Cai Weide: China needs a national standard in blockchain technology
Recently, Cai Weide, the chairman of the Blockchain Industry Professional Committee, was invited to participate in the [Hunting Theme Event] to answer the recent hot spots in the blockchain industry. Related articles will be published in the near future, so stay tuned!Blockchain Industry Committee
Recently, Cai Weide, the chairman of the Blockchain Industry Professional Committee, was invited to participate in the [Hunting Theme Event] to answer the recent hot spots in the blockchain industry. Related articles will be published in the near future, so stay tuned!
Introduction: With the development of the Facebook Libra incident, we have to think about a problem. Huawei, Tencent, Ali, Baidu and other technology Internet giants have technical reserves and should also intend to participate in the new currency competition opened by Facebook. However, the number of their global users is not of the same order as Libra, how to compete? What should the Chinese version of Libra look like?
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Cai Weide
Chairman of China-Asia Economic Development Association Blockchain Industry Committee; Distinguished Expert of the National "Thousand Talents Program"; Doctoral Supervisor of Beihang University; Bachelor of MIT; Doctor of Computer Science at the University of California, Berkeley; 30 years; Scientific Advisor of the Blockchain Research Center of University College London; Chief Scientist of Tiande Technology; Director of Blockchain Internet Laboratory of National Big Data (Guizhou) Comprehensive Experimental Area; Honorary President of CCID (Qingdao) Blockchain Research Institute ; Director of the Blockchain Special Committee of Beijing Internet Finance Industry Association.
The following is President Cai's statement:
1. Bank of America is also anxious to find cooperation with China, hoping to solve the problem together
The author narrates what happened recently. Many foreign banks contacted me, including American banks. You may find it very strange, why did Bank of America contact me? Because the emergence of Libra not only affects the central banks and commercial banks of various countries, but also affects the commercial banks in the United States!
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2. Three (MaRT) conditions are required for a successful stablecoin
First of all, we need to know that no matter which company is going to compete with Libra, it must meet the following three conditions,
Market (Ma): The first condition is to have a huge market. For example, Facebook has 2.7 billion potential customers. In such a large market, there may be more than 100 companies willing to pay 10 million US dollars each to join the Libra organization.
Regulation (R): The second thing is to accept government regulation. How many digital tokens would say they are willing to accept government regulation today? In fact, most digital tokens try their best to evade government supervision. Libra regulation is more complicated than digital stock regulation in general countries, because it is international and not only regulated by the U.S. government, but also by governments of other countries. It can be seen that Facebook adopted a very low-key attitude during the U.S. Congressional hearings. They have always said that they are willing to cooperate with regulators. Indeed, they communicated with the U.S. government and the Federal Reserve long before issuing the white paper, and released the white paper only after obtaining official permission. It can be seen that Facebook has already established a relationship with them during the hearings.
Technology (T): The third is to have a superb technology, an original technology. This technology cannot be like IBM's Hyperledger, Ethereum, and Bitcoin. For example, Hyperledger cannot support more than 34 bank payment applications. Experiments in 2018 proved that it cannot be done. JPMorgan Chase Bank also issued a document in May 2019 stating that Hyperledger is not a blockchain.
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3. Taishan Sandbox confirms that Facebook technology is original
The white paper published by Libra is very plain, and it seems that there are no bright spots. In fact, after reading it, I think there are ten thousand times brighter. For example, he said that Ethereum and others cannot support large-scale transactions, and insisted on using Byzantium and insisting on scalability. This is what the author has been talking about since 2016. When I saw this, I knew that the technology behind Facebook was very powerful.
Later, we downloaded the Facebook code, and then used the similarity analysis of Taishan Sandbox. According to the analysis results, the similarity between Facebook and all current blockchain systems is 0! Indicates that the Facebook code is completely original!
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4. Taishan sandbox experiment to verify the authenticity
Who is willing to use his code to test and experiment in Taishan sandbox? Today Facebook's code has been analyzed in Taishan Sandbox, which should be the first systematic analysis of Facebook's code in the world.
Want to know if the code is original? When analyzing, it should not be placed in the project developer's laboratory. Any unit that puts it in its own laboratory can produce good data, but it may not necessarily be tested on a third-party testing platform. Today, Taishan Sandbox, as a third party, has analyzed many blockchain system codes and collected a lot of data. We can clearly see which blockchains are real and which blockchains are fake.
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5. The actual business system has high requirements
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6. Regulatory needs will change blockchain design
Another thing is also very serious, that is, once there is supervision, how should the blockchain system be designed? May be completely different! The Bank of Canada wrote a report in 2017, which said that there are some so-called enterprise blockchains that have made many mistakes that should not be made. Although these companies claim that the system is safe and reliable, in fact they are not. Safe, unreliable, and unregulated.
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7. European regulators will fight Facebook with regulations
If faced with the European Central Bank or the Bank of England, they must require that Facebook's system must have a corresponding regulatory mechanism, and Facebook must change its blockchain to comply with this regulatory mechanism. Because Facebook has to serve many countries, its system will always change, and central banks of all countries will give him problems. Therefore, in order to comply with regulations, Facebook will always change its design. The Bank of England has stated the above position after the Facebook Libra white paper came out in 2019.
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8. PFMI will change the blockchain system
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9. Facebook’s important code may not be open-sourced, and the Facebook code cannot be run
Some people say that I can have the technology of Facebook. In fact, it may mean that I can get Facebook's open source code. Anyone can have Facebook's technology, but it is very likely that Facebook's code will not be completely open source, especially the regulatory code may not be open source.
Facebook is willing, and regulators may not agree. Therefore, if you get Facebook's open source code, but you don't get the regulatory code, the system will not work, because the regulatory agency will not agree to run it.
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10. In terms of technology, China needs to have a national standard
In addition, if you want to issue stablecoins abroad, there is another very serious problem. Today in China we "learn" foreign open source systems. Many projects in China come from open source software. We all use "learning" this open source software Proud, China has also been greatly helped by open source software.
However, if China wants to develop a transnational stable currency for cross-border payment, when others see that the first or second Chinese army uses American technology or technology from other countries, they will say that you China is a "copycat" (copycat) ), is to plagiarize others. In China, you can do this, but you can't lift your face when you go abroad.
"Blockchain Industry Professional Committee"
"Blockchain Industry Professional Committee"
The initiation report was submitted on November 22, 2018, and the establishment was approved by the China-Asia Economic Development Association on December 14, 2018. It was formerly known as the "Small and Medium-sized Enterprise Promotion Association", which was established under the supervision of the Ministry of Foreign Affairs and approved by the China-Asia Economic Development Association. The committee actively carries out exchanges and cooperation with the blockchain industry of various countries in the world, and serves my country's small and medium-sized enterprises and social economy through the formulation of industry standards, investment promotion, industrial integration, economic and trade exchanges, information consultation, rights protection, and corporate social responsibility. , to make due contributions to the country's "Belt and Road" initiative
