Cyber Republic Newsletter
Oct 8, 2019
Welcome to the latest snapshot of Cyber Republic history!
In this edition, we display yet another Elastos use-case in light of recent news; present the exciting revenue sharing dApp Starwire; take a closer look at the Data Capitalization Campaign and launch of Leo on Elastos; bring you the latest, gem-packed Feng Han interview; break down a technical term you’re bound to come across; and report on community activities, Suggestions & Proposals, and more.
Happy reading 🙂
Rong Chen, Yipeng Su, and Jingyu Niu recently presented and discussed Elastos and the smart-web at the W3C 2019 Technical Plenary and Advisory Committee Meetings (TPAC).
Elastos was listed on X CoinCodeCap. The website tracks and ranks crypto projects based on their Github activity.
Elastos.Academy has been updated! We highly suggest developers take a look at the Academy to learn more about Elastos and create their first dApp.
Bitwork launched a writing competition on Twitter. Prizes include a free startup booth at the Malta AI & Blockchain Summit.
An ELA standalone update for ELLIPAL will be released soon!
In Hong Kong, “Sunny” Feng Han visited Junjie Deng, the Chairman of the Board of Asia Television Limited. Both sides agreed to issue tokens for limited edition of the shows by Canton pop stars Eason Chan, Aaron Kwok, Priscilla Chan, etc. on Elastos DMA.
Feng Han announced that he’ll be meeting with US Democratic Party Presidential candidate Andrew Yang in late October. Andrew Yang is a proponent of data privatisation and capitalisation.
“..titan social media conglomerates aren’t the only entities that are monetizing people’s information. There’s a huge black market in which certain medical records are being sold at around $408 on average.”
Think that Google and Facebook are the only ones selling your data to the highest bidder? Think again.
These titan social media conglomerates aren’t the only entities that are monetizing people’s information. There’s a huge black market in which certain medical records are being sold at around $408 on average. These medical records hold extremely valuable information such as social security numbers, credit card numbers, addresses, full names, and much more.
The security infrastructure at hospitals and medical centers are in shambles. In fact, according to a recent article on Propublica, “Hundreds of computer servers worldwide that store patient X-rays and MRIs are so insecure that anyone with a web browser or a few lines of computer code can view patient records”. These offices and centers, just in the U.S. alone, have computers left without password protection or any other security precautions.
A recent report uncovered by Greenbone Networks highlighted almost 25 million records being exposed in 52 different countries. One quote from the article addresses an interesting point in the medical/hospital space. “Just because something can be connected to the internet, it doesn’t necessarily mean it should be connected to the internet – especially where there is personal sensitive information involved – and even more so when there is apparently little to no investment in security controls to validate that the data is secured properly,”said Javvad Malik, Security Awareness Advocate at KnowBe4.” This is a very savvy point made by Mr. Malik. Just because something can be connected to the internet, it doesn’t mean it should be connected to the internet.
Enter Elastos. The main use case for Elastos in the medical field is the revolutionary Runtime infrastructure. Most of Runtime features are highlighted in this very detailed Spotlight Series piece.
Runtime, or the Elastos Trinity Browser, provides a secure sandboxed environment in which all DApps in the ecosystem can run on top of. In other words, this space is not connected to the internet and prevents any sort of malware, DDoS, or man in the middle attacks. Back to the point of Mr. Malik, just because you can connect to the internet, doesn’t mean you should connect to the World Wide Web. If you’re a doctor, physician, or surgeon, you can access medical records in a complete network isolation without having to worry about data be infiltrated. It’s all in a secure place in which nothing can get in and nothing can get out.
How will all this data and information be properly organized you may ask yourself? Elastos has this aspect covered as well. According to the Spotlight Series, “All the user data and app data on Elastos Browser will be tied to a user’s DID and the data itself will be stored on a decentralized storage system or on the user’s Dropbox or personal cloud drive…For Trinity Browser, DIDs are used to conserve user’s data when they switch between devices without compromising the integrity of their data via decentralized storage”. DID couple with the Elastos decentralized storage (Hive) provides users with an ideal solution in securely logging into their medical records, while being in a protected and isolated environment.
Is this enough security to protect innocent medical patients all across the globe? Elastos didn’t think this was enough, so the team decided to take it one step further. Part of Elastos’ consensus mechanism (AuxPOW and DPoS or Merge Mining) is currently secured by over 40% of Bitcoin’s hashpower, which totals to 40.90 EH/s. To put this in context, Bitcoin produces more electricity than countries such as Switzerland, Israel, Greece and Ireland. Not only would a hacker have to penetrate the very sophisticated and secured Runtime infrastructure, but they would also have to generate enough hashpower to break through 40+% of the most powerful blockchains in the world: Bitcoin.
In 2019 alone, local governments across the U.S.A. have been hacked and used for ransom in order to receive Bitcoin in return. Imagine a hacker getting a hold of a major Medical center or hospital and freezing all their records. Doctors wouldn’t be able to access the correct information in order to treat their patients. Medication for all sorts of ailments wouldn’t be able to be properly prescribed. The hackers have all the leverage in this scary hypothetical.
If the hospital or medical center doesn’t pay a certain random, some patients lives could literally be at stake.
The world needs Elastos in order to create a smart firewall to prevent any bad actors from accessing or penetrating vital and valuable medical data. The medical field is in desperate need of a makeover in data security, and Elastos is ready to provide all the tools necessary to make the Medical field safe again.
Elastos ecosystem partner WeFilmchain has partnered up with Matrix Blockchain and Blockmason in efforts to build an exciting new revenue sharing dApp called Starwire.
Elastos ecosystem partner WeFilmchain has partnered up with Matrix Blockchain and Blockmason in efforts to build an exciting new revenue sharing dApp called Starwire. Starwire provides a cutting edge revenue splitting mechanism and smart contract infrastructure that helps content creators get paid appropriately.
CR Press contributor Amos Thomas did a brief video recap of all the features Starwire provides.
This article will focus on how the Starwire dApp will impact the film and music industry for aspiring artists in each respective field.
The Starwire dApp will include a consumer friendly wallet. Each party contributing to the project will be compensated in fiat which goes into a collection account on the Starwire dApp. The fiat will then be converted into an ETH stable coin such as Dai, PAX, or TUSD. The fiat to stable coin conversion will be performed through the fiat on/off ramp VirgoCX INTERAC module. Users can then withdraw their stable coins from the wallet and cash out whenever they please.
Starwire also provides advanced smart contract functionality for the end user. Blockmason will provide their proprietary microservices development application “Link” in the smart contract feature on Starwire.
Link is a developer tool with an interface that provides the ability to create a smart contract template along with the option to modify those templates for a specific film project. Link can also be utilized to deploy a smart contract on to the Elastos ETH side chain. Smart contracts will be completed with a small ELA gas transaction fee.
The Starwire ETH dApp will be built from scratch using some existing ETH dApps as guidance. Other features of the dApp include adding authorized stakeholders, KYC registration module, and storing/analyzing project metadata. Elastos Hive will play a key role in organization and storage of all this information. The team plans to have Starwire run on the Trinity Browser which utilizes the safe and protected Elastos Runtime environment for the user’s protection. Elastos Carrier also is planned to be added in order to provide additional security and trust for users on the Starwire platform.
The team was motivated to start the Starwire concept based on a need in the film and music industries. For example, an existing centralized service named Fintage House has a huge barrier of entry for content creators based on expensive legal and accounting fees. Many smaller teams in the film/music field don’t have the financial resources to start their own projects. The Starwire team believes their dApp is a much needed solution in an industry that’s geared towards serving larger and better funded organizations.
The team projects the project’s completion in two stages. The first stage will be to build the MVP* of the Starwire dApp by December 2019. The MVP will then be tested by a variety of users. Users will be asked about the dApps’ UI/UX design, general functionality, reporting and revenue monitoring, revenue tiers, and split creation. The Starwire team wants to receive feedback from traditional Indie producers, micro-budget producers, Youtube/Twitch streamer teams and larger sales agencies. Once the feedback is accumulated, the Starwire dApp will migrate into the final stage of completion.
The Starwire team is composed of three members who are well established in a variety of industries.
Harish Raisinghani is seasoned professional with experience in several fields. He has worked as a systems engineer, software developer, project manager, and other roles. Now, he serves as the COO at Blockmason and is involved with building relationships, educational content development, and mining operations. Harish’s main responsibility on the team is working on technical aspects of the Starwire dApp and applying Elastos technology on to the platform (Runtime, Carrier, ETH sidechain).
Garnet Campbell, co-founder of WeFilmchain, has 25 years of experience in media production, business development, project management, marketing strategies, and teambuilding. He will work directly with Harish to provide direction on how the dApp should function and how users will interact with Starwire. Garnet will also be the point man in weekly outreach to future clients and event planning.
Colin Wiebe is the founder of Matrix Blockchain Technology Corp. He is credited for the creation of the Starwire concept and brand. Colin has experience as a graphic designer, creative director and copywriter. His responsibilities include overseeing all areas of the UI/UX and graphical design on the Starwire dApp.
There are a plethora of parties Starwire is targeting for their platform:
- ACTRA (Alliance of Canadian Television and Radio Artists) is a union comprised of 23,000 professional artists working in English-language recorded media. ACTRA currently uses a manual contract system that allows producers to hire union actors for free or at a low cost and in return collects a percentage of the film’s gross profits and redistributes them to the actors. Starwire would help in better automating and streamlining the payment process to all artists involved.
- Mandy.com is the largest creative community of artists in the film, television, dance, music, and modeling industries. Mandy empowers artists in finding work in all the aforementioned fields. Any jobs posted on Mandy could use Starwire smart contracts in order to pay for their hires.
- YouTubers are primary targets of the Starwire platform. There are approximately 80,000 Youtube accounts with 100,000 or more subscribers who would greatly benefit by using the Starwire platform.
- Emerging filmmakers and film school students are a huge potential user base for the Starwire dApp. The team plans to submit their educational series on how to use blockchain and smart contracts to Filmskills.com, a platform used by over 70 top universities and film school programs in North America.
- American Film Market is attended by 7000 industry professionals, 2000 new film and projects, 1000 production companies and 400 global distributors. Starwire will look to be a major presence at this event.
The Starwire team has proposed a budget of 17,264 ELA ($38,500 USD) which covers:
-Revenue Sharing Smart Contract (7.5k USD)
-Mobile dApp and Wallet (7.5k USD)
-KYC Registration Module (5k USD)
-VirgoCX INTERAC Module (5k USD)
-Project Coordinator (5k USD)
-Marketing Budget (8.5k USD)
Please like Starwire’s Cyber Republic Suggestion if you would like to see it move to the Proposal stage.
Starwire’s slogan is “When money moves…you get paid. ” Millions of artists in many industries could benefit and be better compensated in the process by using the Starwire dApp.
Grand Opening of “Data Capitalization Campaign, Launching of Leo on Elastos Trusted Computing” Community Ceremony, Held in Shenzhen:
2019 “Data Capitalization Campaign, Launching of Leo on Elastos Trusted Computing” Community Ceremony was launched on August 27th in Tencent, China.
The ceremony was hosted by Tencent Cloud, BLOCK GLOBAL, Elastos, StarryMedia, Manhattan Project Fund, Newborn Blockchain, and SINOC.
Supporting organisers were Brock Technology, Coinin, Blocktimes, Beecast, Block Capital, Huopin Online, GCBA, GSIPA, Huobi Indonesia and Blockchain No.1. Media supporters were Jinse Finance, Lieyun Finance, Erduo Finance, Blocklike, Shilian Finance , FN.COM, Tuo Niao blockchain, Hubox, BitMixC, Chainhoo Finance, Zero Knowledge Blockchain, Mema24.com, Wu Finance, U News, Bitecoin.com, Bibaodao.com, Bcsky.pro, Chain Century Finance, Milim Finance, Meng Niu Zi Xun.
The organizers of the ceremony, Tencent Cloud Vice President Long Wang, Elastos Co-founder Feng Han, and BLOCK GLOBAL Founder & Chairman Yanqiang Shi, delivered their own respective speeches.
(Zhijun Zhang, Chief Information Security Architect of the World Bank)
Zhijun Zhang, Chief Information Security Architect of the World Bank, took the stage to announce the “data capitalization campaign” drafted by Mr. Feng Han. The central message focused on technical compatibility and the embarking of an open-source journey by sharing information and discoveries to all joiners. Zhang preached of “making data public wealth.”
In application, we will strive to promote the use of the new Internet trusted computing technologies to protect user data rights. We contribute to society by pursuing the advancement of technology, innovation of ideas, and data security.
(Elastos Co-founder Feng Han)
Next, Elastos co-founder Sunny Feng Han, gave his speech on the stage. He spoke of the rapid development of China’s digital economy and the accumulation of big data has laid the foundation for Chinese people to increase their wealth. This increase of digital wealth amongst Chinese people will create the strong support for global credit expansion of the digitized Renmimbi (Chinese currency). The capitalization of data is what will lead to profits.
The increase of personal credit limitations, big data mining becoming data proof-of-stake mining, personal digital creations converted into tradable digital assets, and the gap between the rich and the poor caused by data discrimination can be reduced.
(Long Wang, Vice President of Tencent Cloud)
Long Wang, Vice President of Tencent Cloud, also delivered a speech. He first introduced the contents and development process of trusted computing and cloud computing to the audience. Cloud computing is a big leap forward in the information age. The future may be the era of cloud computing.
There are many definitions of cloud computing, but in general, the basic meaning is consistent. Cloud computing has strong scalability and necessity which provides users with a new experience. The core of cloud computing is to coordinate numerous computer resources together so that users can obtain unlimited resources through the network instead of being limited by time and space.
Cloud computing in the early days was simple distributed computing with results aggregated upon completion. With this cloud computing technology, a large amount of data could be processed in a short period of time to achieve powerful network services. As technology has developed further over time, big data is being used more frequently. The current state of cloud computing is now a hybrid of computer technology. Tasks such as distributed computing, utility computing, load balancing, parallel computing, network storage, hot backup redundancy and virtualization have come to the forefront of cloud computing. All these technologies together has propelled the efficiency of cloud computing to another level.
(Audience in the Ceremony)
Yanqiang Shi , Founder and Chairman of BLOCK GLOBAL, spoke next. He believes that the event will help promote data capitalization and achieve greater commercial and societal values. He also introduced the overall ecosystem and development plan of BLOCK GLOBAL, the world’s leading blockchain technology media group.
Currently, BLOCK GLOBAL includes “four media companies, two industry associations, one eco-fund, and one talent management services company.” BLOCK GLOBAL has invested in more than ten blockchain companies which completes its first move into the blockchain industry and into the full spectrum of Asian blockchain media.
Song Bao, CEO of the Manhattan Project Fund, delivered a speech. He said that business profits are constantly shifting to companies that can master and process data, such as Alibaba and Google. Data is the new era of oil and energy which will inevitably introduce new technology infrastructure and new business models.
For the UBI (universal basic income) concept proposed by Andrew Yang, the 2020 US presidential candidate, everyone will own their data and Bao Song believes that this is a change in the existing social governance of “drilling” as if “data is oil”. Innovative business models will emerge. Some might feel unbelievable now, but they could be the future trend.
LEO enhance Elastos’ off-chain security with an additional hardware security layer alongside the Elastos Runtime to guarantee the data privacy, security, and ownership through the trusted computing layer. The launch of LEO on Elastos trusted computing open source community is to provide underlying technical support for data capitalization. He also talked about the current technology development and presented the global smart contract running node simulator produced by Kevin Zhang in Silicon Valley. This simulator allows everyone to see how the simulator can monitor various nodes distributed around the world in real time, communications, status of underlying running protocols, reward distribution, etc.
(“Digital Currency Research and Blockchain Industry Application” Roundtable)
A roundtable forum themed “Digital Currency Research and Blockchain Industry Application” was held. The forum was hosted by Sunny Feng Han, co-founder of Elastos, Qingchun Shentu (CEO of Silver Chain Technology), Jianing Yu (former President of the Huobi University and Director of the Blockchain Laboratory), Brian Weimin Xin (CEO of Xin Han Da Technology and Former CTO of MSN China) and Wei Wu (founder of SINOC); they participated in the discussion as special guests.
They raised their views on the impact of the China central bank’s issuance of digital currency on third-party payment solutions and how blockchain technology improves existing Internet cloud storage as well as centralized storage pain points. Qingchun Shentu said that the aim of the digital currency issued by the central bank is to replace the existing cash-based system. According to China’s current cash flow statistics, its daily turnover is about several billions. The core of the digital currency designed by the central bank is peer-to-peer payment systems which relies less on third-party payments software and intends to develop a proprietary app for payment transfer operations.
Jianing Yu said that technology is a double-edged sword and we must think more and observe carefully the promotion of technological development. With the development of the digital economy, it will inevitably bring new ways to existing production methods and distribution methods. We need to find a healthy and sustainable path in the processes of change.
Brian Xin said that the credibility of data is very important. Only in a secure and credible data environment will we be able to store our assets with confidence and use them substantially in relevant economic activities.
Wei Wu said that at this stage, China’s digital currency and digital economy concepts need to continue to be popularized and there is a shortage of talents in the digital currency field. The road to digital currency system development has a long way to go.
Xitao Wu (CEO of Red Brick Square) delivered a speech. He said that the Newborn blockchain is the world’s first mobile phone public chain launched by Red Brick Square. It relies on the PoET consensus algorithm and has parallel chains with mechanism to achieve confirmation time in seconds. These enable low power consumption, high TPS, and fast single transaction confirmation. They are taking a big step in the large-scale commercial applications of blockchain technology. Red Brick Square first proposed the concept of generalized digital assets, including valuable texts, audio and video, digital assets such as 3D files and a set of generalized digital assets trading platforms for trusted computing. Newborn blockchain enables users to easily control their own digital assets and open a new era of Web 3.0. With the development of technology over time, Internet tools that people can utilize have changed from the PC to mobile. The Newborn chain is determined to create a blockchain network which connects everything.
(“Technology builds ecosystem and reshapes financial landscape” roundtable)
After that, the roundtable forum themed “Technology builds ecosystems and reshapes financial landscape” was held. The forum was hosted by Xitao Wu (CEO of Red Brick Square), Yanqing Shi (Founder & Chairman Block Global), Fei Wu (Tencent Cloud Blockchain Architect), Xijun Xue (Chief Architect of Tencent Cloud Data and Artificial Intelligence Product Centre), and Dan Xiong (Partner and President of Huobi Indonesia Digital Currency Exchange). They raised their relevant views on the arrival of 5G era, the influence of blockchain technology in the financial fields, and how the development of blockchain technology addresses the pain points of the financing difficulties faced by SMEs.
Yanqiang Shi said that with the development of AI technology and intelligent robot technology, a large number of existing basic positions will become unmanned in the future. Due to this fact, there must be a clear understanding of the future trends and an understanding of what is valuable and irreplaceable; data is highly valuable. They subsequently proposed to set August 27 as the Blockchain Data Credibility Day, advocating that everyone should recognize the value of the data.
Fei Wu said that the development of science and technology has made an era progresses. In early days, confirmation of ownership for articles, videos, and other related assets was very difficult to achieve. However, the emergence of blockchain technology has changed this phenomenon and allowed some entity assets to be digitized and hence expanding their application scenarios.
Xijun Xue believes that any data is valuable and the value lies within the direction of application. At this stage, a large number of small and medium-sized enterprises in China have a large amount of data, but they cannot fully utilize their value. If they can realize the freedom of data flow in the future, then it will bring significant social changes.
Dan Xiong claims that a unified price assessment standard system is an important component of the data capitalization process. On this basis, promoting data privatization will help more data to enter the circulation system.
(The launching ceremony)
Finally, in the closing ceremony, Zhijun Zhang (Chief Information Security Architect of the World Bank), Kevin Zhang (Senior Engineer from Silicon Valley), Feng Han (Co-founder of Elastos), Long Wang (Vice President of Tencent Cloud), Brian Weimin Xin (CEO of Xin Han Da Technology and former CTO of MSN China), Yanqiang Shi (Founder & Chairman of BLOCK GLOBA), Song Bao (CEO of Manhattan Project Fund), Xitao Wu (CEO of Red Brick Square), Jianing Yu (President of the Huobi University and Former Director of the Blockchain Laboratory) and other guests promised to participate as initiators in the data capitalization campaign and the launching of Leo on Elastos trusted computing community. They will work together to embrace an era of prosperity that is more equal and more innovative.
Feng Han interview at Blockchain Impact [09-28-2019]
On September 20th, we were very pleased to invite Mr. Feng Han to be a guest at Blockchain Impact WeChat Group and share the global “data capitalization campaign”. Here, we share with you the highlights of Feng Han’s insightful interview.
About our guest Feng Han:
Feng Han is a visiting doctoral student at Columbia University, iCenter tutor at Tsinghua University, secretary-general of the DACA Blockchain Association, and director of the Elastos Foundation. He is the editor of the books “Blockchain: Blueprint for a New Economy”, “From Digital Currency to Creditable Society”, and “Blockchain: The Philosophy of Quantum Wealth”.
About the moderator Miao Yang:
Founder and CEO of Star Finance, HerTech Star Network Global Blockchain Women Community Co-founder, and former Sanyan Financial co-founder and editor.
Moderator Miao Yang: In recent years, especially after Facebook announced its cryptocurrency plan with a number of global big institutions, topics such as this disruptive innovation as a payment method and national digital currency are being discussed intensively.
At the end of August, Mr. Feng launched a “data capitalization campaign” in conjunction with several of institutions in Shenzhen. Could Mr. Feng share with us how did you decide to jointly launch the “data capitalization campaign”? What were the pain points in the current world that had to be solved?
“The next round of bull market will be more vigorous”
Feng Han: Hello everyone, I thought the first question is quite a good one because it was also related to some of my recent activities in China. This was also a question that the crypto circle had always been very concerned about, i.e. “when is the next round of bull market?” and “what would the next round of bull market look like”? My point was that the next round of bull market will definitely come. In the next bull market, I think it will not be speculation-based. Bitcoin is a currency that is beyond sovereignty. When it was first proposed in 2009, however, everyone felt that it was impossible. After several rounds of bull market, Bitcoin has become a concept of digital gold.
In 2017, many people felt that Ethereum would surpass Bitcoin, and it seemed that it had solved the pressing need for issuance of digital currency. All sorts of coins had come out at that time. Now everyone knows that 90% of the coins are a scam, without any value. They faded out when time had passed. Now, only Bitcoin is truly claimed to be digital gold. The next round of bull market will not repeat the same story. I firmly believe that it’ll be more vigorous than the previous round of bull market. So what is the market that everyone really invests in?
These matters have now begun to show, in fact. All these were very close to the release of Libra by Facebook. When everyone was still unclear about the situation, Facebook announced the release of Libra. The world immediately paid attention to it, especially China and the United States. The United States congressional hearing, and the central banks all came out and discussed it. This showed that no matter how the project develops, everyone is already eager to realize the future of big data.
“Future data is private”
At the same time, data capitalization would have a big influence in payments. However, its logic was easily omitted. I had particularly paid attention to Facebook’s development conference in March this year. Zuckerberg announced at the meeting that Facebook’s future development direction is to establish a data privatization platform with the slogan “Future is Private”. The true meaning behind the slogan was that “the future data is private”.
The meaning of this was significant. It was equivalent to the transformation of the land and housing system of the Communist Party of China that happened around 1998. Housing was still publicly owned before 1998. It was only after the transformation that there was the concept of a (private) real estate license. Professor Zhiwu Chen of Yale University said that it effectively opened the door to wealth for Chinese people. An asset was privatized and safeguarded, and then formed a capital market; it could be imagined how enormous the wealth effect was. If Zuckerberg privatized the 2.7 billion Facebook users’ data, one could imagine the effect. First thing first, if everyone’s data was to be privatized, there must be an associated currency for pricing and trading. More importantly, it needs to be able to execute smart contracts. This is to say, for data as an asset its efficiency and costs must be executed with smart contracts. If it was to be executed by institutions such as banks, the cost would be considerable and the data capitalization could not be truly popularized. Now, the currency concept such as stable currency can be implemented to substitute fiat currency for the accommodation of future global data assets.
Facebook claimed to discover Libra, which made me realize that Zuckerberg had actually formed a set of strategies for privatizing the data on behalf of Facebook. Of course, he was also forced to adopt it because he had been fined many times in recent years. In 2019, the United States fined him $5 billion. In fact, this proved to him that he had not had much time. The business model that makes a fortune from user data on the Internet would no longer work in the future.
Moderator Miao Yang: Mr. Feng mentioned the speech of Zuckerberg. I have an article here to share with you: Facebook says the future is private, but what does that mean?
“Work on private data privatization, to give data ownership to every user”
Feng Han: Mr. Chen of Elastos also proposed to Bill Gates more than 20 years ago to establish a decentralized operating system on the Internet instead of Windows, which can protect everyone’s privacy and data security. Combined with the blockchain, this made turning data into asset become possible. It was also why we co-founded Elastos.
Facebook gave me big encouragement. In the past, we had been lonely explorers, and now with Elastos we could firmly move on in the future.
Later, in order to better understand the domestic market in China, I had first contacted two giants in the industry. The first was Alibaba and Tencent second. These two symbolized the current development trend of the Chinese Internet. Alibaba’s vice president, Hongbing Gao and I recently had an in-depth discussion. His financial point of view was that all credits were originally generated by banks, in that credit cards and bank cards were issued by banks. However, why did everyone believe in banks and not the users themselves? It was because the bank was implementing one of the most straightforward business logic: building the most expensive building in the most expensive place.
There is a financial street in Beijing, which has become the most expensive section, where the most expensive buildings were built. The luxurious buildings were all built by banks. Lujiazui is the Shanghai version. The Pearl of the Orient was now the Shanghai landmark. New York is Wall Street. Usually, such business logic is against the logic of ordinary business. For any business, the core concept was first to reduce costs. However, this so-called path dependence in human history had shifted from gold to banknotes. As banks began to generate credit, the path went to a model that covers the most expensive buildings in the most expensive places. There are almost no exceptions in the world. The so-called new era in the future would be that data can generate its own credit, which would be a jump out of the current logic. If this happened, it meant that big data privatization has appeared.
Hongbing Gao said that Alibaba can get more than 100 megabytes of data per user every day. In the future, there is a high probability that credit will be generated from it, which is much lower than the cost of the most expensive buildings. So humans would enter a new era of finance. Correspondingly, Alipay and Yuebao would develop accordingly. If not for the China Central Bank imposed monopoly management, these two companies that rely on user data can subvert the bank.
Engaging in data privatization and giving data to every user would have a huge wealth effect. After the privatization of data, the Chinese people might increase the credit limit. If everyone got 100,000 yuan, there would be total a 130 trillion yuan in China, which is equivalent to digging a big gold mine. In history, the discovery of the big silver mine in Mexico contributed a lot to the completion of the British industrial revolution. The large gold mine discovered in California brought the economic prosperity of the Great Railway era to the United States. The prosperity of the free market requires the injection of a large number of credit resources. Everyone must first be more credible so that they can increase transactions.
The concept of a blockchain private key was equivalent to issuing a private certificate for the data, ensuring that data belonged to you when you had the private key. This opened a new era of finance. Many new projects are now working along this line, which was to realize that the ownership of personal data could be determined and bits of data could become their own assets.
Assuming that Libra is tied to the US Dollar, it does solve the problem of how the Dollar got into the global payment market. The US dollar has dominance in the world, with more than 80% of global credit production going through the US Fed. However, most countries do not have a direct payment option. Once Libra is available, it would help the Dollar much. It lets the Dollar enter these countries, and there is no foreign exchange control. Therefore, in theory, it should be able to exchange all currencies.
The Chinese central bank felt the urgency, so now one could see the intense development of digital currency & blockchain research in Shenzhen. Originally, with Alipay and WeChat payment, China was beyond the United States. But if Facebook really privatized data, the entire logic of the original Internet would be subverted.
Jack Ma had announced his retirement. I believed that this project was currently not in his future development strategy. He did not mention this matter at the retirement press conference. I thought that Alibaba would not do it, so naturally, I could only look to Tencent. Through the introduction of friends, I found Long Wang, the Vice President of Tencent Cloud. Logically, he agreed. Elastos would truly protect the user’s data and privacy if there was a trusted computing environment in the future. So later, in Shenzhen, Tencent Cloud hosted a data capitalization campaign. Zhijun Zhang, Chief Security Architect of the World Bank actively participated in it. Andrew Yang, the presidential candidate of the US Democratic Party also proposed that data capitalization would be the future. We have an appointment in Boston on October 24th.
Moderator Miao Yang: Thank you for your wonderful sharing! From the prediction of the next bull market, to the concept of Facebook’s super-sovereign currency, Zuckerberg’s speech, to the vision of a new era of financial, digital privacy protection, etc., the amount of knowledge and scope covered was very wide. Just now, you mentioned that you started the “data capitalization campaign” in Shenzhen with Tencent Cloud. I would like to ask Mr. Han to introduce what kind of work has been started with Tencent Cloud in “data capitalization”? How would the “data capitalization campaign” become mainstream?
Feng Han: This is a global movement, so I am even more convinced that the future bull market will reach the scale of trillion dollars. Once data becomes asset, the range of applications would be dozens times larger than the digital currency. Huawei was also developing in this area. Huawei knows very well about the information industry, in that they started their business in this way. Imagine that if there is a credible computing environment in the future, and the blockchain could protect the data packets, then imagine how the future industrial landscape could be like. You could think of all the factories as a super 3D printer. They are not selling products, in the future, but designed data packages.
The “most expensive place for building the most expensive buildings” would become history and would never return. This business logic would be subverted. If Tencent Cloud realized this data capitalization campaign, that will be very influential in China. Of course, Tencent Cloud will develop the project in a low profile. The future trend is the privatization of data. To be honest, China has indeed not reached this level.
Moderator Miao Yang: Thanks to Mr. Han for his wonderful answer, the next question:
Xiaochen Zhang: How did you comment on the commitment of Elastos to the investors and the community? Were you satisfied with the development of Elastos? What was the most important plan or milestone for the next step? What is the perfect result of the movement you envisioned when launching the data capitalization campaign?
Feng Han: The idea of Elastos was started when the founder Rong Chen was at Microsoft twenty years ago. He was the No. 10 employee on the IE browser team. He was indeed one of the rare Chinese who was able to conceive the future of the Internet from the root of the operating system. He just came to the conclusion when he was at Microsoft that the Windows operating system could not protect users’ privacy and data at all, leading to so many Internet giants using user data to make their own profit.
We discussed a lot of key points in the first half of 2017 because we had clearly realized that a computing architecture such as blockchain alone could not protect everyone’s data privacy and data rights. Although Bitcoin had begun to have this concept of data privatization, it was almost impossible to run an application on its blockchain. You could send a coin without a problem, but applications just could not run.
Then we had to engage in a credible environment, including for the coming cooperation with the World Bank. The trusted computing environment is partly based on the hardware, and will further develop along this line. All in all, the promise made to the users by Elastos had not changed at all but had become more and more clear. I worked with Tencent Cloud on a trusted computing community, which is of a correspondingly higher level of data protection that even the World Bank might use. This is now starting and everything is going hand in hand. We hoped that Elastos could be ahead in this area.
BiYong Community: Most of the existing Internet companies, such as Facebook, rely on advertising revenue. How does a company make a profit once the user data assets are privatized?
Feng Han: The original Internet relied mainly on advertising. This was very helpless. Without the concept of assets, one could only make money in this way. In the future, users should first be allowed to mine with their own data. Facebook relied on users’ data to generate $40 billion in revenue. First, smart contracts should be established to pay dividends to everyone who contributes. If someone earned $70,000 by using other’s data, should he split half of the profit with the other? Of course, in the future, I firmly believe that once the data is privatized, there will be a completely new world of wealth. The money that Internet companies can earn by relying on each person’s data would be far more than in the current situation.
Lemon Dabao: What does Mr. Han think about the field of developing wallets? When the era of virtual digital currency assets comes, what role will a wallet play?
Feng Han: This is a very good question. I have always thought that in the future, the wallet should be the gateway to the entire data asset world. The reason why it was not the portal was that the exchange was too dominating. However, after the release of Libra in the future, decentralized exchanges are more likely to happen. In fact, the wallet is naturally a decentralized exchange, where various assets could be traded and flow. The reason why the exchange is so important is that everyone has to trade with fiat currency, which lowers efficiency.
Therefore, I have now paid special attention to the development of the Elephant wallet in the Elastos community. Its long term goal is to be the portal. If Libra does succeed next year, then it would be docked immediately, together with various stable coins and data assets. With the trusted computing environment, it naturally becomes the platform of data asset trading. This was definitely a historical opportunity.
The one thing to remind everyone of is that the necessary condition for the future wallet has to be a trusted computing environment. Because the current wallet is too rudimentary, it is not useful if it could only be used for storing coins. Simply claiming that blockchain technology was used is not sufficient. The data of others would not be ported to the platform, as they are completely unprotected. Therefore the future wallet should be a trusted computing environment, this is what we are doing in the trusted computing community.
BiShengKe: Hello, Mr. Han, the data capitalization campaign is the future trend. What do you think about the projects doing data leasing?
Feng Han: For data leasing, I think this premise is of course to protect user privacy. Because the data is highly sensitive, once it is leaked, it would be a total failure. This is the most fundamental difference between it and the leasing of general stuff. That is why people worked so hard to engage in a trusted computing environment. Of course, I think that if you used a more fashionable way to call it, you would call it data mining. You could give your own data to many people who need your data. For example, Facebook could be used to analyze user behavior in advertising and analyze the market. Of course, artificial intelligence would be key. So the future would be of the concept of data mining.
Thank you very much for today. Our sharing ends here. Thank you all.
Suggestions & Proposals
The Elephant Wallet team joined forces with the Enter Elastos Supernodes group in coordinating and unveiling the first worldwide Elastos dApp Idea competition.
Some time ago, on May 17, 2019, Elephant Wallet leader Sjun Song posted an expansive proposal on coordinating a world-wide global Elastos hackathon. A total of 18,800 ELA was allocated between contest rewards and administrative funding towards this endeavor.
Fast forward to 5 months later. The Elephant Wallet team joined forces with the Enter Elastos Supernodes group in coordinating and unveiling the first worldwide Elastos dApp Idea competition. This contest will be ongoing for the next three months with the first round of dApp idea submissions having opened up September 20, 2019. It will end on October 19, 2019. There are three important steps in the process:
- Developers must submit their dApp utilizing Elastos technology; i.e. Carrier, DID, ETH side chain, etc.
- Community votes decide the winner each month for 3 months. Every month, up to 3 winning dApp teams will be rewarded with 1500 ELA each to build an MVP of the idea in 6 weeks.
- At the end of the 3 months, the top 3 MVPs will have a chance to win an additional 500-1500 ELA.
All winners of the dApp competition will keep the rights to their Elastos dApps. All applicants and voters must download the Elephant Wallet first in order to be involved in voting and submitting dApp idea for the contest.
Follow the instructions on the Elastos App Community website on how to participate in submitting dApp ideas and voting for them.
Voters and developers must add their username, e-mail addresses, and phone numbers, to their profile on the Elephant Wallet to be fully enrolled for the contest. The Elephant Wallet is available to download on iOs and Android. Please note that all participants must follow the similar “Suggestion” format on cyberrepublic.org and provide an Abstract, Goal, Motivation, Implementation Plan, Team, and Relevance for the dApp idea.
All non-developers who have ideas for a dApp in the Elastos ecosystem can also contribute. Community members can post ideas in the “Ideas Category”. Ideas picked up by developers with the most likes gets 50 ELA to the original poster.
Special thanks to the Tyro Lee Super Node who sponsored 150ELA that is used to provide a lucky prize for the monthly winner team.
For any and all other questions regarding the Elastos dApp Idea competition please visit the Enter Elastos website.
The goal of the competition is to recruit as many talented developers as possible to build a killer dApp using the Elastos technology.
A total of 16,500 ELA is at stake in this competition. It’s up to the community and developers to make this competition a success. Create and vote for game-changing dApps today!
An application program interface (API) is a set of routines, protocols, and tools for building software applications. Basically, an API specifies how software components should interact. Additionally, APIs are used when programming graphical user interface (GUI) components. A good API makes it easier to develop a program by providing all the building blocks. A programmer then puts the blocks together. – Source
“An API is the messenger that takes requests and tells the system what you what you want to do and then returns the response back to you. To give you a familiar example, think of an API as a waiter at a restaurant. Imagine you are sitting at a table with a menu of choices to order from and the kitchen is part of the system to prepare your order. What’s missing is the critical link to the kitchen and to deliver your food back to your table. That’s where the waiter, or API, comes in. The waiter is the messenger that takes your request, or order, and tells the system, in this case, the Kitchen, what to do, and then delivers the response back to you, in this case, the food. Whenever you think of an API, think of it as a waiter running back and forth between applications, databases and devices to deliver data and create the connectivity that puts the world on our fingertips” – Source
All e-commerce websites in today’s marketplace utilize APIs. For example, websites such as booking.com, kayak.com, and priceline.com utilize APIs from various hotels, airlines, and car services to give users access to various deals all around the globe. Without APIs, these travel providers cannot import the information needed in order to give consumers the relevant information they seek to make to make purchases.
Building APIs help expand the outreach of a companies brand, creates a mechanism for outside collaboration and innovation in marketing the brand, and ultimately builds new revenue streams for the company.
That concludes another tremendous two weeks of Cyber Republic and Elastos events!
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