From 29 to 30 June, the World Blockchain Conference was successfully held in Wuzhen, the venue of the World Internet Summit.The summit is themed “seeing the future” with sessions including the opening ceremony, “Thousand ship sailing – blockchain 3.0”, “Global supervision and blockchain governance”, “Discovering the next unicorn – Wuzhen Blockchain Investment Forum”, “Opportunities and Challenges – Blockchain Empowering the Real Economy”, “Digital Assets and User Privacy – Blockchain Application and Security Forum”, “Certified Economy and Blockchain Business Model” , “AI · Cross-border” .
The summit is dedicated to the promotion of blockchain technology and the application of commercial applications, strengthening inspirations between domestic and overseas counterparts, and promoting the development of blockchain industry in China in a healthier and more rational way. There is a major venue, 9 sessions, 48 booths and 50+ speeches. The two-day conference is joined by more than 4,000 participants from all over the world. Wuzhen, an important source of innovation in the development of the Internet in the world, host the crowd in the typical beautiful picture of Jiangnan village.
The following is a summary of key opinion of the summit, which hopefully can guide our readers to have a glimpse of the future.
What are the major concern when investing in a blockchain project?
Li Zongcheng, CEO of Timestamp capital, summed up three points:
1. The projects initiated by the seasoned bitcoiners are trustworthy.
2. Look at the project direction;
3. Look at the project team.
Zhou Zihan, head of the OKex group investment, assess projects from the three aspects:
1. The overall development trend of the blockchain industry,
2. The staged development opportunities of the blockchain industry,
3. Understanding the creative force three aspects of the vertical industry blockchain transformation. The opportunity to invest in the blockchain industry.
Zhang Ling, head of Binance Incubator, believes that there are problems like scalability, decentralization, privacy, security and compliance in the process of industry development. Based on this, Zhang Ling believes that the key focus is on the public blockchain, decentralized exchange, escrow wallets, stable currencies, investment systems and trading platforms.
Guo Yuhang, an investor with a lawyer background, believes that if there are lawyers in the founder team as a result of regulatory concern.
“I will be more willing to invest in such a team.”
Patrick Dai, founder of Qtum, share his speech titled “the evolution of public blockchain”:
“Token is nothing new.In 2013, thousands of tokens have been issued on the Bitcoin network through omni protocol. Today, USDT is still running on bitcoin network.During the bearish market in 2014, most of the tokens have disappeared.”
The positive side of token is that through a unified, credible and fair distribution mechanism, more people's enthusiasm can be mobilized to promote social productivity, promoting the transformation of human business models from centralization to distributed business systems.
Token is different from royalty credits. In the opinion of Zhou Zihan, head of the investment section of OK Group, token is different from the royalty credits because token has better liquidity, bringing better incentive effect.
“If we don’t replace the exisitng credits with tokens, but rather use the token to connect isolated business scenarios. It would be like expanding the original customer boundary.”
Token can promote faith, credit, and trust.
Yuandao is the first person in China to propose to translate Token into a “Tongzheng or pass”, and put forward the concept of multiple blockchain. Token economy is freedom, which is based on the community self-governance from the bottom up. Through a decentralized community, we will use self-discipline and autonomy to create a new free, prosperous and powerful pass-through economy. Yuandao said that from a strategic point of view, the certificate is a human consensus symbol that connects the essence of cryptography. Once the issue is global, once the circulation is global circulation, the certificate can promote faith, credit, and trust.
Mircree Zhan, co-founder of Bitmain, believes that tokenization is trending. If the company’s stocks are tokenized, it will make the modern corporate financing time and cost more reasonable. Token holders are participants in corporate economic activities. Participants use Token to purchase corporate products and services. Based on the production chain of blockchain, our innovation will be more diverse, faster, more instant, and more popular. The cost of innovation will be lower, and in addition to intelligence, other constraints on workers will be less and less. The participation of economic activities will be more extensive, and the data of participants and the economic activities of participants will be tokenized.
Yuan Yuming, Director of the Huobi Blockchain Research Institute, believes that blockchain 3.0 should be a distributed economy. Unlike the past, there will be more tokens to promote a virtuous circle of the entire economy, bringing producers, owners and users all together. It's the future.
Token-based financing relies heavily on the whitepaper. In a certain sense, it's even more premature than seed round funding, which means the highly likelihood that the project would fail.