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 With the development of the Internet today, there is no doubt that blockchain technology has become the most disruptive technology. Unlike the Internet, which is limited to entertainment and social methods, it will bring all-round changes to our lives. At this stage, blockchain is still under infrastructure construction and there are still investment opportunities. In the future, blockchain technology will not be limited to Internet 2.0, but the square of the Internet.  On January 26th, San Francisco time, the first China-US Blockchain Summit Blockchain Connect Conference was held at the beautiful Palace of Fine Arts in San Francisco. This event was hosted by Silicon Valley Secret Agent and co-sponsored by Draper Dragon, ConsenSys, Danhua Capital, and Bodhi. The event was attended by heavyweights: Litecoin founder Charlie Lee, Ripple CEO Brad Garlinghouse, Joseph Poon, Monero core developer Riccardo Spagni and other industry trendsetters, "veterans" in the venture capital industry Andy Tang, Todd Chaffee, and founders of a series of high-quality blockchain projects all made wonderful speeches at the conference. Blockchain is not Internet 2.0, it is the Internet squared After Li Pan, CEO of Silicon Valley Secret Agent, gave the opening speech, Andy Tang, fund manager of Draper Dragon, the top venture capital firm in Silicon Valley, also gave a wonderful speech. In his speech, Andy Tang mentioned that blockchain is not Internet 2.0, but the square of the Internet.  ▲Li Pan, CEO of Silicon Valley Secret Agent, delivered the opening speech As Andy Tang said, blockchain technology in 2018 is like the Internet in the late 1990s, and blockchain technology is also the most disruptive and expansionary technology since the advent of the Internet. Andy believes that the most critical part of current blockchain technology is the construction of infrastructure. Once the infrastructure is completed, blockchain technology will bring about the decentralization of the entire society.  In his remote opening speech, Tim Draper, founding partner of DFJ and Draper Associates investment funds, said: “I have been dealing with the financial industry, and I know that blockchain will be the future trend. ” Tim Draper also predicted: “In the next two years, there may be some ups and downs in the blockchain field, but just like Bitcoin, although there are ups and downs, because everyone has demand for this new technology, blockchain is still the future. If the Internet has changed the way we socialize and entertain, blockchain may bring more profound changes to many areas of our lives: insurance, real estate, etc. ” Tim Draper, the founding partner of DFJ Investment Fund, was one of the guests at this conference. As a well-known investment "veteran" in Silicon Valley, Draper has been in charge of DFJ Investment Fund for more than 20 years and has investment businesses in more than 30 countries and regions around the world. Tim Draper has participated in early investments in Skype, Tesla, Space X and other companies that we are familiar with. ； Its investment in Baidu has become a classic success story in the investment community with a return rate of more than 50 times. Charlie Lee: Litecoin is not trying to replace Bitcoin Litecoin founder Charlie Lee also made a wonderful speech at this conference. Charlie Lee was inspired by Bitcoin while working at Google and developed Litecoin based on the same decentralized digital currency principles ； As of press time, Litecoin’s market capitalization ranks sixth.  Charlie Lee mentioned the proposal for "minimum trading signal fees" in his speech. He believes that the current transaction fee pricing power is not controlled by miners, so three problems arise: Transaction fees cannot be marketized, and miners lack the right to speak. SPV clients find it difficult to calculate their fees Developer sets fee Therefore, Charlie Lee proposed to let miners set the minimum fee they are willing to accept. This way of letting miners set fees "kills three birds with one stone": On the one hand, miners have an incentive to set the highest price possible, but if the fee is too high, other miners will "take" the fee.； In addition, SPV clients fee estimation, which uses the median of previous blockchain fees to estimate transaction fees, can also adjust fees. ； In addition, the market can also set minimum amounts and relay fees. When asked by the audience whether Litecoin would replace Bitcoin, Charlie Lee replied that the original intention of Litecoin was to make up for the shortcomings of Bitcoin, not to replace Bitcoin.； He believes that Bitcoin is the "king of digital currencies" and currently he does not see the possibility of any currency replacing Bitcoin. How will governments and financial institutions affect blockchain development? In the conversation "Cryptocurrency requires banks and governments to develop," angel investor Elad Gil quoted JPMorgan Chase Chairman and CEO Jamie Dimon as saying that when traditional financial institutions such as JPMorgan Chase say "Although we do not believe in cryptocurrency, we believe in blockchain" is like saying "Although we do not believe in the Internet, we believe in the TCP/IP protocol."  The skepticism of traditional financial institutions towards cryptocurrencies stems from the source of their true value: Are cryptocurrencies really valuable? For a long time, it was not easy to answer this question.  Elad Gil believes that this is why many traditional large banks and financial institutions have already had blockchain departments, but until 2017, they did not really make any big moves. 2017 was the “tipping point” for blockchain: as the prices of some cryptocurrencies soared, customers from traditional financial institutions also began inquiring about investing in cryptocurrencies. In the future, what attitude will governments around the world have towards blockchain and cryptocurrency? Gil believes that at the end of the day, all the government cares about is that they don’t want people to invest in cryptocurrencies without understanding the risks. ； Don’t want to lose tax rights ； It's not like letting the financial order get out of hand. Although the specific policies of governments vary from country to country, these factors are generally common. Todd Chaffee, an early investor in Facebook and Google: Athlete CEO and Magician CEO How do top VCs view blockchain projects? During the fireside chat session, General Partner Todd Chaffee of IVP, one of the top investment institutions in Silicon Valley, shared his investment philosophy and some of his thoughts on investing in blockchain.  One of IVP's most successful investments in the blockchain field is Coinbase: Like any venture capital, Todd Chaffee and IVP have to look at many projects every day. He concluded: Whether it is a blockchain project or a traditional project, 90% of these projects are "obviously not feasible", 9% make them "hesitant", and the remaining 1% are "obviously very good and stand out." At that time, IVP immediately determined that Coinbase was just this 1%. What projects will you invest in in the future? Todd Chaffee said that they are looking for projects with underlying facilities in the blockchain field, and are looking for Amazon, Google, and Yahoo in the blockchain field. Of course, from the Internet to the blockchain era, the most important thing in investment is the team, especially the “head” of the team. As a Silicon Valley veteran who invested in Facebook and Google at a very early stage and chatted and laughed with Zuckerberg, Sergey and others, Todd Chaffee also brought a very interesting theory: There are two types of CEOs, the athlete and heartthrob type, and the magician type. ”Needless to say, the "charming" CEO is handsome and well-liked.； Todd Chaffee believes that "magician" CEOs are the real disruptors: Jack Dorsey and Zuckerberg of Twitter are all like this. This kind of person is different from ordinary people, so it is more challenging to judge whether they are worthy of investment, but if the judgment is accurate, it is also this kind of person who can bring benefits of a thousand times or more. What are the two biggest characteristics of this kind of person? First, the strategy is clear ； Second, you won’t be deterred. In addition to Todd Chaffee, Andy Tang, the head of Draper Dragon, another top investment institution in Silicon Valley, also mentioned its investment logic in his speech at the conference: 1) It is disruptive； 2) Take a long-term view and not be affected by short-term fluctuations. In addition, Professor Zhang Shousheng, the founding chairman of Danhua Capital, also gave a wonderful speech on the topic of "From the Beauty of Mathematics". Monero: How Cryptocurrency Protects Our Privacy Riccardo Spagni, the main developer of Monero, the leader of anonymous coins, also flew to San Francisco from South Africa to attend this meeting. Do people need cryptocurrency to protect privacy? Perhaps you have heard many people say something like this: “I have done nothing untoward, so I don’t need to protect my privacy. ” However, Riccardo cited Snowden's comments and said this amounted to "I have nothing to say, so I don't even need free speech. ” The logic obviously doesn't hold up.  Privacy issues go far beyond that: he emphasized that the reason why anonymous currencies like Monero were developed was because he believed that non-anonymous currencies make digital currency assets "exposed to the world", just like others knowing how much money you have in your bank account. It is very unsafe. Several kidnapping cases targeting digital currencies last year also illustrate this problem. Genero co-CEO Jason Inch also added that privacy is not necessarily about “keeping your information private,” but about returning the decision-making power of “what to keep, who to keep it secret, and when to keep it secret” to the data creators themselves. He believes that this "right to decide the data you generate" is as important as confidentiality itself. Ripple CEO: Where has cryptocurrency developed? It’s still Ford’s Model T Ripple CEO Brad Garlinghouse is undoubtedly one of the biggest highlights of this blockchain conference. At the end of 2017, the market value of Ripple reached US$73.65 billion, surpassing the market value of Ethereum (ETH) of US$70.51 billion, becoming the second-highest market value digital currency after Bitcoin (BTC). Although the price fell slightly later, Ripple still ranked third in market value as of press time.  Brad Garlinghouse mentioned in the conversation that the future development trend of cryptocurrency must be diversification. He used the earliest Ford Model T as an example: Ford has a joking saying that they can provide customers with any color they want, as long as it is black. Today's digital currency development process is like the Ford Model T back then. It will be more diversified in the future, and diversified digital currencies will bring profound changes to our payment and transaction methods. High-quality projects: the backbone of blockchain The conference was attended by many stars, including many very high-quality blockchain projects: Shuai Chu, the founder of Qtum, pointed out that the changes that the decentralization of blockchain technology will bring are not just technical changes, but a comprehensive change that will have a profound impact on all aspects of society. As a global network, Quantum Chain has 1,400 nodes operating in 57 countries around the world. Applications such as prediction markets, energy industry, medical care, identity authentication, telecommunications industry, stable currency, and distributed exchanges are all used on the platform. When asked about the misunderstandings about the "consensus model" that people need to be aware of, Bodhi founder Lin Jiehong mentioned the following two points: First, more POW is not better. Lin believes that POW should be used by as few cryptocurrency communities as possible. For some other blockchain projects, POS may be a better way. ； Second, projects “built on blockchain technology” are not necessarily decentralized projects. DeepBrain Chain is issued based on Ethereum, allowing artificial intelligence neural network calculations to be decentralized and distributed to a large number of nodes around the world. It is intended to provide a low-cost, private, flexible and secure decentralized artificial intelligence computing platform for artificial intelligence products. In his speech at the conference, DeepBrain Chain CEO He Yong specifically mentioned its cutting-edge scientific research project DBC lab, which aims to reduce DBC network energy consumption with deep network algorithms. BeeChat, a software specially designed for people in the blockchain circle to chat, is a social APP for WeChat + blockchain token management and even trading. BeeChat uses unique decentralized distributed technology and highly secure encryption services to ensure free global chatting ； It is also based on Quantum Chain blockchain technology and supports BTC, ETH, and Qtum mobile wallets, making sending red envelopes and transferring money as easy and fast as chatting. So, after seeing so many, who impressed you the most? We pay close attention to everything happening in the blockchain, embrace the trends and reject the leeks. "New Knowledge on Blockchain" is a newly incubated product of the new financial knowledge and new media matrix, led by Lu Xinzhi, a veteran financial expert! Contact us Upstream and downstream participants in the blockchain are welcome to join: for business cooperation, franchise columns, contributions, and conversations, please add WeChat: Luxinzhion. To join the Financial News reader group, or to authorize article reprinting, please add WeChat: sq3121. View exciting blockchain articles from past issues
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