On January 9, 2019, the 2020 "FAT" Summit Forum and Awards Ceremony hosted by Odaily came to an end in Beijing.
This forum focused on four topics, including: how the blockchain can empower the industry, the way to break through the public chain in 2020, the future opportunities of the asset management track, and what targets are the funds that are still frequently selling. In the four themed roundtables, the guests shared their thoughts from different perspectives, taking everyone to review 2019 and predict trends.
Among them, the "2020 Public Chain" roundtable forum was hosted by Mable Jiang, executive director of Multicoin Capital, and five guests were invited, namely: Anatoly Yakovenko, founder of Solana, Fangfang Chen, operations director of Algorand Foundation, Chris Dai, head of Taraxa Japan, Conflux Business Technology Director Shang Shu and Parity Asia Engineering Director, former Zilliqa co-founder, CTO Jia Yaoqi. The five guests analyzed and predicted the current status of the public chain and the next step of the public chain in 2020.
Regarding Ethereum 2.0, which will be launched this year, the five guests were all optimistic and positive. Parity Asia Engineering Director, former Zilliqa co-founder, CTO Jia Yaoqi, and Conflux Business Technology Director Shang Shu all believed that the biggest feature of Ethereum 2.0 is its integration with sharding Technology, the current feasibility is very high.
Regarding the development trend of the public chain track in 2020, Fangfang Chen, director of operations of the Algorand Foundation, and Chris Dai, head of Taraxa Japan, believe that a single chain cannot meet the needs of the application layer at this stage, and the public chain should strengthen the interoperability between multiple chains , Break the data islands and form a more open blockchain Internet scene.
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The following is the shorthand summary of the roundtable discussion (with deletions):
Mable Jiang：Hello everyone! Thank you everyone for participating in this event today, and thank Odaily for preparing such a high-level session for you today. First of all, let me introduce myself. I am Mable Jiang, the executive director of Multicoin Capital. Our fund invests in primary and secondary multi-stack ecology in the entire cryptocurrency market, from the public chain to the application layer.First of all, please invite several guests to introduce themselves one by one and introduce some of your own projects.
Anatoly Yakovenko：Thank you Mable. Hello everyone. I am the co-founder and CEO of Solana. Solana is a high-performance public chain. We don’t need sharding, side chains and other technologies, and still provide users with higher TPS and block throughput. Our current TPS can reach 50,000 per second.
Chris Dai：Hello everyone! I'm Chris Dai, head of Taraxa Japan. Taraxa is a public chain, which is specially produced for the application of IOT. We are very concerned about using the Taraxa public chain on IOT applications to process many transactions, and we are honored to be invited here today. thank you all!
Fangfang Chen：Hello everyone! My name is Fangfang Chen, and I am the director of operations of the Algorand Foundation. Algorand is a Pure of Stake public chain project. The mainnet was launched in June last year (2019). In November last year, our Algorand 2.0 version was also officially launched, and some important smart contracts were launched, as well as the multi-functional transfer function of assets. I am very glad to have the opportunity to discuss the development prospects of the public chain industry with you today.
Jia Yaoqi:Shangshu:
Shangshu:Hello everyone! I'm Shangshu, and I'm from Conflux. Today I am here on behalf of Roasted Boys. Roasted Boys are sold in the WeChat store. If you like it, you can buy one and take it home. Conflux is now the fastest PoW public chain in the world. The performance problem is not a PoW problem, but a Bitcoin problem. Therefore, we have solved the performance problem of PoW through the brand-new tree graph technology. Now the TPS tested internally in the public test network is about 3000 to 6000, and the chain is uploaded in 5 seconds. Another important indicator is latency. We can confirm in 23 seconds. This data should be the fastest among all public chains. thank you all!
Mable Jiang：Thank you for your wonderful introduction.Today, this round table invites more or less challengers of Ethereum. Next, how do you think the entire ecology will develop as a public chain? There are also more famous ones like Ethereum 2.0, what do you think?
Anatoly Yakovenko：In my opinion, Ethereum 2.0 is betting on almost possible problems. These problems are really not easy to solve, but their solutions are very theoretical. I have a lot of respect for them, but I think in the future we will If more solutions are put forward in terms of the performance of the public chain, there will be a bigger breakthrough.
I think that in two to three years, there will be a lot of room for the development of the public chain. In 1996, the Internet had 400 million teenage users, and now the blockchain has 500 million wallet users, so if you take the current blockchain Compared to the Internet in 1996, the blockchain two to three years later is the Internet from 1997 to 1999. There may soon be a Google-like existence in the blockchain field. So my prediction is that in three to five years, there will be unicorn applications in the blockchain field.
Chris Dai：I regard Ethereum as a pioneer, which spreads the knowledge and latest developments in the blockchain field to users in the blockchain field. However, any single public chain cannot meet all the needs of the market. For this, developers have to propose more specific industrial solutions, because currently a single chain is not enough to support the current needs of users around the world. Various applications, therefore, it is based on this that we focus on blockchain solutions in the field of Internet of Things. I believe that there are many different public chains in the market that are proposing scalability solutions for different types of applications. We expect that Ethereum 2.0 will also make progress and breakthroughs in this regard.
Fangfang Chen：First of all, I respect Ethereum very much. It has been established for five years and is one of the most powerful public chains recognized by everyone. It is still very small. Currently we play a very small role in the entire blockchain ecosystem. I agree that in the short term we all compete with each other to attract the attention of some resources and developers, but I hope that there will be more public chains in the future. Being able to run out, then we can learn from each other's innovations, and we can also cooperate with each other.
Secondly, let’s talk about the progress of the public chain ecology in the future. I think 2020 will be a challenging year for many projects, but in the long run, this is a good thing for the industry, and the industry will squeeze out some speculation. bubble, and those high-quality projects will perform better. In 2020, the main network of many high-quality public chain projects will be announced, such as Dfinity, Oasis and other projects. We are very excited to see them go online, and the competition among public chains will become more intense by then.
Jia Yaoqi:Ethereum 2.0 talks more about sharding and PoS. In fact, Vitalik already had the original idea in 2015. In the past four years, the design of eth2.0 has gone through dozens of changes and iterations, just to seek the There is a better combination of theory and practice. But at present, its feasibility is very high. Before joining Parity, I was responsible for the design and implementation of Zilliqa sharding. I have seen that sharding technology can indeed be made, and I can feel that Ethereum 2.0 will be implemented faster in the future.
At present, everyone knows that there are many public chains on the market, which have solved the problem of scalability to some extent. To solve more realistic problems, is there a better landing scenario for the public chain? Whether it is the open finance that is more popular overseas, or the landing scenarios of various alliance chains in China, everyone is exploring whether there are blockchain application scenarios that can really bring profits to developers and enterprises.
Shangshu:
Shangshu:The biggest feature of Ethereum 2.0 is sharding. Throughout 2019, everyone can feel that even if sharding comes out, what can it do? We feel that in the future, the public chain may exert force on two points:
First, there is still room on the technical level, how to convert users into blockchain users at a lower cost, this may be where the public chain needs to work hard. Now all the public chains are not perfect at this level. Xiaobai needs to know a lot of things to be able to use it, and the traditional logic of the Internet that the wool comes from pigs can’t be done on the blockchain, so this is a public chain. There may still be opportunities to transform, at least we can reduce the conversion cost of users.
The second level lies in the landing that everyone has been looking for. We think that there must be two things before landing: the first user identity to be uploaded to the chain. The second related asset, this is actually a stable currency. However, if these two things are to be implemented on the chain, they have to rely on supervision. The governments of various countries should try to regulate the public chain so that the public chain can grow more applications.
Mable Jiang：Thank you for your very interesting answers, especially as Fangfang Chen and Chris Dai mentioned just now that they think that in the future there will be a specific application scenario and a separate chain will be made instead of one chain doing everything. The next question is,Do you have any public chain application scenarios worth sharing?
Anatoly Yakovenko：Before answering this question, I would like to talk about my previous work background. I used to work on operating systems and wireless networks at Qualcomm, so I will also pay attention to and study some differences between 4G and 5G. We found that due to the difference in the effective distance of 4G network and 5G network signal towers, if the United States needs 5G to cover the entire United States, the density of signal towers will be greatly increased, which also leads to the need for value sharing between more computing nodes. Circulation and information exchange, and this is an excellent application of blockchain. As an Internet-level high-performance blockchain, Solana, I believe it can meet this demand very well. In fact, we have already cooperated with Verizon to carry out landing promotion in this area, and I believe that new news will be announced soon.
Chris Dai：At present, Taraxa has been launched on the test network, and we are currently developing landing scenarios on the test network. At this stage, our main customers are still in the Japanese market. We have reached a landing cooperation with Japanese Internet of Things companies, and we provide data traceability for these Internet of Things companies. , user information on-chain, asset management and other services, providing on-chain proofs for data, transactions, contract signing, etc. We have also reached in-depth cooperation with Japan's largest arcade rental company, Japan's largest car manufacturer, and Japanese parking lots.
Fangfang Chen：I simply give three examples of recent applications of Algorand. One of them is our organization with World Chess, who decided to use Algorand's platform to do a "hybrid IPO". Securitization has been carried out since November, and his asset tokens are distributed to some qualified investors on the Algorand platform. This year, World Chess will conduct an IPO in the traditional market on the London Stock Exchange AIM. People who own these Tokens can exchange them for stocks or keep their equity and exchange them with new investors. So this is one of the examples. By using Algorand to reach out to the platform to issue its Token assets, it is a very creative way of financing.
The second example is that we have cooperated with the Italian Publishing Association. They previously worked with universities and blockchain companies on a copyright management solution through Hyperledger. After understanding, they feel that Algorand is a sufficient open source platform and can achieve sufficient scalability at the same time, so copyright management is carried out on our platform. Because the association will issue 1.2 million licenses every year, allowing others to use the copyright of his writer or his publisher, ensuring that the creator can be rewarded.
The last example is to cooperate with social and economic institutions in Southeast Asia in December. They want to do micro finance, provide loans to the poor through interest-free, and provide them with the initial capital for starting a business. They decided to issue their Token on our platform. and transaction process.
Jia Yaoqi:Shangshu:
Shangshu:Conflux still positions itself more on the role of providing the underlying infrastructure. In 2018, many public chains were launched. If our current style of play is the same as that of everyone in 2018, we have not done any form of IXO. There should be no advantage at the financial level. So when we are preparing to go online in 2020, we want to look at this question in a different way: what exactly does the public chain provide to the upper layer? Our current thinking is still in two directions:
The first one is to provide you with more underlying technical services at the application level. This technical service is not limited to the public chain. We believe that layer 1 of the public chain is for settlement and more for value transfer. Here it may be There are two parts of value, the first is asset class value, and the second is labor value. At this level, DAO infrastructure is provided for the transfer of labor value, and the underlying infrastructure of DeFi is provided, that is, decentralization The exchange Dex is used to transfer the value of assets. All upper-layer applications can use these two infrastructures to build their own services.
On the other hand, today, just in time with the Shanghai Municipal Government, a public chain research institute called Tree Map Research Institute was established in Shanghai, which mainly studies public chain technology. In addition to providing infrastructure for everyone, we will also seek more policies for everyone, how to empower more applications with ideas, so that they can grow bigger on our chain and grow in the entire ecosystem. We are looking forward to whether there will be some new changes and new things in 2020.
Mable Jiang：Thank you, all the guests. If you are interested, you can directly connect with each speaker and discuss any specific issues. thank you all!
