Summary of the report:

Summary of the report:

The advantages brought by assets on-chain are obvious and certain, but how to implement corresponding solutions based on the unique attributes of assets needs to be considered later.

1. Asset chaining is a consensus issue: asset chaining itself is not a technical issue, but a consensus transfer issue, that is, completing the transition of consensus from off-chain to on-chain. So in theory, all assets can be chained, it is only a matter of choice whether it is suitable or not.

2. Blockchain-native assets are the first to be circulated and traded: Blockchain-based assets themselves have no chain-linking process and are generated from the blockchain, so they are given priority as assets that circulate on the chain. The circulation of ownership or use rights of such assets in the blockchain is very convenient, without the need for relevant off-chain cooperation, so they are prioritized for circulation on the blockchain.

3. Digital equity assets are prioritized on the chain: this type of asset is digitized, standardized, and distinguishable, which perfectly meet the conditions for blockchain assets to be chained. Coupled with the laws and regulations of the governments of various countries, the assets are also in compliance with legal recognition and supervision after they are on the chain, and have good compliance.

4. High-value physical assets can be secondary chained: high-value assets generally have certain unique identifiable marks, and have certain requirements for circulation efficiency, so asset chaining is a feasible option.

5. It is difficult to upload low-value physical assets and data assets to the chain: low-value physical assets and data assets are extremely non-standardized and have no distinguishable identification marks. Considering above, there is no positive correlation between value and circulation.

6. Assets on the chain promote value circulation: the essence of blockchain is trustless, and the trust problem between the two is solved through technology. Once the trust problem is solved, transactions between strangers will become easier, and the efficiency of the entire asset circulation system will increase accordingly, without the need for introductions from nearby acquaintances or third-party intermediary platforms for "matchmaking". At the same time, the cross-chain technology is used to realize the state of interconnection between the chains, and the users and circulation assets of each chain are shared with each other, thereby promoting the overall efficiency of asset circulation.

7. There are still certain technical difficulties in asset on-chain: no matter from the on-chain to next-chain mapping of assets or the real-time synchronous update of off-chain asset data with on-chain, there are still related technical bottlenecks in asset on-chain. In addition, from the perspective of laws and regulations, the construction of the legal protection of blockchain assets on the chain and other aspects of the system is not perfect and needs to be further improved.

In short, asset chaining is one of the future development directions. We should embrace such new technologies, but we also need to think from the perspective of practical implementation, choose suitable assets to chain, and then continue to update and iterate.

1. Status of Assets

1.1 The basic concept of assets
From the definition of "Accounting Standards for Business Enterprises-Basic Standards", assets are "resources that are formed by past transactions or events of an enterprise, owned or controlled by the enterprise, and are expected to bring economic benefits to the enterprise." Assets are owned by the enterprise Economic resources that can be measured in money or controlled, including various properties, claims and other rights. From a personal point of view, the property obtained by citizens through labor or other legal means is personal assets, including citizens' legal income, savings, daily necessities, cultural relics, books, materials, forests, livestock, and other means of production permitted by the law. legal property.

With the development of society, the types of assets are becoming more and more abundant. In ancient times, there were fewer types of assets, mainly physical assets, such as land, houses, and personal collections. With the advent of the Internet era, the types of assets are not limited to entities, and more and more virtualized or digital assets have come into people's attention, such as data and algorithms. The rapid development of the blockchain in the past two years has also created a batch of new assets, that is, blockchain assets, such as Ethereum cats, hash world land, etc.

Traditional assets are physical assets, with physical objects as the main body. Changes in the structure of social organizations and changes in social assistance methods, on the one hand, asset types are undergoing tremendous changes, on the other hand, people have a new understanding of the definition of assets, traditional physical assets can exist digitally, such as the company's Stocks, debt, etc. These assets are backed by entities and digitized. The development of the Internet has accelerated the process of asset digitization. At the same time, it has also brought more and more pure digital assets, such as Weibo big V number, equipment in games, etc.

Different assets have their own unique functions, and they can be classified differently according to their different characteristics. From the perspective of development so far, according to the main characteristics or functions of assets, the current mainstream assets can be classified to a certain extent:

1. Native blockchain class

Mainly assets generated based on blockchain. The most important representative of this type of asset is digital currency. In the second half of 2017, the price of Bitcoin continued to rise, making the attention of digital currency rapidly spread around the world, and various companies have successively launched their own digital currency. , Individual and institutional investors also quickly entered the market. In addition, there are blockchain-based assets with certain meanings such as Ethercat, Hash World Land, and Netease Odaily. This type of asset is directly generated from the blockchain and traded on the blockchain.

2. New data class

Mainly based on Internet-generated assets. There are many subdivisions of this type of assets, such as algorithms, such as artificial intelligence core algorithms, and autonomous driving solutions; such as corporate data, such as operational data; or personal data, such as individual shopping records. A common feature of these assets is that they have no physical existence and are all digital products, and since most of the data is generated between users and platforms, the determination of their rights and interests cannot be well guaranteed.

3. Equity category

This type of asset is a product of physical evolution. For example, the house itself is the function of living. Human beings achieve such a living place through their own construction. With the development of society, they gradually have a "house deed", which is the current proof of rights and interests such as the real estate certificate. proof of ownership. Such assets generally have a corresponding physical object, which is a proof of equity of the physical object and can be used as a voucher for transaction circulation. This type of assets covers a very wide range, and can cover almost all physical objects in life, such as house property certificates, company equity or stocks, etc. If you want to define, all items can be granted an equity Proof of assets.

4. Objects

Physical assets are the foundation of all development, and they are all kinds of items in life, including houses, cars, collections of celebrity calligraphy and paintings, and even mobile phones, computers, clothes, shoes, etc. The biggest feature of this type of asset is its physical existence, which can be seen and touched. With the development of the Internet, such assets currently have a great intersection with equity assets, and many equity assets are generated based on physical assets.

The above classification is based on the characteristics and forms of existence of the assets themselves. Although there are certain overlaps between different types of assets, the main functions and properties of each type of assets are indeed different.

1.2 Problems with assets

No matter which type of asset, it has the following three characteristics. First of all, the most important thing is the definition of the value of the asset itself. This is not easy to define. Different individuals or organizations have different definitions of the value of the asset itself. Secondly, the most important thing about an asset is to confirm the title, that is, to ensure that the ownership of the asset is yours. Asset confirmation has been one of the most important issues in social organizations since ancient times. Draw lines from the rural land in the last century to determine the area and location of each household's land. From then on, the land has the corresponding right to use the land. The land use right in this area belongs to the family, and they can carry out related planting and obtain agricultural products. is their personal property. With the development of society, the country has set up a special government organization to confirm the rights of users' assets. Finally, another important attribute of assets is circulation. From the perspective of use, it is enough to confirm the ownership of assets, and it is only necessary to confirm that the assets belong to the person. However, changes in the social organizational structure have brought about the circulation of assets the most. For example, in the second-hand housing trading market and the second-hand goods trading market, the assets of individuals or organizations can be traded and circulated frequently in social networks.

These three aspects are issues that have always been involved in the history of human development. Although many areas have been greatly improved, for example, the determination of rights is certified by units endorsed by the national government to ensure the legality and validity of asset rights. There are also things like For second-hand goods trading platforms like Xianyu, Alibaba provides an effective trust endorsement, allowing users to conduct friendly transactions on the platform. Judging from the three elements, the following problems still generally exist.

1. The value of assets is not clearly defined

With the continuous development of society, each asset has different attributes. Generally speaking, an asset has multiple attributes, such as a house. Its basic function is to live, but for different people, the house The function of the property is not only a residence, but also an investment asset, so there are many deviations in the definition of asset value. Due to the diversity of its attributes and the opacity of information, some people will take advantage of information asymmetry to deliberately raise or lower the value of assets, which leads to unclear definitions of asset values ​​in the entire market.

2. Determination of asset rights is vague

From ancient times to the present, disputes over property rights have always existed, ranging from the division of property rights of a large family to a small tree on rural land. Such disputes over property rights are happening all the time. The biggest problem here is that there are no clear laws and regulations on the determination of asset rights, or there are certain negligence and omissions in the implementation process. Moreover, the rapid development of society has led to the formulation of laws and regulations that cannot meet the needs of real-world scenarios. For example, the ownership of personal data of platform users is the most talked about at present. These data are generated in the interaction between users and the platform. Due to the lack of clear definition of rights , including users' personal information, creative creation and other data assets are intentionally invaded by the platform, and as a means of profit, personal data rights and interests cannot be fundamentally protected.

3. The asset title confirmation process is cumbersome

At present, the confirmation of existing physical assets or digital assets generally requires national government departments to provide specialized services. Due to the nature of government departments, their workflow is cumbersome and inefficient, and outdated systems and equipment further increase the time cost of the entire process. The cumbersome and inefficient process of confirming rights has led to some risks in the process of asset registration and circulation, such as data theft, data forgery, violation of treaties and other security risks. On the one hand, the unreasonable social operation system wastes a lot of human and material costs, and on the other hand, it also seriously increases the risk of asset rights confirmation.

4. Low efficiency of asset circulation

The circulation of assets is mainly divided into two aspects, one is the dissemination of asset information, and the other is the transfer of asset rights. In terms of information dissemination, on a certain level, with the development of the Internet, users can query any asset-related information they want to know through the Internet. There may be some opacity in this process, which leads to In the process of asset information dissemination, there is too little information or fraud, which leads to a decrease in the efficiency of asset circulation. The transfer of asset rights is mainly directly related to the efficiency of government affairs. The cumbersome and inefficient procedures directly lead to the efficiency of asset circulation and the flexibility of value exchange.

With the development of blockchain, the value of assets is reasonably defined, rights are clarified, and circulation is more efficient. There are new solutions. Blockchain technology can make the entire asset confirmation and circulation process of assets be recorded in a trusted blockchain ledger that can never be tampered with. The efficiency of asset confirmation and circulation can be greatly improved, giving asset value circulation And social production relations bring about brand-new changes.

2. Asset on-chain analysis

Asset chaining solves the problem of mapping physical assets (also known as atomic assets) in the physical world and assets generated in the digital world to assets on the blockchain. These assets include automobiles, houses, petrochemical supplies, stocks and financial assets. Securities, coupons, digital collectibles, access and subscription rights to certain resources, intellectual property rights, etc.

2.1 Feasibility Analysis of Asset Chaining
There are many different dimensions in the feasibility analysis of asset chaining. Some people analyze it from the perspective of blockchain technology, while others analyze it from the perspective of government policies. These are indeed important analysis elements for asset chaining. However, this article mainly analyzes and determines which assets are suitable for on-chain or need to be on-chain from the perspective of assets.

From a long-term perspective, the development of technology will always provide some practical solutions to ensure the process of asset chaining. For example, there are many ongoing projects, through the use of Internet of Things, QR codes, RFID or material positioning, etc. Methods to ensure the basic requirements such as the uniqueness of assets on the chain. With the development of society and the continuous maturity of blockchain technology, if it can bring higher value or efficiency to society, the government will definitely issue corresponding laws and regulations to standardize the process of asset on-chain and maintain social security. Stablize. Asset chaining itself is not a technical problem, but a problem of consensus transfer, that is, to complete the transformation of consensus from off-chain to on-chain.

Therefore, what needs to be figured out at the moment is what assets are suitable for on-chain, or what assets need to be on-chain. This is the original intention and value embodiment of asset on-chain. Blockchain is a new Internet of value, so valuable things need to be blockchainized. In addition, since it is valuable, it must correspond to value circulation, and the value of which assets are positively related to circulation, then it needs to be blockchainized. In the era of blockchain, it is feasible and restrictive to put assets on the chain. It can be explained from the essential attributes and characteristics of assets. The following explains the priority of asset on-chain.

1. Priority circulation of blockchain-based assets

Blockchain-based assets themselves do not have a chain-linking process and are generated from the blockchain, so they are given priority as assets that circulate on the chain. At present, there are already many projects that have landed. On the one hand, digital currency, which itself belongs to the circulation medium of the blockchain, has its own circulation attributes. On the other hand, there are virtual assets developed based on the blockchain, such as Ethercat, the land of the hash world, etc. These assets are generated in the blockchain and displayed to everyone in the form of games. Each asset is unique and cannot be 100% Alteration, destruction and copying. The circulation of ownership or use rights of such assets in the blockchain is very convenient, without the need for relevant off-chain cooperation, so they are prioritized for circulation on the blockchain.

2. Digital equity assets are prioritized on the chain

Digital equity assets mainly include securitized assets and asset digitization. Securitization itself is a process of asset digitization and confirmation of ownership. The most direct one is the company's stock exchange issuance. The traditional IPO stock issuance needs to go through a long period of internal restructuring or reorganization of the company. During this process, multiple parties are required to participate, including accountants, securities companies, lawyers, and consulting agencies. Each service agency has its own tasks to ensure that the company is listed There is no problem in the process. The most fundamental purpose of this series of preparations is to give the public a credible basis. Through the evaluation and good performance of some professional institutions, investors can believe that the value corresponding to the company's stock is reasonable when they choose to buy stocks. Yes, it is reasonable. This type of asset is digitized, standardized, and distinguishable, which perfectly fit the conditions for on-chain blockchain assets. Coupled with the laws and regulations of the governments of various countries, the assets are also in compliance with legal recognition and supervision after they are on the chain, and have good compliance. From the perspective of the value of circulation, the increase in the value of equity assets such as stocks depends on the income level of the corresponding entity on the one hand, and on the other hand mainly depends on their liquidity. To a certain extent, circulation may cause company valuation However, from the perspective of long-term development, if there are no accidents such as illegal operations, the circulation of stocks is conducive to the overall healthy development of the company.

Digital assets are mainly aimed at works that can be standardized and defined, such as text, music, art, photography, etc. Works submitted by the platform will be recorded into blocks with author information, etc., and will be stamped with corresponding time stamps. Subsequent transfers of copyrights will also be accompanied by proofs of time stamps, which is extremely convenient for confirmation of copyright ownership. Music, video, and article content can be consumed online and are fully recorded. The biggest problem facing this part of assets at present is the problem of right confirmation. On the one hand, blockchain can perfectly solve the problem of right confirmation, and producers can set corresponding permissions. For example, users can only view, but cannot download, copy, etc. , it can ensure that users can not save and disseminate original works in other channels at will, which can largely guarantee the uniqueness of producers' original works on the chain.

3. Secondary on-chain of high-value physical assets

The biggest problem with this part of physical assets is that there is no digitization, and because there is no digitization, most entities lack a uniquely identified and verifiable asset method. For this part of assets, we give priority to high-value assets for the following reasons: First, for high-value assets, generally have their unique attributes, such characteristics help us to carry out unique Logos, such as celebrity calligraphy and paintings, have unique characteristics, generally have the identification of authoritative organizations, and have relevant certificates; another example is diamonds, whose crystal structure is unique, so there are obvious differences between individuals. Verifiable unique identifier. Secondly, for high-value assets, there needs to be a certain circulation effect to a certain extent, which is why various auctions and exhibitions are held every day, and such activities are held to improve the social awareness of assets degree and circulation rate. Individuals have very different definitions of the value of any asset, so when assets are circulated in a wider range, their value will be magnified more. Therefore, on the one hand, the inherent attributes of high-value physical assets are conducive to their on-chain, and on the other hand, the efficient circulation after on-chain will maximize their value.

For ordinary physical assets, first of all, if their distinguishability is poor, it is impossible to form a unified standard for on-chain identification or certification, and it is difficult to go on-chain; secondly, the cost of on-chain is high, and it is not easy to Carry out corresponding management; and, the subsidiary value brought by the chain is not particularly large. So at this stage, low-value or ordinary physical assets are not on the chain, but ideally in the future, all physical assets can be on the chain.

4. Data assets need to be considered on the chain

With the development of computers, a lot of data is currently non-standardized, such as some user data, algorithms, etc. This information has strong data attributes and can be copied and disseminated at any time. From the perspective of the seller, how to ensure that the data is not misused after the sale (for example, after copying the data, requesting a return of the transaction money); and how to ensure that the buyer knows the availability and authenticity of the data before obtaining the data; Selling the same data to multiple users is a problem that needs to be solved.

The essence of asset chaining is to solve the problems of asset right confirmation risk and low circulation efficiency caused by traditional means, and bring users a more free and smooth asset circulation environment. Theoretically, all assets can be circulated on the chain, but due to the limitations of blockchain technology on the one hand, and the inherent characteristics of the assets themselves, the assets that can be chained at this stage are limited.

2.2 Advantages of asset on-chain
Combining the most prominent features of blockchain—decentralization, peer-to-peer network, distributed ledger, time stamp, information transparency and non-tampering, etc., asset chaining will have the following advantages:

1. Eliminate trust issues and reduce communication costs

The essence of the blockchain is trustless, and the trust problem between the two is solved through technology. Once the trust problem is solved, transactions between strangers will become easier, and the efficiency of the entire asset circulation system will increase accordingly, without the need for introductions from nearby acquaintances or third-party intermediary platforms for "matchmaking". Each node on the blockchain saves a copy of the data, and the behavior of a single node trying to modify the asset information on the chain can be effectively prevented, thereby ensuring the authenticity and validity of the asset information on the chain and reducing trust risks.

2. Eliminate intermediaries and reduce transaction costs

In the traditional asset transaction process, the links involved are very complicated. In addition to asset certification or endorsement by authoritative departments such as the government, settlement systems are also required for settlement, banks are required to handle fund transfers, and relevant government departments are required to carry out asset delivery and transfer, etc. Users have paid a large cost in this process. Through the blockchain method, the entire transaction process is completely completed on the chain, and all data is synchronized on each node of the entire network, and the exchange data is updated in real time, making the whole process clearer and more transparent without the intervention of an external third-party organization, which not only costs a lot The magnitude is reduced, and the efficiency is also significantly improved.

3. Improve asset circulation efficiency

Traditional asset trading and circulation platforms are isolated from each other and operate independently, which leads to the limitation of the overall user scale, which leads to low efficiency of asset circulation. The same problem will also occur in the blockchain field. At present, the main chains are also independent of each other, but through cross-chain technology, the state of interconnection between the chains can be realized, and the users and circulation assets of each chain are shared with each other, thereby promoting Improve the overall asset circulation efficiency.

4. Prevent asset "double spending"

The cross-chain technology of the blockchain can effectively connect the various mainstream chains, and the information between the chains can be synchronized in real time, effectively solving the problem of value islands between the chains, and can effectively prevent the same assets of the user from being distributed separately. The disadvantages of on-chain transactions on different chains can effectively monitor and eliminate the double-spend problem of the same asset on multiple chains.

2.4 Obstacles and restrictions on assets on-chain
The advantages of the blockchain technology itself can bring new vitality to the assets, but the assets themselves have different attributes, so even if the blockchain technology is combined, the correct chaining method cannot be found, and it cannot really solve the reality. Pain points are also doomed to be difficult to succeed.

1. Accuracy of Asset Mapping

The core problem of asset on-chain is the accuracy of the mapping when assets are on-chain. Since most assets are non-standardized and all are entities, the digitalization process is relatively difficult. How to ensure that the assets on the chain and the off-chain assets are unique and accurate Correspondence is an urgent problem that needs to be solved at present. Secondly, it is also necessary to control the assets under the chain to prevent the occurrence of asset forgery.

2. Off-chain and on-chain consistency

Asset chaining is the premise of all steps, and there will be many problems related to assets in the future. For example, in real life, if assets are lost or damaged, how to ensure that the assets on the chain are also consistent is a problem that needs to be solved. Therefore, maintaining the consistency of on-chain and off-chain information and synchronizing information in real time is very important, but at present, most assets cannot meet such real-time requirements under the existing technical means.

3. Legal Compliance

The governments of various countries have strict requirements on asset rights. Therefore, in the process of chaining, how to ensure that the smart contract or chaining process conforms to the recognition of the country's laws is a matter that every project needs to implement. Just as Bitcoin provides the soil for black market transactions, under the encryption technology of blockchain, end-to-end information exchange between users can be well encrypted and protected, but this also brings certain difficulties to government supervision.

3. Application cases

 
Case 1: Hash Future

Hash Future (Beijing) Technology Co., Ltd. is an industry-leading blockchain technology company. Its main business covers three major directions: entertainment content distribution, digital asset management, and digital currency wallet. The company takes blockchain games as an entry point, deeply cultivates the underlying technology of the blockchain, joins hands with partners to connect the virtual world and the real world on the Hash Asset platform, incubates internal blockchain projects, and establishes the Hash Academy to popularize blockchain knowledge. Building a multi-win, user-centered blockchain ecosystem.

Hash Future combines the system crystallization of asset rights confirmation and circulation in human history and the development pulse of the digital age to create a trinity of "protocol layer-technology layer-application layer" new blockchain digital asset rights confirmation, circulation, and trading platform . For "native blockchain assets", "new data assets" and "traditional equity assets", a general-purpose "hash template" underlying protocol is formulated to meet digital characteristics such as distinguishability, compliance, and versatility. Provide a complete set of solutions for cross-chain transfer of assets, define the rules and paradigms for cross-chain circulation of assets, and realize decentralized accounting modules, atomic swap guarantee modules, and automatic compilation and deployment modules.

▲Figure 1: Hash Future Solutions

• At the protocol layer, Hash Future proposes a consensus agreement system for assets confirmation and circulation with a "hash template" structure based on the investigation of laws and regulations, social culture, and trading habits of various countries;

• At the technical level, Hash Future uses the "Hash Node" technical system to solve the problems of asset on-chain and cross-chain circulation, and provide underlying technical support for blockchain in different application scenarios;

• Case 2: Bytom

  
  

Case 2: Bytom

Bytom is an interactive protocol for multi-bit assets. It is a dedicated public chain platform for the asset field. Its most important function is to connect the atom world and the bit world, and promote the interaction and circulation of assets between the two worlds. Specifically, different forms of heterogeneous bit assets (original digital currency, digital assets) and atomic assets (warrants, rights, dividends, bonds, intelligence information, etc. , prediction information, etc.) can be registered, exchanged, gambled, and more complex interactive operations based on contracts through Bytom.

Bytom has an experienced star team, which brings together core developers of Tencent blockchain, senior engineers of Alipay, and code contributors of Ethereum Parity. Changjia, co-founder, is also the founder and CEO of Babbitt; Duan Xinxing, co-founder, CEO, former vice president and chief researcher of OKCoin currency bank, responsible for product design and brand work; Langyu, CTO, former Ali Baba Alipay system engineer, one of the early founders of Babbitt.

▲Figure 2: Bytom project progress

• The application layer is friendly to multiple terminals such as mobile terminals, which is convenient for developers to develop asset management applications conveniently;

• 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 uses an introspection mechanism to prevent the deadlock state in Turing completeness;

• Four. Summary

Four. Summary

The advantages brought by assets on-chain are obvious and certain, but how to implement corresponding solutions based on the unique attributes of assets needs to be considered later.

1. Asset chaining is a consensus issue: asset chaining itself is not a technical issue, but a consensus transfer issue, that is, completing the transition of consensus from off-chain to on-chain. So in theory, all assets can be chained, it is only a matter of choice whether it is suitable or not.

2. Blockchain-native assets are the first to be circulated and traded: Blockchain-based assets themselves have no chain-linking process and are generated from the blockchain, so they are given priority as assets that circulate on the chain. The circulation of ownership or use rights of such assets in the blockchain is very convenient, without the need for relevant off-chain cooperation, so they are prioritized for circulation on the blockchain.

3. Digital equity assets are prioritized on the chain: this type of asset is digitized, standardized, and distinguishable, which perfectly meet the conditions for blockchain assets to be chained. Coupled with the laws and regulations of the governments of various countries, the assets are also in compliance with legal recognition and supervision after they are on the chain, and have good compliance.

4. High-value physical assets can be secondary chained: high-value assets generally have certain unique identifiable marks, and have certain requirements for circulation efficiency, so asset chaining is a feasible option.

5. It is difficult to upload low-value physical assets and data assets to the chain: low-value physical assets and data assets are extremely non-standardized and have no distinguishable identification marks. Considering above, there is no positive correlation between value and circulation.

6. Assets on the chain promote value circulation: the essence of blockchain is trustless, and the trust problem between the two is solved through technology. Once the trust problem is solved, transactions between strangers will become easier, and the efficiency of the entire asset circulation system will increase accordingly, without the need for introductions from nearby acquaintances or third-party intermediary platforms for "matchmaking". At the same time, the cross-chain technology is used to realize the state of interconnection between the chains, and the users and circulation assets of each chain are shared with each other, thereby promoting the overall efficiency of asset circulation.

7. There are still certain technical difficulties in asset on-chain: no matter from the on-chain to next-chain mapping of assets or the real-time synchronous update of off-chain asset data with on-chain, there are still related technical bottlenecks in asset on-chain. In addition, from the perspective of laws and regulations, the construction of the legal protection of blockchain assets on the chain and other aspects of the system is not perfect and needs to be further improved.

In short, asset chaining is one of the future development directions. We should embrace such new technologies, but we also need to think from the perspective of practical implementation, choose suitable assets to chain, and then continue to update and iterate.