The government issued a “World Summit to build super Internet file in the future” block chain

The government issued a “World Summit to build super Internet file in the future” block chain

In the recent world government summit (WorldGovernmentSummit), HexayurtCapital and ConsenSys released a report entitled “building the future” link files in the block chain. This file is intended for Internet Protocol (IoA, InternetofAgreements) strategy, providing a roadmap for the next wave of innovation, driven by globalization 2.

The government of the world summit, leaders from more than 3000 countries, 130 policy makers and experts Qi Juyi hall. The summit of the speakers include ElonMusk (Telsa and SpaceX), TravisKalanick (Uber), ReidHoffman (LinkedIn) and SheikhMohammedbinRashidAlMaktoum (crown prince of Dubai and the United Arab Emirates as Prime Minister of Arabia).

Block chain is a new technology of recording transactions share ledger. Ethernet square is one of the most widely used block chain, it supports the intelligent contract agreement can be expressed in code and with the block chain together to perform. In some large enterprise support, has set up a new enterprise Ethernet (EnterpriseEthereumAlliance), Fang alliance members include Accenture, BancoSantander, JPMorganChase, Microsoft and Intel etc..

InfoQ are one of the key elements in the file read. The first part of the document is written by HexayurtCapital, including the following topics:

Go to the center of the fair competition in the world

Block chain is regarded as a kind of method can reduce or even eliminate intermediaries. HexayurtCapital will block chain description “for a fair competition in the globalization of technology”. It gives the block chain in the realization of the three advantages of equity, listed as follows:

The same everywhere

There is no place computer central clearing. No matter which corner of the world in trade settlement with all the same. This means that wherever you are, everyone is fair competition. This is the operation called “small batch trade blocks” implementation.

Permanent record

One of the advantages to the center of the network security is strong. Let a lot of globally distributed computer processing transactions, this process also means that problems in a computer, and will not affect the other holding block of computer. Block chain is a safe sequence block (or “chain”).

No global control block chain

Block chain adopts a fair consensus (algorithm), so that all participants equal responsibility, ability of the same. The local block chain can be a sovereign entity or a business operation, operation can choose the participants, this is similar to the existing enterprise network, but more secure. The working mechanism of the global block chain is more like the Internet, anyone can participate, without compromise of intrinsic safety block chain.

The register

Block chain provides the ability to the center of the ledger, which can serve as the value chain block register. For example, block chain allows people to check whether an item can prove the uniqueness, for example, a person is indeed a car, a building or the owner of the domain name.” The government is likely to benefit from this a chain block registration in the field. The explanation is given by HexayurtCapital:

In the creation of the initial idea, we assume that the previous government advantage foundation construction based on this concept, has now evolved into the Dubai block chain strategy. Keep the safety record is the core competence of a country. The new technology enables the government can use new ways to extend it. The original idea of bitcoin and Ethernet is to provide some workshop without depends strongly on the state backed government service.

Sharing economy

The sharing economy is another field goal block chain project. When talking about the sharing economy, often referred to Uber and Airbnb such enterprises. “Block chain revolution” the author of the book AlexTapscott that this enterprise is a kind of polymer. Taking Uber and Airbnb as an example, they perform a function similar to the central clearing house, consumers and service providers together, from pumping into two sides of the transaction. The founder of RobinChase ZipCar in a shared economy in her “new model” put forward the reconstruction: the future of business in the book, this model is challenging for service providers. Robin describes one of the difficulties:

Sharing (service provider) to obtain even bargain in the center business there. This company has thousands of employees, and share the general can only share a small individual resource. There is a controversy, the position of complete inequality.

HexayurtCapital compared the similarity network about cars mainly economic and financial and credit among enterprises:

This model can be created at all levels of market and among retailers to copy. For example, SWIFT and VISA and its member banks compared to very strong. For many financial organizations, banning any network will be a disaster. The founder of DeeHock VISA in creating VISA before they tried to construct a network between banks, but it is precisely because of these reasons did not succeed on the business dynamics.

To create a fair competitive environment, HexayurtCapital believes that the need for reform. For example:

With the help of collective ownership, on behalf of the mode change or the government issued regulations. We envision a shared economic future lies in sharing the organization similar to the union bargaining group, or corporate structure that has a representative of their shared interests, or that the government strictly regulated slightly shared economic enterprises, to ensure that all people can even bargain.

Thus, HexayurtCapital put forward between the two sides of the transaction peer many costs can be eliminated:

The automatic contracting architecture using the blockchain, can make the network about cars, shared accommodation or other resources sharing operation cost and complexity of the economic market declined 90% or 95%. Economy has natural balance, will tend to work together in a large number of small players in the network mode, rather than a single enterprise of large body.

The government adopted on the blockchain

ConsenSys on the contents of the file also contributed. It is an entrepreneurial business incubator studio, building block chain in the ecosystem to the center of the applications and tools. In the ConsenSys file to give the government has adopted the following recommendations of the demand chain block:

As with all other potential users to block chain, the government should also examine their pain points in the business process, try to process these pain points for the use of smart contracts and restructuring the blockchain.

On the administrative layer and the IT layer of the staff education, there are gaps in this emerging technology. The business process is suitable for the blockchain is in need of some experiments to determine the. This suggested that ConsenSys:

Should provide experimental technology for the IT professional place, “try”, speed up the learning process. Microsoft has achieved such a sandbox environment in the MicrosoftAzure cloud, developers can build a square block chain Ethernet sandbox in 10 minutes and began to work. The ecological system provides the development of tools, platforms and many modules, for block chain and intelligent contract entry.

In the proposal, ConsenSys also provides the strategy as shown below:

Study on the development and economic challenges effectively

In addition to providing developers can experiment sandbox environment, ConsenSys also proposed the following method to drive the adoption of the blockchain:

In addition to request more information, good method of block chain technology include hackathons, challenges and research laboratory.

For example, the U.S. Department of health and human services in August 2016 proposed a “block chain for health IT and health related research challenges in the project, the project has received more than 70 copies submitted.

Privacy, performance and user customization

Block chain has a variety of forms, such as the typical example of bitcoin blockchain is public. Block chain can also be private, and members of the Alliance for the shared architecture. Block chain for private enterprises to seek highly customized, they have some risk of future problems. ConsenSys recommends that companies should be cautious:

The chain block is filled with a variety of innovation ecosystem. From the financial sector to track assets, some enterprises are based on enterprises to build customized block chain case. Custom private implementation may hinder interoperability in the future, this problem is to explore some are building alliances, such as enterprise workshop Ethernet alliance.

Identity verification

Identity management is a recognized the advantages of the blockchain. The bank field exists the problem of inefficient, slow down the process of customer service, increase the cost of. ConsenSys think:

In how to identify customer information must be submitted to the financial institutions on the issue, there is no standard, these institutions often in order to “know your customer” (KYC, KnowYourCustomer) and redouble their efforts. The bank and the customer, all impose high transaction costs, but also did not strengthen the global financial system security.

The solution of these problems can be found from the block chain. ConsenSys explained:

Do the digital signature to others (i.e. joint statement proof) can make the identity or other agencies do verify the correctness of the data and confirmed the identity information. This is very useful for “know your customer”, the bank can confirm the customer data has been verified, such as age, address and other attributes.

ConsenSys gives some block chain recognition system will provide good case for end users:

Have a personal identity, reputation, and control data and digital assets.

Safety and selectively to each other to provide their own data.

No password and access to digital services.

Digital signature on the declaration, and transaction documents.

In the control block and send the value chain.

And to the center of the intelligent interactive applications and contracts.

Message and data encryption.

Block chain recognition system can provide benefits for the enterprise in the following areas:

The establishment of corporate identity.

Simplified new customers to join and new employee orientation.

The transition process of establishing an improved “know your customer”.

Construction and staff security access control with minimal friction environment.

To reduce the responsibility of the enterprise by customers with sensitive information.

Increased compliance.

Maintenance of network retailers.

Use specific permission to set up independent position and role specific identity (CEO).

Smart city

For some city commercial block chain and create smart city investment opportunities. For example:

China auto giant Wanxiang Group recently on a new smart city start-up companies invested $30 billion, including the implementation of electric vehicle battery fundamentally use using block chain technology bonds.

In the above scenario, Wanxiang Group will provide rental car owners to battery service, rather than to the customer to advance to buy batteries. This will reduce the use of electric vehicles cost, but require the use of battery monitoring, in order to understand the battery performance and maintenance. The telemetry data also allows the battery “as can be sold to investors to financial problems, straighten out the customer and manufacturer in the new technology.”

Similar to the business model of Wanxiang Group, the use of traditional business practice deployment is not realistic, because of the complexity of implementation involves the legal tender and the existing credit facilities. Use block chain makes “straighten out the equipment, personnel and business payment flow. In one transaction, for example, when every time I go to the electric car battery charging station, intelligent contract allows you to specify the parties to the transaction payment business logic process.”

With the advance of the blockchain, there are a lot of opportunities in the smart city. Another example is given by the ConsenSys motor vehicle with block chain function:

If a car or taxi to catch the time, it can be obtained through a fast path to pay some fees, this is by means of automatic and vehicles around economic negotiation to achieve. For the government, to provide flexibility in the use of road function in a certain period of time or in a particular place, can reduce congestion or pollution, encourage optimal road use of available.


In the field of energy is the emergence of a number of block chain case. Block chain development opportunities is the energy credit management and reducing the double counting problem: “facilities for regional electricity from renewable REC (regional electricity company) verification, and then sell these REC to other facilities. Renewable power generation facilities in the sale of electricity were sold and the current credit.” In the public ledger record transactions through the use of block chain, can be in a more transparent way to show the power of credit.

Provides the opportunity for the micro grid block chain emerging. For consumers, increase solar power generation and smart meter is a large centralized power plant to reduce reliance on the opportunity. Consumers can use block chain to generate excess power, and their interaction with the neighbors of green energy. ConsenSys is involved in such a block chain micro grid project, namely Broolyn micro grid.

medical care

The healthcare industry is also available from a wider range of the benefit chain block. Although many jurisdictions have adopted electronic medical records (EMR, ElectronicMedicalRecords) or electronic health records (EHR, ElectronicHealthRecords), but many of them did not succeed, but increase the risk of patient and hospital. Part of the problem is due to provide medical health service is still in a decentralized state. For example:

Every American patients with an average of nearly 19 kinds of medical records, according to a 2010 survey, the average patient to see 18.7 different doctors in life.

Block chain technology is ready to solve the possible risks of information diffusion current in EMR/RHR solutions:

The medical information of patients with patients with circulation, rather than scattered in various service providers and medical system. For the first time in contact with the authority of medical experts can get patients’ medical records, rather than relying on the telephone and paper documents. Records of patients improved enables the service providers can communicate better care, more accurately monitor treatment progress.

To realize the distributed ledger medical records, must consider security issues. In order to solve the demand, according to ConsenSys:

Block chain can be used as a controlled access information storage, information sharing in the enterprise security. As a new type of health information exchange prototype, all these data can be used for patients with encryption and security transfer.

Block chain can also help achieve the integrity in the supply chain of drugs, especially in medical treatment. ConsenSys gives an example of clinical trial:

In order to prevent tampering with the data in the post, the data can be released in a distributed ledger and time stamp. To other laboratories in sending samples and samples for analysis and experimental verification, fingerprint authentication can do to them, and set to be tracking state. Such a sample can be used for many experiments.

Moscow block chain infrastructure optimistic about the bright future

Moscow block chain infrastructure optimistic about the bright future


The Moscow municipal government through the shared register using the block chain technology “(sharedregistry) to support the optimization of road transportation infrastructure system.

Block chain technology will help to create a more transparent, fair and reliable travel payment system and financing mode.

According to reliable information obtained by BitcoinMagazine, and in the main block chain expert meeting, director, deputy mayor of Moscow and the Moscow city traffic bureau MaksimLiksutov said that the main task of the city is to build and support system is safe and reliable data transmission between the internal and supplier. He then suggested the blockchain shared registration system would be a suitable mechanism.


The Liksutov block chain technology to promote the application of biometric technology, especially in terms of potential security solutions are also very interested. He pointed out that, by virtue of its ability to verify the data, distributed nature of block chain technology can mean to verify passengers will be easier, while providing a wide range of identification when necessary.

“The use of block chain technology between user and machine transactions (which requires trust and authority height) is a matter of time. This technique can also be used as a counter system used hitherto unknown”

AlexanderMikheev BlockchainInternational told the BitcoinMagazine the main coordinator.

According to the Moscow mayor SergeySobyanin, these steps will become the government to take broader initiative to improve part of the new technology to ensure. Sobyanin in a public television broadcast said. “This project is made in various fields, we have no doubt that in this respect, should lead the world city,”

The other will benefit from the integration of block chain technology industry including the real estate industry, banking, medical services, power system, digital commerce and tourism. Sobyanin said: “the users only need to enter a personal data (or data), then you can in all government and private organizations (including banks and insurance companies) to verify the information block chain network.

Beyond the tampering: ETC opened up a new road

Beyond the tampering: ETC opened up a new road


The etheric Fang monetary policy, the unrestricted inflation is considered to be an important obstacle to the development of the etheric Fang, and even become an important reason for many related projects of inaction, therefore can learn bitcoin fixed circulation. From the bifurcation of the ETC Ethernet Fang although there is not a good management mechanism, which is still an important research object of reference for such projects diverge, so the test field is also a lot of system adjustment programs, such as the blockchain reward proportion as a community development fund. After the completion of the monetary policy and other basic elements of ETC, non repudiation of the commitment will continue to encourage community development.

Translation: Annie_Xu

“We think we are really the etheric fang”.

CoinDesk recently held a meeting of the Construct for developers, developers ElaineOu described ETC (ethereumclassic, Ethernet square before bifurcation version) and Ethernet (workshop last year due to ideological differences from the original developer community blockchain) what is the difference.

The original “non repudiation” (any entity or organization can not change the transaction records of the commitment to the creative) was derided as “protest chain”, said Ou ETC from the start from some of the key technology and Ethernet to distinguish fang.

Now, the organization is becoming another important difference: monetary policy.

In a statement released on Wednesday, ETC support various interest groups announced their support for a monetary policy initiative, or a series of management protocol for digital tokens (ETC) how to allocate the rules.

These terms include the total supply chain blocks, tokens of not more than 230 million ETC, and reduce the block chain defenders award.

The famous signer including IOHKCEO and Ethernet CEOCharlesHoskinson and Fang investment group DCG (DigitalCurrencyGroup) the founder and CEO of BarrySilbert.



The following statement:

“Our common goal is to make ETC successful, we believe that the community can unite cooperation, achieve sustainable global platform”.

Therefore, the news may marks an important step in project design.

So far, the core features of ETC is its non tampering. In fact, this is the ideological differences lead to ETC and Ethernet Fang division, the latter resumed trading last year after the “TheDAO” hacker attacks.

But the two agreement is still very similar. After the division of the ETC code and keep synchronous Ethernet square project, because the ETC team has been replicated many etheric Fang code changes.

As monetary policy news, ETC began to enter the stage of legalization. Until the split, many developers are expected to hard bifurcation situation, a few people like ETC support block chain will disappear.

ETC set up its own ambitious image in this way, although the long chain of encryption currency could not fulfill the commitments made by the founder, but it inspires their supporters.

hard limit

However, for those who watched the people in the fields, the announcement is not surprising.

In January Ou Construct conference said, “ether Fang current monetary policy, in fact it has no monetary policy”.

“Solve” the problem of community plans have been on an official proposal (called ECIP1017) in the overview of the various stakeholders of the agreement on Wednesday officially this initiative.

Ou explained: “we want to modify the monetary policy, to make it look more like a hard limit bitcoin, about 200 million dollars every two and a half years about Ethernet; the reward will be reduced about 20% blocks”.

However, monetary policy is what the big deal?

Project Coordinator Arvicco ETC of anonymous, it is a help to the further development and growth of the property.

Fang “ether monetary policy, determined it is not restricted to inflation, are all positive development obstacles. To the fixed quantity issued like bitcoin is ETC many stakeholders that is a priority”.

One of the best examples of the progress of ETC and continuous disputes, the investment company DCG proposed the establishment of investment funds to support the ETC project.

However, monetary policy is so important, founder and CEO of DCG BarrySilbert said, plans to complete before do not intend to start the fund.


IOHK Project Manager CarloVicari said: “when things are clearly understood and defined, investors, developers, miners and other members of the community will be much easier for planning”.

ETC is the first step in this regard is performing hard bifurcation, delay the so-called difficult bomb code base (Embedded Ethernet workshop in order to encourage switching to another consensus mechanism and improve the difficulty).

But the fundamental change of monetary policy is not the agreement? Some people would say, because it needs another hard fork.

ETC is the bifurcation of the results, it can be other initiatives blockchain controversial precedent for a long time.

It can show if the ETC itself performs a controversial bifurcation what will happen. Although so far, the encrypted currency has carried out two bifurcation, but no classical ETCC (ethereumclassicclassic) such things.

A company’s influence

The community will adjust monetary policy as the highest priority changes, of course, in addition to other people involved in the project.

IOHK is an active in the areas of the company, so far is one of the largest participants.

Perhaps most importantly, IOHK invested a lot of resources, supported by seven full-time developers to develop a ETC protocol of Scala, is expected to release this summer beta version.

At present the encryption currency of two teams in the development of client ETC – SET protocol user operation.

In addition, IOHK will this relatively new currency as a research laboratory as well as encryption.

Hoskinson said: “we want to see if we can create a different route map, to see if it can take us where to go, look different from the etheric Square Foundation (EthereumFoundation) model is how successful”.

He pointed out that the use of different consensus algorithm (“proof of work” and “rights proof” mixture) and to the center of management as an option.

“Between Ethernet and ETC is one of the most controversy Fang who basically control system. Fang Fang is the foundation of Ethernet Ethernet control, they control the money, they are developers, they have to raise the public task”.

It is worth noting that Hoskinson is the former chief executive of the etheric Fang Foundation (before it is not a non-profit organization), he didn’t like the etheric Fang reconstruction.

Hoskinson believes that although there is no control over the ETC, but he thinks that the administration mechanism needs to have a better future to coordinate the allocation of funds to developers and bifurcation.

The company is developing a project is to provide funding for developers of the “Ministry of finance”, but not by any institution management.

The proposal has not yet been completed, but the idea is to develop a built-in “tax in the agreement”. Basically, if every time the miners found a block to get a block of reward, a certain proportion of block reward will be sent to the Ministry of finance, to provide the community selected developers or project.

Hoskinson the Ministry of finance structure compared to the traditional government, as public welfare tax to the participants. Although some participants may dislike tax, but he believes that mining is a kind of tax incentives, therefore may use the same way to finance the development of activities.

Prospective problems

Despite these initiatives, ETC is still a small community. A criticism it received is unlike Ethernet square, there are not many to the center of the application (or dapps) is built on top of it.

Hoskinson thinks this is a good thing, before the deployment of smart contracts, researchers and developers need to further review its safety, and to lay a foundation in the protocol level.

But other people think that ETC dapps sooner rather than later.

Vicari said: “I expect after the formulation of monetary policy and other basic elements, the focus of the community some people will turn to the development of dapp”.

Ou said that around a large upgrade technology and many other problems, such as slice”. It can be said that the etheric Fang foundation did not fulfill its promise here, Ou said ETC may take different routes.

Nevertheless, the origin of the ETC is not tampered with the promise of this simple goal may continue to inspire the community.

Ou summary:

“Now the main feature of ETC is our love can not be tampered with, I know that some people don’t care, maybe they don’t need a chain block”.

Moscow promising infrastructure based on block chain

Moscow promising infrastructure based on block chain

The Moscow city government support based on the blockchain “share registration system so as to optimize the management of land transport, transport infrastructure.

Block chain technology is helpful to build a transparent, fair and reliable transportation fee payment system and financing mode.

According to sources, deputy mayor of Moscow and the Moscow City Department of Transportation Secretary MoscowCityTransportAgency MaksimLiksutov met with blockchain expert, said the main task of the current city of Moscow is a data transmission system between government departments and suppliers to build and support safe and reliable; and that the shared registration system block of the chain can become a suitable mechanism based on.

Liksutov also said that the blockchain technology to promote the application of biological potential of information technology, especially the exploration of security solutions. He said, using the blockchain data validation function and distributed characteristics, can simplify the passenger identity verification, while providing extensive information service identity check.


BlockchainInternational chief negotiator AlexanderMikheev said:

“Between the user and the machine transaction requires a high degree of trust and permission to use only a matter of time block chain technology in this process. This technology can also become the There was no parallel in history. anti-terrorism system”.

Moscow mayor SergeySobyanin said the government will support these initiatives, ensure the development of new technology. He said in a public speech on television, “this project began implementation in different areas, there is no doubt that we must shoulder the responsibility to lead the global city”.

Will benefit from the block chain project in the industry and the real estate industry, banking, medical services, power system, electricity, tourism. Sobyanin said, “the future of the user or company only need one-time input of personal data, after the block chain network all government and private institutions will verify the data, including banks and insurance companies”.

Bitcoin new code release points

Bitcoin new code release points

Bitcoin is about to release a new version of 0.14.0 code, but each new code cannot cause the ordinary user’s attention, so I hope to do some analysis on this new version, to understand its long-term significance. Which focuses on the network, many times higher than the synchronous speed, the user can manually delete the information through the command line block, block chain version of small memory retention, thereby increasing the overall speed. Second, the “Bumpfee” function provided by the higher cost of the transaction to replace the original transaction option, so as to avoid trading jam problem, while bypassing the problem of repeated pay.

Translation: Annie_Xu

The most famous bitcoin code modification scheme is not the only concern.

In the past several bitcoin code version gradually released SegWit (isolated witness, by modifying the transaction information to increase the scalability), developers also silently through other ways to improve the bitcoin.

The upcoming release of a new version of the 0.14.0 contains code performance improvement and continuous improvement, laying the foundation for future system upgrades. Once the trial by the developer testing, will be immediately released.

Chaincode Engineer RussellYanofsky said:

“The network code to do a lot of perfect performance, is still continuing, can make it easier to maintain. But developers also doing basic preparation, code debugging, make it a multi-threaded code, lay the foundation for future upgrades”.

Increase the download speed

Bitcoin can put reliance on third-party minimization, you might think that running is the best way to use the whole node unique function.

The nodes in the wallet function is to send and receive payment of the “pure” way, can guarantee the transaction security and privacy. At least than the popular SPV (simple payment verification) Mobile Phone Wallet block better, less information it stores, therefore more dependent on the network of miners.

However, for users, the node is still running the pain point, because it needs to download bitcoin ten years since the advent of transaction information.

The 0.14.0 version is perhaps the biggest performance upgrade node can faster and network synchronization. Developers said, although the overall storage capacity, in the test run, 0.14.0 than the previous version of 0.13.2 synchronous speed 5.7 times higher.

This function implementation is based on the assumption of efficient block “, will separate the two procedures: verification of the signature and inspection point, the old block hash value encryption software to hard, prevent denial of service attacks.

And although the user can select a temporary “modify” block chain, 0.14.0 introduced the “manual modification” option, the user can use the command line option to remove the block information, retain a small version of the block chain.

The transaction is blocked?

In addition to Bumpfee, Yanofsky recently “inherited” the project lead developer position in system test and improvement.

The idea is that sometimes add block chain bitcoin transaction speed is very slow, because of the limited space of each bitcoin block in. But what about the transaction since the miners can each block is effective, it is likely to receive high transaction costs added.

Yanofsky, a small fee does not guarantee that your transaction is added to the block. However, you can use Bumpfee to increase its speed, with higher transaction costs a new deal to replace the original transaction.

“You may encounter transactions stuck before, because you don’t want to pay. If the two submit payment information are passed, they will pay two times”.

Off the default, but the user can activate it using the command line. With the increasing number of blocks, this function will be used.

Bumpfee adopted in accordance with the higher cost of alternative trading options (RBF, replace-by-fee), this feature will allow users without confirmation of the transaction cost of replacing higher trading. Developer JamesHilliard introduced its underlying technology, some of which can bring long-term interests.

“The lightning network (LightningNetwork) is equally important, because it requires reliable transaction confirmation”.

Although used in Bumpfee version, the user can choose to replace a transaction, also need to pay attention to its full version of the past caused controversy, because all bitcoin transactions can use this function.

Network adjustment

In addition there are many changes, some of which can optimize the mining program.

One of the blocks to improve processing speed, reduce the redundant block signature verification set. In some cases, the “high bandwidth mode” can accelerate the network information transmission block.

Hilliard said, “0.14.0 a number of optimization, such as the Internet of things”.

But the 0.14.0 version will eventually use bitcoin developer CoryFields point to point code reconstruction function, this function has been developed for nearly two years. I hope it can lay the foundation for the future upgrade, help developers quickly understand the new code base.

However, as with the other version, this version is as hard to cause the common user’s attention, at least not yet.

Bitcoin ETF won 72% of the popular support for the U.S. government or the hope that it can pass

Bitcoin ETF won 72% of the popular support for the U.S. government or the hope that it can pass

Recently, according to foreign media statistics, in the current survey of the public, more than 72% of the respondents choose to support bitcoin ETF to be able to get through.

The distance from the Winklevoss brothers of the world’s first bitcoin ETF can be passed in 2 days. In March 11th, the U.S. Securities and Exchange Commission (SEC) on the Winklevoss brothers bitcoin ETF made a final ruling. The current global bitcoin bitcoin users hope to through the ETF, and ETF will hope bitcoin bitcoin prices to new heights.

Foreign media said, the important factors include Winkelvoss brothers decided to bitcoin ETF can be approved, presided over this matter outside lawyers, independent consultant and public advice and insights.

Relevant organizations and officials meeting

As early as February 14th of this year, with the approval of the Winklevoss brothers bitcoin ETF organization and the relevant officials held a meeting to discuss the first bitcoin ETF through or not, how the market will reflect the problem. Relevant organizations and officials need to make proper preparations for possible problems and development advantages.

Independent consultant and public suggestions

In February 14th, KCG holdings and Susquehanna international external consultants invited to submit proposals on the investigation of the first bitcoin ETF to the U.S. Securities and Exchange Commission, proposals to investigate objectively and accurately.

This proposal will form an important part of the approval process, it will be on whether the SEC approves the bitcoin ETF influence was established.

In addition to KCG holdings and Susquehanna consulting international insight, SEC is open for public consultation and evaluation. SEC to build a consensus among members of the public, to make contributions to the bitcoin ETF review process.

So far the public.

So far, about 72% of the public favor bitcoin can be established ETF. The other 28% opponents mentioned some problems bitcoin network processing, such as network congestion and expansion of the dispute. But professionals believe that these problems may not affect the SEC bitcoin ETF decision.

The opposition:

ETF proposed a big argument against opponents also worry about bitcoin expansion issues will have an impact on the future of the industry. They think that bitcoin potential hard bifurcation, and the effect of the healthy development of some fission chain will bitcoin. Because of the bifurcation out bitcoin split chain may develop into a relatively independent and very similar industry. Therefore ETF opponents believe that now is not the time to carry out the public official and the establishment of bitcoin, bitcoin ETF will undoubtedly promote bitcoin more generally to the public.


A lawyer and professor of law at PhilipC.Chronakis is one of the typical representative of many bitcoin supporters of ETF, he believes bitcoin ETF passed will give SEC a unique regulatory status, it will have the right to supervise and guide the development of bitcoin industry. At the same time, bitcoin ETF will also be for the United States made bitcoin development at the forefront of dominance.

Chronakis said:

“Refuse bitcoin ETF approved and will not stop the development of bitcoin, but bitcoin ETF is approved by establishing basic guidelines for the industry. This will make the SEC ideal position under supervision bitcoin development, but also laid the legal status of bitcoin as investment assets. Bitcoin ETF through the benefit is not only a few individual master bitcoin, but the vast majority of investment opportunities to every american. Every American has the right to benefit from the financial aspects of the bitcoin development and progress.”

Foreign media said that the U.S. government will probably be the most likely hope bitcoin ETF is approved by one party, because through bitcoin ETF can maintain a more regular bitcoin market, and the government can through bitcoin ETF to carry out supervision.

Block chain help Foxconn expand the supply chain financial services

Block chain help Foxconn expand the supply chain financial services

According to Taiwan media reports, financial services platform, a subsidiary of the Foxconn group’s rich gold yesterday to the melting point of the network announced that the cooperation of the Blockchain (block chain) technology into the supply chain financial services platform, electronic, automobile, aimed at the clothing industry such as the three areas of small and medium enterprises. This shows that Foxconn group will expand the supply chain financial services.

Rich gold and the melting point of the network announced that the two sides jointly launched called ChainedFinance block chain financial platform for small and medium-sized enterprises to solve the financing problem, has also been interpreted as a market of Foxconn group to expand supply chain financial services.

According to Reuters, this is the melting point of last December announced to join one of the world’s two largest block chain alliance Hyperledger (super Books) block chain project, become the first domestic P2P company, to join the project, another major deployment in the chain block global emerging technology.

The melting point of the network insiders said, at present point and rich gold has set up an economic entity, to further promote the project chain finance platform. The two sides have also been in negotiations related to strategic investors and investment matters.

The melting point of the network founder and CEO Su Haide said that the block chain technology will subvert the financial industry, especially the financial supply chain, chain block technology can for those of large enterprises have complex supply chain system to provide near perfect solutions. He said, with the help of blockchain financial platform for the whole supply chain of small and medium-sized enterprises can better financing, and lower interest rates; and for the core business, you can better manage the supply chain of small and medium-sized enterprises and related services.

With the help of block chain technology and financial platform for the commercial credit system will become conductive, can be traced back, a large number of the original in the past can not finance the supply chain of small and medium-sized enterprises and the core enterprise is expected to more closely together, and thus get the credit and financing.

The rich gold gold service executive director and general manager Li Renjie said that through the use of block chain finance platform, each transaction on the entire supply chain, are more transparent and easy to manage, block chain finance platform makes suppliers can get more timely and efficient support, this also means that the core enterprise can ensure the security and stability of supply chain finally, and to ensure their own to provide goods to the consumer terminal.

Data show that the gold rich is a wholly-owned subsidiary of Foxconn group, in order to realize the combination of the financial chain, etc. for the purpose of development of group supply, to provide professional financial services to group supply chain suppliers and dealers etc..

How long did you wallet more than 500 dollars? The “cashless era” into NPC and CPPCC hot topic

How long did you wallet more than 500 dollars? The “cashless era” into NPC and CPPCC hot topic

It was like a raging fire in the NPC and CPPCC, discussion of “non cash era” has become a hot topic. As a student in Hangzhou opened 28 bus to the bus driver, pure fear but also this year’s National People’s Congress NPC and CPPCC. She told the media that this year she will suggest that from the national level to support the cashless society construction, in order to make the “Internet plus government” as the starting point, let the public services and social security into each of the people around the scene can be achieved without cash service. “This is an irresistible trend of the times.” She said.

When in the street vending machine to buy a coke, you have used to come up with a mobile phone to scan two-dimensional code; when the new year to see the kids, you began to enter a password into the red in the habit of mobile phone; when you downstairs sell KaoGongShu uncle also launched mobile transfer…… Silence for a long time after you suddenly think of yourself, the cash in your wallet not long more than 500 blocks?

At first, the credit card bill began in the world of pop, credit cards, debit cards are the cash in your wallet is so cumbersome. In recent years, WeChat, Alipay and other payment methods is to replace the momentum of credit card. In fact, it is also due to spare no effort offensive in the Internet giants, to chuitiao, next to the yellow hair, for these more convenient electronic payment has had a good slip.

In order to promote their own Alipay mobile payment, it is a “big promotion three-dimensional”, from the discount to the rebate, from billboards to the conference, even from the ground to the sky, finally realized the majority of a second tier city people “do not take money out of the scene; in order to promote their own WeChat wallet, refresh every year the various forms of the red envelope function, is occupying a space for one person in the mobile payment area; Apple’s mobile payment ApplePay was also set off a frenzy of zhuangqiang”.

In the total amount of non cash transactions rising today, people on the popularity of mobile payment has been heard numb. But iResearch report released this month, Chinese mobile payment has far exceeded the size of the United States, is nearly 50 times that of the United states. Global consumption and integration of KPMG previously released the “investigation report” shows that 66% of global respondents said they are willing to use mobile wallet service, and China rate as high as 84%, maybe you will be surprised at how China has an easy job to do to stand in the world’s highest point.

More high-end than. It has just entered in 2017, the central bank with a digital currency program launched a new enthusiasm from all walks of life — in February, the central bank to promote digital ticket trading platform based on chain block test is successful, the legal digital currency issued by the central bank on the platform has been test run, after the Spring Festival, the central bank’s digital currency Research Institute will be officially listed…… Does the central bank Chinese accidentally become a digital currency of the world within the scope of the “pioneer”?

However, many people are still confused, what is the digital currency? Block chain is not attractive eye capital gimmick? The “money era” really come to an end?

The warning line – – dry cargo

Q1 what is the digital currency?

A: in short, digital currency is fully digital currency, issued by the state, involving distributed architecture, cryptography, security chip, mobile payment, trusted computing and other technologies.

It is worth noting that the central bank has repeatedly stressed that the digital currency is not represented with bitcoin virtual currency, virtual currency can not replace all or part of the currency. Many industry insiders believe that, from a global perspective, the implementation of digital currency is a trend, because of its lower cost, and regulators can more clearly understand and track the specific funds direction in the economy, which is not available in the traditional currency.

Q2 how to distinguish it with electronic money?

A: electronic money refers to the equal exchange of financial data to use cash, these financial data through electronic means a variety of payment to the transaction object, thus completing the transaction or payment of debts etc..

That is to say, electronic money is an electronically stored in the device of financial credit. You go to the bank to save money, then use online banking to pay, in fact, the most common is the traditional currency conversion to electronic currency usage. In addition, also including bus with medium to keep the monetary value of cards, bank cards, store cards, and the network environment for the use of the WeChat red Alipay, the balance of such electronic cash based on.

Q3 when young frivolous charge a lot of coins, is not electronic money?

A: is not an electronic currency coins, but a virtual currency. Electronic money is from currency issuers to equal exchange financial data, is the general equivalent, can also flow into the outflow, Q coins of this kind of network currency is a businessman actually sell to the user basic goods, cannot be redeemed for cash back, not to the two-way flow of goods or services can be exchanged; usually only in their own platform last, the transaction can not be in other places, does not have the characteristics of a general equivalent of currency.

Q4 before the “13th Five-Year” national planning information provided inside the block chain, and digital currency is what?

A: block chain is a kind of technology, at present has been applied in the digital currency, but also in other applications. Block chain advantage is not the third party intermediary, in the process of transparent and efficient, secure data security, so other industries have the demand of words can be applied to block chain technology.

Q5 now I go out do not take cash, is not after all can not issue paper money, only digital money on the line?

A: digital currency has many advantages: first of all on our own, there will be no crime of robbery, not the traditional currency will not encounter counterfeit money; illegal transactions, tax evasion and corruption will be curbed.

For banks, reducing the cost of issuing currency and cash management costs, is conducive to economic and trade transfer funds circulation, now like MoneyGram such electronic remittance service than the traditional cross-border money transfer services faster and cheaper.

For the government, the use of digital currency is more convenient for macro data collection, for the adjustment of interest rate policy.

In the international community, the use of digital currency makes money only with the flow of goods to the tide, the future of social wealth will also be disrupted the reorganization, will no longer exist such as the Bretton Woods system leads to a single large dollar, to the center of the world, the organization flat is a good solution many contradictions with a sovereign currency as international currencies.

But there are also some shortcomings, such as the cover is not in place, the businessman is not a small cost; in addition, the electronic currency generally rely on a variety of intelligent devices, it may bring the poor old man with no law, not for the disabled, bad situation. As for the future will be the “cashless society”, now it is difficult to draw a conclusion.

The Bank of Jiangsu made the first breakthrough block chain integral application

The Bank of Jiangsu made the first breakthrough block chain integral application

The Bank of Jiangsu will create the most gene Internet data bank “as a strategic goal of innovation and development, the establishment of post doctoral research station within the line, to carry out research and application of block chain in financial services project. Recently, the bank in the simulation environment to achieve the blockchain application of bank and clearing the scene using integral.

Economists had predicted: after ten years of Internet banking will disappear. Because the Internet banking has been like the Internet into the world, to become indispensable in the underlying infrastructure, which is no longer a branch. What is that, given the Internet finance this silent like force? The answer is: blockchain.

Block chain as a virtual currency – renowned bitcoin technology known as background. Experienced the ups and downs of the bitcoin value of a few years, the financial industry through various appearances seen behind the blockchain subversive nature: bring to the center of the credit system remodeling. Block chain it from behind the front desk, become a topic of essential technology in finance.

Looking at the current block chain landing project, more focus on bitcoin wallet application related and non monetary asset management. The demand of domestic banks to the business structure, construction and reorganization of integral system, block chain technology is a relatively safe area to test the water.

The integral is the commercial banks to improve customer loyalty, customer incentive marketing integration mechanism of traditional commodity varieties, reset, difficult circulation, deferred settlement and other shortcomings, scene and consumer access businesses is limited, easy to become the eyes of the customer “chicken ribs”, greatly weakened the integral effect of marketing.

Integral as a digital asset of real value, how to design a credible mechanism with other businesses to form a new business alliance equal, which can not only guarantee the opening win, and a high degree of autonomy is the key to realize the blockchain integral application and value transfer.

The Bank of Jiangsu at the end of the 2016 line of “string of surplus” marketing cloud platform, launched the “Su Yindou” this “super points”, not only can be used for the exchange of goods, but also online merchants to pay in cash, and other brand mall prepaid game platform. These scenarios put forward new requirements to the integral system: one is the integration between the mall and businesses in different horizontal alliance and Tongdui, two is the timely reconciliation and settlement.

Application of catalytic Bank of Jiangsu block chain technology the concept of “super integration”, will change the traditional call center integration for shared services will be set up in the books, many distributed nodes, in addition to the bank’s own integral system, integral mall, clearing service platform, but also access businesses as used to achieve consensus consensus node. Real time billing. As for the optimal integral scene, the Bank of Jiangsu to block the underlying platform chain consensus and encryption mechanism do some optimization, to achieve the integration of exchange, integration, integration, integration and consumption clearing business in block chain. However, the characteristics of block chain technology, so there are still some limitations in the commercial level and high frequency trading, such as the ability to support the scene integral seckill also needs to be optimized. In the aspect of integral block chain application of mature business, the Bank of Jiangsu will continue to carry out exploration and research.

Financial technology “3 musketeers”: block chain, digital currency, artificial intelligence

Financial technology “3 musketeers”: block chain, digital currency, artificial intelligence

With the development of the block chain, artificial intelligence, big data and cloud computing and other emerging technologies, the scope of its application is expanding. Among them, the integration of financial and technology deepening, to enhance the efficiency of the financial industry in the application of these techniques in the financial technology industry came into being, such as emerging like bamboo shoots after a spring rain. The day before, the largest French bank BNP Paribas Bank announced the digital transformation plan, is expected to 2020, the BNP Paribas Bank to digital innovation in the field of investment of 3 billion euros, and through the establishment of more innovative products and technology platform to attract more customers, improve the competitiveness of the bank, to achieve the transformation.

In fact, more and more traditional commercial banks began to invest financial technology arms, data show that in 2015 $19 billion 100 million investment into the financial field of science and technology, global financial technology investment is expected in 2016 will reach $30 billion, an increase of 57%. The integration of technology and finance to the traditional financial model has undergone substantial changes, among them, block chain, digital currency and the development of artificial intelligence and applications, is the traditional financial takeoff plug wings “”.

Block chain by “hate” love “”

From the “unpopular” to become “xiangbobo” in recent years, the blockchain position has significantly increased. Block chain was born at the beginning of the financial industry is not optimistic, however, to the center of the block chain and transparency advantages gradually surfaced, the traditional financial industry also gradually began to accept and even love it. In September 2016, by Britain’s Barclays Bank completed the world’s first pen using the block chain technology trade settlement, settlement and only when less than 4 hours, far faster than the usual 7 to 10 days, the blockchain Yueranzhishang technology advantage.

Today, more than a block chain technology alliance has considerable size. Recently, more than 30 companies including Microsoft, Accenture, JP Morgan, UBS and Credit Suisse Group, set up a business alliance (EEA) of the etheric Fang new block chain technology alliance, joint development of new standards and technologies, so as to make the enterprise more convenient to use in the square block chain too. The reporter understands, Ethernet square is a new open block chain platform, allowing anyone to write smart contracts and to the center of the application running on the platform. Ethernet workshop allowing users with a simple code to create a new system of customer needs, in order to achieve personalized customization, and the establishment of the purpose of EEA is to create a standardized and open source Ethernet square, so as to create a specific application basis.

In addition, led by the Linux foundation established the block chain project Hy-perledger ushered in 11 new members, including 3 China enterprises. While the United States R3CEV syndicated focused on the financial industry chain development block technology, currently has about 70 enterprises to participate in the financial. In August 2016, R3CEV said the bank syndicate, joining in 15 has joined a trade financing test, distributed books test protocol named Corda.

Block chain has been pursued, one of the reasons is that the technology can help financial institutions cost savings. The data show that the block chain technology for America’s 10 biggest banks annual savings of about $8 billion to $12 billion of infrastructure costs, the total cost of 30%. In China, block chain has been written “” 13th Five-Year “National Informatization Plan”, provides a powerful support for the development of this policy block chain technology, including the gold service, micro public bank and Ping An insurance, Chinese enterprises are actively testing block chain technology. Insiders said that the China financial services business is not easy to bound by the system and outdated technology, have stronger competitive advantage, and infrastructure China financial services market on a large scale, high integration degree, it will become a powerful force for the development of block chain technology. IBM said in the London financial market for global head, block chain, 2016 is “proof of concept” of the year, and in 2017 or will be put into action a year.

Digital currency development like a raging fire

As everyone knows, block chain technology is the underlying technology bitcoin, after years of development, bitcoin from the year in recent years to No one shows any interest in, outbreak of a blowout, the price is soaring. Bitcoin has been pursued, is the key to the center, does not depend on the characteristics of the third party distribution and trading.

It is worth noting that the digital currency bitcoin represented in recent years has also been much attention. In August 2016, UBS, Deutsche Bank, Santander Bank of New York Mellon and the world’s four largest bank has announced that it will jointly develop new digital currency, to be through the block chain technology to clearing transactions in the future, and become the global banking industry standard. And the national level of digital currency attention and research are carried out continuously.

Norway has been leading in the currency of the digital road around the world, and the people’s Bank of China in early 2014, it set up a special team to issue legal digital currency, a prospective study of digital currency related issues, the research work is a digital currency in everything in good order and well arranged. The Bank of England in a study pointed out that the central bank through the issuance of digital currency, direct control of the money supply and credit creation, no longer need to use interest rates as the main policy tool. The day before, Philippines became the first launch of digital currency regulatory measures country in Asia, Philippines’s central bank approved a digital currency exchange as well as the regulatory framework for similar entities, to maintain a balance in improving the financial system and the efficiency of the new technology and inclusive between the risks.

Artificial intelligence to promote financial intelligence

Another heady new technology of non artificial intelligence is, last year, AlphaGo turned out, the stunning debut, this year’s version of the AlphaGo Master once again topped, all kinds of intelligent robot frequently appeared on the variety show has attracted the attention of the audience. In fact, the application prospect of kernel deep learning and speech recognition technology behind artificial intelligence robot carrying more widely.

Winter chief economist Tao managing director of Asia and wrote that the United States will be the application of artificial intelligence technology in the field of asset management has made great progress, operational intelligence investment consulting business in the United States has been more mature. In contrast, the current financial Chinese smart though started late, but the rapid development of the intelligent financial support frame has been there, with the application of solid financial and technological just need more time.

Compared with the traditional financial sector, financial intelligence can quickly collect and deal with a large amount of information, so as to make investment decision and risk management etc.. In addition, on the deep learning ability in the human brain, can overcome the human feelings and thinking of weakness. At the same time, artificial intelligence in high-speed computing and massive data can provide financial support, more personalized service. Remarkable intelligent financial advantage in solving the problem of information asymmetry at the same time, it can improve financial efficiency and market efficiency.