Wuzhen·International Round Table: China loves the blockchain so much, I am sour

On November 8th, the “2019 World Blockchain Conference·Wuzhen” hosted by Babbitt was officially opened. The conference gathered more than 100 global blockchains, digital assets, AI, 5G experts and scholars, and technical geeks. Opinion leaders and founders of popular projects, with the theme of “application unbounded”, explored the application of blockchain, technology frontiers, industry trends and hot issues, and promoted blockchain technology and industrial innovation.

On the morning of November 9, in the “Blockchain Big Event: New Hotspots and Explorers” forum, the “ insight into the global blockchain market” roundtable attracted a lot of attention.

The round table guests from all over the world shared their respective blockchain dynamics and their views on the development of China's blockchain. When talking about China's inclusive attitude towards the blockchain, even the guests said that they were very embarrassed.

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Among the guests who participated in the discussion were Japan's well-known KOL Miss Bitcoin Mai Fujimoto, HashPort CEO Yoshida Expo, former executive director of Mitsui Sumitomo Bank and president of Asia Pacific, Mr. Shimura Masato, Microsoft's chief innovation and technology consultant Xu Yutao, and Paxos co-founder and Asian CEO Rich Teo. Hosting this round table is Ren Biao from Babbitt International Station.

The following is the round table content compiled by Babbitt:

Guest introduction:

Fujimoto Masahiro: Known as a bitcoin by a friend, she touched Bitcoin in 2011 and felt that Bitcoin had great prospects.

Yoshida Expo: From the Japanese consulting company HashPort, mainly dedicated to the compliance of the exchange and the new currency, in addition to the accelerator business dedicated to blockchain projects.

Masahiro Shimura: a senior bank practitioner who is very interested in Bitcoin and blockchain.

Xu Yutao: Microsoft's chief innovation technology consultant, helping developers to better use and develop software and launch more interesting applications and solutions.

Rich Teo: Co-founder of the stable coin giant Paxos, hopes to help big companies to better make blockchain technology better with a compliance approach.

What is the future of the blockchain community in Japan?

"I think Japan and China must cooperate in this regard."

Fujimoto Real Clothes: We know that the community has existed before the bubble. Japan has two different communities and cultures, and the two coexist. Many large companies are now very interested in blockchain technology. And some of the alliance's blockchains are also very active. In Japan, everyone wants to develop blockchain technology. I think Japan and China must cooperate in this regard.

What is the difference between Japan and the evaluation project?

"When we go to the purpose of the option, we mainly look at two big directions, one is compliance and the other is applicability."

Yoshida Expo: I need to introduce Japan's regulatory mechanism to facilitate us to better understand project selection criteria. First, the Japanese project exchange must submit through Japan's compliance transaction, then conduct an audit, and then submit it to the Finance Department for approval. This takes 5-6 months. We are serving a lot of exchanges in this process and completing the entire compliance process.

When we go to the purpose of the option, we mainly look at two big directions, one is compliance and the other is applicability. In the case of compliance, I feel that Japan mainly attaches three points: The first point is AML (anti-money laundering). In June last year, the Japanese exchange removed the anonymous currency. This is an instruction from the Financial Services Department. The main reason is that it cannot be managed in taxation and anti-money laundering, so this is the most important point.

The second is liquidity. Because Japan and domestic or the world's major exchanges have different business models, their own exchanges do not have sufficient liquidity, so this currency must have sufficient liquidity abroad. We think that the appropriate market value is about 150 million US dollars, which can guarantee the stable trading of the exchange and the circulation of this currency in Japan.

The third point, this point may be the point that many Chinese public chain projects have not paid special attention to: in fact, Japan is firmly resisting gambling. If gambling is not adequately managed, it may be difficult to obtain supervision from Japan. And recognition.

Let me talk about applicability. Marketability We look at two points: First, there is no practical application, and then there is no need to use the blockchain for practical applications. Because in Japan, digital currency is a financial product in the capitalization algorithm that needs to be used in daily life.

Another point that is very important is the team. If the team just wants to speculate on the currency, it is not too much in line with our tonality. We still want to work with people who really engage in technology.

China loves the blockchain so much, I am sour.

"About the use of blockchain, I am in China."

Masahiro Shimura: I have been working in the bank for more than 30 years. The most important function of a bank or financial institution is to keep the currency active. Money has three very important functions: measuring value, storing value, and transferring value. So the function of money is very important, so every country's central bank has to supervise the country's various banks and financial systems.

Based on this, I am very interested in the current discussion about Libra, not just in Japan. If we consider the basic function of money, let's look at the Libra issue, we may consider this issue from the perspective of the government and the central bank. People in the commercial banking sector may be more positive about Libra.

I personally want to introduce the blockchain because I represent the financial sector. But the blockchain can be used in various fields, not just in the financial payment field, but we are only talking about the financial sector. Some people are very conservative about this. I personally are very jealous of China in this respect. The Chinese people, because the Chinese government emphasizes the importance of introducing blockchain, and there are also bitcoin mining activities, in this regard, I also want to learn more about China's blockchain.

What is the layout of Microsoft's blockchain?

"Every Starbucks you drink has a credit for Microsoft."

Xu Yutao: Actually, Microsoft made a lot of investment in the blockchain four or five years ago. We have two roles here. We are doing three things: the first role, Microsoft itself is a blockchain user, and there are some stores. You can use digital currency to buy apps and physical goods, such as computers. So in this respect, Microsoft is very active in embracing the blockchain.

Another role, we are a very good platform provider. As a platform provider, we are doing two things: the first thing is what Microsoft can do, and the second thing is what Microsoft and my partners can do. In the first thing, how do we lower the blockchain threshold? For example, the blockchain technology used by Starbucks Coffee comes from Microsoft's blockchain service.

We just opened a technical conference in the US, and we announced that we can help some companies to issue Tokens, and they can use our services to quickly integrate the blockchain into their business.

The third thing, we are expanding the ecology of the blockchain. We hope to build a variety of solutions with many of the top blockchain companies and exchanges in the industry through the perspective of technical cooperation. Why do we have to solve the solution? ? Because we found that a large number of scene requirements come from different industries, from the perspective of Microsoft, we have not seen the end users of the exchange to buy Token. We are seeing a large number of enterprise users thinking about how to use the blockchain. They come from manufacturing. Industry, healthcare, agriculture, we need to build a variety of solutions with our partners.

How important is the stable currency to the blockchain?

“Stabilized coins are an early blockchain application.”

Rich Teo: I think the importance of stable coins in the industry continues to grow. I have been in this industry for several years. I remember that at the beginning, the blockchain and bitcoin discussions were all about making financial markets or various markets better and faster for people without bank accounts to reduce costs. Speed ​​up, but we haven't seen so many applications in these years. I think the very big problem is stability, so when different currencies are transferred to each other and the price changes a lot, it is difficult to create an advantage.

The second is compliance. So if there is no compliance in stable currency or various currencies, few people will accept such payment methods. I think that stable coins can help a variety of chains and various companies in this market to help them make their own chains. This will help a lot, including various institutions or banks. In the plan, if their users need to transfer value in the chain, I think it is quite safe to use a stable stable currency. So I think that the development of stable coins and blockchains is a common one, and it is also an application in the earlier formal blockchain.

Who will laugh at the end of the public chain, private chain and alliance chain?

Fujimoto's real clothes: private chains and alliance chains are ideal for centralized projects such as Libra. I think that the public chain (token) will become a universal currency.

Yoshida Expo: The public chain is definitely the future of this industry. However, for the sake of application scenarios, many companies in Japan are doing alliance chains or private chains.

Masahiro Shimura: At present, there are many industries in Japan, many industries or many companies have begun to implement such projects, mainly in the private chain or in the alliance chain. One of the more active areas is trading or insurance. There are also projects in Japan that are doing public chain. But for Japan, it is very difficult to introduce new products, not only for the blockchain, but also for other fields.

Xu Yutao: In the past ten years, our team has practiced in three scenarios, with success and failure. But from our own practice, the scene is king.

Rich Teo: We have developed a lot of chains in recent years, and basically no one has chosen exactly the same features. So I think I should think more about what makes these institutions feel that this is the best, safest and most appropriate way.

China has already taken the lead in the blockchain field?

Fujimoto Real Clothes: There is no doubt that China is of course the leader. What makes me happy is that China's blockchain development will be very good and will affect the world.

Yoshida Expo: I feel that China's blockchain industry will definitely lead the blockchain industry in all the world, including Japan's blockchain industry. I want to say this from two angles: First, the policy perspective, history shows that China has a high-speed growth when focusing on a certain industry; in addition, I feel that the ecology of China's blockchain has been perfected.

Masahiko Masahiro: I think China will become the world's boss in the future. I think Chinese people like to go centered compared to the Japanese. Chinese entrepreneurship is relatively easy, and they are also very keen to work in private companies, but Japanese people prefer to work in large companies because they like authority, so the Japanese expect high expectations from the government. Japanese people often say that they like this authority, and the core idea of ​​the entire blockchain is decentralization. If we discuss the future blockchain trends in each country, we cannot ignore the social and cultural traditions and ideas of each country.

Xu Yutao: Why can we continue to lead? Because we have two very good opportunities: First, we have very good market opportunities. Second, we have a lot of technological innovation.

Rich Teo: I think this question is a bit strange. I think China is too much ahead of time and it is difficult to compare. I think the degree of understanding, including willingness to try, including the company's interest in researching this aspect, I think China is far ahead of the world.

What is delaying the popularity of blockchain?

Fujimoto's real clothes: blockchain has great potential. Even on the basis of the current blockchain technology, more and more people are interested in it now, so the advancement of technology is very important. Another point is that business model is equally important. .

Yoshida Expo: The blockchain is part of the business, and the blockchain does not exist independently in this world. One point that I feel is more important is the combination of blockchains relative to the existing economic system. I think the most important point of the blockchain is whether you think the system is credible, so people in the blockchain world need more communication with people in the traditional world, and then build more trust. This is a very important point. .

Zhicun Zhengzhi: I think there are two obstacles. The first aspect is the legacy of some systems, which will be a key obstacle for some countries. The second problem may be education or blockchain. Understand the problem. People tend to accept what they know, which means people are less willing to accept or are less willing to accept things they don't understand at all. Therefore, this kind of education and publicity is very important.

Xu Yutao: We have to find very valuable scenes or application subjects, so that we can let more people discover the charm brought by the blockchain.

Rich Teo: I think decentralization doesn't require a company to take on trust. This is a big change, so I think there is still a long way to go. I think like Paxos, we also let a simple product help people know that this thing is something in the blockchain, but you don't need to completely trust, there are still some companies to help you with certification.

Imagine the future of the blockchain

Fujimoto Real Clothes: The future blockchain market is a very complex ecology. I like this industry very much because I can contact many people. It is because there are so many industries that I have made so many Chinese friends.

Yoshida Expo: Regarding the future of the blockchain , there are actually many discussions today. In the history of world science and technology development. This half-century of technological development may become three very important points in time: one in 1995, one in 2007, and one in 2019. Windows 95, which came out in 1995, made us enter the computer age. The emergence of the iPhone in 2007 allowed us to enter the era of mobile Internet. In 2019, countries including Japan, China, and the United States are establishing various systems and various bills for the blockchain. I feel that 2019 may be the beginning of the blockchain era.

Zhicun Zhengzhi: I believe that the future of blockchain is the future of distributed computing, and this is a very bright future. I am very much looking forward to the 2.0 era of distributed accounting.

Xu Yutao: My point is that the blockchain will become the infrastructure of the future. It is everywhere. We don't have to talk about it or perceive it. We think about the convenience it brings every day.

Rich Teo: I think that in the future, the blockchain will have more assets that we use and see every day in the chain. There are many advantages here: First, a lot of liquidity is improved. Second, reduce borrowing costs. In the future, I hope to see more and more traditional financial products in the blockchain, and blockchain can help reduce risks.

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