"Join the Bitcoin Movement" - The Cryptonomist

Qtum was invited to participate in the People's Network Spring Blockchain Closed-door Technology Forum and Received an On-site Interview

Original 2018-03-27
Google Translation – original article with photos
On March 27th, Beijing time, the founder and CEO of Qtum was invited to participate in the "blockchain spring closed-door technology forum" created by People's Network Ventures and Blockchain Channels and blockchain industry media 31 zones. The experts in the blockchain industry and nearly 500 blockchain enthusiasts discussed the development trend of blockchain technology.
In his speech at the beginning, Patrick Dai said that the entire blockchain industry was accompanied by the effect of wealth to give birth to the current atmosphere, and now should be more to explore the direction of technology. The business model of blockchain is not yet clear. In the future, we need to clarify its development context from the perspective of technology research and development.
Many of the blockchain business models cannot be completely predictable. The technology is in an early stage and needs to solve many problems. The first is the technical problem:
First, the industry is not friendly enough, lacks a new type of smart contract platform, and the POW consensus mechanism is difficult to be deployed on a large scale by the industry. Second, poor compatibility, poor compatibility between different blockchain technologies; Third, the consensus mechanism is not flexible, the consensus mechanism itself lacks flexibility, and the public chain and alliance chain have different requirements for the consensus mechanism; Fourth, compliance and supervision, lack of consideration of industry compliance; Fifth, the interaction of the real economy, the lack of blockchain interaction with the real world.
In addition, Dai also said that blockchain technology is still at a very early stage, and that the number of talents for blockchain developers has grown far lower than the growth rate of technology, so this is a development that takes at least 5-10 years. Career. In 2017, the country has included the blockchain in the 13th Five-Year Plan. It is believed that more people will join the industry in the future. The blockchain technology itself will continue to condense the wisdom of developers and eventually achieve positive results. After the event ended, Patrick Dai also accepted an exclusive interview with blockchain media in District 31, which provides an in-depth analysis of the current status of the industry and future development trends.
The Qtum Founder Patrick Dai Exclusive Interview
The following is an interview with the 31st area:
Reporter: Today is an exclusive interview with the blockchain closed-door forum. What is the most important aspect of this field in your participation?
Patrick Dai: I was still aware of the potential at that time. I think I started to understand this matter in 2012. At that time, there was very little information in Chinese. I went to the altar to learn about the various overseas arguments, and what kind of technology the blockchain was. I learned computer and communication from home and had relatively more knowledge and understanding of the corresponding technologies. After a clear study, I began to think that such a technology was indeed a great innovation. At the time, I also thought that it might happen one day. Today's scene was just as unanticipated as it was. It happened very quickly, far beyond what was expected at that time. At the time, I wrote some articles from 2013 to 2014. At that time, I was the one that attracted me most. I call it an innovative mode without permission. Many innovations have a certain threshold of entry. As long as there are Certain development has a certain ability, you can build a lot of applications. I think this is the point that attracts me most at that time. There is no threshold network. This is very meaningful. From a technical point of view, it was very meaningful at the time. At the time, it did not say that the price of Bitcoin would rise as much as it did, but it was dubious that this matter would be recognized by more and more people in the future. In 2012 and 2013, it was very rare for people to find people in the industry to talk about this matter. Twenty or twenty people in every city in Beijing and Shanghai knew about this, especially in 2012.
Reporter: You can be regarded as one of the earliest people in the industry who are cutting in from a technical point of view. There is a viewpoint that speaks about 80% of the blockchain business + 20% of technology. What do you think about this point of view?
Patrick Dai: Now that the blockchain business is not mature enough, why? The preconditions for technology itself are not yet available. From the perspective of industry development, taking the public chain as an example, the development of the industry needs to overcome more problems inherent in the industry. Many issues I have been thinking about recently, the development of the industry is cyclical, and many sources of cyclical sources do not have much to do with external regulatory policies. More often than not, they are endogenous to the industry. For the whole industry of blockchain, its technology is still incomplete. There are a lot of challenges in this area. The first is how we often talk about how to solve the problem of expansion. This is in itself a big challenge to restrict whether the public chain has the opportunity to become an infrastructure in the future. If a network can only handle one million transactions per day, it is difficult to imagine the future being able to carry the needs of human trust. This is unrealistic. How to solve this problem is definitely a challenge. In addition, there are many technical details. There are many problems in the industry that need to be overcome and overcome the endogenous problems. We can only talk about what kind of business model we have built. The business model of the future can still be expected because it is, after all, an innovation of concept and technology integration. I believe that in the future it will have a very big impact and impact on our various industries.
Reporter: You just mentioned Qtum in your speech. In the whole design, our idea is to combine the advantages of Bitcoin and Ethereum. How much is the Quantum Blockchain now?
Patrick Dai: Basically, realized the concept of the design at the time, the underlying transaction model was based on the UTXO model of Bitcoin which was very safe, stable and reliable to realize all transaction sending and receiving. By designing the abstraction layer, which is the second-level account abstraction layer, it is compatible with Ethereum's virtual machines. Such a design concept has been recognized by the developer community at home and abroad. As of today, more than 50 projects from seven to eight countries around the world have been built on top of the quantum chain, and the entire developer community is also developing. There may be 200 developers worldwide. In addition, there are currently more than 6,000 network nodes in operation worldwide, and it should be the largest POS blockchain network. Ethereum is about 20,000 full nodes, Bitcoin has more than 10,000 full nodes, and quantum chain is the third largest node in all public chain networks. Therefore, from the perspective of development, such ideas and designs do solve many problems. Compared to Bitcoin, the functions that Bitcoin can achieve can be implemented on quantum links. There is also the flexibility of smart contracts. The compatibility of Qtum and Ethereum is very good. Contracts run on Ethereum can run on quantum links. In addition, Qtum has obtained many advantages through technology integration. For example, it is very easy to implement a multi-signature custody of a fund on the quantum chain. You can use the Bitcoin signature method to implement the signature. However, the implementation of multiple signatures of funds on the Ethereum network is relatively troublesome, and there are certain doubts about security. Like the Parity purse was hacked before, the biggest reason is that the intelligence of the Ethernet network can be used to sign the funds. The custody and storage of funds is the most essential requirement of a blockchain, and there should be endogenous solutions. This is the advantage of quantum chain gained by merging two systems. In addition, Ethereum has always wanted to switch to a POS network, and the entire quantum chain has been a POS network since its development. To add, Qtum has more and better designs for governance protocols. Judging from the current development situation, it basically conforms to the vision we designed at that time and 100% of the various functions have been realized.
Reporter: According to your observations, what are the most difficult challenges in the blockchain field so far? From regulatory or technical difficulties?
Patrick Dai: There are. At present, there are several challenges in the blockchain industry. One is the challenge of the technology itself, especially how to solve the scalability problems of the network in the public chain system, including the isolation of blockchain resources, the privacy of the blockchain, and the public chain. The governance of the Internet and even the construction of the public chain network ecosystem are all problems that the technology itself needs to solve. The second issue is supervision and policy guidance. Whether China or overseas, the world is studying the advantages and disadvantages brought about by such a new technology, including what are positive and negative. The blockchain is in the early stage of the industry and the future is full of changes. Many practitioners do not have a clear vision of the future, nor do they know what kind of innovation to do or how to do it. However, one of our ideas at that time was very simple. Talking about too many business models early in the industry did not make much sense, because the maturity of many business models was based on the improvement of corresponding laws and regulations. The biggest opportunity in the early stage of the industry was in the bottom The technology above is ploughed and laid out. To give a simple example, there are more than 400 core developers of Bitcoin in the world, and none of them are Chinese. Ethereum's core developers have more than 100 people worldwide, and China has one or two people involved. From this perspective, there is a big gap between the entire domestic developer and overseas developers. From the point of view of industry development, the development of public chains is the most difficult, and it is also a matter that can influence the right to speak in the future. In this regard, domestic developers need to refuel, including domestic entrepreneurs, and we really need to have technology in the field. More support, including the ability to make valuable results, can be recognized internationally.
Reporter: Just now we mentioned that the Quantum Chain is now a public chain. There will be cooperation and competition in code open source. Is our side more competitive or more cooperation? How to maintain your own advantages?
Patrick Dai: Because many public-chain projects are community-based, these projects have long-term opportunities for development as long as members of the community support it. It is still too early to talk about competition in the entire blockchain industry , whether Bitcoin or Ethereum. Bitcoin, of course, has some rigid requirements, and projects that include a lot of financing on Ethereum and quantum chains still have questions and need time to verify. However, the early exploration is OK. Which platform is currently solving the application of a large class of requirements is still unknown. Currently, there is no large-scale C-side application based on blockchain technology. Everyone is in a period of exploration. How can we find some suitable direction and use blockchain technology to make valuable applications to C-end users? I think this actually requires joint efforts in the industry. Competition is also a good thing. There are more platforms and choices for developers, and the industry is also a natural fit for the survival of the fittest. Each platform has different characteristics and may focus on certain features when it comes to developers, including ourselves. For example, our support for the IoT industry and the support for the mobile terminal, including its ability to contribute to the development of Bitcoin's ecology, are quite unique and can be distinguished from many projects. The exploration of the industry needs to find the direction toward the C-end. This is the road that the blockchain will inevitably experience in the future.
Reporter: In your opinion, what are the requirements for the C-side of the blockchain?
Patrick Dai: The development of the entire industry integrates technological innovation and idea innovation. It does indeed contain a large amount of speculative behavior. Only then can the entire industry become such a situation today, and it is not saying whether it is good or bad. This matter has developed to such a stage. At the time, we should go back and review the previous development process. We can really find some valuable directions. We can really use technical features and find some valuable directions. In the short term, from our perspective, there are several promising directions. One is like the game field. It has some natural similarities with the blockchain, and it has a good combination of points. In addition, digital content, including audio, video, text, graphics, music, movies, and short videos, is easier to complete because it is the content of digital and the value exchange system built by the blockchain for the digital world. seamless connection. Supply chain, Internet of Things, healthcare, health, food safety, these areas are currently facing a very big challenge, how do we build a seamless bridge, the corresponding real-world data can be used as a trusted source of data can be input On the blockchain network, and the logic of network execution can be fed back to the real world. In the middle, we must solve the problem of trust. Whoever is responsible for the problem of these data links is currently being explored. The late period also requires a lot of time. It requires laws, regulations, and supervision. It requires the industry, technology, and government to work together to promote one thing and truly play a role in the blockchain as a high-efficiency, low-cost value network. How to really promote the progress of technology and let it develop in the right direction requires the practitioners of the entire industry to discuss together.
Reporter: Back to the Qtum blockchain itself, the platform also announced some Dapps projects based on quantum chain development. What are the evaluation criteria for these projects on the quantum chain side or what kind of projects are more welcome?
Patrick Dai: Initially, we designed the whole Qtum blockchain toward the public chain with no threshold. The programming of smart contracts is open. We don't have much preference for the above-mentioned projects. Qtum itself is a neutral platform. It is a software system. There is no threshold for developer development. Anybody who wants to develop corresponding applications can do development on it. However, for projects that have some help for ecology, we will have some support. Some developers don't have corresponding development funds in the early stages. They help us find bugs, attract rewards from third-party developers, including rewards. Some training courses are organized to attract more developers to enter this industry. For very obvious and unreliable projects, we will also try to remind everyone in the community to think carefully and guard against these projects. However, this situation is also difficult to control, mainly because it is difficult to control all project sources, and it is difficult to judge whether the project is doing something seriously. As a platform, we really hope that more entrepreneurs or project parties can really use blockchain technology to solve problems in their industry, so that it can really play its value. The development of the entire blockchain industry is a long-term issue that may take five years, 10 years or even 15 years. It is the biggest opportunity to stick to a stage where the technology is mature, survive and progress.
Reporter: And you have previously published an opinion that 99% of tokens will be zeroed in the next two to three years. What is your judgment based on?
Patrick Dai: The cyclical nature of the development of the industry, the beginning of a lot of projects using the public awareness of the entire blockchain industry differences, through such a concept to raise money or to do some excessive publicity and packaging. The development of the industry has inherent laws. Many such projects will be falsified if they cannot be implemented for a long time. Now investors or people involved are slowly aware of the problems. Any so-called token must resolve some real needs and have the meaning and value of existence. If you simply translate the original point system or the original system, this value is actually not great. There are internal requirements like tokens or tokens in the public chain. For example, a deployment contract must be consumed. It is similar to a license in a sense. There is no threshold for anyone to call the possibility of cyberattacks. There are common tragedies. occur. There is a threshold and a GAS fee. If the value of the upper application token based on blockchain technology cannot find a suitable entry point, only a concept is packaged, and it is gradually realized that many projects will also fail. of. Many new technologies face the survival of the fittest. This is an inevitable thing. You can also share an experience. In fact, in 2013, there was a protocol named “coins” on the Bitcoin network, and a thousand or two tokens were issued. Now, there are two or three types of tokens. Your token is also good. If you do a project that really solves the problem, you can survive in the long run. From our team to do technical research and development or to do technical iteration and innovation, including the recognition of some developers at home and abroad, I hope we can survive the cold winter of the industry or the industry's future. We still have great confidence to continue to innovate. As long as we create value, we will attract many developers. Such a project has its own meaning.
Reporter: It is already past one quarter in 2018. What kind of outbreak will happen in the blockchain industry this year, or will it be in the infrastructure construction stage?
Patrick Dai: There may be some local applications, but for a lot of C-side applications I personally feel it is difficult to appear this year. For example, there are ten million users of C-side users, but also need time. More is the continuous technical iteration. There are more and more new projects entering the industry to solve problems that have not been solved before, such as scalability, privacy, identity, resource isolation, and governance of the blockchain network. There will be more solutions coming out this year. When these technologies mature to a certain degree, there will be more applications on the chain. As I mentioned earlier, the first areas of explosive applications such as games, digital content, including ID, these areas are more likely to have some natural fit with the characteristics of the blockchain, it is easier to take advantage of the blockchain network.
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