The Struggle Between Bitcoin Traders And British Banks ...

Patrick Dai - Another Interview with Tencent News

Patrick Dai posted this on Qtum Telegram earlier today. (Google Translation, original at
An interview with Qtum: The current blockchain technology still has these four major problems that have not been resolved.
Original 2018-03-19 Zheng Kejun Inspector of blockchain.
Want to understand the blockchain, just pay attention to this is enough.
From the beginning of 2018, blockchain became a hot topic through the east wind of the A-share market. However, in the face of the recent continuous limit of the concept of stocks, many followers who are preparing to enter the blockchain market have been in cold water. Why is the blockchain so hot? Is it a new opportunity or a new bubble? What is insider watching? What is the real significance of blockchain technology? The blockchain inspectors invited several industry insiders to tell stories of their “fighting” in the industry, share their views, and give some advice to latecomers. Also come to cloud CEO Chen Hao: use blockchain technology to achieve a new generation of operating systems. Blockchain entrepreneurs dictate: If the coins are not issued, what is the real value of the blockchain? Early entrants to the blockchain dictated: After I had been “chicken dish”, I had a cold thought about the industry. After 95 blockchain entrepreneurs dictated: technology is not guilty, blockchain is not really used to send money. 750,000 bitcoins were stolen. How can the tragedy of the “dollar” circle not be repeated? The distinguished guest of this period is Patrick Dai (Shuai Chu), the co-founder of Qtum, who was selected for the 2017 Forbes China 30 list of under 30 elites. As early as 2012, when Patrick Dai was reading at the “Shanghai Institute of Microsystems and Information Technology of the Chinese Academy of Sciences”, he began to understand the technology behind Bitcoin, and he has been learning in overseas technical communities and has also done development projects. In 2015, he wrote many introductory articles on Babbitt, such as "Building Your Own Blockchains from 0 to 1," including Bitcoin and Ethereum. In September 2017, the backbone network was officially launched. Before the entire project was released, he would work more than 16 hours a day. After the development of the project, he travels in different places every week. In order to build more developers' communities and projects, he also finds more business partners. This overworked workaholic has more sophisticated thinking about blockchain technology innovation and R&D.
Four Challenges About Blockchain
Currently, the discussion on the classification of blockchains 1.0, 2.0, and 3.0 is very hot. Patrick Dai believes that the blockchain cannot be classified as such, and there is currently no mature ecology that can be called blockchain. 3.0. Because the blockchain is a common technical concept, it is ultimately necessary to see what kind of scenario it solves. He believes that the current blockchain technology is far from perfect, and there are still many problems that need to be solved in order to develop in a better direction. It now appears that there are four major challenges: "The first is scalability, the second privacy and independence, and the third is Governance." The fourth is Compliance. If there is a real blockchain of 3.0, I think it should be possible to make improvements and breakthroughs in these four areas." The first challenge is how to solve the network's scalability. Bitcoin and Ethereum deal with a very small number of transactions each day. Bitcoin, for example, can handle 300,000 transactions a day and Ethereum can handle 1 million transactions. If the blockchain is to be the infrastructure of the future, it needs to deal with tens of millions or even billions of transactions. This will be a challenge for the entire industry. If you really have 3.0, you may want to solve the TPS problem. The second challenge is how to solve privacy (Internet privacy). Every transaction in the existing blockchain network is transparent. In fact, there will be many privacy issues in the future. If Bank A makes a transfer to Bank B on the blockchain network, but certainly does not want Bank C to see it, then how do you protect the privacy of related business transactions? Another challenge of independence, because blockchain technology hopes to grow thousands of applications in the future, but these applications should be isolated. The deep binding and deep coupling of this application is actually a big challenge. For example, if there is a problem with an application on Ethereum, it may affect other applications defined on the same network. From this perspective, how do we isolate resources, including the protection of independence? The third challenge, which is equivalent to the entire blockchain network, has a very large open issue: how to design a better governance model. The network itself has become a distributed network, but governance is still a centralized governance structure. For example, Bitcoin's bifurcation, if it really has blockchain 3.0, to better solve the problem of network governance, who has the power to make a final decision for a distributed network, to update the software, including how not Injury ecosystems instead of diverging with problems. The fourth challenge for the entire blockchain industry is the issue of compliance and ecological development. Now all cryptocurrencies and digital currencies have natural anonymity, which will inevitably face many challenges in regulatory compliance. Can we consider that the future digital currency also has some ID (identity) compatibility, that is, binding with current digital identities and compatible. In addition, the development of the entire digital currency industry faces many compliance issues in the future, which needs to be resolved from the perspective of technical design. For example, through intelligent contracts to complete the management of the participants' user IDs, and when doing governance plans and governance agreements, the roles of regulators and regulators are included, so that they can ensure such openness from a technical point of view, and they can be met in the future. Compliance requirements. The value of the blockchain is long-term. From the perspective of the development of the entire blockchain technology, it was originally derived from the concept of digital currency. Before 2015, everyone was talking about cryptocurrencies or Bitcoin, because at the time, there weren’t many other scenarios for the industry other than cryptocurrencies. After 2015, more and more people are aware that the technology system behind cryptocurrencies can do more things, but at present, in fact, based on the real application scenarios of blockchain technology, there are two users, one is Digital currency, one is ICO. Patrick Dai said: "I think from a long-term point of view, the blockchain is essentially just a technology system. The main purpose of this technology system is to create trust and to create trust as a Trust Machine." He believes that talking about the blockchain at least two things, one is the cryptocurrency we are talking about, but we often overlook the second very key concept, called the Trustless Platform (trustless platform). From his point of view, the second point is actually a point where the blockchain really exerts social value and economic value. As a Trustless Platform, smart contracts can be executed on it. For example, the simplest example, the country's largest real estate intermediary chain, in order to operate their own business model may need to recruit 10,000 errands in the country, go to the house every day, sign contracts. From this point of view, however, a smart contract deployed on a blockchain network is a virtual agent or agent, and they can automatically execute these contracts according to some pre-defined conditions. In a sense, a few computers can be used to replace a job that is done by 10,000 people, which reduces costs and improves the efficiency of economic operations. From this example, it can be seen that the value of blockchain is a long-term issue. Patrick Dai said: "The development of the entire blockchain industry is not a matter of one, two or five years. It is a matter of ten years, fifteen or twenty years. For an emerging technology, I think we have more. It should be viewed in an inclusive and prudent manner because the disruptive impact of the future is also difficult to predict.” Blockchain still wants to focus on technological innovation. The handsome entrepreneur who initially hopes to enter the industry can consider clearly that the projects he has done have really solved the technical problems of those natures, including what kind of value has been created for traditional industries, and what kind of pain points have been solved cannot be solved originally. And what value is created, this is the most important. Instead of starting a business for a blockchain startup, we hope to solve the problem, focus on the product, and create value. From the perspective of the development of blockchain technology, there is no necessary link between doing blockchain and issuing coins, that is to say, doing blockchains does not necessarily have to go to send coins. He believes that the entire blockchain industry is at an early stage: "I think from my personal point of view, including some of the direction our Qtum is doing, we are still focused on technological innovation." In the early days, when the business model was not clear, some of the projects with deeper technical accumulation were easier to get support. The innovation of the pure business model, in fact, will face many regulatory challenges. Including the sharing economy in the early days, the network is about to face the car or dizzy as early as the face of many regulatory pressures and challenges. The innovation in the project business model of a blockchain is something that can be done sooner or later, but the accumulation of technology is actually the premise and factor. Now in the early stages, we mainly look at the advanced nature of technology and the reliability of technology. It depends on what kind of problems can be solved to solve some technical challenges and problems faced by the industry, including whether the previous team members have accumulated some technical aspects and experience in related fields. As an example, Ethereum was a star project at the time. Because Ethereum completed its own ICO in 2014 and completed a public fundraising. At the time, projects like Ethereum made a new technical iteration mainly for developers' communities. At the beginning, many people did not understand it. However, from the perspective of the entire project, it can be found that Ethereum is indeed evolving towards its own technical orientation. At that time, many people did not expect such great potential. From the perspective of technology development, such as Bitcoin developers, including the core developers of Ethereum, there are very few Chinese participants, and basically none. Bitcoin may have 400 core developers, none of whom are Chinese. Ethereum may also have nearly 100 core developers. The Chinese developers involved should also be the development of the core code of a relatively large two public chains. There is basically no Chinese participation, so in the long run, there will also be some problems. At the beginning, Patrick Dai believes that from the perspective of technology development, "I think that domestic research and development should still devote more energy to the research and development of technologies and the research and development of blockchain technologies. Only in the future will there be more opportunities. Continue to promote some technical R&D and technical standards, and then do some technical developer community." It can be seen that some investors specialize in team blockchains, and some of them are particularly opposed. It is difficult to have such an absolute disagreement in the previous investment process. For this phenomenon, Patrick Dai believes that “a new emerging technology such as blockchain may be overestimated in the short term, but it is underestimated in the long term. It is from the perspective of the impact on the society. In terms of our technological innovation and subversion, I think the future influence is very large.” But in the short-term, it is indeed an upsurge of mixed digital currency and ICO, but there is an overestimated trend. However, long-term influence, as the industry's practitioners are still very optimistic about the value born in the future. About investment, it is to see what kind of attitude it takes to intervene in this industry in the early days. Now that there are many layouts and investments in this area, the risks will be higher. But from the perspective of return on investment, it may be better. For a new technology, it should be studied because it is not only a matter of China. The development of the entire blockchain is a global topic. Indeed, the early development of the entire industry created a lot of wealth effects, so it also attracted the attention of the public. He hoped that everyone would pay more attention to technology: "From the point of view of industry development, I personally may be more inclined to the technical school. I hope everyone can focus on solving some of the technical constraints and challenges that are currently facing. I think only after these constraints and challenges have been resolved can I expect to use tens of thousands of daily living applications. But now it takes time to see this." The knowledge of the current blockchain in China is very scarce. The speculative atmosphere in the entire market is heavy and there are big differences with foreign countries. The first reason is that the domestic community is more concerned with what the short-term prices are like, but overseas communities are more concerned with technological progress, development, and some scenarios. The second reason is that there are also many media reports in the country before, and more are biased towards reporting the wealth effect brought about by the blockchain network. However, more overseas reports are more objective and neutral and can highlight technological breakthroughs and changes. The third reason is also a relatively normal thing. After all, the development of the entire blockchain network, from the development of cryptocurrency to Bitcoin, Ethereum, including many projects in this area, has really started from overseas. Most of the documents may be English documents. The Chinese domestic development documents are relatively few, and the Chinese developers have very little information. The fourth reason is that there are relatively few low-level developers in this field in China, which also leads to why they feel that they do not have a good way to get started when they want to understand and learn the blockchain, and they don’t have very detailed information to help everyone. Cognitive. It takes time for domestic blockchain technology to catch up, and the development of one thing needs to be accumulated and precipitated.
The blockchain inspector (ID: qqtanzhang) is a professional reporting platform focused on blockchain by Tencent Technology. We are committed to providing the most professional blockchain reporting with lively text.
Everyone is welcome to contribute, and blockchain projects and related news can also be contacted.
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