Hobbit Ju Jianhua: Cross-chain applications must drive the next round of bull market | 2020 New Area Summit
Produced | Odaily (ID: o-daily)
Produced | Odaily (ID: o-daily)
On August 28, the "2020 New District Potential Blockchain Technology Finance Summit" was held in Beijing.
This summit is co-hosted by Huobi Group, 36kr, and Odaily, sponsored by Behelix & HBTC, strategically sponsored by ChainUP, specially sponsored by PayPal Finance, Conflux, BitUniverse, WaykiChain, XnMatrix, Hashi Co-sponsored by Technology, Mixpay, COCOS, and Shanghai Diyi.
Many authoritative experts and professors from financial institutions such as funds, securities, banks, and industry leaders gathered here to share new information on financial technology and explore the future potential of blockchain.
At the meeting, Ju Jianhua, founder of Behelix & HBTC HBTC, gave a keynote speech titled "Ecosystem Outlook of HBTC Chain", systematically introducing the potential value of cross-chain, the current bottleneck and the road to breakthrough.
Ju Jianhua pointed out that cross-chain can not only connect chains and chains, assets and assets, but also a more effective channel for the traditional world to connect and use blockchains.
"The impetus for this or the next round of bull market must come from cross-chain applications."
There are some problems with the current technical solutions. For example, the way of witnesses is relatively centralized, and the experience of hash locking is relatively poor.
If we still lack the ability to cross-chain, then the market will turn to the way traditional financial institutions handle it, and the problem still cannot be solved. Therefore, cross-chain is imperative, "There is no place for compromise here, and challenges must be faced."
With such determination, HBTC Chain raised 20,000 Ethereum and devoted two years to research and development. Now it has formed a cross-chain solution based on distributed private key management technology. The test network has been officially launched. More ecological applications Also coming soon.
secondary title
The following is the full text of the speech organized by Odaily:
Hello everyone, thank you for your time. Next, I will talk about the feeling of starting a business in the public chain field, hoping to bring you some gains.
Before we start, take a look at the picture on the left. More than 6,000 cryptocurrencies with a combined market capitalization of over $500 billion are constantly growing and changing.
One of the biggest changes is that the market share of BTC and ETH, which used to account for a large proportion, is constantly declining. For example, Bitcoin has dropped from 70% not long ago to 40-50% in the past two months. Why? Because DeFi, Polkadot, Cosmos and other projects have risen.
The decline in the market share of mainstream currencies and the increase in the market value of the entire market all indicate that blockchain and cryptocurrency will develop on a better side. So what problems are these emerging projects trying to solve?
Like Polkadot, which is very popular now, it focuses on the parachain ecology. Recently, the currency price has risen very well, and a large number of Polkadot-based projects are also being issued. It tries to solve how to realize cross-chain between different blockchains.
What I want to focus on today is why cross-chain is needed.
The data and value of different public chains and contracts are separated. There are now more than 6,000 registered tokens, mainly from more than 2-300 different public chains. For example, Bitcoin and Ethereum are completely different worlds , although people now also cross-chain through relays and other methods, there are still problems of low communication efficiency or centralization.
There is actually a big problem here. Without good cross-chain capabilities, cryptocurrencies and traditional industries have little chance to truly integrate.
To give a simple example, if you want to make securities (such as the stocks of many listed companies) into STO and tokenization, you must first try it in a controllable environment such as the alliance chain, but this is completely different from Bitcoin and Ethereum. Fragmentation, you can't take the assets after STO to the whole world on the chain for financial transactions, including loans in the DeFi field, etc.
Therefore, judging from the current market data, cross-chain has just started to promote the development of the blockchain and cryptocurrency industry, and this effect will deepen in the next long period of time, because it truly connects the traditional world and encryption The world of currency, blockchain. The impetus for this or the next round of bull market must come from cross-chain applications.
Now let's look at the business goals and technical solutions of cross-chain.
The goal of cross-chain is to realize the atomic exchange of assets between different blockchains, asset mortgages, asset transfers, transfer of trusted data, and interoperability of contracts.
If you use the current technical solutions, such as the way of witnesses, it is still relatively centralized, and the experience of hash locking is also very bad, including side chains/relays and distributed signatures behind it, which cannot satisfy the above requirements 5 requirements mentioned.
If we still lack the ability to cross-chain, then the market will turn to the traditional financial institution's processing method, that is, through intermediaries and middlemen, there will be risks of running away, or charging high handling fees for operations, and failing to close positions in time And so on.
Therefore, it is imperative to use blockchain technology to do cross-chain. Let everything be based on a decentralized basis that is proven by machines and mathematics, without introducing any technical solutions that require trusted institutions and individuals. We are now doing a lot of research and development to realize such technology, just to promote the whole industry to become bigger. So there is no room for compromise here, the challenge must be faced.
Although the road ahead is long, we must also have firm beliefs. We can see that there will be many business opportunities when the cross-chain is very mature.
For example, the STO assets mentioned above can conduct decentralized cross-chain transactions with mainstream on-chain assets. In this way, the stocks you buy can be tokenized and pledged to raise funds globally.
I believe everyone here knows that some countries have to pay 10%-20% of the loan interest rate, but in some countries such as the United States for a period of time, especially Japan, the interest rate has been negative for a long time. Have to pay the bank.
With the cross-regional flow of assets, people in areas with negative interest rates can hold stocks or securities as collateral to borrow assets and charge 2% or 3% interest rates, which not only solves the problem of negative interest rates, but also allows borrowers to obtain very low Borrowing costs.
This financial system does not involve any centralized institutions, and it is more credible than any multinational company or any bank. It is conceivable what impact it will have on the financial markets of the entire world.
We have seen that most of the current DeFi boom is driven by developers or companies from European and American countries. It is rare to see that the Chinese have any advantages in this field. All successful projects are done by foreigners because they have indeed seen this. There's a huge opportunity out there.
Although everyone feels that there is a bubble and that they still don’t quite understand what happened in this world, but from what I just said, we are actually facing huge opportunities in this world, and cross-chain is its foundation.
Let’s talk about the cross-chain technology we are providing now, which is currently a relatively competitive solution in the world.
HBTC has been established for 2 years. In 2018, it received 15 million US dollars in angel investment. Huobi and OKEx Group are also our shareholders. HBTC Chain melted 20,000 Ethereum. This is why we have the ability to spend 2 years doing research.
This is my personal background introduction. He has deep experience in leading exchanges in the industry and traditional financial technology companies.
Our solution is very simple, but relatively reliable. It generates signatures based on decentralized private keys, and realizes cross-chain through distributed private key management.
The core of the cross-chain requirements mentioned above is the use of private keys. We enable the management of private keys to be realized in the form of blockchain, realize asset custody through private key agents and realize different chains on the blockchain ledger. The exchange and delivery of assets between them is fast and safe.
Our testnet is now live. We have also applied for patents for this algorithm in various countries, and it should be the most advantageous in practical applications.
In the future, if you and everyone here have the opportunity to enter the field of DeFi or alliance chain or blockchain, if your business needs to generate links with cryptocurrencies, we can provide some help.
In addition to technology, we are still doing some ecological construction of HBTC Chain. Including node governance, cross-chain scale, DeFi, AMM Pool, STO, wallet tools, ultra-light nodes, cross-chain OTC, and DAPP, these functions are all realized by our cross-chain core system.
Read more:
Read more:
