What's new in blockchain

Blockchain is becoming the main battlefield of digital economy competition in various countries. Various mobile applications have become the pioneers of the digital economy. Technology has continued to integrate and the industry has been reorganized. Recently, "Big Data Dongcha" published a report entitled The report "Development and Countermeasures" interviews Mr. Zhou Sha's viewpoint.

Zhou Sha (pseudonym: Bottom of the Well), founder of MOAC Blockchain, CEO of Jingtong Technology, and founding partner of Silicon Post Venture Capital OutpostCapital. Mr. Zhou Sha is widely known in the industry under the pseudonym "Looking at the Bottom of the Well". Since 2011, he started to study the Bitcoin network and led a group of Chinese scientists to create blockchain technology companies in Silicon Valley. At the same time, Mr. Zhou Sha also created and invested in a number of high-tech enterprises, covering fields such as high-tech, high-end manufacturing, physical technology, semiconductors, social networking, and AR / VR. At the same time, it also published "Great Power Games", "Blockchain World", "Blockchain and Big Data" and "Blockchain and Industrial Innovation".

The following is an interview with Mr. Zhou Sha:

Milestones in the blockchain industry

This year, the blockchain industry ushered in two milestones. One is the arrival of Facebook on the United States to become the super-sovereign currency Libra. The other is the collective learning of the blockchain by the Politburo of China at the end of October. Although these two big things happened in a short time, the milestone that can be compared with this is the 2008 Satoshi White Paper. And the launch of the Bitcoin system. The study of blockchain this time is actually just one of the collective learning high-tech, but what is more special is that this meeting made the headline of the news webcast, which took up 5 minutes, which is a precedent for collective learning. If you consider that for global influence, because of the volatile nature of US President Trump, Chinese leaders actually have greater influence globally.

Mastering core technologies is key

As the second largest economy in the world, China attaches great importance to and embraces blockchain technology at the government level. Compared with the various questions and difficulties of the US Congress on Facebook ’s Libra, the impact on the industry and the future direction will be Far-reaching significance. So why did this conference appear on such a large scale? In fact, the supporters of the blockchain in the system are also somewhat surprised.

Zhou Sha said that in fact, as long as we analyze Huawei's listing on the US Department of Commerce this year, government officials are very concerned about this issue. Comparing China with the US / Europe, China can rank first in terms of business model innovation and courage to try new things. But in terms of mastering basic technology, China ranks first, with the United States first and Europe or Japan second. Therefore, if China does not attach importance to this aspect, and China ’s private capital is not as solid as the United States, it will not really spend its time and lack patience to support the establishment of basic technology. If the government does not act again, it is likely that the blockchain industry will also have a situation of ZTE. Then as soon as the US Department of Commerce fires, there will be any industry giants that are out of shape. This situation is definitely impossible to accept. . Therefore, it is very important for the government to take action to advance the research and implementation of core technologies. If this foundation cannot be guaranteed, then from the application level, the government will not have great motivation to promote the development of the industry. This is the implementation expectation that this conference will appear. So what are the opportunities and possibilities for companies in our blockchain industry to grasp? I think that there are very few companies that can participate in the core technologies involved in the bottom layer. There will be a few start-ups, plus a few Internet technology giants.

Two important application development areas of blockchain

It is foreseeable that in the next two years, there will be many local governments supporting the development of local blockchain enterprises, which will create a lot of government government and public service needs, so it is recommended that everyone start in this direction. These include the training of blockchain technology and knowledge, the training of talents, etc., there will be good demand. This is a large part of the current development of the industry. We at MOAC are also working on this.

Then the other is the central bank's legal digital currency field. In this area, everyone is paying attention to the wrong direction. I think that the current DCEP of the central bank is still aimed at the cash market and the main application area is payment. There is a great opportunity to focus on the field of digital banking in the financial derivatives market. Because this area will have a very large impact on asset securitization, financing products, asset clearing and settlement, etc., there will be more exciting things happening in this area than the digital currency of the central bank.

About Central Bank's DCEP

When it comes to the central bank's DCEP, many people don't know much about it. DCEP here is mainly a two-tier structure, which basically does not destroy the existing central bank-commercial banking system. There is a theory in the West called the spillover effect, which basically means that the central bank releases water to commercial banks, from large enterprises to small and medium enterprises, and finally to ordinary people. The big commercial banks in the middle took all the water released by the central bank, so if the central bank's system can allow these final participants to enter, then you will clear the role of the commercial bank. As long as you know, the most profitable industries in the country or the world are now these commercial banks, so the dual structure is to not touch this restricted area. In the case of the central bank, it is to send DC to participating commercial banks. Come out here, let's do EP. The current attitude here is not to limit the technical options, everyone is full of flowers.

Compared with Libra, the architecture of DCEP is different. DCEP and DC are an alliance chain here, but EP branches below into different systems. Here EP1 and EPn may have an intersection, but they may not have an intersection. Zhou Sha said: "I don't think how to design here. Libra is an alliance public chain, which is about 90% similar to Jingtong public chain. The only difference is that Jingtong has been running for more than 5 years. I think Libra is now If the super-sovereign currency is directly activated, there will be a large policy rebound, so they may be the second best choice to launch a payment system based on the stable currency of the US dollar. "

About the status of the public chain

At present, the current status of domestic public chains. MOAC and Jingtong Public Chain currently have almost 2 million real business users on the chain. The actual applications that run well on the ground include government-related projects, listed company projects, and C-side user projects. Can be reached. In fact, from a global perspective, the applications of MOAC and Jingtong Public Chain are also real commercial-scale real economy applications, not those games games on Ethereum. Some of the following teams have not seen their stuff and are not good at commenting; however, they should refer to the MOAC's white papers very carefully when they see several white papers, especially the layered architecture, which uses the idea of MOAC. MOAC's hierarchical sharding and parent-child chain architecture have been proposed in the 2017 technical white paper, and the mainnet was launched in April 2018.

In China, IBM's Fabric has been selected as the blockchain technology route of almost all major companies. And the technological routes of overseas companies are more diversified. For example, JP Morgan chose Quorum, an Ethereum-based alliance chain. It is worth noting that the financial department of IBM released the cryptocurrency on the Stellar public chain without using its own Fabric route. Domestic companies choose IBM's Fabric in the first place. First of all, IBM has a great influence in the country. Second, it is for compliance, which is related to the non-currency blockchain solution adopted by IBM. In fact, IBM does not have a blockchain consensus mechanism at the bottom of the blockchain. Instead, it uses a central server. In a way, IBM is now a fake blockchain.

The lowest level of a public chain is like a highway. Many people have a misunderstanding when designing the public chain, which will make the highway design very complicated, resulting in a high probability of errors, high operating costs, and low capacity for ultra-large-scale applications. Ethereum has almost crashed twice. When the first time was an ICO, investors crashed too much and crashed; the second time when the Ethereum cat application went online, some people wanted to transfer money, but others ran cats on it, causing widespread congestion.

MOAC (Moker) uses a layered architecture and uses group chain technology, including the underlying base chain (the underlying blockchain based on proof of work) and the upper application chain (the upper blockchain using multiple consensus mechanisms). The application chain has flexible custom consensus mechanism, high-speed sharding, and atomic cross-chain performance, which greatly reduces the cost of landing commercial projects. At present, the security of each application chain is guaranteed through the basic chain. The advantage of this design is that others cannot directly attack the MOAC application chain like the attack side chain, and the basic chain that guarantees the security of the application chain is the POW consensus algorithm, which makes the attack very difficult. In this regard, we also have a 51% attack prevention technology for MOAC.

What's new in blockchain