conservative. I mean, obviously, you just heard a word. I used to say on Twitter: People buy Bitcoin because they understand the requirements of the Bitcoin value proposition. They hold Bitcoin because they want to know Bitcoin more deeply. When you really come into contact with blockchain technology, you first understand that it is a secure database, and then you will feel "Oh, this is a transparent, auditable and immutable ledger", right?
What does this mean? This means that we can now have a certain degree of trust in these databases, a level of trust we have never had before, and you can start to really create new business models and ensure that you, your organization and your audience are aligned.
13, a completely transparent technology stack
As we said, one of the things we studied on Voice is that we don't want to use only the tokenization method, but we want to establish consistency between the company and the user base. The decentralized social network's attention in the user, plus the part we absorb, keeps the entire technology stack completely transparent so that everyone can see every algorithm we use, everything The way we display, and who pays for these services, we want to do one thing: "There is no guess, our revenue sources are transparent and consistent with your income."
What we really want to do is ultimately to create a unified business model in which we don't have the motivation to extract as much information as possible, and we don't break down information and speed up sales, and rely on it to drive business growth.
We and the user will be on a boat and we will say:
"Do you know? We won't try to be a trillion-dollar company, but try to be a much smaller company, but it will remain highly transparent in terms of how to use user information to monetize and how to use users. ”
When your data becomes valuable, it's you who can get a return, not an organization that motivates people to extract value.
14. The compound annual growth rate will reach 75% in the next five years.
Q: Usually, when an industry grows, it is likely that another industry is shrinking. If you want to buy my house, then you need to transfer the money to me. We trade assets, but what assets are transferred by digital currency? Where did the new money come from? With a growth rate of 75%, where does the money come from?
If you apply the same problem to the Internet, the answer becomes very complicated. Digital assets and blockchains are in the research and development phase, and companies are now aware of an alternative way of doing things and are starting to invest in IBM and other blockchain solution providers that can integrate blockchain technology into Among the technology stacks of your organization.
I think the digital asset and blockchain industries will explode, so the 75% figure is conservative because they only consider the organization's basic expenses, not capital expenditures, just to ensure the future development of the organization. For the digital asset and blockchain industries, I think that now is in the “understanding era”, companies need to conduct the necessary research and development, but they will definitely use such technology in the future. Then, as you delve into the practical application of digital assets and blockchain technologies through a variety of business models, you'll find that they will devour market share in other vertical markets.
Q: This may be the problem of the US Securities and Exchange Commission Pierce Commissioner? Enterprises do not want to disclose their business. Is this a fair statement? You have been talking about transparency before, but in fact companies don't like transparency.
The biggest advantage of the blockchain is that it allows you to "customize" the content of the external display. Transparency does not mean that the company exposes everything it does every day. In fact, you'll see many other competitors willing to showcase the technology stack, and this behavior will stimulate the popularity of blockchain technology.
As we move in this direction, blockchain technology will be part of the best practical application, and blockchain technology can actually enable companies to display and display more information. The whole world is moving in a more transparent direction, and I always say "no one can use the blockchain like the government, because the blockchain is just the regulation of data."
15. The ultimate opportunity of the government
Q: Will they be scared?
In the beginning, everyone worried that they didn't fully understand the blockchain technology, but I am convinced that our organization and the government are beginning to understand the technical significance of the blockchain and what the technology can do. Two weeks ago, China officially recognized the blockchain as a great technology in official news, so we need to adopt it more.
I feel that if you have been trapped in contradictions and hypocrisy, then it is easy to be isolated. You need to face the reality, that is: Many governments are now pushing blockchain technology, so I think that your mom really needs to know the details of each initiative, of course I may not need it. When we are away from all forms of blockchain governance, I am actually away from all forms of traditional governance.
Finally, let us look at how the government uses blockchain technology. Unlike any other person, from a government perspective, I think the real opportunity is to put the national currency on the blockchain. And I think people will soon see this happen, and some big countries on the planet are exploring this.
Blockchain technology can fully support the currency business. After putting the currency on the blockchain, you have actually turned the currency into a development platform. When people can accept the dollar and incorporate it directly into their products and services, or directly into their technology stack, you can imagine how much future growth potential will be. You'll see that all types of projects are starting to use the US dollar blockchain because the dollar can't be integrated with the dollar, and the blockchain can digitally integrate the dollar into the project. They can do something now, they need to use it now. Another less than ideal option to accomplish it: the technology stack.
Now, we have to send money through the bank, which is very costly. While some remittance services are integrated into Square or other services, the processing power of these services is often limited.
On the other hand, the government will never be able to control its money supply and will never be able to control it. And this is precisely the advantage of blockchain technology, the government can use the blockchain to better control the money supply, and the blockchain can bring transparency, and automatically implement anti-money laundering and “know your customers” (KYC), etc. Compliance requirements. We can trace the owner of every dollar on the blockchain and even see the whole process. This means that everyone lives in a financial system, and you can leave the network at any time, or you can join the network at any time.
To ensure that people don't participate in illegal activities, we now have to do a lot of manual work, but when you put everything into the blockchain, you'll get unprecedented transparency. Taxation will be directly linked to the US dollar, can you imagine? The entire tax law can be programmed into smart contracts.
This would mean that the United States, or any other country, would not only be able to better control its money supply, increase transparency, reduce fraud, but also provide users with clearer rules to guide them on how to use the currency correctly.
All of this will happen. I am not saying which country will happen first, nor that all countries will happen, but now several countries have begun to move in this direction at a very fast pace. Whoever does this first can gain all the benefits of developers who use blockchain technology and their currency integration, because these countries now need blockchains to support their fiat currencies.
Therefore, as far as the government and the way the government interacts with the blockchain, I think this is one of the biggest opportunities.
Q&A (pre-submitted questions)
16. The next 20 years of the blockchain
Q: What do you think people will remember about you 20 years later?
I hope that as an organization, people remember that we have contributed to the expansion of blockchain technology use cases and are good guardians of blockchain development. When the blockchain industry first appeared, there were many radical free thinkers who represented the entire industry (just like the way the Internet appeared).
As more and more people begin to systematically use blockchain technology, we usually see some more balanced understanding of blockchain technology, and I will work harder for it. I think, in addition to creating the technology itself, part of our job is to find a healthy middle ground that can meet all relevant constraints, including regulators, governments, big companies and entrepreneurs.
Therefore, we value the intersection very much, and this is where the true value proposition lies. So we not only invested a lot of resources in blockchain technology, but also spent a lot of time on the law. When the industry develops healthily and the various channels are intertwined, we hope to be able to stand at the “crossroads”.
Q: According to past reports, you have said that bitcoin has capacity problems. Is there no EOSIO?
EOSIO is an open source protocol. When you pay special attention to a blockchain, yes, EOSIO has capacity limitations, just as a computer has a single-threaded throughput limit. EOSIO is essentially asynchronously built, so you can start publishing multiple blockchains and plan operations on all blockchains while still getting deterministic output, which means you can really scale horizontally.
For now, this is a daunting task, and our organization is working hard to do this as soon as possible, because only when the single-thread throughput of the machine is truly maximized, you can start working in parallel, so our idea is to let Every single chain becomes as fast and as efficient as possible.
For more than a year, we have been actively working on how to achieve parallelism and how to start real expansion on an almost unlimited basis. We hope to address these issues to meet the needs of businesses and millions of users. . This is our goal of continuing to invest heavily and work hard, and it is what EOSIO hopes to achieve. We are in the early stages of this development, but in terms of innovation, I still think that Block.One is several years faster than any other organization.
17. A huge challenge: meeting the expectations of the community
Q: The last question I have to ask is that I just finished reading a book about Superbered: The Uber the Battle by U.S. New York Times tech journalist Mike Isaac, about how to build a company. . In addition to Block.One, you, and Dan Larimer, especially as part of the Virginia Tech community, I hope that you will succeed. But like Uber's founder, he initially wanted to build a car-sharing application, didn't want to handle personnel work, and didn't want to hear employee complaints. Then when you start a company, you will certainly deal with a lot of things that you don't want to deal with. As a 33-year-old CEO, what do you usually do?
Of course, there are many challenges in creating a company, and it is not the challenge you expected when you first started your business. Many of the challenges you encountered later did not make much sense.
One thing I have to deal with every day is to meet the expectations of the community. For us, this is very important. Our business model is made by the community, but no matter what you do, there is always a feeling that you will never be able to satisfy everyone.
As an organization, we try to act quickly, and we want each employee to tell us what we are doing, then post an announcement or share what our next project is. This is very different from the video game industry. You probably know what kind of game you will develop five years ago, although you haven't determined the game release time and much more. Therefore, we strive to maintain a balance.
We don’t even announce anything before we conceive, or start making big strides, but when we return to our own seventeen years of age, such as some legal matters we are dealing with, or healthy integration into society, we will also Sit down and design a timetable. Therefore, we are trying to reach a balance. Of course, we can never let everyone feel completely satisfied with the way we work. This is a huge challenge.
Another challenge is how to harness the full potential of each of us. I really believe that Block.One and the talent we have are the best in the world I have ever seen. As the guardian of this group of people, this is very important to me, I will pave the way for each employee to maximize their potential, and will be responsible for it.