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The 6th round of the round table in the afternoon, with the topic of "new cycle competition of the underlying ecology", invited a number of practitioners in the public chain track: Taraxa founder and CEO Steven Pu, Neo Ecological Expansion Director Wang Jiachao John, Solana Asia Pacific Cristobal, the person in charge, Wilson, the head of Avalanche Protocol Asia, Sanshui, the market leader of Mask Network, Warren Fang, a partner of ArkStream Capital, and Li Feifan, the president of ChainDD, the moderator.

Taraxa founder and CEO Steven Pu said that Taraxa has been doing informal transactions, and everyone has very frequent informal transactions online and offline. From an application point of view, making these abnormal transactions more traceable can help businesses reduce friction and disputes at the operational level. The people under it create its own reputation or word of mouth, and this reputation or word of mouth is actually a financial product. From the perspective of application, the real tipping point is how to enhance the practicability of off-chain products through blockchain technology.

Neo Ecological Expansion Director Wang Jiachao John analyzed that it is very important for developers to step on every outlet. The pattern of Ethereum has been relatively obvious at a very early stage. For other public chains, everyone should seize the new market. And new users, like BSC, has captured the overflow users of Ethereum, so many new users are doing development in BSC, and now a relatively good situation has formed. So my perception is that everyone should follow the trend when doing things, not that they should give up their original things, but how to make more developers more interested in this chain, it is relatively important to have a sound infrastructure to do things . But there may be some problems for some husband chains, because it started relatively early, so many of its structures or some historical users and fans, when it takes care of the emotions of previous users, it cannot be like the new public chain. Like a chain, some transformations can be easily made. So from our point of view, we can open up our ecology in the next five years, and we also encourage projects in the ecology to go out. Only when the traffic entrance of our own ecological projects is done well, the old traditional public chain will have a better future. Chance.

Cristobal, head of Solana’s Asia-Pacific region, mentioned that as a public chain, Solana needs to improve its underlying technology and application ecology, activate on-chain application development through hackathons, and launch new products in response to market demand. Solana has already had different components such as leverage, lending, margin trading, and AMM from the beginning of the year to now, so it is doing better to make it easier for developers to do things. What's more worth mentioning is that we have been improving performance and tooling without sacrificing security and decentralization.

Wilson, head of Avalanche Protocol Asia, said that reaching consensus at the bottom of DeFi is not the same. Now many platforms, projects, and public chains are facing huge problems. It is more like a national highway, and this national highway may only be able to drive three or four cars. Cars, so its control is very difficult, and there are some different projects whose TPS is good, but sooner or later there will be expansion problems, so they must be combined. When there are many cars, it will not be stuck in the third ring road, and it will not be stuck in the middle of the highway when going to the airport. Compared with the traditional consensus, from the series system to the parallel system, each node will check with another node on the network, and then find another A node check, the consensus of the whole architecture system is relatively innovative, the change of the consensus proves that the chip has changed, the underlying chip is more like a single-core chip, our avalanche protocol has made a multi-core chip, which greatly improves the speed and scalability Good combination, this is the biggest difference in the bottom layer, and this difference will make the performance of the entire chain better.

Sanshui, the head of the Mask market, said that the needs of users are the needs of Mask Network. We are a product that is relatively close to Internet users. In 2019, we cooperated with MakerDAO to distribute red envelopes. Now this is not particularly difficult for many underlying public chains and developers, but for us who do not understand technology at all and just do operations, For people in the market, whether it is an APP or a public chain, if it is not driven by interests, it will not be useful to users, including the blockchain itself. DeFi and NFT are also used by everyone because they have a wealth-creating effect. If the cost of sending red envelopes or other applications on Ethereum is too high, and the user acceptance is not high, this will prompt us to choose other chains, including Solana, BSC, Polygon, Near, etc., which we will all consider. I don’t care what the underlying public chain is, I just need to optimize the application to the extreme, but the underlying public chain must be cheap, fast and easy to use.

Warren, a partner at ArkStream Capital, mentioned that due to user barriers caused by path dependence and network effects, new products need to have at least 10 times the room for improvement if they want to replace the original products. Under the existing framework, Ethereum has been relatively perfect. If it wants to exceed 10 times in all aspects, it will be a huge challenge for the underlying developers. They must achieve a paradigm upgrade, not just a performance improvement. In addition, the operation of the public chain is also very important, and technology and performance are necessary but not sufficient conditions for the success of the underlying infrastructure. Finally, it is very important for the underlying developers to continue to iterate, which is very important in the cryptocurrency industry. This market is changing very fast, and the continuous innovation in the market makes it out of touch with the development of the times once you stay away from the market. We mentioned earlier that all development is to solve the needs. If it is out of touch with the needs and works behind closed doors, it will be difficult to make something valuable. Therefore, we believe that it is necessary to continue to iterate according to market demand, and make appropriate changes to meet market demand under the ideal of keeping the original grand vision unchanged.

The following is the live broadcast record, organized by Odaily, enjoy~

Moderator Li Feifan: Hello, everyone. It is a great honor for me to host this session. The theme is "New Cycle Competition in the Underlying Ecosystem".

Steven Pu：Thank you for your invitation today. My name is Steven and I am the founder of the Taraxa project. Taraxa is a decentralized blockchain infrastructure designed to track data and protocols for informal sex transactions. Before creating Taraxa, I did a strategy for a while Consulting, I have started a few times in the IOT and mobile medical field before, majoring in electrical engineering, and got undergraduate and master's degrees in electrical engineering from Stanford.

Wang Jiachao John:Hello everyone, I am Jiachao. I am currently in charge of ecological development and investment in Neo. Neo is also an old chain, so I won’t introduce more.

Cristobal：Hello everyone, I am Cristobal, and I am the head of Solana China. Our founding team comes from Qualcomm, Intel, Google, etc. Our speed is very fast, and we can achieve a maximum TPS of 50,000 to 65,000. We will have a global hackathon starting tomorrow, and there will be a special competition area in China. Please pay more attention.

Wilson：Hello everyone, I am Wilson. I am mainly responsible for the Avalanche market in the Asia-Pacific region. China is a relatively important market, and we spend more energy. At present, we are also expanding to other markets such as South Korea, Indonesia, the Philippines, and Thailand, and will gradually go to it. Expanding to other markets in Asia is also a relatively hard job, and the whole team is also very supportive. Therefore, we have also spent a lot of energy in the construction of the entire community and marketing. After Avalanche launched its mainnet in September last year, the entire ecology has developed very fast. Now more than 100 projects are gradually being built, and more projects will migrate over or be native to the Avalanche market. We now have three chains. A payment X chain, staking is a P chain, and smart contracts are a C chain. The bottom layer is a very complete and complex but very high-performance architecture. There are a lot of DEXs that have recently moved over. They have better performance such as: low cost and high efficiency , Strong scalability, this is the main advantage, I hope you can try it when you have time.

Sanshui:Hello everyone, I am Mask Network Sanshui. I am mainly in charge of the market. Mask Network is now making a plug-in. You can use us on Twitter and Facebook. There are many functions such as encrypted text, decentralized file storage, including NFT and DeFi , Some time ago, I also made a special function, which is to carry out ITO actions for projects. Please click Mask.io to download the product and use it. We may be different from other products. We are more connected to Internet users and blocks. A bridge for chain users.

Warren Fang：Hello everyone, I am Warren Fang, the co-founder of ArkStream Capital. We are a growth-focused institution that integrates cryptocurrency investment and brand strategy consulting, and promotes the growth of Web3.0 unicorns. We have ArkStream Capita which focuses on investing in the underlying infrastructure of Wbeb3.0 and remote applications of encrypted numbers. Thanks for the invitation. The underlying infrastructure is a section we have been paying attention to. At the same time, we also believe that we are currently in a new cycle of the cryptocurrency market. The market There are still many things worthy of our discussion and participation, and I want to ask you a lot today.

Li Feifan: Looking back at the explosion and rise of the encryption world in the past two years, it is an extension of the decentralized financial infrastructure, performance improvement and bridging methods based on DeFi and the underlying protocol. In the DeFi ecology, including the financial ecology, what will produce a new explosive point on the underlying protocol, they are all betting on a new direction and possibility, which fields will appear in the next one or two years, what new applications will there be, New ways of playing and new financial-level protocol transactions appear.

Steven  Pu：In recent years, usage scenarios like DeFi have done better because it has very strong transactions in the market. In fact, it is not Layer1 that detonates its application layer, but the application layer detonates Layer1. What is more important is to consider the type of application that can be found, and find a way to make the bottom layer capable of supporting the type of application on the upper layer. Taraxa has been doing informal agreements and transactions. In daily life, whether it is online or offline, everyone has very frequent informal transactions. There will be many in the process of everyone's work coordination, and more than 80% of the communication is in the above. We think that this place can make these transactions more credible and traceable from the application point of view, and can help businesses reduce friction and disputes at the operational level. If we can accumulate this thing to a certain amount and achieve a certain range later If so, it can help many offline people to create their own reputation, which is actually a financial product, or the input of many financial products. We think the real tipping point, from an application perspective, is how to make off-chain products more useful through blockchain technology.

Li Feifan: As a project that traverses several rounds of bull-bear cycles, Neo, what do you think of the law of development of this industry and the future breaking point?

Wang Jiachao John:I think that for a public chain, each round of bull and bear is a relatively big challenge. From the perspective of users, there will be many new and interested people entering this industry in each round. They prefer new things. It is very important and difficult for people in the public chain to maintain freshness and grasp some trends instead of resting on their laurels. Neo is working hard to do this. We have also launched a full-stack DeFi protocol like Flamingo. The TVL is up to 1.8 billion US dollars, which is still a little bit. I personally think that DeFi has a very broad application prospect in the future. Now derivatives such as insurance and lending are quite complete. In the future, there will be more projects to improve the DeFi ecosystem. But I think there is one thing that will become a big breakout point in the future. It is still very difficult for ordinary people to use DeFi, including those who have been in this industry for many years. I think everyone's understanding of DeFi in the future, or for ordinary blockchain investors and participants, what they really use is income-generating products, or something similar to Alipay. This thing will become a relatively large traffic entrance for DeFi. Now, like some relatively large wallets, it is a relatively good traffic entrance for the DeFi track, but this track has not yet been fully developed to accommodate such a large number of traditional users. So I think this is a relatively big opportunity.

Li Feifan: Okay, next, we would like to hear some feelings of public chain projects on choosing the underlying protocol. Let's start with Cristobal.

Cristobal：Solana ended a global hackathon on March 1 this year, during which more than 100 projects came out, most of them were for DeFi, some were for cross-margin derivatives, some were for options, loans, Synthetic assets, I can't predict which project will explode next, but I can only say that the faster, cheaper and easier we make the underlying public chain, improve the functions, and let more DeFi applications run The better it gets up.

There is also a project called MAPS.ME, which is the fourth largest map software in the world. It is a bit like the European AutoNavi map with about 140 million users. These 140 million users access MAPSME and will enjoy various functions of loan, transfer, and currency exchange provided by the product. I am more interested in thinking that 140 million users can enter the DeFi ecosystem, which is 100 times more than the sum of their existing DeFi addresses. There is also the world's largest AMM, which is doing liquidity in more than hundreds of strengthons, and will develop an oracle called PYTH on our public chain, which will be updated at a speed of 400 milliseconds. If Oracle such as PYTH is used as a machine gun pool What would be the concept.

Wilson：What everyone said just now is very professional. Let’s describe it in some common language. I have done a lot of offline activities. After that, my feeling is that people in the market understand less about basic knowledge concepts. We feel that the construction of these public chain infrastructures is like the switch between trains and high-speed rail in the early days. End users still hope for fast, convenient, and efficient. This is a wave of switching. Now the green leather train is still there, and there is also a high-speed rail, but the speed of running and the customers served are different. Then there is the high-performance public chain system. I often describe it to people in the community. You can regard it as Shenzhen. In the early days, Shenzhen was a small fishing village. Now the ground floor has been built, but the upper buildings, schools, and factories have to be marketed. take. In the DeFi sector, especially recently, many DEXs and lending have moved over, and it has the most core application requirements. Everyone still has a great demand for the transfer of funds, such as when Bitcoin first came out.

Professor Gün first proposed International Finance, translated into Chinese is a bit like Internet finance, in fact, it is all on the chain. In the process of chaining all financial assets, the earliest banks have changed from passbooks to online banks. The first step of online banking is to get a small plug-in of Token, then install the software, and then install the system down to use it. trouble. It is also very hard for everyone to mine at this stage. Therefore, in the next step of convenience, various applications will definitely appear, allowing all retail investors and market institutions to participate, and gradually form a way to transfer from online merchant banking to WeChat payment. But all kinds of things will exist. For all payment tools, you can choose to use MYbank payment or WeChat payment. The DeFi market has a very large amount of assets and transactions are very strong, so there is still a very large sector in the entire DeFi world.

A month or two ago, I saw that the NFT sector was also very hot. There are indeed a lot of friends and projects around me who are also moving to this market. This is also a huge amount of assets. We are more like Shenzhen at the bottom. Looking at the DeFi world from the product level From complexity to simplicity, transactions become more convenient, traffic becomes larger, performance becomes stronger, these directions are a very big trend.

Sanshui:Everyone is right, but you cared more about the financial attributes of DeFi before. To share a more interesting story, Mask, as a plug-in, launched a new function in early February - ITO, ITO is based on Twitter as a token for the first time, and the underlying layer uses Ethereum. However, Mask’s own ITO was postponed for 24 hours at that time. The reason was that we originally planned to start at 11 am, and there were already more than 1 million traffic 45 minutes before the start, which directly blew up QuickNode, a node of Ethereum. We estimated that there were 20,000 to 30,000 people participating. This number is not a large amount of traffic for the Internet, but for the blockchain, the traffic is so huge that Ethereum can’t support it. . Ethereum is already a very versatile protocol in the blockchain field, but it is still not as good as the Internet. This reminds us that for many underlying protocols, more and newer applications can promote the underlying development. But whether some bottom layer can support it is a question that the project side of the bottom layer protocol should think about. Although the Internet Web2.0 is centralized, because it has servers, it can support a lot of traffic. Can the so-called Web3.0 blockchain support this traffic? So why does Ethereum need to expand? Everyone is waiting for Layer 2. Mask is a relatively grounded application. If even the Mask ITO cannot withstand, whether Ethereum can welcome more traditional applications while expanding its capacity is a question worth thinking about. Mask Network has a multi-chain plan, because we found that one chain cannot support many applications, not even a simple application, let alone others.

Warren Fang：Just now everyone shared from the perspective of ecological builders, now we look at it from the perspective of users or investors. I think the core problem of the underlying protocol is to solve the demand. What you do is either urgently needed in the current scenario, or has great significance in the development of the times. You can’t pile up some concepts and data meaninglessly, but there is no Practical solutions and solutions. We believe that the explosion of the underlying protocol in the future will take two forms. One is the expansion of the current underlying protocol, such as Layer 2 of Ethereum, and a public chain that supports EVM, such as BSC, which expands the performance of Ethereum to a certain extent and allows Users and developers have low barriers to entry, and through the infrastructure of the cross-chain bridge, assets can flow at a new level. We are also seeing the explosion of the BSC ecology. As the bull market further accelerates and more and more off-market users enter the encryption industry, such an efficient, low-fee, and low-transaction-cost expansion method may become more popular. Another explosive point is a new set of blockchain networks, such as Polkadot’s multi-chain heterogeneous network, or public chains like Dfinity, including our guests today, Solana, avalanche, taraxa, Neo, etc. They are not original The upgraded version of the agreement, but to create a new ecology, hoping to solve some needs in more landing scenarios. For these underlying protocols, we think it is either a large and comprehensive thing that can accommodate everything, such as polkadot, through the underlying framework of the substrate and the design of the parachain slot, so that developers and users in various fields They can participate; either make a vertical sector, such as flow, or efinity developed by enjin, which are all public chains focusing on NFT. They can develop some functions in specific scenarios according to the specific needs of NFT. The underlying infrastructure cannot cover.

The 18-year-old public chain cannot talk about a hundred flowers blooming, but a thousand flowers are waiting to be done, because after all the public chains are built, they find that there are no applications running on them, so they have to collect some transaction volume by themselves, or develop some applications on it , but in fact there is no real demand. The DAPP boom at the end of 2018 is a good example. Due to the popularity of EOS, almost a large number of public chains, especially domestic public chains, have developed some spinach DAPPs on them, but they have been falsified until now, including EOS, because these requirements are pseudo-requirements, and these public chains cannot provide developers with a corresponding development environment. Today, although the structure of the public chain is still dominated by Ethereum, we have seen that the ecology of other public chains has begun to thrive, which is rooted in the gradual improvement of the developer community. Developers are the most important part of the public chain ecology. From node services, IDEs, block browsers, wallets, to DEX at the application layer, decentralized lending, oracles, etc., there are many gaps from the bottom layer to the user end. It is impossible to do without a certain link, but this cannot be done by the core development team of the public chain. It needs a certain scale of developer community to establish the entire ecology. This is the essential difference between this round of bull market and 2017. In 2017, it was story-driven and white paper-driven, but this time, it is product-driven, value-driven, and user-driven.

Li Feifan: Hundred chains compete in 2018, which is completely different from the current basic definition and basic demand orientation. In the process of historical review, how do we view the indicators and service capabilities of the current underlying protocol in terms of service and basic ecology? This place is more important to the next stage that needs to be further refined and improved?

Steven Pu：What everyone said just now is very professional. It is true that applications are king in the market now. Now it depends on whether a public chain has a good development scenario in the future. More importantly, it depends on whether the team of this public chain spends time exploring new application scenarios. I think the core competitiveness of a public chain is not how fast I am compared to anyone else. All the public chains here are basically faster than Ethereum, but we cannot grab the financial assets and DeFi volume on Ethereum. This is very realistic . After an ecology grows to a certain extent, no matter how bad the technology is, there will always be developers staying in this ecology, because all the traffic is here, and everyone will find ways to improve on the basis of this ecology.

As a public chain, if it has long-term development potential and possibility, it must find a way to see what the next big landing scenario is. Only when it has a first-mover advantage in this area, it will grow exponentially to make others unable to catch up. There will be better prospects for innovative development and sustainable development.

Li Feifan: All right. Among Jiachao, you are one of the competitors with the longest working time. What do you think about this issue?

Wang Jiachao John:It is very important whether you step on every outlet. Two years ago, we also seriously thought about the spillover effect of Ethereum. The pattern of Ethereum was already obvious at a very early time. Everyone should grasp the new market and new users. Obviously, in this wave, BSC has grasped the ceiling problem of Ethereum, so many new users are developing in BSC, and now it has formed a comparative good situation. So my perception is that everyone should follow the trend when doing things, not to say that they should give up their original things, but how to make more developers and more interested in this chain can have a sound foundation in it It is relatively important that the facility can do things. But there may be some problems for some husband chains, because it started relatively early, so many of its structures or some historical users and fans, when it turns around, it actually needs to take care of the emotions of previous users , so it is not possible to make some changes lightly like the new public chain. So from our point of view, what we want is to open up our ecology in the next five years, and we also encourage projects in our ecology to go global. Only when our own ecological projects do better and the traffic entrance is done, the old ones Traditional public chains will have more opportunities.

Li Feifan: There may be some timing nodes in Ethereum. How does Solana think about the opportunities of these nodes in this regard?

Cristobal：I think DeFi is in a relatively early stage. Looking at Ethereum in the DeFi industry, I think it is a very big cake. Every public chain will have some bridges that can export part of the DeFi traffic. Let them do the same DeFi things at our speed, but DeFi is not limited to this, we can expand DeFi thinking and expand DeFi to other users. The blockchain steps in a good DEX should be hidden, such as Everyone transfers an account and borrows a sum of money. At this time, there is no need to deal with complicated private keys for various transfers. It only needs to press a very simple button. Therefore, not only innovation, but also user experience UI and UX need to be done well. This market will give a very high premium to good UI and UX products. The next important evaluation of the hackathon is whether your product is easy to use, easy to use, and whether users need cumbersome operations. This is also very important.

Personally, I have always been very optimistic about Ethereum. Ethereum 2.0 solves the problem of expansion through POS plus zk rollup. In theory, it can greatly increase its TPS, but this will cause serious damage to developers and existing Ethereum ecological projects. Complexity. So composability is also very important. Developers can build directly based on existing modules without having to deal with the complexity of sharding or layer-2 networks.

Wilson：From the bottom level, the bottom-level consensus of DeFi is not the same. Now many platforms, projects, and public chains are facing huge problems. It is more like an aisle. This aisle may only drive three or four cars, so it It is very difficult to control, and there are some different projects whose TPS is good, but sooner or later there will be expansion problems, so it must be combined. When there are many cars, it will not be stuck in the third ring road, and it will not be stuck in the middle of the highway when going to the airport. Compared with the traditional consensus, from the series system to the parallel system, each node will check with another node on the network, and then find another One node check, the consensus of the whole architecture system is relatively innovative, the change of the consensus proves that the chip has changed, the underlying chip is more like a single-core chip, we have made a multi-core chip, and the speed and scalability have been well optimized Combined, this is the biggest difference at the bottom layer, and this difference will make the performance of the entire chain even better.

Expanding the operation from the chain, our idea is not to pursue whatever is hot, because I think it will be impossible to catch up sooner or later. For example, DeFi started quietly at that time, and many friends around me were talking about it, but there was still a delay in the transmission of this information. We started looking at NFT projects in 2018. My first bonus was MANA, and I almost invested money at that time. Already called, but later returned due to account issues. At that time, we were eager to invest in it, and we were optimistic about this direction, but it took two years for this market to mature. So I understand that the current blockchain is more like a cheese, with many holes in it. As long as you look for the direction and fill these holes, you will occupy a hole. There will be development opportunities in this place, so it is not What hotspots need to be pursued, as long as you feel that the market and users have needs, it is the same as consumption upgrades. The house you live in must hope to get better and better. The logic of consumption upgrades is the same as the convenience and convenience of using the blockchain. This is the direction that is very much needed in the future, and it is also the direction that the market really needs. Once the market really needs it, the underlying efficiency is high, the cost is low, the speed is fast, and it is very safe. These indicators are an important foundation for developers to go to a cost-effective public chain.

Li Feifan: Sanshui, from a project perspective, what are your strategic requirements for choosing the underlying ecology?

Sanshui:The needs of users are the needs of Mask. We are a product that is relatively close to Internet users. In 2019, we sent red envelopes to MakerDAO. Now this is not particularly difficult for many underlying public chains and developers. But for users like us who do not understand technology at all, no matter whether it is an APP or a public chain, it will not be used without profit-driven, including the blockchain itself. DeFi and NFT are also used by people who have a wealth-creating effect.

The cost of sending red envelopes or other applications on Ethereum is too high, and the user acceptance is not high, which prompts us to choose other chains, including Solana, BSC, Polygon, Near, etc. are all under our consideration. I don’t care what the underlying public chain is, I just need to optimize the application to the extreme, but the underlying public chain must be cheap, fast and easy to use.

In fact, no matter how broad the ecosystem developers can integrate, MASK Network can undertake it, because we ourselves are the bridge connecting the blockchain and the Internet. If there is some ecological sharing between each chain, we are also happy to see it.

Li Feifan: Just now Sanshui said that the project party has put forward some user needs. Because now good project parties have a particularly strong voice in the entire ecology, from the perspective of capital, what else should bottom-level developers need to adjust and pay attention to?

Warren Fang：I very much agree with what Sanshui said, users will not care about the background of your chain. He only pays attention to whether you can use it well, but for users, whether it is easy to use involves various issues, and the considerations are all aspects. There are preconceived operating habits. For example, Ethereum is a single-address account model, and the operating habits of Solana will be different. But it's not that Solana is not good, it's just a matter of changing user habits. There are also handling fees, transaction confirmation time, security and privacy, and application innovation. To sacrifice something else. Although some developers think that getting the technology right is enough. But users don’t think this way. They think that you have to do everything well before they are willing to use it, unless there are irreplaceable application products on your public chain that are not available on other public chains or you have extremely strong sudden wealth. effect. From the user's point of view, these issues will be considered. If there is no such irreplaceable application product or sudden wealth effect, it will be difficult to drive users to use public chain products. Because of the user barriers caused by path dependence and network effects, new products need to have at least 10 times the room for improvement if they want to replace the original products. It is actually very common to partially lead Ethereum, but it is a very, very big challenge to completely surpass Ethereum. He must achieve paradigmatic improvement, not just performance improvement. In addition, the operation of the public chain is also very important, and technology and performance are necessary but not sufficient conditions for the success of the underlying infrastructure. We have seen many public chains in 2018, saying that their technology is very powerful, but unfortunately no one uses it, so we have to blame others and bad luck, but we found out later, not to mention whether their technology is really irreplaceable. The effort spent on operating this area is insufficient. Whether it is the developer community, investors, or users, they have not been well served. There are so many choices in the market, and there is no reason for others to come. You must be doing very well in all aspects to become one of their choices.

Another point that encryption users are more concerned about is the continuous iteration capability of the underlying developers. This is very important for the encryption industry. The market changes very fast, and some new stories will continue to be created in the market. Once you stay away from the market, you are out of touch with the development of the times. Still take Mask as an example, they are a team with very strong iterative ability, and they continue to produce new things. Of course they are the application layer, and the same is true for the underlying requirements. We mentioned earlier that all development is to solve the needs. If it is out of touch with the needs and works behind closed doors, it will be difficult to make something valuable. Therefore, we believe that it is necessary to continue to iterate according to market demand, and make appropriate changes to meet market demand under the ideal of keeping the original grand vision unchanged.

Li Feifan: The last question is about user needs and the adjustment of developers to meet the needs.

Steven  Pu：I think this question is very interesting. Encryption users used to pay attention to technology. It was because there was nothing to pay attention to except white papers and technology, so they only paid attention to technology, but no one paid attention to technology. I don't care about the chip technology inside when I use a mobile phone, because it has nothing to do with me, so user experience and all aspects are very important. There must be a day when everyone does not know what a blockchain is, and when they can still enjoy the good benefits of a decentralized system, then the performance will really be in place.

The number of encrypted users is very small. I read an article before that NFT is so popular that there are only a few thousand people in the world playing it. Everyone knows that this is a transitional period, but we are all living in a transitional period, how to find ways to attract the attention of these people. A very important point is that we have been very concerned about it since last year: the unique thing about blockchain is that it binds benefits to technology, which is why so many people are so difficult to understand and use. Pounce on this area because it has benefits.

So I feel that developers going forward should not only do a good job in the underlying technology, but also consider how to make the mechanism better to make the application more useful and spread faster.

Wang Jiachao John:We have also faced such problems. I have worked in Neo for a long time. In 2017, 2018, and 2019, everyone was more tolerant of developers’ problems, and they could also tolerate some inefficient or imperfect products. That Sometimes because of the development stage of the industry, so I think there is no problem. If it is said that Ethereum is built from scratch now, since last year, can it still become Ethereum? I don't think it might be possible.

Because these new users cannot fully accept the situation that the blockchain is relatively slow or the development cost is relatively high. So I think that future blockchain products include blockchain infrastructure, and its requirements will be closer to the demands and expectations of existing people, which is the same as the problem mentioned by Mask. Now domestic product managers who have entered the blockchain industry from Byte and Ali to develop products on the blockchain, their cognition is actually completely different from our previous cognition. If you are doing the development of the underlying protocol Or, then I think that there may not be a big change, or continue to do the logic of my previous beliefs. If you are doing Dapps, or a front-end developer, I think the overall way of thinking needs to be closer to the current way of developing the Internet.

Cristobal：A project on our platform is called Orca, which is a decentralized AMM. It has not issued coins so far, but it focuses on a people-oriented decentralized exchange. Users will have a centralized exchange experience on it, and free transfers can be completed in almost one second. Because our fee is 0.00001 US dollars, the transfer of 10 million accounts is still less than 100 dollars. We used to need dozens of knives to transfer an account and wait for multiple confirmations to get the money, but now we can solve this problem in 1 second.

Just now Warren also mentioned that an important point is the ability to iterate. We will continue to iterate new products in response to market demand, activate on-chain application development through hackathons, and launch new products in response to market demand. Solana has already had different components such as leverage, lending, margin trading, and AMM from the beginning of the year to now, so it is doing better to make it easier for developers to do things. What's more worth mentioning is that we have been improving performance and tooling without sacrificing security and decentralization. In addition, the composability of the bottom layer of the public chain is also very important.

Wilson：Compared with the public chain in 2017 and 2018, the biggest difference is not the origin of the concept but the origin of the product. The current research system is more about the value of consensus. The value of consensus is very large. How to form consensus we need to do both ends, product end + user end. The product end is simply more like Shenzhen’s investment promotion. As a local government needs Investment promotion. Second, this system must be convenient and easy to use, so that it is easier for users to use. It can attract more users, because users can relatively understand what this is, and most people will be blocked by the early DeFi invention, because the operation is too complicated. More and more users are involved, and then they will drive interests and knowledge systems to enter this market. A certain interest-driven and knowledge system is required to enter this market. In the end, if the ecology is to be done well, it is necessary to generate a value consensus at both ends.

Li Feifan: Sanshui, do you have anything to share from the perspective of the project party?

Sanshui:The question that encryption users are most concerned about is actually how to attract non-encryption users to this industry? Because when I entered the blockchain industry in 2016 and 2017, the number of people was very small. After a wave of sandstorms, now the application layer has come in, and the underlying protocol has been well developed, but how to attract non-encrypted users? Whether it is a public chain, DeFi users or blockchain practitioners, everyone should pay attention to this issue. What Mask hopes to achieve is to link Web2.0 to 3.0, and to attract traditional Internet users to the blockchain, so I also propose an invitation to the big guys, can we cooperate to carry out more ecological links. Because Mask is to link everything, I hope that more users will come to the bottom layer to play. Developers will also have more development motivation, because whether it is product development or operation, as long as there is user activity, it is an incentive for technology developers.

Li Feifan:Now we have fully discussed from the perspective of project parties, capital parties, and bottom-level developers, what kind of situation and expectations for outsiders are there in terms of demand level, bottom-level construction, and foundation improvement from 2018 to today. Thank you very much to all the guests, and also to Odaily for providing this opportunity. This session ends here.