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Huobi CEO Li Lin: blockchain enabling entities have four levels

Time : 14/04/2022 Author : 6gorzf Click : + -
        Tsinghua X-lab opened the second open class of blockchain on February 2. Li Lin, CEO of Huobi, shared the theme "the path and Prospect of blockchain enabling the real economy". Li Lin believes that the blockchain enabled real economy can be divided into four levels: the first level is the distributed ledger; The second layer is the value transmission network; The third layer is the token incentive system; The fourth layer is asset digitization. Li Lin said that in the past, bookkeeping was carried out through certain institutions, such as industrial and Commercial Bank of China and securities institutions. The bitcoin system was innovated, and tens of thousands of people formed a consensus mechanism and distributed bookkeeping. Its advantage is that the whole network accounts, a few nodes cannot be changed, tamper proof, and credit does not depend on one or two nodes.
 
        He said that there are many scenarios for distributed ledger applications. For example, recently, Shenzhen has made electronic invoices, which do not need to be managed by various tax bureaus to prevent multiple Invoicing; There are also voting elections. Blockchain elections cannot change votes. Each person has only one vote, and the results will come out immediately after voting. There is no need for a third party to check the votes; Including shipping, several shipping companies do not trust each other. Now they use blockchain to make a public ledger, that is, alliance chain, and the time can be reduced from 60 days to 2 weeks. "The biggest challenge of distributed ledger is the law. If there is no interpretation of the supreme law, if the creditor's rights are registered on the blockchain and denied by the court, there is no practical significance. There is also the problem of the real world under the chain. How to prevent cheating in the process from the chain down to the chain needs to be explored and improved.
 
        ”He said. Talking about the second layer of value transmission network, he explained that the credit technology was built through the blockchain to build a point-to-point value transmission network. "The value transmission network has many functions, such as ripple, which performs clearing through the blockchain network, and then performs payment, free clearing, cross-border clearing, etc.". "The important advantage of the value transmission network of the blockchain is traceability. For example, when bitcoin first came out, there were many grey transactions that people thought could be anonymous, but in a few years, bitcoin was not used. Because it can be traced, the FBI discovered many transnational criminal groups. Therefore, if the central bank issues digital currency, it can achieve precise orientation, such as allocating 1 trillion yuan, and can locate where to put it, so it can be traced and traced.
 
        The value transmission network of the blockchain may become an important late mover advantage. For example, China's current Alipay, wechat and other online payments are more developed than those in the United States because credit cards are not widely used and directly enter the era of online payment. ". "There are three problems in the value transmission network. The first is the stability; the second is the legitimacy of the transaction; and the third is the security. These problems need to be solved." He added. When referring to the third level token incentive system, he said that it is to use the openness and transparency of the blockchain to cooperate with the token incentive system to promote business operation and development. Some people even think that it has changed production relations.
 
        In the early days, many Internet enterprises, including traditional merchants, had points. However, there were several problems with Internet points. First, it was not transparent. It did not know how many points were issued and lacked a credit foundation; Second, it cannot be circulated and traded. "The core of the token incentive system is to mobilize all relevant resource parties, whether users, employees or suppliers, through reasonable token design. As long as they are valuable to the business, they can be motivated by token design to jointly promote community development.". He pointed out that the last level is asset securitization (digital). He said that this process can be divided into two categories: the first is the securitization of securities. In the United States, bitcoin and blockchain are regarded as a technology.
 
        Once recognized as securities, it is the same as issuing shares, and it shall be reported to the SEC (US Securities and Exchange Commission) for approval. The second is the securitization of tokens, including intangible assets such as music. Many well-known musicians are trying this field, putting the copyright on the blockchain for fans to buy. Li Lin said that the Internet technology originated in the United States 30 years ago brought the world into the Internet era. Now the United States gives priority to the blockchain and financial system. At present, developed countries such as Europe and the United States are actively following suit. This is a great change and deserves our close attention. There is a slight difference between the trademarks of some fake non-staple foods and beverages and the trademarks of authentic brands, but the packaging is basically the same. It is easy to be confused if you do not look carefully.
 
        Some stores often deliberately confuse propaganda and often sell fake food as authentic products at high prices.
 
        
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