Branch board hit, frequent policy under the STO decide on what path to follow?

This article from the Shenzhou digital (ID:shenzhoushuzi_group), author: Sun Jiangtao (CEO Goopal Group, digital China sponsor), please indicate the author and source.

Any personal efforts in front of the tide of the times will be not worth mentioning, so, at any time should conform to the trend of the times, otherwise it will be buried in the era of tide, STO (Security Token Offering) explorers especially should pay attention to the tide of the trend, in order to avoid risks, flow.

 Branch board hit, frequent policy under the STO decide on what path to follow?

In the previous article, I think the STO (Security Token Offering) as the financial globalization in practice, the situation becomes clearer under the supervision is in the right direction, the Hongkong Securities Regulatory Commission released in early November on the digital currency policy should also support this point. However, as a new thing, it will not develop any policy level (Everything is going smoothly., policy is the biggest risk facing the STO) the wind sways grass will bring the butterfly effect, and even some non direct policies, such as Chinese capital market to open a branch board has caused a lot of people on the STO panic, even believe in under the effect of branch board, Chinese STO will suffer heavy losses.

In fact, the only objective in branch launched the STO effect, and we do not know the future there will be a number of related initiatives will be gradually introduced. With the continuous fermentation of Sino US trade war, Sino US bilateral relations and reconstruction, triggered a worldwide pattern of change has been unstoppable. Plus 2018 coincides with the first ten years of economic (financial) crisis superposition effect, makes the global financial order is facing a dramatic change. As a practitioner, “not just walk down, but also to look up at the starry sky”, in the study of specific STO implementation path and rules before, be sure to look at the trend of the times, otherwise it may be doing even once cleared.

We need to know why China launched by plate, we can better analyze and predict the effect of STO on branch board; we need to know, though China has not yet introduced STO related policies, but China and the United States as the world’s two largest economies, the financial supervision attitudes and practices in some ways consistent, namely through regulation rather than sandbox supervision; we also need to know about, or have been ready to enter the field of STO practitioners, how through supervision and supervision between the sandbox make the most advantageous choice, this is not about the future development, even for the moment of life and death.

The relationship between the origin of a branch, board and STO

A week before the November 5th, in the first Shanghai National Convention Center China International Import Expo opening ceremony, the chairman announced the establishment of the Shanghai stock exchange by the board and pilot registration system. This is the long-term global capital freeze, Sino US trade war, China go again to continue to deepen reform, expand an important measure to open a new road, the Chinese capital market influence, as financial practices are also affected by natural STO.

1, branch board as a national strategy, with the top-level design of this important property plus, will gather more resources, get Easy Access, the expansion of direct financing, innovative companies will be favorable to the relative roots of STO in the short term bearish.

At present, China’s capital market has formed a motherboard, gem, three new board and regional equity market multi-level capital market system, set up in Shanghai Branch Board will make the capital market system is more abundant, bring great change to the ecology of the whole capital market. Commission Vice Chairman Fang Xinghai in a few days ago, has said publicly that the Commission is speeding up the implementation of the relevant rules by board, board and branch registration system must be done. Including millet chairman Lei Jun, many corporate chiefs, have also expressed support.

This top-down support, and actively respond to the Internet circle, investment circle, is slightly grassroots attributes of STO do not have, you can imagine, under policy support, encouraging enterprises innovation board both attributes by the content side of the end of the form, the registration system, will make the frontier science and technology enterprises easier access to financing and access to capital markets. This is undoubtedly to have similar properties of STO caused by diversion effect.

2, STO as a financial asset securitization practice, its main function is to broaden the financing channels, reduce financing costs, increase liquidity, and this branch board in certain intention is very consistent, the rivalry between and not fight at outrance Kechuang board, but can strengthen the relationship of mutual integration.

Branch board and STO are essentially incremental reform, short board board to complete the capital market China branch of science and technology innovation service. STO can not only block chain related enterprises to provide capital support, is relying on the properties block chain without borders and inherent Token financial attributes, through the chain of assets on the chain, greatly improve the traditional global liquidity assets, bring new opportunities for the capital market. The focal point of branch board and STO are through the capital market to provide better support for high-tech start-ups, two are not in conflict.

I did not speculate, look at the domestic policy and the recent trend, in the board decided to open a branch at the same time, the people’s Bank of China issued an article about 2 words the blockchain Research Report, a detailed interpretation of the blockchain what to do and what not to do, it can be considered as the relevant policies before the quasi official voice SFC; even more senior people recently frequently expressed hope more foreign capital to enter the China capital market, in order to increase long-term funds and enhance liquidity; BAT and other domestic Internet giants have already layout block chain even through exploration economics…… The various signs, and fully inclusive and equitable regulation should be the main direction of the future capital market reform and practice.

Deep study of Xiao Lei in the traditional stock and block chain fields that STO will have more of the subject matter, but at present it is difficult to see from the center of the exchange system, so the board may increase branch regulators focus on all kinds of digital assets, and may even use block chain technology to assist the supervision.

In Xiao Lei’s view, I agree, either STO or branch board, has attempted to provide support, and has played a positive role in the capital market for high-tech start-ups. Although they are separated and innovation in different ways, but it is not life and death in the opposite side, but can coexist. STO essence — asset securitization through securitization + securities may be introduced to the new branch board, “by STO for the body, for the use of” mode is not possible.

Two, China will choose to STO through supervision

“Those who do not seek Jesus Christ, seek temporary shortage; those who do not seek a global strategy” on the battlefield of the military point of view is also applicable to business. The launch branch board, as well as domestic a series of signs although has a great influence on STO, but you know, as a global financial practice, STO is not depends on a country’s policies and practices, so to think globally, the trend from a higher perspective and trend.

Recently, it is a heavyweight on the current world situation and economic trends are given and their interpretation of pre judgment: the Paulson foundation said the 74 chairman and Secretary of the Treasury Henry Paulsen before the Sino US pattern has entered a new stage of reconstruction, although the overall “decoupling” economy of the two countries, leading to the possibility of economic curtain falls little, but there is still a risk that resulted in the reconstruction of the pattern of technology — that countries develop their own technology and technical standards, further threaten the global innovation and national competitiveness, already in place.

If the goods, capital, technology and personnel from four aspects continues, a majority of funds will no longer allow the free flow of goods and the global economy. This is the most fatal blow to STO, because the STO asset securitization + securities through securitization is to solve the problem of the free flow of assets, if limited by policy, it will greatly influence the living space of the STO project.

We look at the STO regulatory policy can know, in fact, the United States of STO, and even the entire financial system is penetrating all supervision: to issue the STO project, must comply with the relevant regulations of the U.S. Securities and Exchange Commission or the exemption, will make the relevant provisions of its investors, financing amount. This is in contrast with the sandbox supervision of Britain, Singapore, Hongkong and other places.

Chinese has yet to STO the introduction of relevant policies and regulations, but the degree of attention from the state with the financial and practices continue to strengthen the future can be speculated that if the license STO, must also be through regulation rather than sandbox governance.

This means that for STO practitioners, if you want to develop between the two big countries, must adapt to this through the strict supervision of the state will conform to the policy and the. For example, the current STO programs in the United States is actually more to the exemption, the Nasdaq Stock Exchange once this really join, will change the rules of the game. In Chinese and Kechuang, are not excluded from the securities through securitization as a pilot in the future.

It was noted that, in the past year, whether it is Chinese BAT and other Internet giants or Wall Street commercial giant, they already have the layout. Compared to the relative grassroots from the blockchain startups, these giant who have undisputed advantages in talent, capital, and other aspects of the user, the scene, coupled with the tendency of policy, will undoubtedly have to first in the board or STO post branch. Started from the blockchain field of start-up companies, if you want to carry out STO in the two countries, not only to consider the transmission regulation, but also to identify their role — probably to a large extent, will become a member of the Internet giant or capital predators in the territory.

Three, the sandbox mechanism under STO opportunities

A decade ago, the economic crisis and the winter capital not only let the world financial structure and order has undergone major changes, but also triggered a whole world of business renewal, a new generation of Internet giants as Google, Facebook, Amazon, apple, Alibaba, Tencent, led by Microsoft, IBM gradually replace the old generation of giants. Bitcoin is born at that time.

So, for the blockchain field of entrepreneurial companies, with the help of STO the financial practice complete evolution, is not impossible. In addition to this because Sino US transmission regulation, and supervision of the sandbox is relatively loose, inclusive of regulatory policy.

“Regulatory sandbox” (Regulatory Sandbox) concept by the British government in 2015 years 3 months was put forward. According to the UK financial conduct authority (FCA) definition of “regulatory sandbox” is a “safe space” in the security space, financial technology companies can test its innovative financial products and services, business models and marketing methods, instead of immediately by the regulatory problems in the related activity constraints.

It can be said that the sandbox supervision through active rationally loosen regulations, reduce the rules obstacle of financial innovation, encourage innovation and more actively by the ideas into reality. This approach led to follow Britain in many countries, Australia, Canada, Singapore, and Hongkong has just released the policy of using this way.

The block chain innovation of enterprises, once the abolition of personal bondage, will have great power, as compared to the Internet giant and capital predators, they have a very special advantage, namely after the baptism of a batch of blockchain technical personnel, idealistic entrepreneurs, investment funds early latent, and well ingrained. Block chain thinking, these are precisely the non block chain practitioners do not have, and it is difficult to make up in the short term.

So, a larger dream and majestic attempt to startups, at this stage is to choose the STO exploration in the sandbox supervision of the countries and regions. In the sandbox regulatory policy relatively loose, practitioners have to do is to run through all aspects of STO, the asset securitization + securities through securitization from the conceptual level to practical level. In particular, the background of digital currency in the past year under the tide of speculation, the two class market already have serious notoriety, so STO for his name from the primary market, the only way to keep the state and government approval, so that investors trust, willing to let people understand and accept.

Mining market earnings report in October 2018

This report focuses on the content

  • Currency price: the market declined 9%, 80% currencies fell over 5%

  • The whole network is: half currency stress decreased, BCH stress drop top

  • Mine cost: ASIC ore prices are still falling, the average price decline of 8% cards

  • Mining revenue analysis

  • summary

This report details


This report provides a return of mainstream currency mining mining. There are three main factors affecting the miners back to this cycle: the price of money, the whole network is with its price. The shorter cycle indicates that the current market to make money effect better, the potential for large capital entering the mining is also higher. When mining revenue continued can not cover its costs, a large number of miners will choose to turn off the machine, then it will lead to the occurrence of mine accidents.

Currency price: the market declined 9%, 80% currencies fell over 5%

10 (2018 10 -2018 11 1 April June 1), the total market value of the global block chain assets shock was the trend of decline, the whole disk shock Yindie, after twice greatly sell process but are not effective, fell below $2000 billion level, both sides of this repeatedly played tug of war. 10 month market closing price of $203 billion 300 million, compared with the opening price of 223 billion 300 million U.S. dollars fell 9%, or a decrease of 6 percentage points, the market decline has slowed down.

Figure 1. in the past three months the market trend

 2018 10 mining market revenue report

Source: CoinMarketCap, TokenMania

Figure 2.10 mainstream currency price month mining

 Mining market earnings report in October 2018

Source: CoinMarketCap, TokenMania

In October ten major mining currencies, 80% currency downward trend, only BTC, DCR, BTM outperform revenue. The BTM currency price or the top, or 6%; ETC or top, down 21%, ten major currency changes in the average price of -11%.

Generally speaking, currency price decline will lead to prolong the machine back in this cycle.

The whole network is: half currency stress decreased, BCH stress drop top

In theory, the force of miners to control the proportion of the total net determines its mining success rate, the proportion is higher, the miners get rewarded with greater likelihood. At the same time, the increase of the resources will lead to a relative increase of miners difficulty.

Table 1. nearly three months of mining stress is the mainstream currency

 2018 10 mining market revenue report

Source: block browser, TokenMania

Figure 3.10 is the mainstream mining currency changes

 Mining market earnings report in October 2018

Source: block browser, TokenMania

10 month 10 major mining currency, the currency is half force decreased, which is BCH or top, or 15%; DCR is the largest increase, an increase of 92%. Ten currency is force an average change of 15%, reduced by 6 percentage points from the previous month, the ten major currency growth highlights the weakness of work force.

Figure 4. in the past five months of work force or change mining mainstream currency

 2018 10 mining market revenue report

Source: block browser, TokenMania

With the deepening of the bear market, common currency in 10 is negative growth situation even more. In October ten major currency, the currency is half of negative growth, an increase of four compared to September and ETH of the currency, the whole network is more for three consecutive months of negative growth trend.

[note]: 1M=10^6Hash/s, 1G=10^9Hash/s, 1T=10^12Hash/s, 1P=10^15Hash/s, 1E=10^18Hash/s

Mine cost: ASIC ore prices are still falling, the average price decline of 8% cards

Due to the different currency encryption algorithm, the vehicle type is mainly divided into ASIC machine and the card machine, the former because of its specific function, its price is affected by currency market price is more obvious. 10 major mining currency only ETH, ETC and XMR used the card machine, the remaining currencies have been compromised ASIC machine.

Table 2. mainstream currency mining encryption algorithm

 Mining market earnings report in October 2018

Source: TokenMania

4.1 ASIC machine: the continuation of the downward trend, small currency ore prices decline significantly

In October, the ant bit mill prices continue downward trend, its price decline was significantly higher than that of small currency bitcoin mining machine. The bitcoin mining machine fell by an average of 11%; small world currency currency machine D3 machine in the most obvious decline, a drop of 70%, Wright coins mining machine L3++ followed by a decline of 67%. It can be seen that the two level of market risk aversion has spread to the miners community, although its prices are falling, but the price of small currency bitcoin mining machine is more strong.

In addition, bit, launched two new 7Nm chip mill in October, which is also home to Nan Yunzhi after second Jijia machine manufacturers in the process of chip level on the 7Nm to make a breakthrough, the emergence of new machine makes the old mill bearing in price.

In contrast, Chia Nan Yun Chi and the international price of its Ebang is relatively stable, only A851 ore prices fell 5%, the relative change is not great.

Table 3. mainstream ASIC machine price changes

 Mining market earnings report in October 2018

Source: Bitmain, Avalonminer, Ebit, TokenMania

4.2 card price: over half of the price decline, the average decline of 8%

Because of the different encryption algorithm, ETH, is currently used in GPU card machine, the core parts for the custom mining board equipped with 6 to 12 cards. The current mainstream graphics is GTX Series graphics card RX series and NVIDIA AMD. Because there are a lot of card sales channels, the price will be different in different regions, the following is only for reference.

Figure 5.10 the month card price changes

 Mining market earnings report in October 2018

Source: Jingdong, Tmall, Amazon, TokenMania

Figure 6. nearly half of the price change card

 Mining market earnings report in October 2018

Source: Jingdong, Tmall, Amazon, TokenMania

In recent months the card prices fluctuated in September after a relatively stable market, prices fell again in October card. The decline in the top three of the card types were Vega 64 (-30%), RX570 (-10%), GTX1060 (-10%), only RX560 and GTX1080Ti price eight graphics stable, eight card prices average decline of 8%.

In addition to the miners in the supply side factors, level, iterative / graphics machine (S15, RX590) and producer (bits, Scarlett, Nan Chi, Yun Tianhe International) will make its price pressure for each other to seek listing price war.

Mining revenue analysis

5.1 units of stress: only Monroe gains currency earnings growth, the average income fell 18%

A unit of force in eliminating the influence of machine income refers to the cost of the case, according to the proportion in the whole network and currency price fluctuations to calculate the mining daily income stress for different currency units. Bitcoin as an example, the calculated force per unit income refers to 1THash/s is a day to get RMB income. In theory, the miners control force and the daily income is proportional to.

Table 4. mining unit is the mainstream currency of daily returns (unit: RMB)

 2018 10 mining market revenue report

Source: TokenMania

[note] different currencies is the smallest unit of a unit of force difference: BTC 1THash/s, ETH 1MHash/s, BCH 1THash/s, LTC 1MHash/s, XMR 1KSol/s, Dash 1GHash/s, ETC 1MHash/s, ZEC 1KHash/s, DCR 1GHash/s, BTM 1KHash/s.

Figure 7.10 month mainstream currency gains change mining unit count force

 Mining market earnings report in October 2018

Source: TokenMania

The 10 month of the ten major currencies into nine mining currency unit is income decreased, only XMR revenue is increasing, or 12%, of which the first three currency gains the biggest decline in the order of DASH (-50%), DCR (-50%), ZEC (-22%). Ten currency unit average stress yield changes for -18%, a decrease of 5 percentage points decline.

Figure 8. in the past five months the mainstream currency unit is mining revenue rose changes

 2018 10 mining market revenue report

Source: TokenMania

From the perspective of a longer time, the ten major currencies is a decline in unit capacity gradually slow down. From a structural point of view, the market value of currencies such as BTC, ETH, BCH is significantly less than the income reduction unit of small cap currency.

Back to the 5.2 machine cycle: Dash machine to make ends meet, bitcoin mining machine back to the period of more than a year

As the report on November 9, 2018, according to the whole network data for each currency, assuming uniform electricity for 0.45 yuan, calculated for each currency to the static mining cycle.

Table 5. machine cycle to the mainstream currency

 2018 10 mining market revenue report

Source: public data, TokenMania

Figure 9.10 month machine back to the comparison of mainstream currency

 Mining market earnings report in October 2018

Source: TokenMania

At present, the 10 mining currency to the mill, the shortest period is large by ZEC machine, the only 190 days, the rest are in more than 200 days its currency. Among them, the BTM ASIC B3 mine already into a loss, therefore was bit off the shelf, and back to the mill with graphics mining cycle up to 2156 days, is 10 to the currency of the longest period of currency.

In addition, although up to the world currency mill D3 price fell this month 70% to 300 yuan, but the money price decline and growth of the whole network is makes the D3 machine into a loss situation, and mining revenue losses will in turn lead to its price so as to strengthen its No one shows any interest in, is expected to drop.

[note] the return of the cycle is static theory to the cycle, the cycle with your back to the actual return to this period there exist certain deviation, for reference only.


10 (2018 10 -2018 11 1 April June 1), the total market value of the global block chain assets shock was the trend of decline, the whole disk shock Yindie, after twice greatly sell process but are not effective, fell below $2000 billion level, both sides of this repeatedly played tug of war. In October the market closing price of $203 billion 300 million, compared with the opening price of $223 billion 300 million fell 9%, a decrease of 6 percentage points decline , the market decline has slowed down . In October ten major mining currencies, 80% currency downward trend, only BTC, DCR, BTM income outperform BTM currency price increase. The first, or 6% ; ETC or top, a decline of 21%, ten major currency changes in the average price of -11% .

10 month 10 major mining currency, the currency is half force decreased, which is BCH or top, or 15%; DCR is the largest increase, an increase of 92%. Ten currency is force an average change of 15%, down 6 percentage points, ten currency growth highlights the weakness of work force.

10 in the ASIC machine and the card machine prices have different degrees of decline. Which continent bit bitcoin mining machine fell by an average of 11%, small machine D3 machine world currency currency in the most obvious decline, the decline of 70%, Wright coins mining machine L3++ followed by a decrease of 67%. Two market risk aversion has spread to miners groups, although ore prices are falling, but bitcoin mining machine price than the small cap for a stronger currency.

The 10 month of the ten major currencies into nine mining currency unit is income decreased, only XMR revenue is increasing, or 12%, of which the first three currency gains the biggest decline in the order of DASH (-50%), DCR (-50%), ZEC (-22%). Ten currency unit average stress yield changes for -18%, a decrease of 5 percentage points decline.

The ten major currencies in the mining machine, the shortest period is ZEC to the coin machine, only 190 days, the rest of the currency mills were more than two hundred days. Among them, BTM ASIC B3 had a loss in the mill was therefore, bit off the shelf, and the graphics of the back of this cycle of mining machine it is ten to 2156 days, the longest period of currency to the currency.

In addition, although up to the world currency mill D3 price fell this month 70% to 300 yuan, but the money price decline and growth of the whole network is makes the D3 machine into a loss situation, and mining revenue losses will in turn lead to strengthen its No one shows any interest in prices fall, its expectations, is expected to D3 mills will soon face the shelf treatment.

In the winter, not only is the miner’s worrying situation, even mine pool is difficult to resist the market bleak .

11 month 2018 years No. 6, bitcoin mining pool BTCC publicly released “no deadline to stop the operation” of the announcement, which makes money ring the old people feel regret. According to BTC.COM data show that nearly a month since the BTCC mine pool to dig bitcoin district number actually was 0, and 3 months, the number of blocks to dig into 72, while the BTCC pool at their peak, once the bitcoin network third pool. According to incomplete statistics, since the 17 pool ceased operations, completely disappeared in people’s sight.


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Stronghold is built on the stars on the network to the center of the trading platform. At the same time, they cooperate with IBM, joint research, stable currency launched from the dollar, to bring some stability to the currency prices are highly volatile encryption industry. Stronghold USD stable currency will be published on the Stellar block chain, potential buyers have to offer Stronghold Prime Trust memory bank cooperation into legal tender, so Stronghold can be issued to the ratio of 1:1 anchor encryption currency.


Digital assets gold anchor, Digix upgraded version of Global.

HelloGold is a financial service platform based on gold block chain technology, transfer transaction, savings, mortgage contracts rely on intelligent realization of Ethernet Fang gold spot and other forms. The HelloGold project will issue two assets of GBT and HGT, where GBT is the anchor of gold assets, mainly used for spot gold circulation; HGT corresponding to the HelloGold platform transaction fees, custody fees distribution rights, does not represent any assets.


Metaverse yuan industry chain based on the main block, digital gold.

A number of gold ZenGold, Metaverse industry chain based on block element. Recognition of the depth of investors for digital gold and its underlying value, these are all represented by digital currency investment to investment, to the real value of investment. ZenGold is the gold assets of the digital rights certificate, each ZenGold represents a token is stored in the vaults of gold. ZenGold gold reserves stored in the Shanghai gold exchange gold bars are in accordance with LBMA quality standards. Users can use the Metaverse block chain intelligent boundariless ZenGold gold contracts generate tokens, can also block the chain in boundariless whenever and wherever possible the destruction and withdrawal of physical gold.


The third generation of stable currency agreement.

Kowala is the third generation of stable currency agreement, can not rely on collateral, create any value to anchor the stability of currency, with USD as the price anchor starting point, the characteristics of EOS and ETH integration, PBFT created a consensus mechanism based on chain block, and by means of difficulty, to achieve a stable currency price. At the same time, the network is also very stable and efficient.

 A map to see the coin under the tide of global market stability

Block123 is a block by block chain inventory chain navigation chain ChainNews, the daily planet, smell the onion, Babbitt, BABI finance, CoinVoice and other media launched polymerization column. In the complex world of information encryption, one-stop help you sort out the most effective sources of information.

Application of block chain in the bond market

Editor’s note: This article from: TLABResearch, author: Li Lianxuan, Odaily authorized to release the daily planet.

 Application of block chain in the bond market

The biggest role in the securities market is the blockchain digital to further promote financial assets. In fact, from late 70s and 80s to the paper after the crisis, the stock market has been in the “electronic” and “no paper revolution”, notably once the securities are paper vouchers, now only for a digital computer on the account.

Although in the terminal part of the investment securities electronically, but the current financial system is still unable to get rid of manual and paper shackles, and block chain as a new technology, will further promote the securities market of the electronic revolution. All securities represents a kind of equity, equity represents the enterprise ownership and the right to dividends, asset backed securities (ABS) is the representative of the assets of the proceeds, bonds on behalf of the creditor’s rights, this paper gives an example of bonds.

In general, block chain technology is divided into 3 types: private chain, chain, chain alliance public; the private chain using only the blockchain technology general ledger bookkeeping, exclusive write access to the block chain, is the “center” of the block chain; alliance is the consensus process by primary chain node control block chain. Allow everyone to read, or only limited to participants read, “to the center” feature;

Public chain bitcoin and etheric Fang as the representative, is anyone in the world can read, anyone can participate in the block chain, is “completely to the center”. For the public information chain, completely open, and can realize the transaction of digital assets in a distributed network, but high technical difficulty, faced with hard bearing bifurcation and small scale transaction problems; private chain is essentially the center of the books, the chain and other distributed storage scheme is not much difference, data security and doubts about the authenticity of the alliance; chain can have permission to participate in the project according to the chain and information disclosure, access is easy to control, however cannot realize the transaction of digital assets in a distributed network.

Application of block chain in the bond market according to the difficulty of implementation and business value can be divided into two types:

  • One is to use the technology to optimize the alliance chain bond issuance process, improve efficiency and reduce costs;

  • Two is the use of public issuance and trading of bonds chain technology implementation. In the present law and on the difficulty of implementation is feasible, but little commercial value;

The latter would probably impact the current legal supervision and technical difficulties, but higher commercial value.

The application of Chain Alliance Technology in the bond market

1. bond issue features

Bond issuance has two characteristics: one is a lot of intermediary institutions involved in the business, the parties involved in the main issue in addition to acquiring information, also need to obtain collateral, the guarantor’s information. Due to the parties, all parties involved in the information transmission in their respective business systems, the problems of accuracy and consistency of the information, may cause low efficiency and cost increase.

 Application of block chain in the bond market

The intermediary Figure 1 bond issue duty

 Application of block chain in the bond market

Figure 2 the process of doing the project

The second is the process of bond issuance long complex, decided to issue from the issuer, the average period of 16 weeks, and the underwriter’s responsibility to assist the issuer from making the declaration materials until the bond interest paid in full, with longer and involve complex process, to do as an example. This stage involves the project team, quality control department, legal compliance department, accounting department, a number of departments of the Department of risk management, control risk, to prevent the forgery and tampering, requires a lot of manual and paper materials, affecting the efficiency.

Application of 2. alliance chain in the bond issue in the

Block chain technology data fidelity, can not be tampered with, and high safety characteristics. Link in the bond undertaking, duration of management can be application. In the block chain technology selection, alliance chain can have permission to participate in the project according to the chain and information disclosure, can effectively guarantee the safety of information. In the choice of technology, the alliance chain scale is small, easy to control and public authority; chain high technical difficulty, node access is not restricted, so the combination of cost, feasibility and safety requirements, the use of Alliance Technology chain. The application of Technology Alliance chain on the bond issue at least includes the following 2:

(1) the unity of the various bodies of information: if the bonds link deployed to block chain, enhance the unity of the parties to the use of information and data. A data block chain has become the main issue and institutions to obtain collateral, guarantee the uniform information source of information, on the other hand, can timely access to the agency comments and reports, save time, avoid all mixed business system data source problem;

(2) the paperless process and promote the bond bearing stage: the current stock market are still a large number of manual and paper, an important reason is to control risk, prevent the original data information has been tampered with, and paper materials can be used as evidence; and block chain technology can ensure that data on a chain can not be tampered with the operation behavior of each node, the chain will be full record, no need to worry about data upload data will be used illegally, so as to ensure the safety and effectiveness of the upload data, enhance the transparency of information, “evidence” is an important application direction of block chain technology, data is not tampered with the stored, as a follow-up evidence of the authenticity of the. The introduction of block chain technology will greatly improve the data link for fraud cost. The successful implementation of electronic declaration, many materials can be automated document processing and preservation, department supervision of audit, inspection project duration can be real-time monitoring of the use of electronic system and automatic control, can greatly reduce the time and cost of issuing bonds.

3. feasibility analysis

The realization of alliance chain technology in technology is not difficult, and can save the cost, improve the efficiency issue, so at this stage is feasible in the securities market, such as the current Baidu – Changan new – Tianfeng asset-backed securities is one example.

The application of public technology chain in bond market

The role of the 1. public chain

The role of public chain technology in the stock market is subversive. At present, the bond market and bank brokerage charges play the role of intermediaries, if a company wants to issue bonds to provide debt financing for its business, it also needs to pay for the bank or broker, which is responsible for doing the underwriting and part of the project, however, chain technology in public support, produce block chain the system can be used as tokens bond certificates, so companies can bypass the banks and brokers and other intermediaries, direct the issuance of bonds for investors. After all, we introduced earlier in the use of alliance technology can realize automatic processing and information disclosure for the stage in the realization of electronic document, after all the application materials have electronic corresponding template, the main issue bonds need to submit information and issue standards can be completed in the electronic system, and blocks chain technology to ensure all the information is open and transparent for investors, does not require specialized agencies to review, so that banks and brokerage function will decline. Another feature of public chain technology is completely decentralized, which means that the block chain bonds only need a bonds in the open market platform, without the need for the corresponding centralized clearing system can realize bond issuance and trading, this offbeat trading platform will have an impact on the stock exchange.

At present, New York block chain start-up company Vocean is developing this type of specialized investment platform for institutional investors.

2. feasibility analysis

At present, in addition, a small amount of issuance, trading frequency less demanding bonds with public chain technology at present can be realized. But public chain technology is not mature, not a large-scale application, the main problem is the small scale and confirm the transaction time of the transaction load to run one of the most successful example of bitcoin, bitcoin generated about a block in ten minutes, a block is about 1M, which means that the number of the transaction is about 7 per second can carry a pen, in order to ensure whether the records in the chain, to be delayed for one hour, and in 2016 years the number of total pay double eleven all day long, Alipay achieved 1 billion 50 million pen pen, pay the peak reached 120 thousand pen / sec, the center of the clearing system is a second level of tens of thousands. Therefore public chain technology is difficult to meet the actual transaction demand. Moreover, public chain technology will impact the current law and market system, whether the chain block trading platform can be built depends largely on the attitude of regulators.

In order to pass the certificate as a carrier of bonds issued at present to promote top-level design way are most likely to achieve, but the enterprise can also in legal compliance, do not affect the relevant experimental conditions in financial markets and the social order.

The central bank “blockchain | depth interpretation of what it can do, what are you doing? “Revealing exactly what

The people’s Bank of China published in November 6th titled “what the blockchain what can and can not do? “Article, this is the people’s Bank since 2014 in the first mention of the blockchain, the author is director of the Research Council of the people’s Bank of China Xu Zhong and deputy researcher Zou Chuanwei.

First of all, this article studied the blockchain function from the angle of economics, based on economics explanation on the combination of block chain technology, summed up the current mainstream block chain system adopts “Token paradigm”, and clarifies the blockchain consensus and trust the six basic concepts, and combing intelligent contract function secondly, according to the use; on the block chain Token, sort out the main direction of the current application block chain, performance and security issues such as governance function and further discusses the characteristics of Token, and Token on the block effect chain platform project block chain and block chain system, finally summarized and discussed the blockchain what can and can not do.

Based on the Token Paradigm Analysis of four types of main application block chain:

Q play the blockchain public sharing books to increase cooperation efficiency of labor, no currency block chain transfer is not directly involved in property and the risk of.

Q assets or rights to non-public offering of Token transactions on behalf of block chain, in order to improve the assets or rights registration and transaction process.

Q as a unit of account or underlying assets to public offering transactions Token, but relying on the legal framework of foreign economic activity chain block.

Q issued to the public transaction Token as a payment tool and incentive means to build the center of economic activity, trying to establish a distributed autonomous organization block chain.


The work in this thesis “does not involve Token, the design of the non-public offering of Token transactions”, “design of public offerings Token” criteria for classification, the paradigm of classification on the application direction, it is not difficult to see that, compared to 94 a year before the announcement of the virtual currency will be qualitative, the central bank views the nature of the digital currency has a new awareness, and affirmed the similar characteristics of virtual currency currency:

Q has no debt attribute, which is different from the deposit and deposit receipts;

Q according to the same rules issued by Token have homogeneity, can be split into smaller units of any;

Q Token transfer without trusted third party support;

The holder of the Q anonymity, which is different from a bill;

Q no “double risk”;

Q can be defined by rules and the total Token release rate, with deflation adjustment mechanism.


This paper also points out that virtual tokens currently on the market circulation of the lack of support and the intrinsic value of sovereign credit guarantee, price manipulation, speculation and illegal behavior in general, and the encryption currency in the world, but in the face of different countries or regions of the difference between the means of supervision, is in fact a certain virtual token value at the same time, the virtual currency again on non sovereign credit guarantee issued by the negative.


If it is a digital currency with strong sovereign credit guarantee?

This paper does not continue along this topic in-depth discussion, but the central bank introduced a digital currency (CBDC) and difficult to resist speculative attacks the stability of crypto currency are essentially different, CBDC debt property, electronic money is the central bank issued directly to financial institutions and the public, a form belongs to the legal currency, but not necessarily take the form of Token block chain. But for the main body of the country, the first digital assets in a certain extent broke more or less exist in the real world currency exchange restrictions and payment oligopoly, improve transaction efficiency and reduce the cost at the same time, the general ledger system theory of distributed digital currency to any participant cannot forge digital assets, reduce transaction risk, an important reason this is the world’s biggest sovereign countries to actively promote the research on its legal digital currency.

This year, the sheet financing rapid contraction effects, especially the scale of social financing growth has been down, which makes the traditional investment channels is the overall blocking, capital flows choice is narrow, but the overall financing chain industry is still in a block of high growth stage. According to the central bank used to control attitude, when financial innovation and monetary policy divergence, and external uncertainty increases, it will alert the overall environment of financial innovation, risk warning system for new participants on the one hand, on the one hand, also indicates that the central bank intends to promote the economic development of the block chain from rapid growth to high quality change. So in the end, the author puts forward the following conclusions:

In general, the blockchain project is really landing and produce social benefits rarely, in addition to the physical properties of the block chain is not high, short board blockchain economic function is also an important reason. Should be based on continuous research and test, rational and objective assessment of the block chain what you can do and can’t do what.

One is not exaggerated or superstition blockchain function. The industry these years of practice has proved that some blockchain application direction is not feasible. In particular, the modern financial system continue to absorb a variety of technological innovation in the development process. As long as the technology innovation helps to improve the efficiency of financial resource allocation and the safety and convenience of financial transactions, will integrate into the financial system. So far, there is no technological innovation had a disruptive impact on the financial system, the block chain is no exception. Encryption of money supply does not have the flexibility, lack of support and the intrinsic value of sovereign credit guarantee, unable to effectively fulfill the function of money, can not subvert or replace the legal tender. But anonymity block chain will increase the financial transactions in the anti money laundering (AML) and the “know your customer” (KYC) the difficulty of implementation. But we should also see that some of our country provides the opportunity to practice the blockchain, such as digital ticket trading platform to help ease the problem of decentralization of bill market in china.

Two is the block chain application should be based on the actual situation, do not stick to some too idealistic purpose. For example, using technology to replace the system and trust is very difficult, even in many scenes is utopia. For example, to the center and the center of the scene is different, does not exist. In reality completely to the center and the center of the scene is completely invisible. Many blocks starting from the chain project to the center of the purpose, but later more or less introduces the center component, otherwise it can not fall. For example, block chain information to block chain, often need a trusted center, completely to the center is not possible.

The three is the block chain investment bubble obviously, speculation, market manipulation or even illegal behavior such as general, in particular relates to public offerings of Token project. The relevant government departments should strengthen supervision and prevent financial risks.

Now with the development of digital currency market remains in the doldrums, ordinary investors, the project side, the capital market and the whole industry chain for each node of the blockchain attitude from the flock to calm change, especially before have been global regulators have issued a wait-and-see posture frequently sound, on the future trend, objectively speaking, most of the focus is that how to regulate the policy transmission mechanism between money and legal tender and clear digital digital currency.

From the national regulatory signals more positive attitude, after all, the supervision is not “broad brush”, not to limit its development, but there will be all kinds of capital harvest green vegetables to reach the legal edge, into the range of controllable risk, into the scope of the jurisdiction of the government. After all, when the new system to be free, the old system must not let the interest, both can promote each other. Now the block chain like the early days of the Internet, is also a symbol of deviant, but is free of the vane, but after the Internet into the regulation, this ten years still radiate dazzling vitality, still with firm steps to change the world. Push the documents on capital chain block

The express and implied risk certain ambiguous attitude from a technical point of view, is enough to make the whole industry chain block is exciting.

Legal tender is a symbol of national credit, digital currency to establish effective monetary system, must also clear the monetary policy transmission mechanism between the two, the central bank, once the issue of digital currency, the most basic is the legal association conduction digital currency anchor M0 total assets (about 5 to 7 trillion, and the total Co.). In addition, monetary policy transmission to currency as a benchmark, dealing with the relationship between the same steady growth and anti risk, internal and external balance, the macro and micro credit, must also define a public offering of Token and non accurate boundaries of public offering of Token, under the premise of ensuring the common interests of investors, to fill in the project the reasonable financing needs, revitalize the stock funds.

This is the first time the people’s Bank of Chinese mentioned in the block chain, from the central bank perspective, research on digital assets and the blockchain, is very deep, but also objectively affirmed the application block chain technology. At the beginning of last year, the central bank set up of digital currency to intensify the research on block chain technology, after Chinese in 13th Five-Year planning, but also has the “block chain” written in the next five years to focus on the development of the science and technology project and overcome.

In the eyes of most people, Chinese central bank is still a fairly conservative institution, the work style also maintained a cautious and objective attitude. But I believe that any understanding of the financial system and the people will know that in fact Chinese in the innovation of financial openness and tolerance is far more than all the world’s major countries. After a few years of long-term concern and thinking, the central bank has undergone tremendous changes in the digital currency, have realized how to encrypt digital assets that are used by the country, how to become a historic, remaking the world economy, the importance of a series of problems and reconstruct the global pattern of the interests of the tools, we believe this has become the central bank at the level of great importance to the future for a long period of field.

Li Xiaolai: the most important factor in the development of chain block is the rule of law, the most promising application in public affairs in the chain block

Stocks plummeted, and the currency market. In the global market downturn, how to grasp the trend of focus and investment principle block chain? As a senior game player coin ring, have some of their own views of Li Xiaolai.

The evening of October 19th, Li Xiaolai in a “listen to” live “held 2018 book” on the book “Q & a conference, leek’s self-discipline” investment principles open answer.

In answer, Li Xiaolai users care about global economic trends, the blockchain new hot STO, coinless block chain application scenarios, on the “All-IN” never difference, and the value of the investment principles of how to grasp the industry across the CBBC cycle, the real value of currency stability in air and other key issues to answer.

 Li Xiaolai: the most important factor in the development of chain block is the rule of law, the most promising application in public affairs in the chain block

In summary, there are several main views of Li Xiaolai:

No matter which industry, some of the consequences in the next period of time will face economic depression.

The concept of hot recently, Li Xiaolai’s attitude is now a lot of money may not be as reliable and stable USDT. What STO is not a new concept, just as the new term was re introduced. Do not deny the role of the STO, do not think it is what trend. Not what meaning to chase hot popularity block chain industry.

The rule of this thing is very important for the development of the blockchain. Because if there is no law that what you can do, what not to do, then there will be a lot of confusion, the development of the industry is bad. Once the rule is sound, so a lot of things, good things will happen.

How to make the transaction principle? Li Xiaolai said: “all traders should make the investment principles of the most simple, the decision must be responsible for themselves. To make money, you can be sentenced to death — never spend that money. In addition, the core competitive ability is also a profitable OTC investors”

Li Xiaolai had previously in the social media that individuals will no longer block chain investment. At the meeting of Li Xiaolai further explained “I said no personal investment, in order to prevent all kinds of platforms, to tell the truth I have been tired of being the platform station.”

Li Xiaolai confirmed in the broadcast, is involved in a currency block chain project. He also said that the block chain is not tampered with the database technology, the technology in the operation does not necessarily need money, such as the vast majority of public affairs block chain project.

The following is a question and answer essence:

1, Charlie Munger said, high probability and high odds of opportunity, to focus, and you don’t All In in the book, is this conflict?

The students mentioned, I emphasize one point in the book, not all in. Then ask me, high probability of high odds my chances with the idea that when Charlie Munger appeared under the heavy note, whether it is the conflict? Why is clearly not the conflict? Because all in means you have one hundred dollars, you can take this one hundred dollars all voted in, this is called all in, because you have a total of only one hundred dollars. But the so-called heavy note, heavy note does not necessarily say there must be one hundred yuan investment one hundred dollars is heavy note. In theory, if your target investment target is 10 if you have 100 dollars, $10 you voted on a project, it is paid attention to, right?

So there are no conflicts.

2, what do you think of this a few days stocks plummeted, U.S. stocks if the bull market has run out, stocks will repeat 08 years of that slump?

These days from U.S. stocks slump began to plunge triggered by the global stock markets, is not Chinese, many countries have been hit hard in the stock market. It is not only the stock market has been hit hard, even the original and the stock market is the seesaw city of B has also been hit. So how to treat it? Is actually very simple, is a bear market started, whether the bull market has run out, all the way to a certain extent, the bull market is certainly dead, right?

U.S. stocks will repeat 08 years of the crash, this one who do not know, no one can determine the future 100%. But there is one point trend, it is possible that this round of economic losses is very serious,

So we have to do this winter preparations.

3, the age of the Internet, the copyright has been stolen… To listen to the teacher to view this piece of copyright. Block chain can make it better… At present there are those in the project to do research in this area?

In fact, not only is the age of the Internet, when there is no Internet, copyright has been stolen by. In a sense we see is in the era of Internet copyright piracy rampant, but did not see another fact, in the absence of Internet copyright infringement, even will not be found. To the age of the Internet, the spread of the copyright, copyright spread and sales surge, increased to the point that the past hitherto unknown, is 1 million times, so you see the 1 million times in the piracy rate will become very high, right?

Is this kind of feeling. So the Internet itself is not copyright brought as people imagine so much harm. Then the block chain can make it better?

Obviously, but the need for a very long time, and is not a day for two days a year to two years and you can see the change.

4, you mentioned in the book, the lack of professional knowledge to play retail futures, plus leverage, volatility trading this superposition risk targets is “dead”, from the retail point of view, how to formulate the principles and our trading rules, resist the temptation in the world ultimately survive?

In fact, first of all to make it clear, there is no so-called retail and Zhuang, in my eyes, in fact, whether it is retail or Zhuang, are a bunch of traders who are responsible for their own funds! So don’t die at any time, whether individual or village. Then the trading world is indeed a flower in the world, right? Then work principle is a very difficult thing. So for the first time, all traders should make the most simple principles, such as “The Freedom Trail” to me in wealth, mention of such a thing, you used to do is invest the money you can for him the death penalty money is the money, you never have.

This is one of the most important core of the underlying principle. Without this principle, who can’t play. There are more principles, in fact many books I have mentioned

5, what do you think is the most important factor in the development of the two industry chain blocks?

This question is really fun, you said that what the teacher is the two most important factors for development of the industry chain block? One of the most important factors. Two I don’t know, I said my personal opinion.

I think that the most important factors in the development of the industry chain block is the rule of law.

Note here is cure drops of cure, is to make laws to restrict or allow the law to govern.

OK, then the rule of this matter on the development of the block chain is particularly important, because if there is no law to say what you can do, what not to do, then there will be a lot of confusion, the development of the industry is bad. Once the rule is sound, so a lot of things good things will happen, this is my personal opinion.

In recent days, 6 STO fire, then STO will be the next popular and what positive effects on the blockchain field?

In recent days STO is fire, then after seven days he did not fire, right? Chase hot usually is not large.

I personally do not think STO what the next big role in popularizing the blockchain, theoretically, this STO is not what the new concept of the past for a long period of time, a lot of people are doing such a thing, only recently as a new term out. I do not believe that the non block chain industry assets plus the block chain concept will fire up, this is not consistent with common sense, but some people’s wishful thinking. Of course I do not deny the role of STO, but I don’t think what it is a noteworthy trend.

7, recently in preparation for a blockchain project, but uncertainties network down. Compared to Ethereum and EOS, ask how do you see?

Or that sentence, all these things you cannot listen to others to recommend, you have to make your own decisions.

8, teachers in the next seven years to do what?

Many people are concerned about this issue, I also very concerned about. For the next seven years to do what I need to take a long time to take a long time to identify, take a long time to try. With you want is not the same, usually, when what I want to do things, not all of a sudden want, may take a very long time. Every seven years the change for me,

May be one to two years of time to think,

To like flies, hit left and right, then we can find a way out, right?

I don’t have a future of restrictions and fetters, right? So I also actively search. Of course I once started, you will see, that is because I rarely show his life in the internet.

What are you looking forward to 9, to Mixin the development of the project? How to evaluate Mixin may become the killer application block chain.

Ah, you are reading it in a letter, ah is actually mix in one, is to put a lot of things mixed together, mix in, right? Of course I was very optimistic about the mixin of the project, or not had become one of the earliest investors. Ah, that whether mixin could become the killer application block chain project? Ah, this is not me to predict, right? Because I’m worried about such a view I understood, as understood by others to call a single Kazakhstan advocate. Well, I am optimistic about him, so, I can only say some reason I like it. The reason is that it is good to say, ah, it is actually a huge trading network, and then, it uses TEE technology, making the trusted computing in block chain becomes possible, this is a major development direction, what is the future, see.

10, and is the most difficult, I think what is your theory?

For him, is the most difficult. What is the methodology? In fact, in many places are open about this methodology. As an asset and is the most difficult, so the most effective way is to get on the game after, and then, to put all the attention on the sidelines ability to make money, so you can take that thing, because you are making money on the sidelines, is to do ah, you do not worry ah it rose or fell, so it is relatively easy to get, you live, right?

So, whether it is a bear market bull market, OTC money ability is actually the core competitiveness of a trader or investor.

12, now the blockchain content platform a lot of incentive. However, the mechanism of the platform has a lot of problems, it is difficult to achieve “good.”. I do not know Miss Li of so many platforms have no research? If there is a mechanism to solve the existing problems?

I feel good weihaobao, even in the absence of the blockchain world, has not been very good to meet. Because good judgment itself is very difficult, there are a lot of good reception is not see.

Therefore, the blockchain wanted to complete the solution: weihaobao, I believe it is very difficult. And now we are trying, the biggest problem I see is the platform to attract people, but not to read the articles, or write articles, and more people want to make money. So the initial user needs a long time to carry out self elimination, sooner or later one genius may be completed, or is closer to our imagination of good friends.

13, Hello, I am a host of the community. With your consent, we have recorded a dozen anchor in your new book “self-cultivation” leek, put my personal record in the iVeryone version, excuse me, does this constitute infringement?

In theory this is an infringement, because I am not authorized to give you. Then you have no right, is recording my content, and then spread around, but also do not have the right to use it to make money, so, I this person is special, all publications I, do not care too much about my personal rights, so you love do not. The relationship between the. Of course, this I agreed to by more Never mind, so!

14, it is the bear market, what we need to do in order to have a relatively large harvest in the next time to the bull market? Long-term investment value of RMB will be a good choice?

Long-term investment value of money, will not be a good choice? Theoretically, you have decided that he is a valuable thing, the future is something of value. If this premise, the long-term investment is definitely on. So the question is not good, but you should ask, how to determine a certain thing is long-term value? But this problem is not good, because this problem can only rely on their own to answer. But whether to stick a little investment premise, whether you’re on your investment target is through contracts with confidence?

If the answer is obvious, isn’t it?

15, USDT on Monday after the crash, the discussion on the stability of money very much, but now more and more exchange launched various stable currency, or launch their currency stable. Want to ask the teacher to laugh, how to treat these stable currency? Stable currency to block chain assets, what is the biggest role?

Discussion on the stability of the currency has existed objectively, stable currency many solutions, in my eyes, is not particularly reliable, even less reliable USDT. Stable currency itself is a kind of block chain assets, convenient transfer, no geographical restrictions.

Well, the discussion on the stability of currency has long been existing. Then, I personally do not Bitfinex with what conflicts of interest and interest, whether I like USDT is not important. Well, but the objective evaluation, present a lot of the currency stable solutions in my eyes are not particularly reliable, even less reliable USDT. So, this how to treat these stable currency? So the user is concerned, it is a tool to hedge them, right?

What is the currency of the blockchain stable assets? In fact, stable currency itself is a kind of block chain assets, so it convenient transfer, right?

No geographical restrictions, these are its specific use.

16 Li, if your life can be over again, what would you do?

If your life can be over again, what would you do? The key word here is if that time is the one thing in the past, then it is unlikely to be reversed, so in this matter does not exist if the time is. Since there is no thing, we will not go to spend time and energy to think, to imagine. We only think about the future, we do not want to change the past. This may do any trading person should hold the basic idea, so the question is, I can’t answer, because there can be a once again, so I won’t choose what thoughts. In fact, the answer to this question is not based on boring, but that others can see, some people are so to adhere to the principle of thinking about the problem, for, as an investor, or as a trader, you should think so, we only see the future, do not look at the past!

17, this is a question, is to laugh to the teachers and we will meet, why have received 39.9 tickets? The teacher did not rely on this life? What is the meaning?

What is the meaning? It seems to be a more sinister purpose is consistent with your imagination, it will meet at 39. 9 tickets, and Li Xiaolai also depends on this. You either want to, I can’t decide.

18, the real market phenomenon, in addition to you with a calm state of human abuse, there is no other phenomenon? Or, my personal experience is that once in the bull market, high all or in strong milk project, will not occur, or will not appear, said the bear market has been in the end…… Want to hear your opinion?

What time the bull market coming to an end, when the bear market in the end what? This is all people want to know the answer to a question, but in fact no one can tell you, because if he decides the one hundred percent confirmed to know about this thing, why would he tell others? So things like this are the need to judge for yourself. Some people say ah even selling tea aunt to buy the stock, the stock market is coming to an end. This is a judgment of the way you look at a way to judge what you said is the bear. However, I can tell you is, in general, whether it is the bull market or bear market to the top end, will be beyond most people’s imagination. So most people including you and me,


19, you have been listening to the recommended EOS, but many chain circle of friends think EOS is the center of the mind and spirit of a back block chain, can you explain it?

The one hundred percent to the center, in reality, it is difficult to do, and the efficiency is not high. So the historical point of view, we are in the pursuit of a compromise, in fact I think EOS is in one hundred percent to an effective compromise between the center and the availability of.

Well, so I don’t think he has a problem. In another is like this, what time do you always listen to my recommendation EOS?

I vote is a fact, but I rarely recommended outside, because is not recommended. But don’t listen to my recommendation. Because you listened to my recommendation to buy you nor me money, you also fell to scold me, right?

So still have to make their own decisions.

20, I ask you a small problem of encryption currency, if starting from tomorrow only allows you to hold three kinds of encryption and fixed currency positions, without considering the switching costs under the premise, you will put your existing positions into which three, its holdings will probably be how distribution (such as A70%, B20%, C10%)?

I even have the answer, I will not tell you, it is my own decision. And then tell you no use ah because you actually don’t believe me behind then logic, so you still hold.

Then you already have this idea is very good, then I tell you some of the basic principle is simple. You have to pick three in the top ten, right? This is the first. The second is that the proportion of how to choose? You go and see what they are accounted for in the current market share, so you will have a basis for judgment, and whether it is positive or reverse selection, you have a choice, it is like this, right? So this thing is must rely on their own thinking, so you can believe, so what others say about you, what happened outside will change your choice, while others tell you, it is not the case, right?

They still rely on their own. I hope to be able to satisfied with the answer ah ha, I try.

Saying: “if tomorrow only allows you to hold three kinds of encryption and fixed currency positions, without considering the switching costs under the premise of their positions will probably be distributed?”

Must rely on their own thinking, so you can believe, so what others say about you, what happened outside will change your choice.

21, can you talk about how to “demand” and “leek” definition of the concept? Want to let you talk about the process of the two concepts extracted? What is your concept of a clear and accurate refined and polished for a clear and accurate concept? This process, easy detours deviation, usually should pay attention to what? How to make this concept and other concepts clear, accurate and necessary contact? In the process of Qucuqujing, Quweicunzhen to pay attention to what?

Carefully define a concept, to come up with a definition of myself is a very difficult thing, it takes a long time to think. For example, if the concept of leek, before I did not stretch that serious storm of public opinion, I may bother to think what is the name of Chinese chive.

Later, because there is such a thing,

I’m thinking to finally get a definition,

Is that the non zero sum game as zero sum game to deal with people, so it is likely to be true because they will be facing leek, leek today they claim to those encountered embarrassment. And I put those embarrassing list again in that book, you see, this is actually a habit, you used to put the concept you use accurate, slowly good. You will find a lot of people use the concept is very vague, very wrong, then you will not satisfied with the use of the concept, then you have to come up with their own concepts, it is like this.

22, if the investment is their own decision, so this road is the master guides? The master door, their nature is suffering reflection? Can you talk about is how to do reflection on investment?

This road is of course the teacher guides, ah in areas which are like this. But this is a special field of a point, master guides account for only a small part of the role, most still rely on their own, because no matter what the result is, is to rely on themselves to bear. Right? Do you go to school in real life, you learn in high school is not good, the master is not responsible, is it right? This is a very big scolded ah? Only this, right?

But if it is in the field of investment? Well, master responsibility may be, right?

So few people put this thing like when the master to teach others, so more time is only rely on their own.

23, for the block chain, it can be understood as a similar to Apple or Android’s underlying operating system, all kinds of money behind the technology is the system based on APP? To judge whether there is a value of a currency, not for people who understand technology, announced from the company to solve the problem of the technology of a few words is very difficult judgment method?

You this is a difficult question to answer, because this analogy for your very inaccurate. So when you go to a new understanding of things, do not easily use any analogy, why?

Because of the analogy would normally put a new complexity simple. So don’t use the analogy to understand new things, but to jump in the understanding of what it is, why? An important reason for the bad analogy in a place like this is said by analogy is known to know the unknown, but you have now is a new thing, so there is no relationship with the past analogy, that this time you will lose the direction, right? Do not use the analogy so easily, take off your analogy, what is the blockchain? What is it, what is the application, it is what,

You don’t use this analogy, but this analogy will make you more and more confused.

24, Jack Ma announced in education next year after retirement, you before the New Oriental is very successful, but also ready to switch, the future will continue to participate in the education industry or investment account?

I said I was ready to switch, the switch is better for me, and then the block chain of this industry and I can’t hide, so I could not leave from the block chain in this industry, this is because I can find the biggest trend, may be the trend across my life cycle. So as for consideration or investment education industry will continue to participate in the future?

Is to say, starting from the investment point of view, I don’t think that education industry is a very high rate of industry growth. In view, a higher rate of industry growth than it very very much. So it is not a good choice for investment, but I will not do this thing not to say. In fact, I have never left the education industry, you see me ah ah Ah Q & a Book Lectures, is actually a sense of education.

What is 25, the next breakthrough direction?

I do not think what a technological breakthrough, breakthrough technology in Kazakhstan don’t think constantly, you want to see what direction, for example, to the development of the Internet today, it’s the most basic agreement, HTTP is not what a breakthrough, that’s the way he is, he has completed his most simple function, then we have been in use, what it is like? Is building a house with bricks, bricks, this thing is not to break through, right?

Ah no matter what kind of change you house, right? The brick does not require much breakthrough, so block chain technology is also very like the analogy, is the blockchain technology itself now has a relatively perfect, what it does not require much of a breakthrough, but the more important reason is that in this simple but effective things, we can build what kind of things. Then the next breakthrough what is what? I seldom think of.

26, some people say that if you switch to the nearest, and Luo to do mobile phone. You can consider this, this is the probability much?

This probability is almost equal to 0, I do what I will not do mobile phone, because it is the industry that I didn’t know why, I personally do this also not too big.

27, do you think the idea of foreign chain which blocks excellent can be introduced to try. The second is what do you think is the most worthy field block chain development?

I don’t think in the world, the introduction of domestic and foreign ideas, this practice will play a role, the long term effect is not great. In the absence of the Internet era may be, after the Internet this internationalization tool, there is no such a big role, and block chain this thing than the Internet but also internationalization, globalization. So this kind of practice is not large. Well, what is what is the field block chain most worthy of development? I also publicly said that in fact the blockchain most worthy of development in the field is not business, but ah, public affairs, right? The field of public affairs to block this auxiliary chain, right?

28, mentioned in the book the importance of cycles and trends, but also mentioned the real trend of at least 2 to show the real. After 2 cycles, if not in the air, or bonus almost depleted, it would not miss the wave tuyere bonus? Please smile to the teacher, as a new admission of investors, how to balance the cycles and trends in the remainder of the rational, and seize the industry early opening?

So actually all investment activities, the most advantage of the strategy is a long-term investment, its core is that investors can see the future, can use long time to verify their own ideas. Then after many cycles of cycle, you can verify your idea is right or wrong. But if it is in a half cycle or within a period of time, there are a lot of misconceptions, may also see a seemingly correct result, so it will be more chaos. If you are afraid of missing the air, it means that you actually do not fit to do the investment, because you only see the eyes, you do not see the future, right?

See the future of the air itself is not necessarily interested in, because the vast majority of air is just fantasy.

29, we as a consumer electronic products of the traditional small and micro private enterprises, this year the day is really too tight Baba, Sino US trade war, the economic data released this morning, so that the economy continues downward, the traditional industry, the next few years the trend, what is the specific suggestions and opinions?

In fact, I feel that regardless of what industry people, a period of time in the future will face the consequences of some economic depression. So all the people facing the situation is the same, how in such a bad environment conditions, still maintain their own strength, right? So what advice is what? If you do business, right? Reduce the cost. If you do invest, then you put less exercise, right? For the economic downturn, the vast majority of individuals in the world are not in any way, only carrying, as if winter comes, right?

You can think of something to keep ourselves warm, warm.

30, please talk about your Buffett evaluation, authentic assessment.

Old Mr. Buffett is really cattle, this is the first, the fact that he is very cattle. Second, he is really a very deep thinking of people. Third, he really missed some opportunities, but this does not mean that he is not doing well, he did very well, but is that everyone has their own investment and circle. So my personal assessment is like this, Buffett’s old classmate in the earth is rare, so few people to achieve the ultimate in their own circle of competence, or admire!

31, how do you see the current financial industry net profit accounted for half of the world’s top five hundred, after the blockchain will subvert the financial industry, the financial industry will block or chain fusion in?

Give you a perspective, this is my point of view, why the financial industry will account for a large proportion? Because itself is also a financial market, this market is the subject of the transaction money itself. But the money this thing in today’s world in the digital world where the transfer speed is the fastest, the transaction is the fastest speed, so it is the largest market share. This should be a point of relatively easy to understand.

The blockchain will subvert the financial industry? This is also a lot of people are very naive. A database technology, who do not who can subvert subversion. A lot of the bitcoin fans, right? In the past few years has been on bitcoin subversion, that you have seen what bitcoin subversion.

I personally have not seen, even a few years ago, I often say, he is not a subversive what things, but that it is a new thing, there is room for growth.

32, would like to ask you to believe that a higher growth rate of industry which features? We choose these industries in investment at the same time, young people have no need to enter the industry?

The growth rate of high industry what are the characteristics? This is a very worthy question, all growth rate high in the industry have a common feature, one of the most important common feature is that it can improve the efficiency of the existing world.

For example, the emergence of the Internet, it is to improve the efficiency, the block chain is so, what things like them can provide efficiency contribution so much to the world, so their growth rate is certainly very high. So young people have no need to enter this industry, is not necessary, there is no need to ask, but actually when you find a high growth industry, you must rush to work, this is the best choice.

Before just appear in the final results, you have no way to determine the one hundred percent, it is really a very high growth rate of the industry?

33, you can share your understanding of coinless blockchain, block chain no coin pass card incentive mechanism will run well?

The first coinless block chain, not the money itself is not to say that there is no money in this system, but this system does not necessarily have to have money, there is also no coin or coins. So I was involved in this project, is doing coinless blockchain. So in fact the blockchain abstract understanding is a kind of do not tamper with the database technology, the database technology in the process of existence, is not necessarily a coin. But the vast majority of public affairs is the need for such a block chain technology has no money. So as to pass credit incentive mechanism, do not think that only the money incentive human a kind of thing, really not the case, so you can imagine a lot of scenes without money incentive is the same to do, and there are 1 million scenarios with money but not a good incentive.

34, do you think the future will have SC value?

I think the future of SC as well as the value of what is it to you? It’s not that I don’t want to answer your questions, this is I hope you seriously consider the issue. If you feel that it is not good, then you should sell it, or you don’t get it, if you think it is good, basically it fell, you should hold, and will continue to buy. So, so it is completely on your own.

Then a block chain in the world to do to the center of the storage of things there is no value? Where is the value of it? Right? People will try to tell you, then you believe or not believe,

Or is that you get your own conclusions through your analysis,

This conclusion must take out, this is I have repeatedly mentioned today.

35, ask the teacher to bear now already 10 months, according to the 18 to 24 month cycle of coins you, each group is very quiet now, is not a sign at the bottom, or just beginning?

I can’t come out now is really not out of the bottom, judge. Know only afterwards. Bear how long no one knows. I personally feel that hope here bear a little longer. So put those bubbles squeezed clean. Let those people walk in a horrible mess. It is a good thing.

36, you no longer for their own investment in the recently proposed, that you are also responsible for INB investment?

I think this worry is not necessary, completely did not understand the words I had written, I said at the time that the individual is no longer investment, right?

My personal investment is no longer, in order to prevent all kinds of platforms, to tell the truth I have been tired of being the platform station.

So you see what Li Xiaolai said is in the project investment, right?

That is certainly true.

37, you just said USDT than other stable currency solutions are more reliable, so the USDT last fall, do you pay attention to? Do you think what is the cause?

To be honest I didn’t pay much attention to, because I don’t think it was a great event, certainly seems to be a lot of people think it is a big event. On the issue of Bitfinex USDT questioned the voice, have never been broken, and they do have problems, I don’t know.

But I don’t think of such an event it will affect the blockchain world, so I think he was of little importance.

38, you have published a few books after the individual creation, will continue to write? What is the writing direction of choice?

I can’t stop writing things, every day I write. As to whether the publication, that is what I see your mood. Because the publication did not have much influence on what I personally. If it is said to be able to choose, but I think it is particularly difficult, if can choose, I will write the story in future, rather than write articles of reasoning.

39, Charlie Munger didn’t see bitcoin, what do you think of him?

The answer, Charlie Munger is not optimistic about bitcoin, what is the relationship with you? He is not optimistic about he would not buy, you see you buy it, he is not optimistic about, so you are not optimistic about the. What is the relationship with you, what’s good for you, right? So his opinion is his opinion and we have what relation? Right? So what can not, he is not optimistic about is not optimistic about the chant, do not look at the bitcoin people have to go,

Right? For example, Lang Xianping students are not optimistic about bitcoin.

40, do you think the investment principles will “iteration” what you say now? If possible, what is the reason?

Most of my investment principle is difficult to be iterative, because I follow the simple is the most basic truth, it is a reliable way make up. So my investment principle is usually the case, I think it’s probably not long iterative. Because just look long and worked out the principle.

The planet | become Nakamoto biography

Editor’s note: I don’t even know his Gender age or any past, including important clues around his article “Bitcoin: A Peer-to-Peer Electronic Cash System” papers, 575 Posts scattered in the bitcointalk forum, as well as his name, Satoshi Nakamoto (Nakamoto).

 The planet | become Nakamoto biography As James Burke said in “Connections”, “Things almost never turn out as expected.” (things we think are not the same)

The birth of the Greek alphabet to promote philosophy, logic and democracy. A little studied Scotland mechanic fine tune the steam pump, triggered the industrial revolution.

Burke also said, “Each one of innovations is part of a family of similar devices, and is the result of a sequence of closely connected events extending from the ancient world until the present day.” (each innovation and it is similar to the “innovation family” in part, since ancient times is closely related the event collection)

A weatherman 19 century designed a small device can spray cloud. Inspired by the Rutherford discovered that atoms can be split, which was later revered as the “father of nuclear physics”. A Jewish Student Rutherford in Cambridge refused to turn over, read the theoretical physics, after being appointed as chief scientist of the Manhattan plan “, he is Oppenheimer.

Review of every major inventions in history, they do not exist in isolation, but standing on the shoulder, and is closely related with the time. So is the bitcoin.

As a fast ten year old birthday of the “young” invention, bitcoin is steam plug or atomic bomb, not known. However, Berke once again taught me, “There is nowhere else to look for the future but in the past.” (the only way for the future is foreseen in the past)

Therefore, this article will first look back several related segments in the history of money. From it, we can not only know more about Nakamoto what you want to solve pain points, will discover the “center”, “token economy” in today’s hot words projected in the shadow of the past. After that, I will be with you “anti read” bitcoin white paper by Nakamoto “shoulders giants”, seize the “found the problem – solving problem” logic. This will enable us to “wild tales” closer to the father of bitcoin’s birth story.

The center of the spiral home currency history credit

5000 years ago, living in the Mesopotamia plain Sumerians began using silver as a supplementary means of transaction. That is to say, “Su” can be a cow with 10 kilograms of wheat +1 units for the “silver Mei”. But the question is, “Xiao Su” had only 5 kilograms of wheat. He and “Mei” to discuss, can first for cattle, after harvest and fill short that 5 pounds of wheat. “Mei” is not short of cattle, and for wheat, think it can do. But he dug from the river Words alone are no proof., some mud to pinch the mud plate, with reed engraved the “debt”, on the cover of “little Su” seal, and then burned into the mud plate.

So, the earliest credit tool for human birth.

After 2000, the Babylonians inherited the mud plate to transfer slab in more complex business activities (debt), interest loans and calculation.

 The planet | become Nakamoto biography

Behind the silver and mud plate can play money and credit, cannot do without some basic conditions:

  • Silver to its scarcity, (relative) stability and portability, on demand reached a “consensus in barter”.

  • Subject to the shortage of resources, productivity limitations, social division of labor is different, affected by seasonal unpredictable factors such as agriculture, in the future, the time was given the “commercial” value, credit will be introduced to the value of the exchange.

  • Money and credit to be widely recognized, both parties also need the third party (then state power) endorsement; once a breach of the contract, the third party has the right to enforce the contract, in order to achieve a fair.

Let’s push the time line to the first Century BC, Emperor Augustus (Octavius) will be Rome’s currency credit system established in the temple of Jupiter (the central bank’s gold reserves on the settlement). But as the Empire strong push urbanization movement, to keep up with the pace of agricultural production began to can not afford to support the rapid development of the city and high welfare system. In order to compensate for the military surge of fiscal deficit, the rulers by reducing the silver content of money let the continued depreciation of the currency.

For 301 years, could not carry hyperinflation and the poor empire of Rome issued a “riot highest price law”, want to control administrative price. But just the opposite, “sellers” did not dare stockpile (will be killed), and do not want to sale in accordance with the law. To barter trade degradation times, free market collapse.

The next emperor Constantine with the “gold standard” to replace “silver”. However, only public officials take the gold silver collar salary, salary of ordinary people had to bear the consequences of currency depreciation. As the middle variable, the economic slowdown, coupled with the war of barren land and productivity decline, Rome empire collapses, the population back to 500 years ago when the level of “independence”.

The same is the royal family, 1200 years after the Stuart family apparently summarizes many previous experience. 1694 years, the Bank of England issued notes endorsement by the state. Prior to this, the more popular European financial model is gold lending and bill payment. Only this time, Bill upgrade license royalty money, anyone can be convertible into coin. The money circulation property soon emerged.

In 1929, the Great Depression (The Great Depression), the UK, Japan and the United States have abandoned the “gold standard”, notes slowly no longer able to represent the value of gold. In 1944, the Bretton Woods system has become a new international monetary system, replacing the “gold standard” is the “gold exchange standard”, the dollar as the equivalent of gold, and in the center of world currency. In 1971, seventh times the dollar crisis, in order to control inflation, stimulate economic recovery, shortly after taking office, President Nixon delivered a televised speech, announced to stop performing a foreign government or central bank can exchange gold to the United States dollar obligations. Since then, the Bretton Woods system began to collapse, the foundation of money from the metal supply to national commitment.

This time from Nakamoto “birth”, there are less than 4 years.

In the long history of money out of the above several slides, we will find that:

  1. Barter currency (although the inconvenience spawned Marx does not think so);

  2. Money is not only a measure of value, but also bear the function of circulation (Adam Simy also taught me);

  3. Money in the form of evolution (metal, draft, notes, numbers), but the transaction always rely on third party as an endorsement of trust, and the trust is often the kingship and state.

With the evolution of society and the promotion of productivity, the central level financial institutions gradually improve, but also there is a voice: they are reliable enough?

Mysterious religious and political metaphor in double cypherpunks

 The planet | become Nakamoto biography

The 2 dollar man, the third president of the United States, the main drafter of the “Declaration of independence” Thomas Jefferson

In 1776, Thomas Jefferson wrote, “All men are created equal.” (createdequal)

But the rulers control financial institutions in order to achieve the purpose of political conspiracy theory has never been silenced. The aforementioned Nakamoto “birthday” hide a let people relish the stem, is also to the original monetary system at.

In several places Nakamoto So’s early to talk about bitcoin, should be the most “anonymous” is the point to point Foundation Technology (James Burke P2P community website or the website of the co-founder). Because you want to register, birthday is required. Nakamoto So was filled in April 5, 1975 .

 The planet | become Nakamoto biography

P2P Foundation registration rules (easily posted under Nakamoto in the P2Pfoundation home page, although small ten years did not update……)

In April 5, 1933, President Roosevelt signed the Executive Order 6102. Act, prohibit citizens possession of gold. People need to be turned over all the gold to the bank (and vouchers), $20.67 per ounce for notes or deposits; the bank will collect the gold by the fed.

In January second, the Roosevelt administration defined the new price is $35, which represents the dollar (that is, people’s private property) fell 41%.

Although the history of the book said, this is the first stage of Roosevelt’s new deal, through the implementation of the so-called Keynes doctrine, in times of emergency (preceding the great depression) in order to force the government to intervene in the economy, which enhance the international competitiveness of domestic products. But Congress without the democratic process, at the “confiscation” private gold, has been a serious violation of the Constitution and the “Declaration of independence” advocating freedom, equality, privacy and other values. When the Senate Budget Committee Chairman Lewis Douglas said: “ this is the end of Western civilization.

However, a strong government and ignored the high court proceedings. In fact, the mouth of Roosevelt in the “national emergency” (national emergency) issued “temporary” act 42 years, until Nixon announced that the dollar and gold decoupling after 3 years is 1975 years 1 months 1 days, a citizen of the United States to regain possession of gold free.

 The planet | become Nakamoto biography

Photo Copyright: NBCnews

So, as individuals, can have the power to fight?

80 at the end of last century, a group of genius geeks advocate by the encryption algorithm to defend its information and freedom of property, opposed by the government and the military monopoly password rules. These small circle had no organization operation a few years “”. Until 1992 Intel, senior scientist Tim May launched the encrypted mail lists. In 1993, American mathematician Eric Hughes wrote a book called “A Cypherpunk’s Manifesto” book, create Cypherpunk (cypherpunks) . This group was formally named.

Mail group members included in the Wikileaks founder Julian Assange, written in the peer-to-peer file sharing protocol of BitTorrent Bram Cohen, the father of the web Tim Berners-Lee, first proposed the concept of intelligent contract Nick Szabo, one of the founders of Facebook Sean Parker. The team focuses on mathematics, encryption technology, computer technology and other topics, also relates to point-to-point payment system and described (such as E-cash, B-money, Beenz, Flooz and other virtual currency pioneer). But, these systems are not yet out of control center, and the theory and landing, still lack a “Sarajevo incident”.

9 2008 21, the Wall Street Investment Bank fell one after another, the Fed announced: the remaining two investment banks (Goldman and Morgan Stanley) to commercial banks; hope to survive the financial crisis by xichu.

In October 3, 2008, the Bush administration signed a $700 billion financial rescue plan.

After 28 days, that is 2008 November 1st, a cryptography mail group where there is a new post: “ we are developing a new electronic currency system, using the full point form, and no third party trust. ” the text is a post titled “Bitcoin: A Peer-to-Peer Electronic Cash System” papers, Satoshi Nakamoto (signed Nakamoto).

 The planet | become Nakamoto biography

Some of the basic rules of mail group

Based on the rigorous logic describes the design of the point-to-point electronic cash system, the first is to discuss the financial institutions subject to the “trust based” (based on credit) problems, step by step instructions on how to achieve the “no third party”, and skillfully resolve technical problems inherited from the previous.

Two months later, Nakamoto released the first version of the open source bitcoin client, and dig out 50 coins for the first time. The first bitcoin block is called “ Genesis block” (the block), founding block is compiled into a 0 block, not on the chain. Nakamoto for 6 days to dig the block. This is caused by the bitcointalk forum, bitcoin “believers to think of the Bible,” the god six day creation and rested in the 7 strike”.

“God creates this earth and its heaven and all forms of life in six days he rested on the… And… Seventh day from all his work which he had made.” – Genesis

Although decentralized does not appear in the paper (Center), token (General Certificate), economy (economic) concept, but Nakamoto explained in detail the block (Block) and chain (Chain) principle in the network. Like God said, “Let there be light, and there was light. – Genesis 1:3. “ So, there is a block chain (Block Chain) .

This thesis, later became a bit “God” “Bible” technology has become the cornerstone of the faith, the developer documentation became the “code of hammurabi”.

Then, for the first time through the realization of bitcoin exchange payment, the real scene pizza by the United States government blocked accounts of WikiLeaks on bitcoin, Nakamoto So miraculously survived the “decentralization” and retired, genuine and fake rumor and appeared a series of legend, the descendants of the fusion of expectations, imagination and speculation, has become the “Bible story”.

Some people are not satisfied with the “world depicted in the Old Testament”, another sect, the doctrine of written white paper, in bitcoin after ten years, telling their story of faith. As the 66 of the Bible writing across the 1500, and after reading 2000, divided into 33000 branches of christianity. CoinMarketCap display, digital currency has exceeded 2100, digital currency overall market size of more than $2000 billion (a started from 0 do 2000 billion icon or Buffett founded Berkshire Hathaway). Bitcoin is still the market leader above 1100 billion dollars in the digital currency market, the average price of $6487.13 yesterday.

Barbaric growth “money circle”, is it beyond the Nakamoto originally conceived, we can make nothing of it. Whether as a digital currency and block chain has deviated from the track, also is a difficult question to answer.

When “the Da Vinci code” lost in the Langdon online cable, don’t forget to look for the answer in the bible. In order to figure out the Cong bitcoin design ideas, I would like to change the angle of “Bitcoin: A Peer-to-Peer Electronic Cash a System.”.

Every great achievement will bring new problems of human organ is the technology?

Let us start from the last page of the “reference” read:

 The planet | become Nakamoto biography

These “God” why appear on this page? I made a table:

 The planet | become Nakamoto biography

We found that the third chapter of the public key signature, time stamp, bitcoin in the second chapter, the fourth chapter of the Hashcash and PoW, the seventh chapter of the Merkle Tree, the tenth chapter relates to the protection of privacy thoughts, all appear in the table.
Nakamoto So’s work includes, by hash of all transaction time stamp, and then merged into the chain as transaction records; through the hash PoW achieve record can not be altered based on solving the Byzantine Generals Problem and double problem; design a consensus mechanism and incentive mechanism to prevent economic network attack — more than 50% of the work force to achieve the attack, meet this condition to obtain the mining income higher than the gains of network attack…… And ultimately the formation of this “includes all necessary rules and incentives” P2P electronic money system.

“Humans are the sex organs of technology.” (human organ Technology) Kevin Kelly said in “The Technium”.

In the long history of science and technology, Nakamoto bitcoin is just a small step technique”. Ten years ago, he combines the predecessors in distributed database, P2P network, encryption algorithm and time stamp of experience in the field of achievement, “be nakamoto”. After ten years, countless innovators “standing on the shoulders of the” transformation of digital currency and block chain. Nakamoto So’s legacy is not only a set of electronic cash system, there are methods to discover and solve problems, and freedom of thought.

Albert Einstein once said, “A clever person solves a problem. A wise person avoids it.” (smart people solve problems, wise people avoid problems)

The “wisdom” of Nakamoto So also left two paintball:

  1. Snowden has revealed that NSA (NSA) in the elliptic curve algorithm (ECC) embedded in a “back door”, can be in a particular way to weaken this curve. But Nakamoto did not choose international encryption standard, instead of using the Koblitz curve.

  2. Another visionary design, has been criticized for “redundancy” and “elliptic curve digital signature algorithm + two hash”. Later, people found the bitcoin network to deal with quantum computer attack.

Biyi to things with a deep hiding

When you wake up and find myself have the ability, you will (like iron man) to tell the world, or (like spider man) to hide their identity?

At the same time the cypherpunks movement, also had a lot of “anti financial center” attempt, but the outcome is not beautiful. In 1998, Hawaii resident Bernard Von NotHaus to create a private currency Liberty Dollar, 2007 FBI raided and seized the coinage activities, Liberty Dollar, Bernard Von NotHaus for “making official currency competition with America’s private coins” sin. In 2007, digital currency e-Gold due to lack of information from the customer is accused of illegally detained, the inventor.

The main line of the back story. 2010 years 12 months 12 days, Nakamoto published an article in the bitcoin forum bitcointalk, and will be handed over to the chief site bitcoin developer Gavin Andresen. Then he and the “circle of friends” message exchange has gradually reduced to zero.

Lost “thread” people began to realize that Nakamoto has never disclosed personal information exchange, and anyone using PGP encryption and Tor network. In 2008 he registered and two sites, both names anonymousspeech provides anonymity. He even in the white community and speech, have forged some personalized features, to avoid measurement (the style of writing as stylistics to identify a person’s identity for each unique fingerprint tracing).

Remember the “egg”, Nakamoto not to step on the NSA algorithm of “trap”? FBI Xu is the smell of smell danger, but also on the Nakamoto identity unfold over many years of investigation. Someone asked FBI and CIA to submit FOIA (FOIA) request, asking about Nakamoto identity information. Get back to “Glomar response” (neither admitted nor denied). There are a lot of people believe that NSA knows the true identity of the Cong.

Every once in a while, someone claims to be Nakamoto So, the media have also occasionally announced the discovery of Nakamoto Mami and behind the organization. Unfortunately, “connection” magazine, the Gizmodo website, Bloomberg issued news have been questioned and eventually the rumor.

At the beginning of 2014, the American “Newsweek” ever investigation that Nakamoto’s true identity is Dorian Nakamoto (Dorian Dibengtson), a Japanese american.

But soon, Nakamoto in P2P Foundation made a “I am not Dorian Nakamoto.” (I’m not, Dorian Nakamoto), denied the “Newsweek” speculation.

 The planet | become Nakamoto biography

Thanks to the long sword in.

Perhaps, the “be Nakamoto”, “looking Nakamoto” this game becomes devoid of sense. As we do not know (there is no need to know), 5000 years ago thought of using silver ingots and mud plate Sumerian who.

Perhaps, as he himself said: We are all Satoshi (everyone is Nakamoto So).

References and related reading

Satoshi Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash “System”

Interested in history, “secret: 5000 years ago the Sumerians is how to play the credit? “Http://

After “the ancient empire of Rome Jingyue, why the decline of government junk currency prices soaring”

The square of finance, “10 minutes to read” the Bretton Woods system

Wikipedia, “Executive Order 6102”

Yang Jiaxu, “the process and causes of the 2008 financial crisis of America”

David Orrell. (2016) The evolution money “of”.

Yoram Barzel. (2002) Theory of the State “A.”

Handa, Jagdish. (2009) “Monetary Economics”.

Under the light of rats, “bitcoin, block chain and the cypherpunks” the history of

“We are all long swords, Nakamoto So: the establishment of the pioneers of cryptography diligently strive after money”

Melody, “why Nakamoto always anonymous? “Https://

Barrett, Kurian, Johnson. (2001) “World Christian Encyclopedia”.

Wendy, “the world’s most low-key Billionaire: Nakamoto So is still a year Everfount received bitcoin”

Qq88, search for “Nakamoto”

Dominic Frisby. (2014). “Bitcoin:The future of money?”

Wikipedia, the “Double-spending”

At the circle of “ code, the Byzantine Generals Problem”

Special thanks to the “methodology” of James Burke. (1995). The “Connections”.

I am Odaily senior editor of the daily planet Hao Fangzhou, block chain quality projects for reports, plus nooxika, please note Name + company + subject. Do a little notice by the Odaily Research Institute of daily planet written “bitcoin history” to be published, will tell you more stories after 2008, please pay attention.

In the Oxford underground with a group of programmers overnight is what kind of experience?

A few hours of continuous fighting, Paul stand tall body, brought a blanket to the pillow can be.

“It seems you are going to sleep here?” I asked.

“I probably rate will not sleep, it is only alternative.” Paul turned down eyes, then hugged pillow play selling horror, “I was homeless baby.”

Paul’s teammate Brandon do not love the organizers provide China dishes and pizza buffet very place Curry Chicken and egg curry. By eating space, we talked to Paul prominent family history and Chinese history, the team of programmers immediately turned to their computer bulkhead.

This is almost 12 in the evening, here is at the University of Oxford School of mathematics basement. With Paul sitting here, mostly Oxford computer science and math students, Oxford graduates, in-service software engineers, block chain entrepreneurs, digital Monetary Fund traders…… They have a common identity here, hackers (hacker). They sat together in groups, most of it in front of the computer work, analysis or programming, design or product UI, or find information data.

Local time on October 20th, by Dorahacks (a geek organization) held a hacker marathon start here. Here, the hacker (hacker) is not “black people system”, but “to solve the problem of the person (usually a programmer, using technology to solve)”.

Contestants will be given or any block and chain related problems, and try to make as much as possible within 24 hours of a product or a demo, finally they vote for the winner. For them, on this occasion all but the most common.

 In the Oxford underground with a group of programmers overnight is what kind of experience?

“Harry Porter” Christ Church (viewfinder is the first one with the hat, the dining hall), 2 km away from me. First came to the world famous Oxford Town, I was in the hospital building of Department of mathematics of bottom, with a group of programmers in the night?! (the night before the event, I was in College Listening to an old grandpa all old buildings ghost story.)

 In the Oxford underground with a group of programmers overnight is what kind of experience?

This is not the Oxford Christ Church filter

Later I found that interesting than I imagined. In order to transfer at the scene to observe the feeling with you, I have a soul of torture.

Who they are, where they come from: there are multinational and “ come from another planet

Most of the participants come from Oxford near London, in addition to Brandon. He is devoted to fly from the United States to participate in the hacker marathon.

This month, Brandon Angela Dorahacks found the British friends invited to attend the event, Brandon.

He spoke with Angela process realized are a wave of Sao operation. London venture Brandon ready to 3 years ago, the landlord know Angela in Airbnb. Brandon also too poor to pay the rent. The king wanted to live? “Do not pay for the rent, I teach programming.” (later asked Angela, in fact Brandon is not no money, is not legal tender, so she accept bitcoin…… Now she is in Shanghai and Beijing as well as a digital currency quantization team).

I had to laugh at him: “boss, you have to open a company, but also can not afford to pay the rent.”

He stared said: “we are startups.” – on the entrepreneurial life suffer hunger and cold.

They also didn’t graduate from university. Senior Engineer Brandon who is 10 years of programming experience, and not successfully graduated from college, but in the junior year by UT (Texas University at Austen, the famous American public university). Because when he enrolled in computer science scores enough professional (CS), but the child has always been to three reluctant to choose other professional…… Would rather be dismissed, also killed not choose outside the CS course. It is true love

 In the Oxford underground with a group of programmers overnight is what kind of experience?

Brandon suddenly taken up painting

The morning when not many people, I early with a team from London to chat with hacker, 5 of them are programmers, but only 2 in hackathon. Small beautiful blonde Violine is the Department of mathematics of University of Oxford sophomore student, to change the Restroom organizers asked to wear clothes on the road, the way to flirt with them, “feel shy, this is my first time to attend the Hackathon, I think you look as though you really understand the way, can you tell me why we need in general?”

 In the Oxford underground with a group of programmers overnight is what kind of experience?

The little sister ask Daniel Violine

In 3 Hackathon’s little brother Fred is awesome to guide: “first, to determine what you want to do; and then start to determine your programming language before, there are a lot of tools can help you save time, for example, if you use JavaScript, you can directly use the Library resources, this is the biggest code library.” At this point in the side of the Bulgarian Lvaylo brother began to change clothes self-assured or supercilious, Cool~

In many young players, there is a tall bald black uncle Paul, his name is green, indicating that he had no prior team. In hackathons, advance team or team can live alone, Paul teammates mostly realized that day.

Paul side is a Chinese woman and a big beer belly with grandpa. Others thought he was the grandfather, joked: “I come from the headquarters of the alien, let me disguised as a professor.” I think he is the beginning, Grandpa was playing with me: “I come from alien, the headquarters of this let me disguised as a professor.” Until the old grandpa took the name card, I only know that he is a sales manager for a London startup, Paul is the company’s CTO. This is his game 7 Hackathon this year to participate in the group, then they project is his company’s project, and his last at Hackathon for a programmer.

 In the Oxford underground with a group of programmers overnight is what kind of experience?

Black brother Paul

Why do they come: and I don’t make me why I’m here, choose me

“My name is XX, this is my first time to hackathons, I also don’t make me why I’m here.”

“I absolutely ignorant of block chain, I am here to learn. Well…… Choose me!”

 In the Oxford underground with a group of programmers overnight is what kind of experience?

Self introduction part

Can be seen from self introduction and team, many participants do not understand what is the blockchain or hacker marathon.

Almost all the team team after the first piece is popular, what is the block chain, what is a stable currency, what is bitcoin……

“Oxford student group 1, engineering college sophomore Chinese small brother to assume for the rest of three CS and a mathematical explanation of bitcoin task team. He picked up a piece of paper, all the common central bank example, began to explain the principle of bitcoin operation.

 In the Oxford underground with a group of programmers overnight is what kind of experience?

A group of Chinese students in Oxford, little brother bitcoin principle in Science

“Oxford student group No. two” by 5 Chinese students in London and a block chain of entrepreneurs (his company called partial f). It is a Chinese little brother is handsome to explain what is the quantitative trading, futures, and cross market arbitrage: ideally, futures market price should be with the spot market volatility and synchronous fluctuations, however in reality, the transmission time difference exists. For example, the spot futures rose, supposedly will certainly rise, it is only a matter of time. If someone can buy in the futures market to reflect before, reflecting after sold, to a certain extent is equivalent to no risk arbitrage.

 In the Oxford underground with a group of programmers overnight is what kind of experience?

Oxford students in group II, the Chinese who explain quantitative trading knowledge

 In the Oxford underground with a group of programmers overnight is what kind of experience?

Oxford student group No. two only a foreigner

“We can use the selection of exchange price weighted average spot market price.” He chose Bitfinex, fire currency, currency security, futures market, okex and BitMEX etc.. Obviously, they want to design a futures trading can achieve the application of cross market arbitrage. The other group projects, almost all financial and related, such as analysis, quantitative transaction data block chain version of the P2P platform, can track the flow of funds financing system, personal identity data authorization management system, the weakest is related to the property registration system on a chain. However, the team said the application scene, or an insurance audit case. Only a sigh, is worthy of the world financial center……

Having decided to make money by way of cross market arbitrage, my young friends began to think of the division of labor, may use the database to store data, then, we suddenly worried about their own money Maiyun server resource problem. Very little brother again and said, “don’t worry about money, not much money.”

The exchanges of the top brother, currency speculation more than 1 years. Asked “made it”, his shy smile: “money”.

The programmer Chai participated in at least 5 block chain Hackathon, but still do not understand what is a stable currency, then to the teacher for help. In another group of teammates to explain the data exchange data between teammates and chain.

 In the Oxford underground with a group of programmers overnight is what kind of experience?

What is a stable currency? Please explain the tutor greatly

The hacker marathon full of all the tall fantasy I thought, here are a group of geeks should God, saying I don’t understand the language. Did not think there are a lot of people like me, it is the first time the hacker marathon, even on the blockchain almost without understanding.

I told the local sponsor Zeroline Josef joint venture Hazi chat. He felt the British Hackathon culture is not so mature. “Can you hear from your self introduction, most of the people is the first time that they are learning.” He was at MIT University, where is the birthplace of the hacker culture, even the business students can feel him at MIT for hacker marathon mania.

The study of Chinese experience of Microsoft and Google and other large companies held a hacker marathon Mr.Li that hackers marathon should be programmers can only participate in, “or you can do? Are you going to make things come.” They were true, because the project plan is very clear, is to project the on-line stage, the main work of the present stage is programming.

In North America, high quality hackathons may be more. The history of the development of Internet and computer, hackers – Silicon Valley – venture capital is closely linked. The atmosphere is relatively conservative in venture capital. Zeroline it is a British VC, the Trio also graduated from Oxford and Cambridge, while the project portfolio is mostly in the United states. “The British venture did not America, they are not very love adventure, but the success rate will be higher. Sino US venture projects most of them are dead, but the British entrepreneurs will be more robust.” Josef Hazi said.

Distributed Capital Partners Wang Liming’s view is similar, but he observed recently in some parts of Western Europe are on the rise, such as Germany, Sweden, Berlin, gathered a large number of geeks. He said that the distributed portfolio is 1/3 is the United States and Western Europe is 1/4.

The hackers did not come into contact with the block chain, it seems there are some benefits in him: “before I heard a lot of people blockchain is probably because ICO the stigma of the concept, but if they heard the ICO concept of cooling today, maybe they can see this technique from the angle of application. Moreover, because of this they need to hold so much and block chain related hackathons. In a hacker marathon out big idea is unlikely, but can let more people know the blockchain, contestants in mind to leave some seeds.”

Why would they want to meet new friends and dinner.

For capital and projects, Hackathon is a brand of ecological culture or way; for hackers, what is Hackathon?

“A meal ah!” Two years in Mr.Li more than 10 Hackathon on the mouth said don’t care the body is very honest, after supper he put on the headset, continuous work until dawn, put him in that part of the code is written.

“Hackathon is sometimes very interesting, and always have a lot to eat.” Nearly a year in the 5 Hackathon Thai Amazon Engineer Chai, it is Hackathon to eat into his own so fat?

“This is a practice and training of professional skills.” Fred the answer is very hard, but there are a lot of coder identity. “It allows you to focus on one thing you may not normally do.” This is a bit like a “brain”, the more routine work after all, may need to jump out to see.

“Why is that funny? You know a lot of new people, and learned a lot of new things.” Pull over by Daniel programmers little brother for the first time in the Hackathon, it is love, ready for the next weekend in a.

Have you noticed it? This is clearly a programmer on social networking sites, and single Hackathon good?

Paul like this with the recruitment of ideas is relatively rare, but after a year in 7, how may not love. They see the computer cover, I was sure of it: at the end of the Mr.Li to find a sticker, ask them to the team, another 3 programmers have showed their computer cover, all kinds of stickers are all above hackathon. Is this the world travel collection this chapter programmers?!

 In the Oxford underground with a group of programmers overnight is what kind of experience?

This group of Hackathon specialist is my audience with the longest time, the relationship between the best team. The end Hackathon, I want a group of programmers and Angela WeChat, Instagram or Telegram (say you know a foreign friend isn’t easy, gram). Brandon and Paul also invited me to rub their car and go back to London, I eat lunch together (but I wanted to go to Harry Potter in the afternoon to visit the Church Christ view, 200 yuan missed the train tickets.).

 In the Oxford underground with a group of programmers overnight is what kind of experience?

(Christ Church, this picture is a real find online, too many people……)

Very happy to get along with them, Mr.Li also helped the taxi back to the hotel I have no cash. According to my colleague Qi Ming said, India hacker very outgoing, have taken the initiative to seduce her. This is unlike the programmers common people, British programmers overall is very mensao. If I silently beside, I believe there will be a programmer would notice me (for example in the group to sit farthest Marcus brother, until finally know my name……). But once in the state, they really love say love to play.

 In the Oxford underground with a group of programmers overnight is what kind of experience?

Open the self timer mode four programmer (left Brandon)

Do not forget to leave before Brandon told me: “if there are reports of my photos, remember to take a little too handsome oh!”

(the squadron name is purely blind I changed, will not be identical.)

Thunder: with peer developers

2018 is the underlying public chain crazy year, this track was the emergence of hundreds of public chain. The core competence is the underlying technology and ecological chain public game player loop, whether it is technical ability on the TPS war, or partial marketing campaign ultimate source node, to attract users still rely on the (super) DAPP traffic.

So some people began to say that the public chain of an era, may be the “developed world”, this group of developers not only from the industry, can also be a new flow from the traditional internet. For developers, the public are chain initiative, BM invested in VC EOS $100 thousand to support the developers, the thunder cloud star chain, chain, chain, and other public ONT public trust chain in this year launched a developer incentive plan.

But standing in the public chain point of view, what is the real needs of developers? How to attract more traditional Internet world of new developers to join the community? This is still the most common headache problem chain.

In order to more close, and developers on Saturday, I went to Hangzhou with blockchain technology and application of thunder chain Federation held in Hangzhou Technology Salon, sitting with the developers, to listen to the thunder chain share.

Have to say, this salon most profound experience is good, the spirit of surprising geeks. The salon arranged in a coffee shop on Sunday at two o’clock, I arrived at half past one venue, the venue has All seats are occupied. this is no exaggeration, the front seat, there is no vacancy, the back of the stair space is not much, still need to hold the center aisle for photographers. The salon lasted for 5 hours, not the speaker’s speech is lengthy, but sharing after questioning too hot.

 Thunder: with peer developers

Before and after the start and coffee breaks in the salon, I chatted with 7 participants. The identity is not a block chain related practitioners including exchange, alliance, but also from the traditional Internet and networking developers.

A salon and a trip to the organizers, the security industry developers said: “before heard, want to see big companies how to do”. In fact, the majority of respondents, for public understanding of the chain are often limited in the etheric square, EOS, learning is often they come to the big company background label of thunder chain is particularly special.

“Born for the blockchain”

The majority of users familiar with the thunder, is has 400 million registered users to download, and the public impression outside of thunder, is a cloud computing and block chain technology services company.

In the middle of 2017, the thunder will share the computing business under the transformation of the C block chain end. CDN node hardware sharing game player hands, from “money treasure” upgraded to “play off the cloud”.

Compared to the previous two generations share intelligent hardware, playing off cloud brought block chain technology — proof of work based on the chain g, users share the idle bandwidth, storage and computing resources reward. This form of incentive in attracting huge amounts of users at the same time, also gradually opened up the shared node CDN business.

Play off clouds and sharing of CDN business sales, to that year’s thunder shares brought nearly 277.2% annual growth rate, once the age of falling thunder by Tencent technology included in the 2017 annual ten tech rich mythology. Thunder CEO Chen Lei also said: “this provides important inspiration and support for future thunder and explore new business models, or reconstruct the existing business model of thunder.”

But the myth of the thunder, seems to be a bit late.

In go on the block chain transformation of the road before, once in the market segment duguqiubai Thunder download tools, once crashed NASDAQ listed on the road, in the mobile Internet tide comes, the thunder for the first time the heart of a sense of crisis.

But as the PC Internet era veteran, thunder and the transformation of the road is not smooth, 2011 thunder almost a year to 2012 2013, app store, mobile search, 2014 share calculation, 2015 live, 2016 VR, the first half of 2017 to do artificial intelligence, finally in the second half of 2017 completely block in All chain.

2017 the second half of the year, people see, once time falls thunder began to emerge in a new field. About the causes of the success of the transition, the outside world is always a lot of confusion. In this regard, then just promoted to thunder CEO Chen Lei has publicly said: “the thunder cut out for a chain block”. He said that the thunder P2P technology, distributed computing, content transmission technology is advantage and gene of thunder, and the advantage of sharing and computing, and gene block chain is naturally fit.

“Natural fit” is now clear, but behind a few years in the P2P market in the deep. Chen Lei said that since the 2014 so far this year, the thunder has invested a total of US $1 billion for the sharing of computing technology innovation “. In 2015, the first TOC and TOB shared computing products – Thunder money treasure and star domain CDN were landed, 2 products have successfully constructed the shape of the “infinite node”, including millet, Iqiyi, deft, unfamiliar street, BiliBili, panda live, China Internet companies are the calculation of customer service sharing.

The result is accumulate steadily brisk earnings results. Q2 2018 unaudited financial report of the company shows that the total revenue of thunder during the reporting period was $65 million 800 thousand, an increase of 70.7%, the tenth consecutive quarter of growth; Q2 revenue growth was mainly from the thunder cloud broadcast, and mobile advertising business contribution.

From the thunder chain to TCFS

The first stop block following the layout of chain business: after playing off the clouds, thunder launched the public “Thunderbolt chain chain”, and released a TCFS file system in the thunder thunder chain developer contest.

Compared to the BAT carefully, the thunder’s ambition seems more and more high-profile links: the global developer, a chain block bottom protocol of a new generation of thunder, and made no secret of pay full energy.

But how this is a surrender of the respondents, the developers still need to score.

Lin Jing is perhaps the most qualified scoring developers. He is the last one of technical salon guests to share his entrepreneurial projects “value chain gene HGBC, the underlying technology is used in the file system are thunder and thunder chain (TCFS), project consultant is thunder CEO Chen Lei.

 Thunder: with peer developers

As the realization of the ecological platform personal genetic data and medical data storage and right block chain technology based on a HGBC, the thunder chain for various considerations, in the opinion of the founder Lin Jing, gene data belonging to the national strategic plan, as the national public thunderbolt chain chain, more in line with regulatory requirements; in addition, the individual gene data base while slicing TPS, thunder thunder chain million level file system and many of the play off cloud storage nodes are able to meet this requirement.

According to the thunder, if it is a single, performance is far less than the level of TPS million, but the thunder of the chain chain isomorphism of frame structure, the whole system can be distributed in different transaction chain of transaction data between a plurality of chain interaction, will eventually be able to confirm the thunder chain backbone performance to enhance the level of TPS million.

In addition, the thunder chain core algorithm is the result of the underlying PBFT consensus algorithm. Through this algorithm, the thunder chain can be ultra low delay real-time block write and query, the block speed can reach the second level of single strand, and will not produce bifurcation. In contrast, bitcoin block to speed up to 10 minutes, the etheric workshops also take up to 15 seconds of time.

And in July this year, thunder launched the TCFS distributed storage file system is for large data chain storage pain points, a play off cloud node based in one million above, through the slice redundancy encoding file, each encoding block is assigned to different play off the cloud, and play the file on the cloud to slice off monitor and named PROOF, and additional means of encoding, and in ultra low cost to achieve the high level of disaster recovery.

Generally speaking, the source file is cut into 16 fixed number, and backup, copy it into 32 pieces, in the 32 film, 16 pieces of arbitrary crawls without demanding the original 16 piece, can restore file.

Thunder that an important reason for the current block chain technology difficult landing, is to use block chain technology when the high threshold, relative scarcity of talent. Thus, in addition to the thunder chain file system, contract and standard template library, transaction order system are to reduce the developer threshold.

In the whole process of development, developers only need to be responsible for application (including front-end applications and back-end management platform) itself, and the application background and the intelligent contract this three part of the work on the line, as the thunder chain and test environment, and the chain g pocket, server SDK, is provided by the thunder, the developers do not bother, just focus on in application development can be.

Just contact for block chain technology developers, the thunder will also provide small plug-in for it, the industry solutions to achieve process template through the contract, developers need only according to their own needs to choose to apply, can quickly complete the development and deployment;

At present, Lin Jing HGBC have the aid of contract templates and solutions for the completion of the intelligent deployment. In addition to technical support, HGBC also received from the thunder chain g coupon support and traffic support. With his entrepreneurial projects, Lin Jing from thunder chain technical salon went to the Beijing Railway Station to Hangzhou Railway Station, soon to Hongkong station.

But he also said that at present, how to ensure the correctness of the data on the chain, how to meet the more fine-grained data authorization and meet the chain, is still HGBC and thunder chain challenges.

The national public chain?

9 2018, the thunder sale “business chain g” this news attracted the eyes of many. According to reports, the thunder will, “chain operations sold to G” New World Technology Group under the chain enjoy cloud company, including chain, chain and chain store g g g pocket, still retains the chain, meanwhile the thunder thunder thunder, thunder chain chain open platform file system (TCFS) as the underlying technology and business. Play off and play off the cloud computing business sharing based on network.

The new world took over the operation after the chain will join our G major national strategic project of “digital citizens” construction. According to public information, the new world top 10 shareholders, in addition to the founding team of the original shares held by 30.56% 9, a shareholder of the rest, basically have a certain state-owned background.

Thunder “chain g” since the birth of this road, a “play off coin”, after the name change, stop, transfer function, support the development of freezing, eventually operating right from the thunder off, so the outcome to actively embrace regulation thunder, also seems to be expected. To look from the “chain of G” development path since the release of a road to the thunder, it was found that with high-tech weapon thunder is being quietly incorporated to the national team under the command of.

In May this year, achieved by the thunder of R & D and landing sharing model, as one of the main block chain infrastructure, was included in the Ministry of the compilation of “2018 China block chain industry white paper” in.

The same month, thunder as “enterprise technology innovation” officially joined the China Investment Association, it is reported that Chinese Investment Association was founded in 1995, is the national development and Reform Commission under the State Council in charge of the association.

In June 2018, reached a strategic cooperation with the thunder people’s venture capital, build the blockchain laboratory, in addition, the two sides will also jointly organized technical forums, closed door discussions, application contest and other activities under the line, the service of entrepreneurs.

This year 9 months, CPPCC Vice Chairman Qi Xuchun is thunder network to inspect and guide the work of the heart, and the sharing of computing block chain positive incentive mode.

Compared to other domestic public chain, “coins” thunder seems a bit special. For the thunder, as a big company, how to better assume social responsibility “is a more profound proposition, because of the” chain of G “mutual gold association business was named, now embrace the country” to the currency of the blockchain is also very logical.

Thunder now get rid of the “chain grams” sin, traveling light. For different crystal like developers, this is not a best opportunity, at least a little relief policy risk burden, a solid ground.

 Thunder: with peer developers

If the world is in a block chain is widely accepted and applied on the edge, then the developer is pushing block chain technology the backbone of air plant. As a technology oriented enterprises, the thunder obviously knows this.

In the thunder held developer contest, such as thunder developers: “a new technology revolution, behind have a group of unwilling mediocrity, innovative promoters. They bear the historical mission, a commitment to the social question, but maintaining early heart, steadily promote the development of the industry, they are the most ordinary people block chain industry chain, also block the real value of the creator, is a pioneer worthy of our respect, should not be the era of live up to people.”

In fact, whether it is public or chain developers, is the protagonist of history, in the blockchain trend in public, chain and developers, are looking for how to get along with the world better, and get a glimpse of the world road further blockchain truth. May find the answer sangdoo resistance and long, but could not be behind closed doors clearance Avenue, perhaps in the field of technical salon, perhaps in the developer contest scene, communication and stirring ideas, often hidden paths leading to the truth.

Tencent block chain technology leader Li Maocai: the chain in the future is unlikely to be a different expansion program may be mixed

The daily planet Odaily Institute has in the “block” chain layout of a diagram to understand the domestic Internet giant in combing BAT and other large companies in the field of space occupying chain block.

Compared to the “with innovative technology, looking for landing scene” of the entrepreneurial team, the giants have with diversified business and large volume users, backed by capital, talent, technology, experience and other resources, the policy sensitive, more brands and existence; mostly embrace “coinless blockchain, no intention to borrow the name of fast block chain technology financing; often found pain points in the” tradition “in the field of new technology to solve it.

Company vision and action, is not a small reference value for dynamic blocks in the chain of entrepreneurs.

Recently, the daily planet Odaily to interview the Tencent block chain technology general manager Li Maocai, he talked to the block chain technology and industry trends to predict.

In 2004, Li Maocai joined the Tencent, has been involved in research for TenPay, WeChat payment, QQ wallet, New Year red envelopes and other projects, lead the team to investment in infrastructure such as block chain financial technology at present.

The daily planet Odaily will now experience and views of Li Maocai “single pumping out”, edited as follows:

 Tencent block chain technology leader Li Maocai: the chain in the future is unlikely to be a different expansion program may be mixed

It is difficult to predict the killer application and the outbreak scene but the company to B will be an advantage

After I entered the Tencent, mainly in the basis of payment platform, experienced from the PC to the mobile terminal across.

In 2015, the Tencent set up a block chain R & D team, began to reserve technology; 2017, Tencent issued a white paper block chain solutions, is officially sound; to this year, the technology is more perfect, the scene also have more landing.

Last year, would like to recruit blockchain technical personnel is difficult, therefore, our core staff is transferred to the team from before payment. Fortunately, technology has the same place, members of understanding of the blockchain rise very quickly.

Tencent blockchain BaaS open platform has been open to the outside world, the main focus in the blockchain electronic receipt, supply chain finance and other key scene.

Personally think that the blockchain is more suitable for the “transparent” scene, such as the electronic prescription of responsibility confirmation, the rules of the game and the game in the chain traces to prevent black box operation.

However, only a few of the pursuit of rational game player game set more transparent and fair, attracting the majority of game player or “love”, so, the game operators occasionally make some balance, make the game more fun. This game is relatively closed and the virtual scene, can try to combine the block chain in the design rules, at the same time as finance so serious, so it can be slightly iterative exploration. Block chain game “Tencent together to catch demon” is still being tested.

And entrepreneurial companies are different, the Tencent has been the scene of accumulation and IT reserve, so the location of the blockchain is “technology innovation”. Although the company has small innovation power is very strong, but to B route requires a certain resource threshold. To C is relatively easy to user, but the difficulty lies in the end do not understand technology C.

Of course, there are a lot of ideas outside the team, they will cooperate with Tencent case by case.

Technology development into the bottleneck of solving practical problems will usher in high light moment”

I had contact with a lot of small team, declared that “the fix world problem”, the white paper also combines many interdisciplinary cutting-edge technology, but the blockchain from theory to engineering breakthrough still faces many challenges.

For example, the model and algorithm of block chain is not perfect. Tencent to optimize the consensus algorithm in this year, try to do section and parallel to 4 nodes in ICT test environment this year, more than 50000 single stranded TPS.

For example, the industry is also a lack of standards. We hope you set wisdom, not a waste of resources to create a lot of system.

From another point of view, “the block chain card in bottleneck” not only technology. Just imaging, a string of numbers to social governance, but also the integration of business, solve practical problems, will usher in the high light moment”.

  1. Block chain commercial and user needs are still separated by a threshold. For example, WeChat wallet payment password and private key memory difficulty is obviously different. Because the earliest digital wallet is not designed for ordinary users, only a few understand cryptography “circles” human being can understand safety behind the asymmetric encryption. Can carry out to the more common products, need to reduce the threshold for the use of the balance of security and experience.

  2. To recognize the blockchain cannot solve all problems. With the origin as an example, the vaccine circulation of electronic prescription, accountable, high off the price of luxury goods security, more than pork traceability meaning and operability; on the chain before many areas can not be recorded; the technology is still unable to prevent the moral risk and operation.

  3. Block chain was first used in the financial sector. But now many practitioners are thought to send money to make quick money. The financial and technology related things, do not require fast, but the demand is steady. We see that the national level in whether the introduction of digital currency is very cautious, should consider the anonymity, security and many other aspects.

  4. The blockchain multi copy characteristics will bring high cost, the small and medium-sized enterprises pressure. Some systems are efficient, not forced to combine the block chain.

  5. Just add to the center of the credit, to ensure the safety of the means, not the purpose. The center and to the center without certain advantages and disadvantages, how to do right. Besides, the block chain’s portfolio is concentrated in the hands of a few people, not all equal”. For instance, the copyright system to the center of a lot of institutions still need to endorse the Copyright Office center.

A practitioner of “spindle” structure should focus on long-term interests

Block chain practitioners, there are very few people with technical ambition, want to change the world, it was idealistic; most people have seen the opportunities, use block chain harvest interests; and a promising future of wavelet technology, and also saw the combination of the existing commercial hope, achievement centennial. The “right” people will be more opportunities.

I saw some of the white paper is needed, showing the code deduction and perfect model, the project does not hurry to send money, but optimistic about the long-term value of block chain technology.

We also see that the domestic enterprises will block chain and their electricity supplier, content combination. We are also in the initial stage, far from the All flowers bloom together. time.

As cloud computing is still in existence for many years, slowly with the industry grafting, have not heard of the emergence of cloud computing is phenomenal”. When including the Tencent initially do WeChat and red envelopes, and did not expect to use the billions of people. Here is a chance and cultural attribute.

Block chain should also be a little bit of evolution, fermentation, penetration industry, power play. Will eventually become the infrastructure or business scenarios are difficult to predict, the industry needs to explore. We should not overestimate the short-term effect, think the next year “subversion”. Commercial companies and research institutions are exploring how to “go the distance”.

I think the Internet and LAN and WAN, the future public chain is unlikely to be a single, all social and business needs are loaded into, but to open, and other network interoperability, the deployment of different resources. General platform can only solve some common problems, the specific needs of industry chain to make the scene public choice in the “Impossible Triangle”.

A variety of future expansion solutions may be mixed, not all nodes are involved in accounting, voting can be divided into rounds, consensus mechanism may be hierarchical and books.

In addition, the block chain may AI other technologies. For example, the Tencent blockchain BaaS open platform is in combination with cloud. It is important to solve the practical problems in the scene, a little bit more polished details.