In 2018 the development of block chain technology has been the focus of attention is very, block chain industry outbreak waves a year of turmoil. The recent currency circle cooling, bear market is in power, some people think that is “cool”, the blockchain some people still believe in block chain technology. In the end, the block chain is a new technology, we want to know more about all the Hacker for the current development of the blockchain judgment and thinking about the prospect, development and challenge of how they view the block chain technology in 2019.
11 June 28, P.O.D district at the summit organized by the Odaily potential of the daily planet 36Kr Strategic Group Co,, senior engineer Jiang Heping, 8 bit dimension capital research director Wei Ran, Changting technology security researcher Zhang Jingchi, founder of Chain Ever & CEO DoraHacks partner Yue Hanchao Jia Yongzheng, launched a discussion from all walks of life to “Huashan Hacker look at the 2019 block chain technology development and challenge” round table discussion.
DoraHacks partner Yue Hanchao
Bit, senior engineer Jiang Heping
Eight dimensional capital research director Wei Ran
Changting technology security researcher Zhang Jingchi
Ever Chain Founder & CEO Jia Yongzheng
The following is the record table:
Yue Hanchao (host): today is a special honour, thanks to the daily planet 36Kr, let us invite to this roundtable discussion, especially thanks to four from different backgrounds for Hackers came to the scene, from the bit, ginger peace, eight dimensional Capital Research Director Wei Ran, Changting technology security researcher Zhang Jingchi, also from Ever Chain Jia Yongzheng. The four is to introduce myself first is their usual in what to do and what’s new?
Jiang Heping: Hello my name is Jiang Heping. Is a bit from mainland development engineer, I in the past few years have been doing some R & D work, is probably the last time into the blockchain industry, mainly is the field of research and development, technology chain. The two thing we did recently, is a public chain we redesigned and implemented a new client software, the second thing is to do a contract based on intelligent platform two layer network architecture.
Wei Ran: Hello, my name is Wei Ran. I come from the eight dimension of capital, we are the blockchain investment institutions a cross-border, in San Francisco and Beijing each have an office space. Has invested more than 40 blocks of chain bottom technology projects and some strategic layout before us, including the daily planet and DoraHacks. We are not only an early investment company, also in the development of investment banking and consulting business, is currently the depth distribution of securities through the card industry, hope to be able to open up the world and the world of the traditional encryption channel, thank you.
Zhang Jingchi: Hello, I am from Changting technology security researcher. I was in the academic circle, the tutor is Professor Zcash designer Matthew Green, after the block chain security in changting. Before is the customer come to us, the feeling is a passive safety, then we decided to take the initiative to do something. We have to do is to monitor the whole block chain market, and do some more academic direction, such as through the formal verification of the code to check whether the safe enough.
Jia Yongzheng: Hello my name is Jia Yongzheng, I am Tsinghua University computer science experimental class (Yao Ban) 2009 undergraduate, cross Information Research Institute dr.. Ever Chain is now doing to the center of the social ecology, the main research direction before I first did some optimization of the computer network, then online education, game theory. I have started a social network, is mainly related to the study of online dating, I began to do some research blockchain from 2016, then switched to full-time AI, including social network recommendation algorithm.
We have applied both in the core of social ecology, a block is used to support the various activities, information, science and technology popularization chain products Ever linkage, is today we sign and receive serial number DAPP. The other is the blockchain strangers dating software based on our upcoming, now has entered the beta stage. We hope to be able to rebuild some of the traditional Internet through the blockchain technology, even some of the more innovative look how to integrate with the blockchain depth, and landing in real life.
Yue Hanchao (host): Ladies and gentlemen, I also know some more or less, for example, Wei Ran before the DAOONE community is one of the founders of the permanent government is for guests (MOOC) of one of the sponsors. In fact, all in the course of a year in this year have experienced a lot, you from the early entry into the industry today to the end of November this year, what do you think of the blockchain development? Second is today we share a lot of industry of some new regulations, industry norms, some new development, in fact, we all know that the development of the industry actually encountered some resistance, you think that restricting the development of the industry where the biggest pain point? For example, we usually work in the most difficult problem in the business development process in which?
Jiang Heping: I guess I just from a technical point of view, talk about their views. This year, everyone can feel the change of the market and the market scale is violent, from a technical point of view 2018 practitioners, the emergence of a lot of innovation and new technology. For example, some new advances in cryptography algorithm, a new consensus on development, and some like the EOS, a public chain gives us a lot of new enlightenment. In the development of the entire process we feel is the whole industry chain block especially the infrastructure of public chain or not, whether it is from the performance, availability, supporting facilities of speaking, with the Internet or far. This difference is not a day for two days to be able to solve, the practitioners may also need to continue to develop and progress.
From my own experience to see, is this past year developed in many different places. From the chain of public speaking, before the application is very limited, fry and then transfer to an account, but this year many traditional financial institutions continue to enter into this industry, whether it is from the investment, technology, services, more important is their ideas have some changes. Many of the traditional financial power into itself on technology is a promising. They come in after the entire business chain block will lead to a broader and more solid direction, will also promote the underlying technology to support them to do more and more rapid evolution. Thank everybody.
Wei Ran: first of all, freedom is limited; secondly, it takes time to grow.
The first is to limit the freedom. We observe from bitcoin to the so-called ICO, is the threshold of public equity raise is the lack of supervision of such environment. The excess profits mainly from cross-border arbitrage, arbitrage policy, as well as the so-called time arbitrage. Time arbitrage is that regardless of technology innovation and financial innovation, supervision is lagging behind. In addition, because of the financial behavior now is cross-border, regional regulation and supervision is not applicable to the new financial forms now. But freedom is limited, otherwise the bad money drives out good money. We believe that compliance is at least, and block the development of financial technology chain supervision is the closer we are optimistic about the direction.
Second, development is the need of time. We believe that the block chain like a baby, it is constantly growing up. Before it had an article about the third wave of the blockchain, we think we have seen the first wave, bitcoin is represented by the transfer payment; the next wave of equity financing is an etheric Fang and ICO as the representative, we believe that the third wave is to pass as the representative certificate of securities, it opened up the encryption events and traditional event interface, block chain let in a limited free environment to grow larger.
Zhang Jingchi: the front speakers are particularly good, about Wei ran about a lady I want to add a few words. Review the 2018 years before and the end of 2017, all for the blockchain rising interest, a project begun to slowly fall, but this is the first year of hot, perhaps from the beginning of the Ethernet Intelligent contract fang. From bitcoin to Ethernet square which is a process of savings, we began to slowly enter the etheric fang. Although in 2008 Nakamoto published a paper, but the development of block chain industry is also just a few years, it is a long process.
I am from a security perspective. Because of its short time, we are also very concerned about the product, so the first stage of a variety of security issues. For example, in 2016 The Dao, is probably the loss of $150 million. But through our recent and business contacts, we found that the higher the safety awareness and business. Before we only contract security, there are some public security solutions and Wallet Chain level, everyone in the application and ideas as well as safety awareness has improved, I think in the whole block chain security is a very good show. Is this, thank you.
Yue Hanchao (host): Changting is from the beginning of this year the blockchain business?
Zhang Jingchi: Changting is four or five years, but the block chain business it should be this year.
Yue Hanchao (host): you feel now the business is more than in June and July than in June and July or slightly less?
Zhang Jingchi: in fact, we see this coin you know what kind of ring. But I think this is a good phenomenon, the wave of the past in order to know who is swimming naked. The beginning is bad money drives out good money, we all feel that this is a boom, through the air, these people let the coin ring and chain ring is especially impetuous, but finally really left is really want to do things, this is a very good phenomenon. When we look at their code or communicate with them, is indeed a very want to really make a contribution in this respect people.
(host) Yue Hanchao: why today is not king Chi Xiao hang, because yesterday Xiao hang at three in the morning and tell me your business trip, feeling quite busy.
Jia Yongzheng: this year I made some technology, products and research, found that from the end of last year the blockchain become active, developers find this is not talk concept, it can be flexible scene. Application developers have different admission, but soon lost, some of the product itself is a kind of new investment, gambling and other various attributes on the inside, but once you carefully study, found that these things may slowly be a Ponzi scheme model, later to offer little in this model. Only a few participants in this market profit.
After the market before, the real return to the technology itself is concerned, why must use block chain, what should be put in the chain, this is a problem. The second problem is to the center. The traditional Internet products to benefit from economies of scale, the efficiency of natural advantages. Go to the center of the possible benefits is to make information more transparent so as to improve the degree of trust, to a certain extent, improve the fairness, but at the expense of efficiency. In fact, industry or technology development early, the efficiency is indeed more important, so when we look at all the common chain, each chain has its own public at some point, sacrifice to the center of the pursuit of efficiency, such as the EOS DPOS used this consensus algorithm. Various solutions to improve the utility boundary we say Impossible Triangle in a certain extent, so that the efficiency, safety, to the center of the organic integration of the three, this is actually solving a multi-objective optimization problem.
Different applications in different business scenarios on different indicators, especially we actually found the project ground to products in the process, may not be so dependent on to the center, for an Internet product, just need to gather some early as soon as the center of the resource advantage.
I think the block chain product for understanding of the Internet but did not understand the blockchain users, there is a very high barriers to entry. Sometimes the most Internet users away, I am very confused. When you do a block chain products, you will consider all kinds of problems for Internet users to accept your DApp.
Yue Hanchao (host): I want to ask a permanent government, because I have to leave school for a long time. You are the permanent government, we are really concerned about what is the most advanced students in Colleges and universities for the blockchain attitude? Because we see the global leading blockchain community Blockchain@Berkeley, Stanford Blockchain Collective, MIT Bitcoin and Club, and the Blockchain Society in India, Europe affects the block chain industry, also led to the development of the local community, we can see the practical work of the team, but did not see that such a community can lead very leading industry, community development, often go to the voice of the existence, so it is very curious, because you tell them a bit closer, they believe there are many students in your team, so I want to hear what is their attitude?
Jia Yongzheng: I think the first block chain technology is very difficult, as Professor Xu said today it combines computer science to the forefront of issues, including distributed systems, cryptography, game theory and mechanism design etc.. The three pieces of which one to do deep research is very challenging, at least I did some research blockchain feel is not simple. Because reading a system in the direction of the school, often more difficult than other direction, take six years; introduction to cryptography is good, it is difficult to do deep; game theory has a set of theory system, and then into cryptography, even based on the mechanism design of distributed system is very challenging, so this all the research direction has a very deep research is worth doing. So I think the study block chain provides a very good cooperation for people in different fields of computer science research opportunities. Some public chain project advantages in the system, some team advantage in cryptography, equivalent to do research in all areas of the most outstanding in the world together.
So we see that regardless of how the Token block chain market decline, the entire block chain academic circle especially active, including several international top block chain is very active, and different outstanding young researchers to do this one thing, this is exciting. The threshold is very high compared to the AI, so that a few circles will focus on a certain height in the international mainstream, but the blockchain attracted people from different fields of admission, this is a very good. In addition, the technology in the long term are not only to solve the technical problem, there are many social and philosophical problems.
Yue Hanchao (host): very good. Just now we talked about the development of the industry in 2018 some of the difficulties encountered in their respective, so the whole market now can be said to be a cold winter, it includes eight dimensional, Changting, bit, we next year in winter in how to survive, what is your next plan? Can you share with you here?
Jiang Heping: see the market in a short period of time will not have a particularly big reversal, for technology is a particularly good opportunity, we can sink the heart to the most valuable, the most difficult thing to do. We hope to be able to contract the intelligent platform, infrastructure construction in public on the chain of next year, and to the application developers to lower the threshold, more friendly interface etc.. When these things are good, on the other hand, we hope and some business together in the entire business chain block landing platform, let the blockchain technology truly reflect the value of it. In some people are more optimistic about the direction of the direction of STO, such as the financial license, with game related combination and so on, this is what we want to do next year.
(host): Yue Hanchao OK, peace brother still very practical starting from the product. Wei Ran?
Wei Ran: the capital of winter is a season, often referred to in financial cycle, there have peaks and troughs. When the trough, regardless of which direction you are going up, need to work, so tired. But in fact is a disorderly market more orderly, is in the development towards a good direction, so we believe that in the short term is a trough shaped body, long term, technology and market is better.
If the technology is a baby, we are the culture dish, the temperature changes affect the growth of science and technology, and even affect whether live or die. Our previous investment projects are a lot of Silicon Valley’s underlying technology facilities, mentioned the University, Standford, MIT professor of their own, many venture capital fund will chase them to give them money, this is a very good season and let the emerging industry healthy growth environment for innovation. We also hope to create such a good environment for China entrepreneurs.
Another way we deal with winter hunting new prey. We have the depth distribution of Security Token industry is the hope that more people in the framework of compliance can contact digital assets, compliance can be good for institutions to invest the money into the market, this is the opening point of a new bull market. This is probably.
Zhang Jingchi: I agree with Wei Ran, the whole market is moving in a good direction. The price of money to attract everyone’s eye, like the excellent talents from all walks of life that Yongzheng brother into the circle, the most eye-catching is the currency may start price or some other gimmick stuff, but as a block chain security practitioners, this year to attract the eye of another wave of things is all sorts of DApp and excellent public chain.
Block chain and that unlike other technologies, but also can be said to be the same. We are doing security, customer care at work when my contract is safe, the chain safe. But with the development of the block chain slowly down, you will recognize the block chain and the traditional industry does not have relatively large differences, no matter what kind of sub block chain, based on ecological network the environment there are some very low-level stuff is unchanged. Even if the public security contract, chain, some of the staff in charge of the company’s key, but his behavior is not particularly user security, the whole is not safe.
Changting doing now is to give customers a very full set from the bottom of the code, the network environment, how to design, how the sandbox chain has been to the top of the code. Complete security scheme from bottom to top, which is to increase efforts to do our thing inside 2019. Overall I think 2019 will arouse a lot of waves, because in 2018 we see some very good public chain, although the price of money is not very good, but the overall trend of 2019 I think is very good . Thank you.
Jia Yongzheng: The block chain started out a scenario that later after the middle of 2014 2015, quiet, did not find the core application, to the emergence of a large number of square out of Ethernet application.
Before many teams say I should do all kinds of public chain, known as the world’s top problem blockchain, to solve the impossible triangle problem, significantly improve the various indicators of public projects such as the chain, to achieve high performance, protect the privacy of the strong to the center and so on. But now confused, because even if you say well, there are a variety of solutions, as if it were raining flowers of the expansion of privacy protection project, the real landing rarely. Now the chain has hundreds of projects, may be the last surviving may be only single digit. So basically this track for everyone the opportunity are not many. I have some forecast, I think a lot of the first 2019 chain project will begin to consider to do DApp, or consider for the specified industry to custom, and I think this trend will be alliance chain chain development faster than the male.
Why do I think this is a bit? The first public chain track is very crowded, the last survivors will be a minority. In fact, the user is in the public public chain chain development of these developers, not the end users, no one to support the public belief chain you, there is no end user. So the end user with the actual public intermediate chain across the layer, the chain developers will gradually found that they need to provide solutions.
Our goal is to improve the millions of users strange social experience, so we choose the direct user oriented, we do DApp. Now the chain most of the no third party developers willing to use his public chain, they need to do their own DApp intended to guide developers, or stand in the DApp developer’s point of view to optimize his public chain.
Although we do another public chain general now, this track will no dividends, for different industries to do customization, we found excellent education for the medical industry, the industry projects, these projects in Token is not particularly large. 2B uses many customized solutions alliance chain, because the chain alliance obviously embrace regulation, so I think the alliance chain in 2B must be the scene of landing faster than public chain, and for the 2B industry custom, the two judgments I think 2019 overall is the chain ring market will be very good on the the chain market will go through a process of obvious reshuffle of the survival of the fittest. In this year is likely to have some killer DApp, the number of users of these applications is definitely not what you see now. Block chain applications we have seen: Ethernet square and EOS games, digital currency exchange, on the use of the number of currently only in the future may have reached the million dollars, millions of magnitude DApp. So the future of the two directions, one is truly customized for the 2B industry, the other is for 2C million level activity DApp, will let people really see the future of the industry chain block.
(host) Yue Hanchao: I particularly agree with the permanent political point, a chain of public good, in fact, not its own blown out, but to see developers judgement about it. And I also mentioned the public and permanent political chain between developers is in the middle of a road, and I want to tell you Zheng DoraHacks said, is to provide the public ecological chain and the parties with the head developers a one-stop solution, we come to good.
Today thank you for taking the time to participate in a roundtable session, also thanks to the daily planet and 36Kr’s invitation.