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Liu Yang, CTO of block chain business department of China Industrial Development Zone: application of cross chain technology in digital economy

Time : 10/04/2022 Author : negbwi Click : + -
        On June 3, 2018, the "2018 Ethereum technology and Application Conference & middot; China", sponsored by China IT technology community CSDN and Lingti technology, a leading enterprise focusing on Ethereum ecological construction, and co organized by Ethereum enthusiast community, blockchain headquarters and other institutions, was held in Beijing. As the invited keynote speaker of this conference, CAMCE software specially appointed Liu Yang, CTO of CAMCE blockchain business department, to deliver a keynote speech on the application of cross chain technology in the digital economy at the conference, which subsequently attracted extensive discussion and attention in the industry. The following is the record of Liu Yang's speech. At the meeting, Liu Yang mentioned that as early as 2015, the economist put forward a new understanding of bitcoin, and then brought the concept of "blockchain" to the eyes of the world.
 
        Bitcoin is not a simple technology. It is a combination of game theory and cryptography. We should look at the blockchain from the economic and social perspectives. Liu Yang said that when we talk about the digital economy, we can see the emergence of the Internet, which enables information to reach us instantly in our fingers and paves the foundation of the expressway. In modern economic society, big data can be used as the means of production, like blood. Artificial intelligence has also been quite popular in the past two years, and it has improved a lot of efficiency. The emergence of blockchain as a production relationship connects these and transmits trust through the Internet, so its impact on society and economy can not be ignored.
 
        Based on the above background, Liu Yang said that in terms of the development law of the blockchain, in the future pattern positioning, the blockchain will not be a pattern of "one chain dominating the world" in the future, and the chains will be connected with each other. All walks of life are exploring and applying blockchain technology. Each industry has one or more main chains belonging to its own industry. However, most of the main chains exist in the form of "information islands". To break the closed information islands, cross chain technology must be used to achieve this goal. At the meeting, in view of the market characteristics of the "digital economy", Liu Yang, CTO of the blockchain Business Department of CAMCE software, made the following interpretations from different dimensions from the technical perspective and industry development.
 
        1. Non intrinsic value: legal currency is a piece of paper, but why is it valuable? Because the government and the community trust it. As for bitcoin, as digital gold, everyone has read Nakamoto's white paper. On the first page, it is said that bitcoin has the function of payment. Before the advent of the lightning network, bitcoin transfer fees were very high, and small-scale payments under the chain were completely impossible. 2. Security: in the past, paper money was protected by various anti-counterfeiting and laser, but in digital currency, it was jointly protected by cryptography and social participation. As we all know, the Dao incident in Ethereum is the community's response to the incident of a hacker. We can't judge whether this bifurcation is good or bad, but it does exist in reality.
 
        The operation of the community is very critical. The bifurcation is caused by the inconsistent interests of the mining community and the development community. Therefore, the security of the digital economy, the security of the currency and the direction of each community are closely linked. 3. Governance: governance is decentralized governance. Many on chain agreements now say that self governance. All codes are in the form of voting and can be realized without hard bifurcation. For example, when you see the code of quantum chain, you will know that it is a combination of bitcoin and Ethereum. Introducing the Ethereum system is also an innovation. It also proposes "community management on the chain", The characteristics can be introduced without bifurcation planning.
 
        4. No trust and no intermediary: the difference between token economy and previous economy is introduced here. Each person in the banking system has his own account book and has to carry out reconciliation system. However, in the digital economy, we all share a common account book, and we do not need to maintain our own account books to meet the needs of account reconciliation. Therefore, the emergence of the digital economy and the embodiment of technology can eliminate some businesses in reality, and there is no need for the intermediary system to carry out clearing and settlement, which greatly simplifies the time effect. 2. Value anchoring: the biggest feature of digital currency is the need for value anchoring. We have seen a joke. From the dialogue between father and son, we can see that the rise and fall of digital currency are very large, which is a great disadvantage in the digital economy.
 
        Digital currency is a currency with such a large drop, and it is unrealistic to use it. Therefore, there is a concept in the community that proposes a stable currency, a digital currency with a ratio of 1:1 to the US dollar, to ensure the stability of the digital currency through issuance and destruction. 3. Incentive: all people become value creators, communicators and price setters, and deeply participate in it. Why is it not the case that one chain dominates the world? The incentive mechanism is very important in the application of blockchain technology. It explains this problem from the perspective of game playing and economy, so that all social personnel will be rewarded in the process of community development, so that talents have the motivation to participate in community development. 4. Application: everyone is talking about the relationship between blockchain and bitcoin. Bitcoin is the first killer application of blockchain technology, but we believe that the application of blockchain technology will surpass bitcoin in the future.
 
        Liu Yang said that all industries are exploring and applying blockchain technology. Each industry has one or more main chains belonging to its own industry, but most of them exist in the form of "information islands". Almost all the white papers talk about the same process, that is, users generate data, then link, index, authorize and decrypt the data, connect it through intelligent analysis and language machine system, and reward your users to generate content through payment and transaction. There are more than 100 white papers on all industries, social networking, e-commerce, finance and supply chain. However, everyone says to be their own main chain, such as entertainment, communication and cross-border payment. These white papers have the same format. However, if each main chain does this, it is an information island and needs to be connected, This is the importance of cross chain technology.
 
        Liu Yang mentioned that when the domestic ICO is popular, the entertainment chain, game chain, copyright chain and so on all want to be their own main chain, and all want to "unify the world with one chain". However, we have seen that the top ten quantum chains in this market are developed in China. Liu Yang said that in addition to these three kinds of cross chain technologies, several new ones have been put forward, which have not been seen in the implementation at present, so I will not talk about them on the spot. I will mainly talk about three mainstream blockchain technologies:. The notary technology is somewhat related to the submission of the database. In this chain, a notary is elected, and then a proposal is initiated. Under this, each initiator and linker maintains the same account book. When the trusteeship mechanism is issued, the account book is mortgaged. It is a bit like the two-stage submission of the database, which ensures that the transaction is either successful or returned.
 
        In contemporary execution, after all transactions are connected from the initiator to the receiver, a notary will conduct signature election. After the notary initiates authorization, it is confirmed that the transaction is either successful or returned. 2. Side chain and relay: the side chain / relay is based on the new chain to anchor the tokens on the main chain, so as to realize the basic asset transfer, transaction verification, information exchange and other capabilities. Typical representatives include btcrelay, Polkadot, cosmos, etc. It is wrong to regard Ethereum as the side chain of bitcoin. The main chain and the side chain are realized through smart contracts. This relay technology is relatively easy to realize in Ethereum technology. The main chain initiates transactions, and the sub chain reads the status on the main chain through smart contracts and Oracle. The transaction is verified through the blockchain and Merkle tree, and the asset transfer is determined. After the transfer, the main chain can listen to the message and then return to the main chain by returning to destroy the asset. This is the side chain / relay technology, It is relatively mature and difficult to realize in bitcoin, but it can be flexibly used in Ethereum.
 
        3. Hash locking: set mutually operable triggers between chains, usually the hash value of a random number of plaintext to be disclosed. It is a mechanism to exchange the original hash value (preimage) for payment (redeem) by locking it for a period of time. Hash locking originated from the bitcoin lightning network, which is used most. Hash locking is an early concept. Assets are transferred to a random number through hash locking. The transfer process of AB chain is carried out through the random number, and transactions are extracted in time to ensure the security of transactions. There is no need for intermediate notaries here. Any transaction takes place on the main chain. However, in terms of user experience, the real-time monitoring network is not realistic for ordinary Xiaobai users.
 
        The early cross chain technologies include Rayleigh wave and btcrelay, which only consider asset transfer and transaction verification across organizations / chains;. The core value of the second generation cross chain relay technology represented by Polkadot and cosmos is information exchange (including asset transfer) of different chains;. 1. Lack of consistency: most of the existing cross chain technologies are designed to solve the interaction of several public chains / alliance chains. In the rapid development of the blockchain, they cannot support new basic chains. 2. Response delay: because the TPS effect is to respond to bitcoin's 15 minute confirmation, Ethereum needs 15 seconds. The sharding technology mentioned by V God just now is to improve the user's experience, and the sub chain plasma hopes to achieve the experience of the exchange, so that users can trade on it.
 
        3. Unable to cope with the practical application: Why are so many people using the central transaction, but the number of people using and supporting the decentralized exchange is very small? In terms of performance, there is a need for cross chain, and technologies are combined with each other. Most of them are still in the cross chain transaction and transaction confirmation scenarios that meet the needs of the original assets on the chain, and can not realize complex financial scenarios and application interaction scenarios. 4. Lack of foresight: at present, all cross chain technologies are implemented around the existing public chain technologies, and it is impossible to form a consensus between the chains based on the progressiveness of technologies. Liu Yang said that the application value of cross chain technology lies in circulation. This decentralized data exchange scenario is dominated by exchanges, because bitcoin is the first level application of the blockchain, and exchanges are a great demand. There are user identity exchange and data basic exchange.
 
        The application scenarios in the field of digital assets are mainly asset transfer, property management authorization, and complex financial attributes will be reflected in the blockchain in the future. Both the financial field and insurance can be reflected here, but at present these applications are relatively vague, and the actual application is still in digital currency. At present, cross chain technology mainly has problems such as performance and different currency concepts. It is hoped that the performance can be solved after the fragmentation and sub chain are mature. The concept of each currency is different. For example, the models of bitcoin and Ethereum are different. Cross chain technology should be developed and implemented for it. At the same time, the transaction cost is relatively high. The transaction is directly conducted in bitcoin cross chain, and the handling fee is the handling fee of bitcoin.
 
        Xiaobai users need a high-performance, fast response and low-cost platform. We all hope that no handling fee will be charged during the transaction, the implementation is simple and the landing cost is low. Cross chain technology, notary technology, side chain and hash locking are not critical for Xiaobai. The most important thing is fast implementation. 4. Provide open network: provide a public open network to ensure the P2P network security of each public chain and provide cross chain communication standards. CAMCE software is a full stack service provider focusing on "blockchain strategic planning and technology development" Founded in 2013 by the original team of Shenzhen wolongda technology, it is one of the enterprises in the industry who have been involved in the blockchain business earlier.
 
        He has in-depth research and Practice on the application of blockchain technology to various industries, especially in the application of blockchain technology to supply chain and supply chain finance, housing lease management and sharing economy. He has many successful implementation cases and has obtained many blockchain technology patents. After years of precipitation, it has accumulated rich technical resources, media resources and community resources.
 
        
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