Produced by Odaily
Editor | Liang Chen
Editor | Liang Chen
Since 2015, Coindesk’s New York Consensus conference Consensus has been held for five consecutive years, attracting major companies, developers, entrepreneurs and investors in the cryptocurrency and blockchain world to participate, and attracting attention every year. This year's Consensus Conference was held from May 13th to 15th EST.
Since 2015, Coindesk’s New York Consensus conference Consensus has been held for five consecutive years, attracting major companies, developers, entrepreneurs and investors in the cryptocurrency and blockchain world to participate, and attracting attention every year. This year's Consensus Conference was held from May 13th to 15th EST.
Blockchain Development Report for Q1 2019
Blockchain Development Report for Q1 2019
At the opening ceremony of the first day of the conference, Alex Sunnarborg, the co-founder of Tetras Capital, released Coindesk’s blockchain development report for the first quarter of 2019. , Bitcoin halving, on-chain transaction data, computing power, difficulty, basic transaction measures, transaction fees, DeFi, Staking, institutional entry, talent influx, escrow services, futures inflow, etc. summarize the first quarter of 2019 blockchain development.
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Blockchain application
Blockchain application
The topic of this opening discussion is "From Digital Gold to Contract Theory: Economics for Mainstream Application". The guests participating in the discussion were Nobel laureates in economics Oliver Hart and Eric Maskin, as well as several scholars in related fields. Eric Maskin mentioned that due to the advantages of blockchain technology in terms of security and efficiency, more and more people are paying attention, but Nobel laureate Oliver Hart pays more attention to "contracts and governance".Professor Joshua Gans of the University of Toronto talked about the application of blockchain technology. He mentioned,From a mathematical point of view, blockchain technology can guarantee secure transactions.
For investors, we don't pay attention to some unrealistic ideas. We are looking for some "problems" and discovering investment opportunities from "problems". It's like investing in unicorn companies like Microsoft Cisco. He believes that it is difficult to develop a brand new platform and network, but "blockchain as infrastructure" (blockchain as infrastructure) can allow many small businesses to come together to develop solutions, thereby reducing network costs.The 2007 Nobel Laureate in Economics and Harvard University Chair Professor Eric Maskin mentioned that due to the advantages of blockchain technology in terms of security and efficiency, it has attracted more and more attention. Although it is difficult to conduct some rigorous and large-scale experiments on blockchain and cryptocurrency, we can conduct more small experiments. He also touched on the climb in bitcoin prices in recent weeks, and。
Think that cryptocurrencies have the advantages of "safety", "high efficiency and low cost", "transparency" and "integration of high-tech"Oliver Hart, a Nobel laureate in economics, is more concerned with "contracts and governance." He said,secondary title
Eric Maskin also talked about the application of blockchain technology in the auction industry. He said that if I am a bidder, I may not want my competitors to know how many bids I have. One of the great advantages of blockchain technology is that it can make enough information that can be disclosed, so we can complete the transaction, and some information that cannot be disclosed can maintain privacy.
What did the regulator say
What did the regulator say
Sigal Mandelkar, Deputy Director of the Terrorism and Financial Intelligence Agency of the U.S. Department of the Treasury, attended the meeting as a regulator and delivered a keynote speech "U.S. Sanctions and Anti-Money Laundering: What the Digital Currency World Should Know."Since 2013, FinCEN has received 47,000 suspicious activity reports (SARs) involving bitcoin or virtual currencies, she said. SAR now collects virtual currency information including: device ID, IP address, wallet address, transaction hash.
According to FinCEN data, hackers have stolen as much as $1.5 billion in funds through virtual currency exchanges in the past two years.Valerie Szczepanik, Senior Advisor of SEC Digital Assets of the US Securities and Exchange Commission, talked about the recent hot IEO on the forum,
He said that the exchange in the IEO may have participated in the brokerage of securities companies. If it is not registered with the SEC, it will violate the laws of the United States.According to Valerie Szczepanik, if the buyer and any buyer are located in the United States, as long as the cryptocurrency exchange that launches the token sale business and collects transaction fees from it must meet the legal definition of a US securities dealer. As a result, these cryptocurrency exchanges need to follow the registration and licensing requirements of broker-dealers, alternative trading systems (ATS), or national securities exchanges. Valerie Szczepanik emphasized that if these exchanges do not operate as required, then they could be in trouble (implying regulatory penalties). (read more）
"Consensus Conference 2019丨The US Securities Regulatory Commission discloses IEO regulatory requirements: registration required for transactions"
SEC Commissioner Hester Peirce said she was not satisfied with the current situation. So far, the only statement from the SEC has been a rejection of ETFs, but the SEC is slowly moving forward.Peirce said,Peirce said she is frustrated that the U.S. has always been a place where innovation can flourish, but now a lot of the activity is happening overseas. She hopes that the United States will be more open to innovation so as not to miss the wave of blockchain technology.
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other remarksFormer U.S. congressman and presidential candidate Ron Paul during CoinDesk's 2019 Consensus New York conferencesaid in an interview
, Rep. Brad Sherman called a ban on buying cryptocurrencies in the U.S. a horrible idea, calling him “just another Washington thug.” One of the reasons lawmakers and regulators are paying particular attention to cryptocurrencies, Paul noted, may be that cryptocurrencies “challenge the status quo of the monetary system.” Asked about possible cryptocurrency policies if he ran for president, Paul said he would advocate for a lighter regulatory regime.
Caitlin Long, co-founder of the Wyoming Blockchain Federation, pointed out that regulators enforce double standards for cryptocurrency and non-cryptocurrency transactions. Institutional investors are not ready for self-custody. There is no fault tolerance in digital assets, this is a feature, not a bug. It would be a pity if the development of Bitcoin could follow the development of the existing market. In addition, Long said he looks forward to seeing publicly traded bonds on the blockchain this year, and in the future people will see large-scale issuance of securities on the blockchain.
Jun Soo Kim, Director of Operations at bitfish: People think that staking is the interest of the product, but this is not the case, because new tokens are constantly being issued, so you need staking to protect your capital and ensure that it is not diluted.
Tagomi co-founder and CEO Greg Tusar said 2019 will be the year of institutional investment.
John Smith, a former OFAC director and co-head of the national security practice at law firm Morrison & Foerster, said the agency will teach the industry a lesson by punishing some members of the industry. With regard to enforcement actions, OFAC has become increasingly aggressive, and he said there is little tolerance from OFAC, and even if you make a mistake, OFAC will say you should have known better.
David Yermack, director of the Department of Finance at New York University Stern School of Business, talked about the use cases of blockchain technology in the supply chain industry. It believes that if the enterprise supply chain can be tracked on the blockchain, then it will not do illegal things, and it will perform better. At this time, the goal pursued by enterprises will no longer be to avoid punishment for violations, but to do better and use better behaviors to obtain incentives (such as token rewards).
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sub-forum
The main agenda on May 13th includes: "The Launch of the Lightning Network", "Defining Defi: What is Decentralized Finance", "2019 Global Blockchain Research-Returning Blockchain to Business Applications", "Staking Economics The rise of the blockchain", "Under the background of cross-chain technology, 10 consortium chains can still work interactively", "What is the use of stablecoins besides being used for transactions?".
"The Launch of the Lightning Network"
The roundtable discussion on Lightning Network was held concurrently with the main forum, and the discussions were held by Blockstream researcher Christian Decker, Lightning Power Users founder Pierre Rochard, Casa CTO Mr.Jameson Lopp and other guests. At the meeting, Casa, Joul, Bitrefill, and Blockstream showed people the Lightning Network from the aspects of nodes, wallets, applications, and development.
Casa CTO Jameson Lopp revealed at the Consensus Conference that he is promoting the combination of Casa and Tor, a well-known proxy tool. According to Lopp, it’s not just because “we’re crypto geeks,” but also because “(we think) crypto is cool!”
"Defining Defi: What is Decentralized Finance
BlockFi CEO & Founder Zac Prince: DAI's lending rate of 19.5% has drawn additional attention to DeFi. On the one hand, KYC lets us know who the user is? Where? On the other hand, the user experience is sacrificed. BlockFi plans to issue a cryptocurrency credit card this year.
Nadav Hollander, co-founder and CEO of Dharma: "It is not easy to do ordinary things with stablecoins. I am skeptical of the view that 'in the next 18 months, leverage will no longer be the main use of crypto loans'."
I am Odaily reporter Wu Suixin (WeChat ID wsuixin12), please note your name, unit, title and reason when adding friends.
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I am Odaily reporter Wu Suixin (WeChat ID wsuixin12), please note your name, unit, title and reason when adding friends.
