On November 29, 2019, Pancheng Holdings Chairman Chen Weixing was invited by Zhejiang University to talk about the current trends in blockchain technologies and innovation and entrepreneurship possibilities. Chen Weixing is also the first visitor to enter the Zijin Chuangxiang Auditorium two times in history.
Zhejiang University is among the best universities in the united kingdom to do blockchain, and Hangzhou has a top position in the country wide blockchain field. Hangzhou is also famous for its advancement and entrepreneurship.
In the expressing, Chen Weixing said: Blockchain is another particularly new technology which has emerged lately. Each new technologies has its characteristics. It really is suitable for solving things that the previous generation of technologies could not resolve.
The core technology of blockchain could be understood from two perspectives: ledger database and value database. Being a ledger database, it has several characteristics: The foremost is that its minimum level technology is asymmetric encryption technologies. In theory, with the current computer capabilities, the entire sun’s energy must be consumed prior to the password could be cracked. The second reason is that in addition to asymmetric encryption technologies, the blockchain provides 4 levels of security measures, namely Transaction signature bank, Block signature, Chain signature bank and Consensus.
The very best applications of blockchain include: distributed currency system, fresh financial engineering, DAO.
Currency is the initial app of the blockchain. Currency is just a bookkeeping device and will not represent true wealth. Logically, there are three main currencies: Consensus foreign currency, Commodity reserve foreign currency, and Credit cash. same. There are many problems with these three currencies. The difference from distributed currencies is principally in the releases, transmission methods, and risk mechanisms.
New financial executive is an extended application of blockchain to solve asset confirmation, free asset trading, AI-based price discovery, and transparent and machine-based finance.
The third type of application DAO is short for distributed self-organization. In addition to these financial executive assets for the chain, in addition to keeping financial accounts, in addition to allowing machines to keep makes up about you, we are able to also form an organization for the chain.
The encryption economy system can be an interlocking whole, interconnected value Web; it is stringent mathematical logic, not slogan propaganda; this is a fair and transparent algorithm, not really a scam that’s intended to cover up; it is regulation, process, and technologies The security guaranteed with mathematics, not the security of pure technologies; it is to understand the eyesight of stimulating work and creation, safeguarding the previous, the vulnerable, the sick, the disabled as well as the young, rather than deceiving the public’s likelihood of getting rich; it is aimed at the existing monetary system, financial engineering, and financial The improvement of the law, rather than arrogance.
The following is the speech record (not reviewed with the speaker): Chen Weixing: Actually, innovation is when people around you oppose you, you may have a chance, and that means you have to do a fresh thing, meaning it isn’t an old thing. . It is often things that everyone disagrees with which have the opportunity to let these teenagers who have nothing at all to do.
Everyone knows that blockchain is really a technology, but I want to use a phrase from our primary Ma to improve the world, not technology, however the dream behind the technology.
A entrepreneur, why can he succeed? Because he sticks to his wish, a dream of what this society should appear to be. With this wish, he would look for those technical means if he wanted to realize it. Of course, because you possess new technical means, you get the chance to do much better than the previous generation.
What I want to say nowadays is that blockchain is in fact another particularly new technologies which has emerged in the past few years. I have already been a business for so a long time and also have undergone several changes. I used flash technologies for my first business success. Display was a technologies used by musicians at that time. It was not used by techs. In other words, people inside our personal computer school have no idea how to perform flash, but abilities in art academy perform. flash. So flash just supported sockets in those days. Everyone that has analyzed computers understands that it could be connected instantly, and flash could be opened on the web, so there is such a technologies that may be opened on the web and connected instantly. The original web pages are all call-based, I can call some details back to demonstrate with one click, you can contact the information back again after you click again, actually the animation is local, only following the socket, he can follow The server links instantly.
Based on this technology, we always wanted to make an extremely intriguing and fun game on the web. We called the rich press application. Later, we made this game because it is fun and may be played for a long time. The game called Magic Power Hall was my first container of gold, and it was furthermore the world’s initial large-scale mmorpg video game on the web in those days.
Later, cellular Internet technologies appeared. Once the cellular Internet initial came out, the marketplace was also very hot. When the initial wave of craze came, lots of people moved some Internet apps towards the cellular Internet, and capital was furthermore given. For their higher valuation, it had been probably in ’09 2009 or 10, however the bubble quickly went down. Later, at the end of 11 or 12 many years, the capital was very deserted, however the WeChat and taxi comparisons gradually appeared. Cross-age apps, and later Meituan, therefore each technology provides its own characteristics, it is suitable for solving problems that the previous generation technology can not solve, rather than the previous generation technologies can solve the problem method improvement, it isn’t a An easier way, but a different way. This is particularly important.
Blockchain is currently at a stage that is equal to the first wave of the mobile Internet’s infancy. Lots of people regard blockchain as the next Internet, meaning blockchain can be used to solve the problems that the Internet solves. This is just wrong. Similar to the cellular Internet is not to solve the problems that the Internet solves, the blockchain should be the solution. A new problem was created, and the brand new problem can’t be solved by the initial Internet system, which problem should also be particularly big, in order that this technologies has a especially huge significance.
Before few years, I have also committed to many companies. In the blockchain sector, I have basically invested in everything that should be spent. I have discovered many training and gained some increases. What we are able to summarize here is what blockchain will resolve. Kind of new problem?
Today I can summarize and confirm what I can tell you, what is a blockchain? Similar to the flash technology mentioned previously, it works with sockets, that is the core point of flash technology improvement. The core point from the cellular Internet is that I can be connected anytime and anywhere, because my cellular phone is by my aspect wherever I go, and the personal computer can’t go all over the place by your side, so the cellular Internet is really a bit like an extension of human being organs. Using a mobile phone, you can be clairvoyant and even anytime, and it can connect people to the Internet. So we described it as an extension of human being organs at that time, so we should benefit from this feature.
Actually, we thought about many apps at that time, why did we think about taxis? Because taxis may also be moving and people are also shifting, it is impossible for you to use the Internet. Just the mobile Web can connect two people. The same holds true when we contact takeaway today. It connects two people. This kind of technologies that connects people directly has never appeared before. You can view that it has been completed well later. Mobile Internet applications straight connect two people.
Actually, when I did so fast taxi, why was it called fast? Originally we defined an easy life, that’s, you can demand all the requirements that you experienced. It ought to be a platform for calling providers. We began with taxis because the frequency of taxis is relatively very clear and easier perform. At that time, I wrote articles, easily have been around in charge from it, it ought to be like the current Meituan, not the current Didi. Our different founders have different ideas. At the time, my concept was that I possibly could connect the server to speak to him with one click and conduct a transaction. It was a tool for connecting people with people.
So when you look at different technologies, it often has a core feature. What are the core characteristics from the blockchain? The essence from the blockchain is really a database, which can be understood like a ledger database or a protected value database. I will focus on the ledger database.
The database just mentioned has two types of instructions, ledger database and value database, but the most effective one is the ledger database. The value database means because it is valuable. I want to encrypt it. I ensure it is impossible to duplicate. Tampering, nonetheless it may also be realized with different technologies.
Being a ledger database, it has several characteristics. I usually don’t like to state how many patents the blockchain provides applied for, because it is not an extremely complicated database. The issue he wants to resolve is very very clear. I hope the fact that ledger is safe and sound and correct. What is open can’t be tampered with.
Blockchain has several core elements. The initial one is called asymmetric encryption. Everyone knows that all the Internet nowadays, its minimum level of security is based on asymmetric encryption, symmetric encryption has no asymmetric encryption security (of course, if asymmetric encryption is cracked by quantum encryption in the foreseeable future, it’s very most likely that symmetric encryption will be more secure). Asymmetric encryption originates from a teacher named Diffie who came up with this idea in the past seven years or so. I can use a string of data to create another piece of data. The two are usually matched, however the two won’t be the same. , It’s the just solution, nonetheless it is different.
Therefore, the historical standing of asymmetric encryption is quite high, and it won the Turing Award! (The highest award in personal computer science) The complete asymmetric encryption is the base of the entire Web cryptography. The so-called banking system is not protected, the school system is not protected, the network security of our main government, the system security of the federal government administration agency, the security from the armed forces network, in the final analysis, the private key is not protected, and asymmetric encryption can be used as a password. The private essential is safe, as well as the private key is safe.
Therefore if we cover the private type in the hands of a particular operation and maintenance person, or on which personal computer, the private key is taken by other people, your complete network is insecure, therefore the characteristic from the blockchain is that it encrypts asymmetrically The private key continues to be proposed, in order that everyone can own the private key. Because your private key cannot be cracked mathematically. If your premises is in the hands of your private key, then no-one can snatch it away, because it is mathematically secure and theoretically with the power of the current personal computer, The complete sun’s energy must be consumed prior to the code could be cracked.
So the private key is actually your premises rights. In the foreseeable future digital economy, if your money is on the Internet, you can just own your premises rights if you have the private key. It might be your money or data. right.
The second core is that as well as the private key, additionally you need other encryption measures for your blockchain. Suppose you have a amount of cash, after your private key is encrypted, you’re stored on a particular personal computer, but if this personal computer is not under your control, for example, if you throw this personal computer away, then you have the private key and you also cannot obtain it back again; this In case a personal computer doesn’t let you communicate, it won’t let you exchange money. There are 4 levels of security measures:
The initial layer is the Transaction signature. You must have your own private key to indication every time you hand over your premises to someone else. After each signature bank is completed, your premises can be transferred, so Transaction signature bank is to ensure that every transaction is safe.
The second reason is Block signature. It means that whenever I want to book makes up about many people using a personal computer, I package N dealings and sign once again. What is this like? You go directly to the firm for reimbursement, you indication your own name, and someone within your financial department will indication a monthly statement, and sign your monthly statement before sending the money to you, so the monthly statement It really is equal to a block.
The 3rd layer is Chain signature. Let’s say that I completed signing the document for July. WHILE I signed the document in August, I had formed to check on the document for July once again. Is every certificate connected? If It is not connected, meaning your July was changed, and I cannot register August. Therefore, it guarantees that each block of every ledger is linked, which is necessary to indication it again. For example, after a calendar year has exceeded, my general supervisor has to indication once again, or my general manager must indication once every one fourth. Your financial record has been confirmed one more degree. After signing through Chain, it’ll form a concept called Merkle Tree, which was invented by a Berkeley teacher. After the innovation, he never wanted to chat with people. Later, Satoshi Nakamoto used this accounting mechanism. After signing the name, it is equivalent to signing the name of the person you want to reimburse within a company, as well as the financial department indications another name, and all the titles are signed in this manner, indicating that the account is safe.
But if your reimbursement individual colludes with someone in your finance department, it will be unsafe. So this requires the last layer of security called Consensus. In other words, the three of you may collude. Then I will find numerous three visitors to confirm it once again without arrays to ensure it is safer. It is best when the arrays do not know each other as well as oppose one another. They can’t collude, as well as the much less they collude, the safer they are. So the greatest Consensus is steps to make him decentralized visitors to jointly confirm this account. For example, this account book, my college said it doesn’t count, my firm does it, it doesn’t count number. I may confirm it once again with the taxes bureau, the regulatory company, the public welfare corporation, the American, as well as the Chinese. Once more, Africans may have to confirm it once again, everyone can confirm, and the method of confirmation is to confirm all, and everyone has no comments, which attained a consensus, therefore the purpose of Consensus is to sign each private key. Is correct and safe.
So the so-called blockchain is Blockchain. In Satoshi Nakamoto’s paper, there is no phrase ¨blockchain〃. It really is Block, Chain, and Consensus. We have been now talking about blockchain, that is to merge Transaction, Block, Chain, and Consensus to form the most protected ledger database. Actually, the value database does not need Consensus, therefore everyone uses the alliance string. The alliance string doesn’t have a consensus, which is all specified. So starting from the asymmetric encryption just mentioned, I continue steadily to strengthen and encrypt it to make it extremely improbable to become tampered with. Then in turn, we shall reason about various attack methods, therefore now the core indicator from the invention from the blockchain is you to provide examples of attack methods, how do i deal with you to prevent me from being attacked.
There are about three or four hundred attack methods available on the market. When you can prevent it, this means your blockchain is more secure. Therefore, the blockchain does something that will not respect efficiency. Obviously, only 1 person can indication a transaction. I must ask more and more people to indication, and I must accept such a strong attack. It really is equal to a house. Not only do you say that I want to have a walls, but you also have to consider what a wall that an atomic bomb cannot split through. So this house is certainly not simply for people to call home in, he ought to be here to keep the safest points. Why have you got a wall that can’t actually end up being attacked by an atomic bomb? It must be that there is a particularly essential individual, something of particular value, that requires such security. What is the most important thing? Money is the most important factor, right? We have been also quite secular. Although we have ideals, feelings, and ambitions, cash is the most significant thing. Unless you have hardly any money, you can’t perform anything, unless you go back to the Cultural Revolution era and depend on your dad Li Gang to use. In this era, we are all using market economy means, so there’s only cash as serious as it is the most suitable for blockchain. Also it should be the even more valuable the amount of money is to use the blockchain to do it.
Everyone now has learned the renminbi, but an African may like the foreign currency of a particular country inside Africa, he may not like the renminbi; Europeans might not always accept the renminbi. But to us, cash is renminbi. Differing people possess different perceptions of cash, so money appears to be a different factor from individual to individual. What is cash or what is money? This is not easy to understand, because actually everyone wants it, you frequently don’t understand a person who enjoys him an excessive amount of. You know you like him, but you have no idea what he wants to perform. You want to own it, but you have no idea what he wants, you don’t learn how to find you money, you want to find money, correct? This is where everyone understands cash is difficult.
But if we look at cash calmly, cash is truly a device for keeping accounts. Money is truly a bargaining chip. Everyone always uses chips to try out Texas and online poker. So cash is actually a bargaining chip for cooperation between people and people, and an instrument for keeping accounts. When we have fun with mahjong, we find who wins and who wins. We must have a online poker chip like a bargaining chip, and finally to maintain an eye on who loses. Who wins.
So there are two ways of bookkeeping. One way is for each of me to keep a good record. In the long run, the sum of the the account positioning must be 0. This is called account management. The second reason is the bargaining chip. For example, each of us initial deals 10 online poker cards, each of that includes a different value. In the long run, we will maintain an account and subtract your price, that is your earning or losing. This is another approach to accounting, that is Bitcoin’s UTXO technique.
Currency is really a bargaining method, so if we must do a lot of collaboration, for example, the money inside our dinner card is in fact not RMB. It’s the amount remembered inside our college database, but its function is similar to RMB, so this This is actually a similar foreign currency, and Q foreign currency is not RMB, nonetheless it can also be a similar foreign currency. We can contact it Q foreign currency instead of foreign currency. This is only a name.
So currency is really a tool for keeping accounts. Although everyone of us wants it, it must be you who have made some contribution, and people will keep this account on you. This is actually the essence of cash.
Therefore if our current currency is not therefore good, or the current data processing method is not therefore good, and you want to invent a fresh data processing method, what type of data processing method would be the best? Nowadays I will discuss this issue later.
At present, there are mainly three currencies available on the market. They are different according to different kinds. The first type is called Consensus foreign currency, that is consensus-based foreign currency. There have been a lot of consensus-based currencies in human history. For example, yellow metal is based on Consensus foreign currency, you don’t understand why it is valuable. Anyway, everyone identifies it, including gold, brass, and shells. This is a foreign currency based on consensus. It is often a special sort of actual product. This kind of product often provides some special features, such as an easy task to cut, an easy task to transfer, an easy task to measure, and it has some such characteristics.
The second type is called Commodity reserve currency. This is an abstract concept. It means that it reserves some points behind its back again. It means that I have some logic behind sending this money, correct? For example, Fiat cash, which states to function as endorsement of nationwide credit, takes its so-called national credit that’s reserved behind it, and hawaii promises that money may be used to pay taxes and become used for dealings. There is also a product reserve foreign currency. For example, if yellow metal is really a consensus foreign currency, I can print the yellow metal reserve again, which really is a Item reserve foreign currency. Everyone knows that following the Bretton Woods program, the U.S. money is a global foreign currency. Its logic is that I will send as much yellow metal as I deposit, and you can come and ask me for yellow metal back using the U.S. money. This is actually the product reserve foreign currency, or Item reserve foreign currency. Of course, we are able to also relax a little. One example is, I can store food, I can store salt, and I can store all kinds of points. In this way, many kinds of product reserve currencies could be invented.
Then the next type is called Credit money. A lot of the cash we use now could be actually Credit cash, meaning you might have $1 billion in the lender, and he lends cash to someone, and see your face deposits the amount of money once again. Entering the lender, he was financing to another individual, and he came back him to the lender. So actually, each of him borrowed it often, and actually his cash is far greater than the amount of money it currently provides. Because he borrowed, transferred, borrowed, and transferred many times, this is an amplified impact. Generally, we have one called the Basel Contract, where central banks jointly acknowledge some credit cash amplification multiples.
As it happens that many banks always prefer to continuously enlarge credit and use high leverage. Actually, your real money may only end up being 1%. So later, I formulated a Basel Contract, saying your optimum leverage cannot exceed 12.5 times. For example, if you have one billion, you can only launch 12.5 billion of credit. If the credit is released, it will be for each of us. Quite simply, the number within your bank will not mean real money but it just means you might have the right to obtain real money, but if everyone runs a run, it actually doesn’t have that much real money. Of course, because we’ve the effect of the computer, we shall not let you run on it whatsoever, and you do not have way to say that I want to transform it into cash. It uses macro-control policies as well as the so-called reserve proportion to control in this manner of credit, but in reality 95% of our money now could be this sort of credit, not real money! Money released through asset home loan!
So these are three different currencies! These three currencies possess actually caused plenty of troubles. Our existing legal currency plus credit approach has several troubles, which are different from distributed currencies.
The initial problem is the way it is produced. It could only be produced by several facilities, or one center. For example, my RMB foundation currency can only just be printed with the main bank, as well as the main bank or investment company directs how banks generate credit. Therefore, the whole method of generating it is generated by several macroeconomists or several politicians based on their observations and evaluation. But can you say this is scientific? It seems to make sense. Many macroeconomics are simply like old Chinese doctors. If the frustration is too high, you can take some empty medicines, and if you’re too empty, take some real medicines, but it is not completely quantified, so that it will appear macroeconomics. To learn such a quite vague knowledge, it isn’t generated in the place of need, but is emitted through the guts through some assumptions. It generally does not mean that we have a dependence on potato chips to rub mahjong, therefore we will send a chip.
But if it’s a distributed cash, we shall have 4 mahjongs. Perform we always have a bargaining chip? We just send a bargaining chip. If we have fun with mahjong all our existence, we don’t need to settle, and we will always have a bargaining chip. If we must settle after 10 years, it’s like you stay in China and don’t want to remain. You say I’ll Africa, you I’ll settle it for you personally if I swap RMB into African cash. It’s the same with potato chips. I performed for 5 times nowadays. I don’t want to have fun with any more. Okay, everyone will settle it and transform it into RMB. Of course, your RMB could be exchanged for another pile of potato chips to try out another game. Therefore our initial bargaining chip is where we are in need of it and where to generate it. But the centralization of the bargaining chip, it is generated in a single place. This is produced in a different way.
Second, just how it conducts is different. If our potato chips are generated, we are able to send whatever we want based on the regulations, and everyone can have fun with after the exchange. Then when the main govt conducts it, you imagine if we have been from the main point of view, we definitely wish that the amount of money will go directly to the poor whenever you can, so the poor can benefit, the federal government will help the poor, as well as the society will be more steady. Or I try to save money in the hands of business owners, because business owners can invent new technologies, in order that even more innovative teenagers and people who improve efficiency can get cash; or send it to educators, and educators can teach even more Of outstanding learners come out.
But in reality, you can’t send it so precisely. The only path you can send it is for your main bank to provide to big banks, big banks to small banks, small banks to big businesses, and small banks to small businesses. The richer you’re, the easier it is for people to get money, as well as the more folks who need it, the less overall you can get, and each tranny will increase a cost. The cost published by the main bank is nearly 0, and it will be 2 when it is deposited in China Development Bank. Click on it. When it is deposited in the Industrial and Industrial Bank of China, there could be 3 or 4 4 factors. Its cost is getting higher and increased. When it is stored in the hands of poor people, it may be 100% from the revenue cost, and it may be 300% of the cost each year. This mechanism results in the tranny of money, that leads towards the distribution of wealth that’s too poor and enjoys the rich. Because of this, workers are usually exploited, as well as the richer folks are more prone to get lower-cost cash.
At exactly the same time, the transmission method will also cause some effects on the market. For example, the so-called CPI for your commodities that people ordinary people buy. It is sure that the people have got big money as well as the CPI will increase. The current concept of hawaii issuing cash is because we want prices to rise and I want to issue the corresponding foreign currency, but in reality, when your cash is released, you move it towards the hands of individuals, and it will take a lot of exploitation and a long time. Therefore, for the CPI to cultivate sufficiently, it must print additional money and printing additional money in advance.
A lot of the cash is offered towards the affluent. What perform the wealthy use the cash for? He is not used to buy consumer goods, it has nothing to do with CPI. They buy stocks to buy houses, therefore the richer people have more money, casing prices increase, and stock prices rise. This is the reason why casing prices have increased, and the key reason why shares have such a big bubble is because the wealthy have excess amount in their hands. Our National Bureau of Figures only matters CPI. We just count number inflation, but we do not count number asset inflation. And this expansion of property is benefited with the elite. Who is good for my house price increase, correct? Realtors are good, property speculators are usually good, local governments are good, however the people are not good. So the elite loves to do this quite definitely. He thinks this is good. The economy is growing, and individuals are often not taken notice of.
So this is the disparity between the rich and the indegent because of the centralization of currency tranny. He is a math problem, and then this problem can’t stop. Because when you enter this routine, unless you send money, it’ll result in much less changes in customer money, and it will also result in a decrease in house prices and a decrease in shares. If your home has fallen, as well as your share has fallen, individuals will have trouble. If the local government has no cash and cannot pay wages, the funding of this enterprise will never be financed, and individuals will eventually lose their jobs.
In addition, we have another quite serious problem, that is debt. Unless you have new cash, you can’t repay your debts, corporate debts, municipality debts, and govt debts. It may also result in deflation, making people more reluctant to take. So I have to maintain printing money. I must ensure moderate inflation, and I must ensure that property can rise. This can be a mathematical design that can just rise however, not fall. This can be a serious problem, in other words, our approach to the disparity between the rich and the indegent is a procedure that will continue steadily to strengthen. He could not end.
The 3rd point is that the chance mechanism is different. In other words, if our cash is generated within a distributed manner, for example, some of us have fun with mahjong and present out potato chips. If nobody of us asks for the chips later, then it is our own struggling. I don’t keep in mind clearly once i keep my account, and we won’t have an effect on the mahjong on the table nearby.
So if we have a credit, and your partner next door has a different bargaining chip, he will not affect it, if the centralized credit is the threat of contagion. The failing of even a small city industrial bank provides risks to the entire banking system. Therefore, the failing of any lender will have to be paid with the main bank, as well as the main bank will have to control and resolve its risks. So when you go through the United States in 2008, when Lehman Brothers collapsed, the US government originally didn’t want to save it, but later found out that it couldn’t function. He had to become saved. Therefore, the credit threat of all banks must be borne with the main bank. ,what is the reason? Associated with the fact that credit released by every lender is called Renminbi. Renminbi continues to be transferred to one another. The credit you borrowed continues to be transferred countless times. No one understands which financial account my credit corresponds to?
No one has learned exactly how much risk your credit has, because the risks are concentrated. If our cash is divided, his risks changes. So if you want to resolve a lot of problems of our current centralized currency, for the reason that the risks continue steadily to accumulate. The existing global banking system can be an atomic bomb. If the radioactive poison accumulates once again, you don’t understand when it’ll explode.
The whole world is the same, and the United States is the same, because everyone’s systems are actually the same, and basically there’s only 1 system on the planet. Therefore, the accumulation of risk may explode anytime. We do not know when it’ll explode, as well as the explosion will also have an effect on housing prices and stock prices. The transmission mechanism is different, resulting in the disparity between the rich and the indegent can be increasingly more serious, just how we produce is not the same, it will lead to the need to be unable to produce, it’ll lead to more folks unable to cooperate.
For example, I went with Instructor Zeng, I went fishing, he went to grow vegetables, and I changed the fish with him. Individuals were very happy. But without reputable money, we can’t cooperate, therefore i can only eat fish, he can only eat vegetables. This society is like this, you need a bargaining chip to let everyone collaborate. When we talk about usage, while things can’t be sold, some individuals are unemployed. Have we all obtained this sort of education whenever we had been young? It is stated that as the capitalists dumped the dairy, the common people could not consume the dairy. Why? Because it doesn’t have a bargaining chip for everybody to play.
So when your money can’t be generated where it needs to become generated, it’ll make the economy worse, because people who want to function cannot function, and those who want to market cannot market. So I just said that the ultimate way to utilize blockchain is this distributed foreign currency system. This technologies is a technologies for producing cash. We must initial talk about technology. We must present our loyalty using the soul of science. We must study technology objectively using a loyal attitude. Science is science. The issue we just mentioned has already been so large, what we have been facing is will your credit collapse one day? It crashed, what will we perform? What we have been facing is what happens when the disparity between the rich and the indegent gets bigger and bigger? We have been faced with more and more people who say that because there is no bargaining chip, because there is no cash, there is no way to function, no way to start out a business, no way to spend, just what exactly should we perform?
Once the problem I face is big plenty of, we must break through a number of the original ideologies. Can we invent a fresh method of bargaining to make society better and solve the problems just stated. If we consider it further, if a financial program like ours proceeds to build up, everyone can see that the entire creditor’s rights will collapse, the entire financial market may be very risky, and our whole society may be chaotic, which might lead to war. Since there are a lot of questions, why don’t we think of a fresh method within a scientific way.
So this is what I think is really a better scientific attitude, that is frequently politically correct. It is possible to benefit more folks in society and allow the nation to develop better, which is politics correctness. So let me discuss how this distributed currency program might change it?
I just mentioned that we now have three forms of distributed currency. The foremost is the consensus-based foreign currency. We all know that many consensus-based currencies inside our history are physical points, such as yellow metal, gold, shells, and gems. . We are in the blockchain atmosphere, in an electronic economy atmosphere, assuming that there is no Bitcoin today, can we invent a special, very physical, and no one can control something that can make it digital in the foreseeable future Things like yellow metal on the planet. If you want to invent something similar to this, it will conform to some features of yellow metal, its production needs a certain energy price, its production swiftness has some restrictions, its total quantity can also be restricted, and it must be very large. Protection.
So Bitcoin is actually that it had several geeks at that time. Actually, it probably began to think in the 1980s. Among them, there is a Chinese who made a great contribution, named David. At that time, many geeks had been thinking about if they could create such a very fair, cryptographic-based, and intensely secure mechanism that could end up being the consensus foreign currency in the foreseeable future. Satoshi Nakamoto gathered the ideas of the previous people and created a more perfect set of programs. This group of programs is seen as a particular equality. Everyone joins at that time in time, and you also are add up to everyone. of. At exactly the same time, it’s very secure. He is able to be very protected from various cryptographic perspectives.