On July 10th, StakingCon, the Staking Ecological Conference co-hosted by Odaily and BlockBeats, was held in Beijing.
On the morning of the same day, in the round table themed "Staking's Ecological Development - Construction, Service and Governance", MEET.ONE founder Goh, Xinghuo Mining Pool market leader Qiu Xiaodong, 8D Capital partner Wei Zheng, HashQuark CEO Li Chen, Guests such as YOOSourcing CEO Milad Nouri and TOMOChain Business Development Manager Jordan Kang exchanged views with the host OKEx Business Director Huang Yang on the current status of Staking development, development bottlenecks, and centralization.
Goh, the founder of MEET.ONE, gave his own opinion on the hot staking recently. He said that he does not recommend ordinary individual investors to participate in staking, and do not easily put coins in the staking network. Whether PoS or DPoS, big shareholders will really care about chain security, additional issuance and other issues.
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The following is the original text of the roundtable discussion edited by Odaily, enjoy:
Huang Yang, Commercial Director of OKEx: Why did PoS explode this year?
Goh, founder of MEET.ONE:In the past POW era, users had no way to participate in the ecology unless they became miners. In the PoS world, users have to exercise their right to vote and elect nodes that are truly meaningful and valuable to the ecology. In order to ensure that the selected public chain is stable, PoS allows more users to exercise their rights. Nodes need to win a lot of trust. After DPoS and PoS, all nodes are willing to speak out.
Qiu Xiaodong, Marketing Director of Xinghuo Mining Pool:It was decided at the beginning of the company’s establishment that Spark Mining Pool will do PoS. This year, PoS exploded because these projects were launched in a tight time period. As a result, many projects are speeding up the pace of time this year, so hurry up and do this.
Li Chen, CEO of HashQuark:The first is that everyone in the world is playing; the second is that everyone in the world is playing, and its threshold becomes very low. It turns out that POW mining requires at least a mining machine, and Staking allows everyone to participate; Under the three-staking mechanism, everyone can get incentives.
Huang Yang, Business Director of OKEx: What are the business models based on staking, and what opportunities do different participants have on the staking track?
Zheng Wei, partner of 8D Capital:In the digital currency industry, there is a new hotspot every quarter, but what is more important is to see the essence through the phenomenon, whether this phenomenon has generated value, I think Staking has created a lot of value.
For the project side, this method can make the community more active, and more big nodes are willing to participate, which also means that others are optimistic about you, and can attract more people to participate.
In addition, for individual investors, this method can participate in the governance of the project party at a lower cost, creating a value for everyone. PoS itself is not a very profitable thing, but in this way we can better connect the project party and the community, and it is also a process of brand building.
Huang Yang, Commercial Director of OKEx: How do you view the inflation and centralization of staking?
Goh, founder of MEET.ONE:Taking EOS as an example, EOS with DPoS as the consensus mechanism is actually very decentralized, and each node is voted by users, and the same is true for other PoS chains.
I don't recommend ordinary individual investors to participate in Staking, and don't easily put coins in the Staking network. Whether PoS or DPoS, big shareholders will really care about chain security, additional issuance and other issues. I suggest that individuals invest in keeping the tokens in their hands flexible. For small currency holders, they are less motivated to participate in staking. We are more motivated to be wallets and nodes. At the same time, we can provide users with some financial services, so that the relationship between users and wallets will become more sticky. better.
As the largest Chinese media on EOS, we have written more than 7,500 newsletters for EOS. Nodes are actually very motivated to participate in Staking.
Qiu Xiaodong, Marketing Director of Xinghuo Mining Pool:The inflation of PoS fluctuates according to the whole network.
We call ourselves the guardians of the value network, and we find a valuable public chain to protect its value. People think that PoS rich people are very powerful and can do whatever they want in this field. In fact, there is a price for holding a large number of tokens, which is the consideration of human nature game theory. If you want to do evil, you not only have to face the cost of the punishment of the public chain, but also the risk of the coins you hold.
Judging from the current situation, these PoS projects, taking Cosmos as an example, all have a trend of decentralization of currency holdings. It is obvious from the statistical data that the largest node only has a pledge rate of 5%.
Zheng Wei, partner of 8D Capital:I think PoS is more free than POW. In the case of POW, if the computing power is concentrated in the hands of one person, it is easy to have a 51% attack.
The nodes of PoS are very scattered, and there is competition between nodes. In addition, PoS is very democratic, and each node has different development methods and models. When everyone chooses to vote, they will see which node is more in line with what I think in my heart. This also requires nodes to make more good contributions to the chain, so it is equivalent to motivating everyone to make more contributions to the ecological zone , so I think this is a good thing.
For ordinary participants, if they are willing to participate in community governance, they can grow together, but if it is only for the benefit of holding coins, then the significance of participation is not particularly great.
Huang Yang, Commercial Director of OKEx: Where is the trend and future of Staking?
Goh, founder of MEET.ONE:At present, as long as EOS can produce blocks, in fact, no node is losing money. This is because the best exchanges, the best wallets, and the best communities have rushed to the EOS community to preach, and the consensus of EOS is very strong. powerful.
You can observe which public chains wallets and exchanges are willing to enter. If you are unwilling to participate, it means that there must be something wrong with this chain.
Qiu Xiaodong, Marketing Manager of Xinghuo Mining Pool:We are no longer just talking about how much money Bitcoin and Litecoin can make in the blockchain. At present, the recent development of the blockchain is finance, games and other things, which are very gimmick. And PoS is programmable finance. Programmers can work on a project and realize their own value through their own technology and product itself, and everyone can participate in it.
Li Chen, CEO of HashQuark:Staking is very early, if you just do a node, the income is very low. In the future, staking may be a direction, but if you just do staking, you will make this matter small.
The first decentralized finance, its foundation is Staking. But as Mr. Gao mentioned, the liquidity cost of staking for 21 days is very high. If there is a breakthrough in this aspect, it will be a very good direction.
In the second future, Staking in terms of community governance may also be able to play more new models.
The third is investment. We now know that many public chains are doing two things. First, they will conduct private placements before launching the main network, and find different nodes, such as community, infrastructure, and security. In a broad sense, it is a new investment model.
These are the three directions I see the Staking economy in the future.
YOOSourcing CEO Milad Nouri：POW brings a lot of energy consumption problems, but in the current era, we want to save energy. Our company mainly considers how to use and popularize blockchain technology among international suppliers. In this industry, most of the technology and systems are still very old, and many people even use Excel sheets.
But when it comes to blockchain, more people are still talking about Bitcoin. Therefore, we need to do a lot of work to educate them so that they understand what PoS is and how to apply it on a large scale. At present, we are facing large corporate customers. For them, energy conservation and other issues are the responsibility of large companies, and PoS is also very suitable for them.
At present, Staking is mainly used to verify transactions on the chain. In commercial scenarios, there are many problems in the verification of many off-chain transactions. In the future, we may use the Staking mechanism to verify other transactions, and will truly integrate all trade.
The YOOSourcing blockchain is a tight public chain, alliance chain, and private chain ecosystem, where individuals, enterprises, and governments can all participate deeply. YOOSourcing is composed of multi-level chains. Each layer can include multiple chains. Chains can exchange information and exchange value through the main chain. Users have the ownership of their own information. In the case of providing as little private information as possible , can cooperate with others, which avoids the possibility of a large amount of personal information being stolen in the centralized system.
TOMOChain Business Development Manager Jordan Kang：In the coming year, we will see more cases, in terms of governance and economics, users will have more choices to make life easier. In business scenarios, some off-chain transactions have serious problems in verification, and Staking, blockchain, and PoS must go deep into real business cases.
