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Next Vent: What You Should Know About the Coin-Free Block Chain
Weizhong Bank jointly develops BCOS, the bottom platform of enterprise cascade alliance chain, Suning launches "Star Home", Huawei launches "Cloud Block Chain Service", "Block Chain Structure" and Tencent launches "Block Chain Structure". More and more traditional Internet enterprises are trying out block chain business, but these enterprises'block chains and what we know about them. One of the biggest differences in block chains is that traditional Internet enterprises do not issue coins or raise funds, and their passes can not be traded, which is also known as the non-coin block chains.
Although there are some reasons for policy supervision for enterprises to choose the non-currency block chain, it is more likely to be based on their own needs and pain points. Blockbeats have prepared a collection of knowledge about coinless block chains that you need to know. Recent hot spots, don't miss it.
What is a coinless block chain?
In May this year, CCTV Finance and Economics "Economic Information Broadcasting" discussed two directions of the "coinless block chain":
Firstly, enterprises can build a closed system in which they can play as long as they don't exchange French currency, such as "Chain Ke" of Xunlei and "Star Home" of Suning.
Among them, Suning's "Star Home" builds a business model of home through scene integration, realizes data and traffic realisation, and at the same time reverses Suning's easy-to-buy business. The concept of block chain is used to attract users, and the incentive of "energy stone" is used to attract speculative users.
Secondly, if the public transfers the right to keep accounts to the government's intelligence departments, then there will be no need to reward Token, such as the block chain deposit certificate award applied by the Guangzhou Arbitration Commission.
In March 2018, Weizhong Bank, together with Guangzhou Arbitration Commission and Hangzhou Yibi Science and Technology, set up an "arbitration chain" based on block chain technology. Using distributed data storage and encryption algorithm, the transaction data can be signed by consensus, and the real-time preserved data can form a chain of evidence through intelligent contracts to meet the requirements of authenticity, legality and relevance of evidence, so as to realize evidence and trial. Standardization.
The emergence of de-centralized encrypted currency and Token bypasses the existing centralized legal supervision system, and makes the participants in the block chain enter an early financial ecology. In the bull market of 2013 and 2017, the emergence of tens of thousands of new currencies and Tokens has been stimulated. But in the process of making wealth, there will inevitably be bad money, so that investors lose their personal assets without protection.
Moreover, bypassing the existing legal supervision also means being supervised at any time, or even being classified as illegal. For example, in 2013 and 2017, the Chinese government supervised the digital encrypted currency and ICO, which made many enterprises realize that ignoring supervision is tantamount to playing with fire. Therefore, even if large enterprises see the importance of encryption consensus mechanism, they dare not issue encrypted currency and Token, but focus more on the application of "chain" instead of "currency".
Large enterprises at home and abroad, such as IBM, Microsoft, Tencent, Ali, Huawei, Jingdong and so on, have released the related projects of the coinless block chain. In addition, in addition to the central bank encryption currency, encryption consensus in the field of government applications are coinless.
There are some differences between coinless block chains and coin block chains.
1. Fundraising Function
For a start-up, there are only three ways to raise money: venture capital, bank loans, or angel investors. The currency block chain undoubtedly provides a new way for start-ups to raise funds to the public. According to the current operation mode of capital market, only when an enterprise reaches a certain standard can it be listed on the stock exchange. And the currency undoubtedly lowers the threshold for start-ups to raise funds.
On the contrary, the current application of non-currency block chain is more traditional large and medium-sized Internet enterprises, which have a certain business foundation and stable cash flow, obey government supervision and apply the block chain technology. Whether operators or users, the demand for money is not high, and they pay more attention to the underlying technology.
2. Passport Economy
First of all, let's discuss what a licensing economy can bring to the current world.
First, supply side. The supply of circulars is fully market-oriented and highly free. Anyone, any organization and any institution can issue certificates of rights and interests based on their own resources and service capabilities. Moreover, circulars are running on the chain and can be verified, traceable and exchanged at any time. Their security, credibility and reliability can not be achieved in any way before. So every organization and individual can easily write, pass and market their promises now.
Second, the velocity of circulation. Passes on block chains can flow hundreds of thousands of times faster than previous cards, coupons, integrals and tickets, and because of the application of cryptography, this kind of circulation and transaction is extremely reliable, disputes and frictional costs will be reduced hundreds of thousands of times.
Third, price discovery. Because of the high-speed circulation and transaction of the passes, the price of each passport will be determined quickly in the market. This is the invisible hand of the passport economy. It is hundreds of times more sensitive and delicate than today's market price signals. It will push the efficient market and even the perfect market into every micro-field.
The currency-free block chain retains the functions of supply side running on the chain, verifiable, traceable and exchangeable at any time, and removes the functions of reducing friction costs and reflecting market prices in real time. Such a trade-off is not harmful to some companies that offer low-frequency services, but it is equivalent to giving up the essential changes that block chains can bring to those companies that provide high-frequency services.
3. Early User Acquisition
It is well known that most of the money block chain projects on the market are cold start, through the issuance of their own Token to quickly raise funds and obtain the first batch of users of the project, thereby speeding up the acquisition speed of users. Analogous to the "subsidy war" of the Internet, the Internet companies at that time were all real money to gain users in exchange for user growth.
In the world of block chains, the project of coin block chains obtains users by Airdropping corresponding Token incentives to users, thereby improving the growth rate of users. Comparatively speaking, the project of coin block chain obtains users by issuing Token, which has low cost and high efficiency. The project of coin block chain will lose the advantage of using Token to motivate users at the beginning.
4. Property of Investment Instruments
The reason why block chains can get such high heat in a short time is closely related to their ability to finance and market transactions and other financial functions. Because of its investment attributes, the currency block chain triggered the upsurge of virtual money investment in 2013 and 2017, which gave ordinary investors the opportunity to invest in start-ups and even attempted to subvert the traditional investment market.
The emergence of coinless block chains has gradually returned investment to the traditional mode, that is, start-ups can only invest through mature venture capital companies, ordinary investors will no longer be eligible to participate. To some extent, the non-currency block chain protects the small and medium-sized investors, but it also greatly reduces the participation of the public and the enthusiasm of the block chain, and makes the small and medium-sized investors lose a tool of "investment value-added".
5. Block Chain Ownership
In the current block chain world, the degree of decentralization is the highest in the public chain. Private chain and alliance chain have completed a certain degree of decentralization, mostly used by companies, governments or alliance agencies.
Private chain writing rights are controlled by an organization or organization, and data access rights are regulated by the organization, either open to the outside world, or have a certain degree of access restrictions, which can be simply understood as a weakly centralized or multi-centralized system. Compared with public chains, private chains have shorter time to reach consensus, faster transaction speed, higher efficiency, lower cost, and are more suitable for internal use of specific institutions.
Alliance chain is a block chain between public chain and private chain, which can be partially decentralized. Each node in the chain usually has its corresponding entity or organization. Participants join the network by authorization and form a stakeholder alliance to jointly maintain the operation of the block chain. It also has the characteristics of low cost and high efficiency.
According to their own needs, many enterprises and governments prefer to adopt private or alliance chains, which can control the ownership of block chains by themselves, with low cost and high efficiency. To some extent, they have completed decentralization, but there are still potential risks of opacity.
How should enterprise users choose block chains?
Application scenario requirements
Different enterprises have different products and services. To choose a coin block chain or a coinless alliance chain or an enterprise internal chain, it is necessary to define their own needs according to the application scenario for users.
Banks and other financial scenarios prefer to adopt a coinless alliance chain. For banks, public chains can not meet their basic needs of understanding customers and anti-money laundering, so they tend to choose alliance chains.
In the September issue of Bankers, Di Gang, deputy director of the Digital Monetary Research Institute of the Central Bank of China, wrote that the alliance chain application with multiple security systems should be vigorously developed to promote real economic development by landing the practical application scenarios. Assuming that the central bank develops a settlement and liquidation system based on the alliance chain, ICBC, China Construction Bank, Agricultural Bank and other banks join the system as members of the alliance and obtain corresponding authorization, real-time settlement and liquidation between different banks can be carried out in real time.
Compared with the existing centralized system, this method not only greatly improves the efficiency of settlement and liquidation, but also greatly reduces the cost of settlement and liquidation. Almost no workload proof consensus mechanism is used in alliance chain, but consensus algorithms such as proof of rights or PBTF are used. More suitable for trade associations, high-level organizations, large chain enterprises to the subordinate units and regulatory agencies of the transaction and supervision.
Some financial and auditing institutions tend to use internal chains to store books and databases. Only users with relevant authority can access and modify data. Its transaction confirmation speed, low cost and high secrecy make it especially popular with traditional Internet companies and large financial institutions.
App, which is not sensitive to time, such as social networking, prefers public chains. The public chain is more suitable for the to C scenario. The behavior on the chain is completely open, uncontrolled by anyone and not owned by anyone. Everyone can participate in accounting. But because of this, public chains are less efficient than alliance chains and private chains, consume electricity, and take longer to verify and complete transactions. Therefore, low-frequency to C scenarios are more suitable for public chains.
Traditional large Internet companies such as Tencent and Huawei choose to combine block chains with their original cloud computing business and build a whole ecosystem. For example, Tencent Block Chain (TrustSQL) structure includes three layers: Trust SQL, Trust Platform and Trust Application. It also envisages four main applications, including digital assets, authentication services, shared accounts and shared economy. At the same time, it provides an open platform for BaaS (Blockchain as a Service), which can be used by enterprise developers. Register for use.
Demand for fund-raising
If the enterprise has the need to raise funds, the currency block chain is undoubtedly a better choice, but the compliance is not within the scope of this article, let alone mention. For small and medium-sized enterprises, high-risk enterprises and some enterprises seeking listing, the currency block chain gives these enterprises a new way of financing.
At the beginning of the emergence of the licensing economy, many players in the market believed that it was a subversion of the current venture capital industry. It was no longer like the previous venture capital institutions to have full voice. The licensing economy made financing easier for enterprises, and more ordinary investors could access high-quality start-ups. However, with the development of the whole block chain industry, the natural law begins to appear. The whole industry is obviously inclined to the side with advantages in resources and information. Good projects are gradually monopolized by high-quality venture capital institutions. Individual investors can only invest in the remaining projects picked by venture capital institutions, and eventually only take over in the secondary market. The head effect is very obvious.
The virtual money market can not only provide financing channels for these small and medium-sized enterprises, high-risk enterprises and companies seeking listing, but also provide liquidity in the trading market. At present, the virtual money market has low access threshold and allows global circulation. A large number of retail players in the market can provide some enterprises with better liquidity than traditional financial markets.
How should ordinary people choose block chains?
Ordinary users are actually insensitive to the underlying technology of block chains, and most people will eventually only contact and use the technology of block chains as software or products of the underlying technology. And choosing the coin block chain or the coin block chain is more a problem that enterprises need to think about. They need more users to bring better experience for users, and their choices will ultimately affect the experience of ordinary users.
For retail investors, the absence of Token means that they can not invest in the digital encrypted currency level, but they can invest in listed companies that use or develop the technology of coinless block chains, and of course, they can also choose the project of coin block chains to invest in Token. Investors can always find the best investment target for themselves.
(Source: Block Beats of Block Rhythm)