This article comes from: Hash Future, forwarded with authorization.
On July 26, TokenInsight and Hash Research Institute jointly released an evaluation report on asset on-chain projects. The report analyzes seven representative projects including HashFuture, Bytom, BitShares, Jibrel Network, FormulA, Latoken, and Shares Chain from multiple dimensions such as team, ecology, project progress, solutions, and incentive models.
The report shows that the underlying public chain technology for asset chaining is still in the accumulation stage, and the reliability and security of the public chain consensus mechanism innovated or improved by various projects, as well as the scalability of network performance, have yet to be tested by the market. Currently, they can only be used for low-frequency transactions Wait for the scene. At present, the asset transaction function of most projects is still in the stage of testing or proof of concept. With the gradual clarification of supervision and the continuous development of technology, asset on-chain projects are expected to fully activate the vitality of assets.
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Summary
Overall, the underlying public chain technology for asset on-chain is still in the accumulation stage, and can be used in scenarios such as low-frequency transactions. The solutions for each project need to pay more attention to the incentive mechanism and user accumulation. On the whole, Bytom and BitShares have been established for a long time, and their market value is significantly ahead of other projects. Among them, the Bytom chain code has been open-sourced and the main network has been launched, which is basically in line with the development progress. Currently, asset on-chain and transaction work has not yet been carried out. BitShares has also entered the era of BitShares 2.0. In the future, Hash uses games as an entry point, and has accumulated a large number of registered users in a short period of time through the incentive mechanism, and at the same time partially realized the trading function of assets on the chain. The asset transaction function of most projects is still in the stage of testing or proof of concept, which needs to be accumulated and precipitated.
1. Overview
The process of asset exchange can be divided into: asset acquisition, asset right confirmation and income realization. Among them, asset acquisition and income realization are achieved through "exchange", and the core of asset right confirmation is "registration", which realizes circulation through continuous asset exchange and right confirmation changes. The exchange and registration of assets are often completed by credible institutions. For example, the confirmation and circulation of physical assets such as automobiles and houses or digital assets such as stocks and securities often require government agencies or industry organizations to provide corresponding services. However, the transaction process of this type of organization is relatively cumbersome, and the process of asset registration and exchange is full of risks. Various problems such as asset loss, counterfeiting, transaction default, and information leakage may occur from time to time. Overly complicated processes and inefficient processing methods cause waste of human and social resources, and inhibit the efficiency of asset circulation and the flexibility of value exchange.
The process of asset exchange can be divided into: asset acquisition, asset right confirmation and income realization. Among them, asset acquisition and income realization are achieved through "exchange", and the core of asset right confirmation is "registration", which realizes circulation through continuous asset exchange and right confirmation changes. The exchange and registration of assets are often completed by credible institutions. For example, the confirmation and circulation of physical assets such as automobiles and houses or digital assets such as stocks and securities often require government agencies or industry organizations to provide corresponding services. However, the transaction process of this type of organization is relatively cumbersome, and the process of asset registration and exchange is full of risks. Various problems such as asset loss, counterfeiting, transaction default, and information leakage may occur from time to time. Overly complicated processes and inefficient processing methods cause waste of human and social resources, and inhibit the efficiency of asset circulation and the flexibility of value exchange.
Blockchain technology provides a feasible asset confirmation and circulation solution. The blockchain can record the entire process of asset circulation and form chain data that cannot be tampered with. There is no need for a centralized service organization to participate in the whole process, making the transfer more convenient. In terms of "asset chaining" and "cross-chain circulation", blockchain projects still have technical difficulties that need to be overcome, and major platforms are working hard to overcome them and have achieved preliminary results.
2. Project introduction
The following will analyze the blockchain projects related to mainstream "asset chaining" at home and abroad.
Project Description:
Project Description:
Hash Future aims to create a trinity new blockchain digital asset trading platform of "protocol layer-technology layer-application layer". Next, the digital asset rights confirmation and transaction problems faced. And combined with the laws and regulations of various countries, through the "hash node" technical system to solve the problem of asset on-chain and cross-chain circulation.
Team background:
Jia Yinghao: CEO, doctoral student in industrial engineering of Tsinghua University, founder and current chairman of the Tsinghua University Blockchain Association, and concurrently a senior researcher of the North American Blockchain Association.
Song Yifan: COO, master of finance from Tsinghua University School of Economics and Management, former vice chairman of Tsinghua University Entrepreneurship Association, has many entrepreneurial experiences.
Ren Yong: CTO, Ph.D student in the Department of Computer Science, Tsinghua University, has participated in the development of multiple blockchain underlying technologies.
Investment agency
Investment agency: Danhua Capital, Wei Lie Capital, Shunwei Capital, Node Capital, Genesis Capital, etc.
project progress:
In February 2018, the first version of Hash Future's landing application blockchain game Hash World was launched, realizing the virtual real estate auction based on the Ethereum smart contract, LBS real estate auction and other land transaction functions, and some physical assets such as sculptures and T-shirts And so on also opened the transaction in the hash world.
Hash World has gathered 1 million community users within 3 months of its establishment. In July 2018, the number of users has reached 1.3 million, and the market value of circulation is 120 million yuan.
solution:
solution:
Underlying structure: Hash Future solves the problem of asset on-chain and cross-chain circulation through the "Hash Node" technical system, and provides underlying technical support for blockchain in different application scenarios;
Asset entry: Hash Future proposes a consensus agreement system for asset rights confirmation and circulation with a "hash template" structure based on research on laws and regulations, social culture, and trading habits of various countries;
Asset transaction and realization: Provide the "Hash World" application platform and rich and easy-to-use API, and provide simple, credible and safe application products for hundreds of millions of users to complete the confirmation and transaction of various assets .
Incentive Model:
As a landing application of virtual real estate on-chain, Hash World has acquired early users by incentivizing registration, promotion, holding virtual real estate and other behaviors. Specifically, registered users, invited users, playing games, and owning land can all be rewarded with tokens (HSC).
The total amount of HSC issuance is limited and no additional issuance will be issued. In the future, HSC will serve as the future ecological token of Hash, which can be used to purchase assets in the process of asset on-chain, and can also be used to lock warehouses to gain community trust, participate in super node voting, score and evaluate hash templates, etc. .
Project Description:
Project Description:
Bytom is an interactive protocol for multi-bit assets, which aims to connect the atom world and the bit world, and promote the interaction and circulation of assets between the two worlds. It is based on the artificial intelligence ASIC chip-friendly POW consensus algorithm, so that different forms of bit assets and atomic assets running on the Bytom blockchain can be registered, exchanged, gambled, and more complex interactions based on contracts operate.
Team background:
Changjia: co-founder, founder and CEO of Babbitt.
Duan Xinxing: co-founder, CEO, former vice president and chief researcher of OKCoin, responsible for product design and branding.
Lang Yu: CTO, former Alibaba Alipay system engineer, one of the early founders of Babbitt.
Investment agency:
Investment agency:babbitt hatch
project progress:
In January 2017, the Bytom project was launched. In June, the private placement, white paper, and public sale plan were completed, and the test network was launched at the end of the month. The 2018 Bytom BTM Holders Conference was held for the first time. In April 2018, Bytom 1.0 version was released, the main network was launched, and the official blockchain browser was released.
In July 2018, the circulating market value was RMB 2.6 billion.
solution:
solution:
Underlying structure: The consensus mechanism adopts the artificial intelligence ASIC chip-friendly POW algorithm, and introduces matrix and convolution calculations in the hashing process, so that the mining machine can be used for AI hardware acceleration services after being idle or eliminated, generating additional social benefits ;The contract layer uses the creation contract and the control contract to issue and manage assets, supports the extended UTXO model BUTXO at the bottom layer, optimizes the virtual machine, and adopts an introspection mechanism to prevent the deadlock state in Turing completeness.
Asset transaction and realization: The data layer uses distributed ledger technology to realize operations such as asset issuance, spending, and exchange. The application layer is friendly to multiple terminals such as mobile terminals, which is convenient for developers to develop asset management applications conveniently.
Incentive Model:
The reserved share for Bytom mining is 33%, and the POW consensus mechanism is adopted to encourage miners to participate in mining.
Mining distribution is halved every four years until no new block rewards are produced.
Holders of Bytom coins will be able to participate in Bytom chain governance through preset code rules. The foundation reserves 20% of the share for project development incentives. At the same time, the computing power deployed by the foundation will also be used for The development and operation of the project provides Bytom currency incentive support.
Project Description:
Project Description:
BitShares is a Bitcoin extension protocol designed to implement an ideal market financial system. The BitShares network has established a global decentralized virtual currency exchange, and has realized asset custody, asset payment and other functions. It uses the DPOS consensus mechanism, its transaction speed has been greatly improved, and it has the processing capacity of a large exchange. The digital assets it provides can be market-oriented to anchor the value of the US dollar, renminbi, gold, etc., and solve the exchange rate risk of cross-border payments.
Team background:
Investment agency:
Investment agency:
He received angel investment from Li Xiaolai and others, and later obtained development funds through crowdfunding. At present, the operating rights of BitShares have been handed over to the decentralized community.
project progress:
At present, the BitShares project has entered version 2.0, and has implemented a financial smart contract platform that supports digital asset transactions. The official website claims that the TPS exceeds 100,000. The bottom layer adopts the DPOS consensus mechanism, allowing equity holders to vote to adjust protocol parameters, such as block size, Transaction fees, etc.; support dynamic and flexible access control; realize functions such as account-based regular payments.
MUSE is a public blockchain ledger customized for the music industry, which can be used to track global music copyrights.
solution:
solution:
Asset entrance: The BitShares platform can issue UIA (user-issued assets) by users, which is essentially a service certificate registered on the platform, which can be circulated and traded on the platform. The creator of UIA can set the public name, description and other information of the certificate, and issue it according to his own wishes. Issuers can also customize certain features of UIA: for example, they can require only users in the whitelist to hold certificates, or require users to pay a certain fee when transferring or trading these certificates.
Asset trading and realization: When the certificate value is linked to legal currencies such as the US dollar and RMB, BitShares requires users to provide 3 times the deposit. When the transaction price of the certificate is too low, the liquidation conditions of BitShares will be triggered, and the deposit will be used to repurchase the certificate to ensure the bottom value of the certificate.
Incentive Model:
Project Description:
2.4 Jibrel Network
Project Description:
Jibrel is a blockchain-based digital platform for custody and trading of traditional assets such as currencies, bonds and other financial instruments. On Jibrel Network, users can arbitrage and benefit from assets by creating "cryptographically compiled depositary receipts (CryDR)". In addition, the project provides a platform for developers to build tools, applications for trading, investing and hedging.
Team background:
Yazan Barghuthi, co-founder, more than 9 years of experience in financial services, worked in Deloitte, proficient in Javascript, HTML, CSS and other languages
Victor Mezrin, co-founder, more than 10 years of development experience, proficient in c++/c, Python, Java, etc.
Talal Tabbaa, co-founder, worked at PwC and has more than 6 years of financial consulting experience in private equity funds
Don Tapscott, strategic consultant, author of "Blockchain Revolution", CEO of Tapscott Group
Abbas Zuaiter, Market Consultant, Former Soros Fund COO
project progress:
Created in May 2017, pre-sold in September 2017, released JWallet wallet and publicly issued tokens in November 2017,
The CryDR browser will be released in the first quarter of 2018.
In July 2018, the circulation market value has reached RMB 190 million.
solution:
solution:
Asset portal: The Jibrel project uses an "asset portal website" to complete the process of uploading assets from reality to the chain. Asset portal websites require licenses for brokerage and fund disbursement, and may also require the supervision of regulatory agencies according to the laws and regulations of different regions. Jibrel guarantees the value and ownership of assets by introducing the role of "guarantor". Users can entrust traditional assets to guarantors, and the guarantors will issue CryDR linked to traditional assets for transactions on the chain.
Project Description:
2.5 FormulA
Project Description:
FormulA is the next-generation "Internet of Assets" (IoA) based on blockchain technology. It provides a public chain dedicated to asset registration and asset transactions. In the future, exchanges will provide leases, exchanges, mortgages, C2C transactions, etc. Function. It provides a complete real asset on-chain model (ADP), relying on Dapp and smart contracts to conduct auctions, exchanges, pledges and other operations, so that the process from registration on-chain to transaction completion is fully guaranteed. After the mainnet is launched, it will take the lead in real estate and financial assets, and the first batch will deploy 10,000 nodes around the world.
Investment institution: FormulA claims to have US$80 billion in reserve assets.
project progress:
March-May 2018: Establish a test environment, develop offline nodes, etc.
solution:
solution:
Underlying structure: The goal is to establish a main chain and multiple (multi-level) sub-chains, support cross-chain protocols, realize interaction with sub-chains through dynamic indexes on the main chain, and design different specific business scenarios for different child chain. In order to prevent mutual interference between different businesses, FormulA plans to use a consensus chain to ensure that the operation of each smart contract is protected to a certain extent, and the main chain is based on the Dpos consensus mechanism.
Asset entry: The basic characteristics of the asset, owner information, transaction history, and the hash value of the metadata are placed on the chain, and the metadata such as pictures and descriptions describing the asset are stored in a cloud server or P2P, and are searched based on content. address, the data can be queried by the hash value on the chain through the dynamic Merkle link. In order to improve throughput, a processing method similar to "sharding" is adopted. Each application has its own unique ID and chain. Applications run in parallel on their respective chains, and there is no information interaction between different applications. User authentication needs to be carried out with the help of a third-party organization.
Incentive Model:
Project Description:
2.6 Latoken
Project Description:
Latoken is a platform for creating and trading asset tokens, tailored for any asset class, and allowing third parties to create new asset tokenization applications, they have developed an open source liquid asset protocol that enables price transparency and asset holding Some are diverse.
project progress:
On-chain transactions linked to stock prices of Apple, Amazon, Tesla, etc. and hard asset prices of commodities (oil, gold, silver, etc.) have been tested; all necessary licenses for on-chain asset transactions are currently being obtained.
In July 2018, the circulation market value reached RMB 65 million.
solution:
solution:
Underlying structure: The transaction chain adopts the DPOS consensus mechanism, and at the same time stores encrypted data through a system based on BitTorrent technology, combined with distributed computing of Hadoop technology. When practical constraints such as transaction speed and cost are encountered, two distributed ledgers are deployed, one containing only transactions and the other containing all asset records.
Asset trading and realization: For liquid assets, tokens can be used to purchase assets after they are on-chain, and they can be repurchased on the scheduled settlement date. For non-current assets such as real estate and works of art, an independent third party is first required to conduct an on-site evaluation of the assets, the asset owner signs an agreement with the certified custodian, and transfers the ownership to the custodian, and then the custodian issues the relevant tokens, and Sold to crypto holders. Tokens can also be bought back prior to the scheduled settlement date.
Incentive Model:
10% of the total amount of Token is used for development, and 10% is used for asset certification service deployment, etc.
Project Description:
2.7 Shares Chain
Project Description:
Shares Chain is an investor-oriented asset investment and financing blockchain network. Anyone or any organization can access this system through an open blockchain protocol, become an investor or an asset issuer, or become an intermediary service provider. They have built a high-concurrency and scalable public chain, which provides a complete set of protocols similar to ERC20 for asset chaining based on smart contracts, making the process of anchoring physical assets to encrypted assets completely standardized.
Team background:Investment agency:
Investment agency:
Chuangshi Capital, Qingzhou Capital, Zero Seven Wuwu Fund, etc.
project progress:
In July 2016, the development of the beta version of the blockchain crowdfunding equity registration network was completed. At present, the pre-sale of project tokens has been completed and will be launched on the exchange soon. There are currently three projects that have landed, commodities, funds, and off-site company equity.
solution:
solution:
Underlying structure: A DAG-like tree structure is proposed to realize the segmentation of the address space, so that the project can obtain high concurrency. The main chain is responsible for asset issuance, and the sub-chain is responsible for asset transactions; the RPOS consensus algorithm is used to randomly select consensus nodes, and a consensus on transactions is reached through PBFT.
Asset entry: The chain-up process needs to disclose one's basic information in the community and be subject to due diligence by the service provider. Before investing, investors need to sign an open agreement through legal means and put it on the chain through smart contracts. Assets can be put on the chain through asset pledge on smart contracts, or smart contracts that contain trigger conditions.
Asset transaction and realization: In the design of the transaction model, the information of the asset recipient and the asset payer are packaged separately, disconnecting the relationship between the two parties, making the transaction history untraceable.
Incentive Model:
Users can obtain token rewards by participating in fundraising, participating in due diligence, and making investments.
Shares Chain project income will be distributed according to the proportion of tokens held, and tokens will be
Buy back and destroy.
Investors who hold the company's equity digital assets have the following rights: receive dividends, view reports and information disclosure details, participate in voting for termination of investment, and participate in token repurchases.
3. Comprehensive evaluation of the project
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3.1 Team Background
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3.2 Market capitalization
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3.3 Number of users and number of communities
The number of users of most projects has not yet been announced to the public. From the observation of public data on the Internet, BitShares registered users reached 500,000 as of December 2017. As of July 2018, Hash Future Games has more than one million registered users. In terms of community, the number of official Telegram groups, official Twitter and Weibo fans of each project are as follows:
The operation of each project in different communities is quite different, and the telegram community of Biyuan Chain and Shares Chain operates better; the number of Twitter fans of BitShares is significantly ahead of other projects.
3.4 Investment institutions and supporters
In asset on-chain projects, on the one hand, investment institutions support the development of enterprises through funds, and on the other hand, they also mean that they are project platforms. Well-known investors or investment institutions such as Li Xiaolai (investing in BitShares), Professor Zhang Shoucheng (Danhua Capital investing in Hash Future), Shunwei Capital (investing in Hash Future), Don Tapscott (Jibrel Network strategic consultant), etc.
3.5 Project progress
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3.6 Solutions
In reality, assets are transferred to the blockchain for transactions, which need to go through asset authentication, asset description, information upload, asset transaction, asset cross-chain transfer and other processes. The core links are:
Asset confirmation. Before the assets are uploaded to the trading platform, it is necessary to clarify the ownership of the assets or the proof of authorization for custody. The project should provide certain means to identify users, conduct digital certificate authentication, and so on. In addition, asset information should be accurately described in all directions and updated in real time in combination with technologies such as the Internet of Things. This information can be used as the basis for the realization of business logic in smart contracts to evaluate the actual value of assets. Essentially, this is a guarantee of asset value for the transaction parties.
At present, each project adopts the method of introducing an independent third party for asset certification to confirm the rights, among which BitShares, JIbrel Network, and HashFuture are more eye-catching. The certificates circulating in BitShares can be anchored to the value of the legal currency through the three-fold asset guarantee by the acceptor; Jlbrel Network adopts the guarantor system to review and exchange assets; Hash Future uses "hash node ", that is, the value of assets is guaranteed by users, and the community has a high degree of autonomy.
High processing capacity. "Asset on-chain" realizes the transaction and circulation of physical and digital assets. For a trading platform with a wide range of commodities, it needs to match a huge amount of transaction processing capacity. During the "Double Eleven" shopping festival in 2017, the transaction peak of Tmall Mall was 2.56 billion transactions per second. At the technical level, the project party needs to reasonably design the consensus mechanism and data structure in order to cope with the application and development of the platform.
In this regard, Bytom adopts the POW consensus mechanism, and most other projects adopt the DPOS consensus mechanism; FormulA allows a certain degree of chain splitting to improve transaction processing capabilities. At present, BitShares claims to have achieved 100,000 TPS. In the future, Hash will combine institutional hosting, cross-chain and other technologies, and transaction processing capabilities will not become its bottleneck.
accept regulation. The upload and transaction of assets must comply with the audit requirements of national and local regulations. The project party needs to provide sufficient interfaces to cooperate with the work of the regulatory authorities and leave traceable records for handling transaction disputes.
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3.7 Incentive Model
The number of users and asset circulation of assets on the chain project are very critical. In order to obtain users and ensure the safe circulation of assets, relevant roles and behaviors need to be incentivized, including: miners who maintain nodes, third parties who provide notarization, and on-chain Custodians who maintain asset information, users who join the network in the early stage, builders of community ecology, etc.
As a proof of rights and interests, the Token in the asset on-chain project can define the rights of the holder, such as the right to hold the on-chain assets, the dividend right to the project income, etc. Most projects collect transaction fees and adopt different distribution methods. Strategies to maintain user stickiness and motivate related behaviors. For example, Token holders in SharesChain will have the right to view the reports of companies on the chain. For the link of asset chaining, Hash Future, BitShares, FormulA, Latoken, SharesChain, etc. are all organizations that provide audits to encourage tokens; in addition, Shares Chain also introduces mechanisms such as dividends and repurchases to stabilize the value of tokens, providing a relatively complete incentive system. Most projects such as BitShares, FormulA, Latoken, etc. reserve part of the Token issued to reward users and technology developers who have contributed to the community. In the future, Hash will attract a large number of users in a short period of time by strengthening the encouragement of registration, invitation and other behaviors.
4. Summary analysis
Overall, the underlying public chain technology for asset on-chain is still in the accumulation stage, and some technologies are more difficult to implement. The reliability and security of the public chain consensus mechanism innovated or improved by each project, as well as the scalability of network performance have yet to be tested by the market. Currently, it can only be used in scenarios such as low-frequency transactions. The solutions for each project need to pay more attention to the incentive mechanism and the problem of user accumulation. On the whole, Bytom and BitShares have been established for a long time, and their market value is significantly ahead of other projects. Among them, the Bytom chain code has been open-sourced and the main network has been launched, which is basically in line with the development progress. Currently, asset on-chain and transaction work has not yet been carried out. BitShares has also entered the era of BitShares 2.0. In the future, Hash uses games as an entry point, and has accumulated a large number of registered users in a short period of time through the incentive mechanism, and at the same time partially realized the trading function of assets on the chain. The asset transaction function of most projects is still in the stage of testing or proof of concept, which needs to be accumulated and precipitated.
In terms of the circulation of assets on the blockchain and the various financial activities of users, projects such as BitShares, FormulA, Latoken, and HashFuture have various ideas and attempts. It is believed that with the further clarification of national supervision, the gradual opening of the market, and the continuous development of technology, large-scale enterprises will gradually enter asset chain projects, fully activate the vitality of assets, and develop financial products with more detailed levels and richer content. Asset-on-chain projects deserve further attention and expectation.
