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Industry Stalwarts Share Their Views at Hangzhou International Blockchain Week 2020

Reading Time: 8 minutes by on July 15, 2020 Press Releases

The two-day long Hangzhou International Blockchain Week 2020 concluded on July 6 at Future Sci-tech City, Hangzhou.

The event was attended by the representatives from the state-backed blockchain alliance, Blockchain Service Network (BSN), and witnessed the whos-who of the blockchain and fintech space, including entrepreneurs, investors, and media stalwarts speak about blockchain and cryptocurrencies and their potential to reshape and evolve the wider ecosystem. The speakers talked about various hot topics, including industrial blockchain adoption, decentralized finance (DeFi), exchange, Web 3.0, IPFS, and Ethereum 2.0.

The industry thought-leaders shared the following views at the Hangzhou International Blockchain Week 2020 on July 5-6.

About Industrial Blockchain

Mei Jiansheng, Secretary of the Party Committee of Future Sci-tech City, Hangzhou (Haichuang Park): We will solidly promote the integration of blockchain technology and industry, and regard the blockchain industry as an important future industry.

As an important field of digital, Future Sci-tech City is one of the earliest regions to embrace the blockchain industry. On April 9, 2018, we started the construction of “China Hangzhou blockchain industry”. So far, Future Sci-tech City has gathered a lot of blockchain enterprises.

Zhu Jiaming, a famous Chinese economist: the new wave of industry has three new characteristics: hard science and technology, digitalization of industry and industrial blockchain.

That is to establish a new industrial infrastructure with blockchain as an important part, and finally integrate the industrial chain, value chain and supply chain.

Lin Yifei, vice president of Ant Financial: blockchain technology is not far away from the “singularity of the big bang”.

Ma Qianli, vice president of 8btc and head of Bystack: ‘government service blockchain’ has become a new infrastructure application of blockchain.

Hangzhou municipal government affairs service chain built on Bystack has put 26 kinds of trusted certificates on chain. A large number of certificates such as house property certificate and ID card are constantly running up the chain. This is our new infrastructure application of blockchain.

Xing Ming, President of Blockchain Association in Hainan province: Hainan’s blockchain opportunities are actually the result of being forced. Two years ago, Hainan announced the establishment of a free trade port. At that time, the blockchain industry belonged to the policy ambiguity zone, and everyone had always wanted to find a place with a sense of belonging. At the same time, some leading blockchain enterprises such as Huobi came to Hainan, which led the whole ‘Hainan Migration’ trend in Chinese blockchain industry.

About DeFi

Chang Jia, the founder of 8tc and Bytom: MOV protocol makes it the next possibility of DeFi by introducing engineering thinking.

2020 is the beginning of the DeFi era represented by “blockchain issued synthetic assets mapping real assets”. In the future, the scale of synthetic assets and mortgage assets issued through blockchain will exceed trillion dollars. Lego’s Ethereum-based DeFi protocol combination brings flexibility, but also a paradise for hackers and arbitrageurs, which is also a difference from MOV protocol. Through the introduction of engineering thinking, Mov protocol establish DeFi protocol cluster, interacted cross-chain, main-side chain architecture, supporting multiple assets, and trading as transfer, which makes it the next possibility of DeFi.

Xu Kun, CSO of OKEx: DeFi has great imagination space, but it faces three challenges. In theory, all functions of traditional finance can be mapped one by one on the blockchain. At present, we have seen that the DeFi ecosystem has its own currency, that is, stablecoins, including transaction matching, lending, derivatives, forecasting market, insurance, payment. However, DeFi still faces challenges, including code vulnerabilities, systemic risks of its application, and real value support of assets on the chain.

Long Yu, CEO of Bytom: Successful application of DeFi lies in cash flow generation. The significance of issuing token is to obtain more real users. A successful application of DeFi is not in a certain chain but can generate cash flow to support itself.  DeFi is a low-cost innovation for developers, but for CeFi exchange, more things need to be considered, such as fund custody and matchmaking engine.

Tang Hongbo, founder of Debank: Not optimistic about CeFi exchange to embrace public chain. Now it is difficult for the public chain to make a qualitative breakthrough in ecology, and it is difficult to attract a group of developers like Ethereum. If CeFi wants to participate in the ecology of DeFi, it should not build a public chain by itself, but do things at the asset level, such as stablecoins and derivatives.

Alicia, senior co-founder of KuCoin: the projects that can meet the needs of users, such as DeFi and DEX, are becoming the next blue ocean market. Technology is innocent. What matters is how people use it. High leverage is only used as financial derivatives, and there is no need to blame it. What we need to do is to guide investors to understand the product and then use it better. This is not only conducive to the user’s own risk management but also conducive to the healthy development of the crypto industry.

The popularity of DeFi will inevitably drive the competition of its underlying public blockchain, and the public chain focusing on the financial field will also be the next hot spot in the future.

Xia Erte, founder of Bitmart: there are a lot of entrepreneurial opportunities in DeFi, but it faces many challenges, including policy issues. However, both investors and development can focus on it.

About Stablecoins

Pan Chao, head of MakerDao China: Stablecoin needs to cooperate with traditional institutions for a wider application.

The use of stablecoins does not depend on where it is used, but where it is not given to you, because its final application scenario must be for tax payment. In order to promote the stablecoin for a lager application, we need to cooperate with traditional institutions, such as the cooperation between the DeFi protocol and the exchange, the stablecoin issuer and the cryptocurrency bank card.

Jiang Zilong, business director of OKLink: One of the keys for wider application of stablecoins is its value scale. At present, the stablecoin has the function of value measure and circulation means. In some areas with unstable monetary system, many users have begun to use stablecoins as an important means to measure the price of goods/services.

As far as the direction of circulation means is concerned, an important feature of Fintech is to use technology to simplify the cost and process of traditional business. For example, many institutions use stablecoins for cross-border payment. With the trend of anti-globalization in the world economy, there will be more and more demand for cross-border payment in the future. The characteristics of stablecoins, such as primary cashing and secondary pricing, make its flow and change more convenient, which is showed in the application of JP Morgan Coin.

About Crypto Mining

Jiang Zilong, business director of OKLink: After the bitcoin halving, the market profit rate has decreased, but it has not reached the level of mining disaster.

Whether in the field of mining or coin space, it has gradually gained a lot of profits through cognition in the course of savage growth, and gradually developed into intensive cultivation. We need to attract everyone to participate in it with our own relatively perfect or refined products. Recently, more and more cloud computing platforms, including several major exchanges, have entered the field of mining, which means that on the whole, we are optimistic about the future development. Maybe its operation mode is not very consistent with that before.

Alex, founder of ROCKMINER: China is still the most suitable place for mining in the world. At present, the mining industry has four characteristics: 1. The life of the latest generation of mining machines is getting longer and longer; 2. China is still the most suitable place for mining in the world; 3. The possibility of computing power explosion is getting lower and lower, because of the existence of existing mining machines, long-term market education and chip technology are basically completed; 4. POW mining will always support the operation of digital token public chain led by bitcoin, and the threshold for retail investors to participate is increasing, such as Cash in and out, buy machines and maintain machines, information collection threshold. In fact, it is difficult for retail investors to earn profits at present.

About BSN

He Yifan, executive director of BSN Development Alliance: The original intention of the design of BSN (blockchain service network) is to reduce the development cost of blockchain applications. As long as it is used by the public, there must be infrastructure. The purpose of infrastructure is to reduce costs, industrial costs, and social costs. Whether it is cloud services or some new technologies, such as AI and blockchain. When we all do it, we need extensive infrastructure to reduce the cost of the whole industry. Only when the cost is reduced to a certain extent can the industry flourish.

About the Future of Bitcoin

Xu Kun, CSO of OKEx: Bitcoin demonstrates “anti-vulnerability” and can evolve into a stronger and better state than before in adversity.

Bitcoin has gone through 11 years, experienced ups and downs and countless Black Swan events, but it is still robust development. It has 10000 + global nodes, 120E network hashrate, and more than 30 million addresses on the chain. In the case of economic downturn, bitcoin’s “anti-vulnerability” can evolve into a stronger and better state than before. She believes that the balance between output and demand will tend to a new stable state after the third halving. Only when the superposition of all the curves meets a central axis will the market be greatly stimulated. It may come about half a year after the completion of the halving.

Ju Jianhua, founder of HBTC: Bitcoin’s price will rise to $15000 by the end of the year. Bitcoin is expected to rise to $15000 to $16000 in December and $20000 to $30000 by April and May next year.

About Ethereum 2.0

Paul Hauner, co-founder of Sigma prime: Ethereum 2.0’s main network is expected to be launched in November or December this year.

Before starting Ethereum 2.0 phase 0, a long-standing multi-client test network needs to be run for 2-3 months. In addition, the developer also needs to conduct security review on all Ethereum 2.0 clients involved.

About Crypto Exchange

Wang Lei, CEO of 8btc: The success of a crypto exchange depends on the awe of the market and constant innovation. It depends on the thousands of users who like it, love it and value it.

Wang Ruixi, founder of Hufu: For entrepreneurs who want to enter the futures trading market, they should first consider what kind of understanding they have about futures, and where is your core point. The industry competition is very fierce, entrepreneurs must consider their core competitiveness before making a decision. The core point of doing an exchange is to find high-quality projects. The second is to meet the needs of users, meet the needs of the market and solve the pain points in the market.

About Web 3.0

Li Xin, CTO & co-founder of IPFS force area: Web3.0 will come after the blockchain solves the data storage problem.

At present, Web3.0 has not yet arrived. The application of Web3.0 is generally limited to finance, and data is an important factor of production. However, the blockchain world does not talk about data because the blockchain has not solved the problem of data storage. Now we can see that almost all applications and social networks are all data related, and data management applications account for the vast majority. What we now involve in the blockchain are light content or non-content, only containing value exchange. Therefore, in order to really open Web3.0 and add trust to social network, we must solve the problem of storage and data flow.  Next we will enter the era of the third-generation Internet, the future belongs to Web3.0, which is a distributed and trusted digital world. It is an emerging network in which users can control their own data and identity.

Cao Heng, founder of IRISnet: Web3.0 defines blockchain’s value Internet.

Web3.0 first defines the value Internet of blockchain, which is also the direction we have been focusing on. With cross chain technology and application of specific chain technology that better supports the development of the application, we can make the application get better and faster, and complete the support of trust with blockchain technology. At the same time, through the cross-chain technology, the value between systems can flow smoothly and reliably. Under such technical support, we can bring a lot of wonderful new application scenarios. Including now we are looking forward to DeFi, open finance, assets can flow more safely and efficiently with the support of cross chain technology. The imagination space and application scenarios that can be brought here are endless. When commercial systems use blockchain for highly efficient cooperation, value can be highly efficient not only in traditional systems, but also in consortium chain and public chain, which will greatly speed up the efficiency and process of business.

Wang Qingshui, founder of 1475 IPFs ecological investment fund: In the era of Web3.0, the property right and use right of data are separated, and the blockchain is an important foundation.

Blockchain is an important infrastructure and infrastructure of Web3.0, and its ultimate goal is freedom of information and data, so that the data of property right and right of use can be separated. The Internet and blockchain without data are playing rogue.

Li Xin, CTO & co-founder of IPFS force area: The cornerstone of the Web3.0 era is trust. The blockchain world keeps away from data because it does not solve the problem of data storage and realizes the existence and exchange of trusted data, that is to say, the blockchain has not solved the storage problem. In order to open Web3.0 and add trust to social network, we must solve the problem of storage and data flow. The cornerstone of the Web3.0 era is trust. Blockchain is an important technical support of Web3.0. Filecoin should be the cornerstone network of human civilization. All data of human civilization can exist, flow and trade in this network, which will open the era of Web3.0.

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