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Xinhua Finance · inventory | top ten events in the blockchain industry in 2019

Time : 21/06/2022 Author : 8qmu9d Click : + -
        Xinhua Finance and economics, Beijing, January 6 (Guo Xinghua) after experiencing the "avalanche", the blockchain industry in 2019 is in the stage of seeking a new starting point and starting again. After going through the "glitz", the blockchain industry will be down-to-earth again and make steady progress. Technological innovation will gradually play an important role. This year is a turning point and a foundation year. The track has been redrawn and the head players have chosen the direction. What events will determine the future of the industry? Let's relive those "brain burning" moments together. On the afternoon of October 24, 2019, the Political Bureau of the CPC Central Committee conducted the 18th collective learning on the current situation and trend of blockchain technology development. The meeting emphasized that the integrated application of blockchain technology plays an important role in new technological innovation and industrial transformation.
 
        We should take blockchain as an important breakthrough point for independent innovation of core technologies, clarify the main direction of attack, increase investment, focus on tackling a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation. The application of blockchain technology has been extended to many fields such as digital finance, Internet of things, intelligent manufacturing, supply chain management and digital asset trading. At present, major countries in the world are accelerating the development of blockchain technology. China has a good foundation in the field of blockchain. We should accelerate the development of blockchain technology and industrial innovation, and actively promote the integration of blockchain and economic and social development. The contents of this meeting are very rich. From the current situation and shortcomings to the starting point of talents, standards and technologies, they all made a brief exposition, and put forward the development vision: occupy the commanding height of innovation in technology, enhance the international voice in standards, and give play to the role of blockchain in promoting data sharing, improving collaborative efficiency and building a trusted system in industrial ecology.
 
        The meeting recognized the role of blockchain technology, which is conducive to the continuous investment of talents and funds in technology research and development and testing, and the continuous consolidation of the underlying technology structure, creating a favorable situation for the development of technology and industry. On August 23, 2019, Bank of England Governor Mark & middot; Carney said in his speech at the Federal Reserve Committee seminar held in Jackson Hole, Wyoming, that the US dollar would lose its status as the world's reserve currency and be replaced by digital legal currency based on a basket of legal currencies. This event quickly became a hot spot and opened the curtain of the competition for sovereign digital legal currency. American media and experts said that the digital legal currency war was about to start. Harvard University conducted "digital legal currency war: national security crisis simulation" in response to this event.
 
        In this new competition, Britain is now in the leading position. In June 2019, relying on Facebook, the world's largest social platform, Libra network released the Libra white paper, aiming to create a global inclusive financial technology facility. After that, the price of bitcoin once approached us $14000, setting a peak in the year. It is similar to the setting of the IMF's special drawing rights, and has also attracted the attention, research and even doubts of governments and financial institutions around the world. US Federal Reserve Chairman Powell said that he had "serious concerns about issues such as privacy, money laundering, consumer protection and financial stability" of Libra. Bruno & middot, French Minister of economy; Lemere called Libra a "threat to national sovereignty" and banned it from entering the EU.
 
        Up to now, the seven largest potential participants of Libra Association, including visa, MasterCard, paypal and stripe, have announced their withdrawal due to concerns about the restriction of regulatory review business. Although Libra has a bad start and suffered a lot of setbacks, its influence is far-reaching and wide-ranging, because it has for the first time questioned and challenged the sovereign currency: can multinational large enterprises use digital currency technology to issue currency? Can the non sovereign alliance digital currency be accepted by the current financial system?. On February 14, 2019, JPMorgan released "jpmcoin".
 
        Jpmcoin is a stable currency, which is strictly one-to-one anchored to the dollar price. Jpmcoin will not be launched on the exchange, but will only circulate in a small range. It can be seen as a token that uses blockchain technology to improve transaction settlement efficiency. Jpmcoin is only circulated in clients authorized by JPMorgan Chase. It makes use of quorum, a blockchain platform established by JPMorgan Chase. Quorum can effectively separate public data and private data, and ensure the privacy of all transaction information in the case of authentication. The appearance of jpmcoin confirms the confidence of Wall Street banks in blockchain technology, especially the participation of financial giants such as JPMorgan Chase who initially opposed and questioned blockchain and cryptocurrency.
 
        Once this technology is applied to the financial industry to upgrade the existing system, more investment opportunities and funds will flow in. 5、 Bakkt's physical settlement bitcoin futures trading platform was officially launched in December, and bakkt's highly anticipated bitcoin futures trading was officially launched. Although the Chicago Mercantile Exchange and the Chicago Options Exchange also offer bitcoin futures trading, their transactions are all settled in cash. Bakkt's physical settlement futures contract allows customers to obtain bitcoin after the contract expires, instead of the equivalent legal currency. The platform is a product of ice, an operator of the New York Stock Exchange, and is the first platform approved by the US regulatory authority to provide such transactions.
 
        In just three months, bakkt's bitcoin futures trading reached US $124 million. Meanwhile, it launched bitcoin options, bitcoin custody for institutions, and bitcoin payment for individuals. With its advantages in license, capital and resources, bakkt's potential is immeasurable. Together with coinbase, bakkt will gradually develop into the first echelon of digital currency exchanges, and is expected to become the first batch of blockchain exchanges listed on traditional stock exchanges in the future. In July 2019, Tobias & middot, financial counselor and director of monetary and Capital Markets Department of IMF; Adrian published the report "the rise of digital money" and believed that stable currency would become a digital legal currency.
 
        Digital legal currency with stable price is linked to legal currency, guaranteed by the government, central bank or bank, and participated by banks or financial institutions. It may be legally and legally issued by technology companies or banks. The paper proposes that digital legal currency should be started from a small age. Digital legal currency started with small, regional and experimental. At the beginning, it was mainly engaged in a few central bank businesses, such as payment, and gradually formed a large-scale digital legal currency. Finally, it appeared in the blockchain Internet. At that time, it would be "all over the world". In this way, the digital legal currency will not be built on the old system, but will be a new system. This is in line with modern systems engineering. The transformation of a large system is not started from the old system, but from a new start.
 
        Digital legal currency is the 320 year monetary reform, which changed the market, monetary policy and banking structure, helped economic development and formed a new type of currency competition. The four major elements of monetary competition are speed, security, regulation and policy. Since the official implementation of the regulations on the management of blockchain information services on February 15, 2019, the state Internet Information Office of China has organized the filing review according to law and regulations. In March and October 2019, it issued two batches of domestic blockchain information service names and filing numbers, with 197 in the first batch and 309 in the second batch. This is the basis for China's blockchain industry to move towards legal compliance. The filing is only the registration of the relevant subjects of the blockchain information service, and does not represent the recognition of its institutions, products and services. No institution or individual may be used for any commercial purpose.
 
        In January 2019, John Griffin, a professor of finance at the University of Texas, and Amin shams, a professor of finance at Ohio State University, published an academic paper saying that bitcoin prices were manipulated by tether through a variety of rigorous methods and different angles. Tether is the real "central bank" in the digital currency world. Its usdt has actually become the "dollar" in the digital currency world and is widely used in various trading scenarios. Today, the daily trading volume of usdt has exceeded that of bitcoin. In April 2019, the New York Attorney General's Office (nyag) issued a press release saying that the documents showed that bitfinex had withdrawn at least $700 million from tether's reserves.
 
        These transactions & mdash& mdash; Not disclosed to investors & mdash& mdash; The cash reserves of tether are regarded as bitfinex's corporate funds and used to cover up bitfinex's huge and undisclosed losses and inability to handle customer withdrawals. In October 2019, UK fnality released the white paper on stable currency project. Among them, a transnational stable currency (USC) is proposed, including digital dollar, euro, Japanese yen, pound sterling and Canadian dollar. At the same time, it also has the identity cards of the legal currencies of various countries, so as to establish a cross central bank fund pool and provide a benign interaction mechanism between the central bank and the central bank, and between the central bank and the bank.
 
        Fnality believes that this stable currency model is in line with the synthetic digital legal currency model proposed by the IMF and established by the central bank and private cooperation, and is also a wholesale digital legal currency model recognized by many central banks. Such wholesale digital legal currency is also completed in cooperation with commercial banks and can be opened to non banking institutions in the future. The white paper mostly talks about the design of payment transactions. The actual system design is not disclosed, but it can still be seen that the design of fnality system is very intelligent, which will greatly change the current payment process. It's like a carriage in the past, but now it's a car. The urban traffic planning will change greatly. In May 2019, syniverse and IBM announced a cooperation to jointly promote mobile roaming solutions, develop blockchain based global business services for multi-party management and revenue sharing, and ensure security. Through "smart contracts" to replace traditional contracts, it can also achieve data unification and secure encryption.
 
        This cooperation is based on the 5g survey conducted by syniverse. 5g is driving most mobile operators in the United States to shift their business focus from ordinary consumers to enterprise users, and blockchain is considered as a solution for collaborative multi-party payment. 5g is promoting extensive cooperation among different types of service providers and technology providers in the interconnected and overlapping markets. The operator services enabled by blockchain technology will open a wider business model in the future.
 
        
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