“Live” chain have universal blockchain Xiao wind: bitcoin can’t make good money, but can become a good investment tool

When the reporter front watch chain, in the “new economy chain block 2018 Hangzhou summit, Chinese universal Holdings Limited vice chairman and executive director, universal blockchain lab founder Xiaofeng said, now called the digital currency are not digital currency assets but, as an asset class can have substantial fluctuations, but as a a good currency, currency exchange rate volatility is not absolute; therefore, bitcoin may not be a good currency, but as an investment tool, asset class is successful.

At the same time, he said, the blockchain compared to the Internet is a real-time recording machine, do not tamper with; they have many differences in the six aspects of accounting methods and accounting unit etc..

The following is the speech by Xiao Feng, chain get App edited as follows:

These years many people ask what is the blockchain, I will from the six aspects of the block chain and the Internet, talk about what is called a block chain from another angle.

The first block of different chain compared to the Internet is real-time recording machine, not tampered with.

In the last century, the Internet has just started, most of the media to the public description of the Internet is what time, often say that the Internet is information machine. The Internet is with lower cost, more efficient and convenient information transfer.

The data structure of the blockchain because it involves cryptography, time stamp technology and so on, can not guarantee can be tampered with after a data chain, irrevocable, but can be traced, so the blockchain compared to the Internet is a real time machine, once recorded blockchain after non repudiation. In the Internet era, no matter what kind of database, data can be reversed and changed, there is no a database on the Internet can not be changed, the two are very different.

Second different: the trust mechanism is quite different, but no good points.

The center of the trust mechanism and trust mechanism to the center of the quality is not high, but when the digital economy in front of us, the digital life everyone for more and more high, in some circumstances, some of the scenes, some things, we may no longer trust in trust mechanism by endorsement of the center may, with a decentralized trust mechanism is more efficient, lower cost, the difference between the Internet and also the core of the chain block.

Rely on the algorithm to build a trust and endorsement, although want to design a system of center point, but bitcoin price volatility is too large, if the bitcoin as electronic cash or global payment system, obviously this experiment is a failure; but if the bitcoin as digital gold, this is the consensus in the the world, this is a consensus because of the scarcity of digital manufacturing bitcoin on the trust mechanism, the formation of trust endorsement, this is a very important feature.

Third different block chain open free, without permission and non-profit

Block chain as an open source software system, we did not see any public block chain financial statements, no income, no shareholders, nor the board of directors, no management, no employees, such a property rights system, the ownership of business has been completely removed after, it makes investors and the producers, developers and users completely be made one so that the interests of related parties, in the block chain — the point to point, the information is highly consistent, highly transparent environment through the algorithm of game, often able to obtain an optimal result, achieving an economic great – incentive compatibility, this is before the center of the business model the center of the trust mechanism, fail to do.

Article 4: the difference between different business application level

The commercial application of the Internet is the center of the commercial application of the blockchain is decentralized, distributed, a good example of a recent travel writer published his book in the etheric workshop, all sales income is attributed to the writer.

Looking back, the Tencent has an Internet publishing group called the reading group, any one author in reading on the platform, if published an article or write a book, pay for income, the author can get about 75%, but in the platform to take 25%; one hundred percent are owned by the blockchain author, because there is no people need to use Ethernet or bitcoin blockchain Fang is paid.

Look forward, in the book era, edited by printing press, through the line bookstore sales, the author get the number? Is royalty 8%, 92% is to channel Press, which is IP and DIP is different, in the DIP era, you are all of you, no middlemen make the difference.

Fifth different: different accounting methods

We inherited the Internet over the past 500 years, accounting method, double entry method, complex trading needs financial support complex, and complex financial support to the scientific method of accounting, if there is no scientific accounting method cannot provide financial support for science.

Any financial innovation is we have established a new account system based on any financial transactions are inevitable in a new account, the account system can generate new financial services model, whether it is to pay foreign exchange or exchange, our traditional bank account system is not possible for mobile payment now, too may not be the balance of treasure. Can only appear in the new account system.

We are unable to predict the blockchain account system based on how much there will be a new world class financial services and financial transactions, I believe it will appear, as we subversive innovation in the internet account system inside, we want to change with a positive attitude to observe the industry.

Financial innovation is any subversive innovation based on the account, the account will have no innovation of financial innovation subversive, no account of innovation we only marginal benefit changes in the original model, the new technology of marginal effect on our original model improvement, but cannot produce new models in the old model the following.

Sixth different accounting units of different

Is the legal currency of Internet electronic wallet records, but recorded in the inside of the chain block is a digital currency, digital currency and the biggest difference is the currency exchange between the code and the code, so everything is possible, because the computer program, is the embodiment of the computer code, in order to make a point of the distributed ledger. No longer need third party service center can be completed on the completion of any commercial exchange, in block chain or above financial transactions, because money is programmable and intelligent currency.

We know that the development of digital currency in fact until now no end, if bitcoin, bitcoin is a digital currency 1 Ethernet, so stable digital currency can be said to be the digital currency today to 2, actually only stable digital currency, or legal future digital currency issued by the central bank is likely to become the blockchain currency based on true, the rest can only start from bitcoin called it assets, assets or assets of cryptography encryption.

The only currency in order to stabilize market is based on the statutory digital currency issued by the central bank, only stable digital currency can be used to make payment tool, measure of value and medium of exchange, store of value, in line with the four things is a currency.

Stable digital currency at this stage is currently in private issue, but I believe there must be two years before the central bank to issue digital currency, after two or three years with the central bank to join the ranks of the digital currency, when digital currency form is the basic form of.

In addition to stable digital currency — now known as digital currency are not digital currency but assets, is an investment tool, as an asset class can have substantial fluctuations, but as a currency, a currency cannot move dramatically, so bitcoin is not possible a good money, but as an investment tool, asset classes it is successful. Thank you. (the first exclusive chain was App)

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