Strive for 2020 Blockchain Innovation Forum 

Elastos Co-Founder Sunny Feng Han: Any new blockchain that is not secure, does not protect personal data, and provide data ownership is “rogue”

Translated from original article by YY: http://www.xnbworld.com/elastos/61153.html
Edited by Kenneth K

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 “Strive for 2020 Blockchain Innovation Forum” organised by Jinse Caijing in Shenzhen InterContinental Hotel concluded June 21st with great success. 

CEO of Jinse Caijing, An Xinxin, states:

“2020 is destined to be an extraordinary year. The Coronavirus pandemic has swept across the world, causing varying degrees of impact on many industries. This is a critical time and at the same time, it is a time to test decision-making abilities. There are always opportunities in every crisis. Every cloud has a silver lining.”

Sunny Han Feng, along with two co-founders of BIT.GAME: Sun Yundong (Founder of HaoWanBa, a mobile gaming platform with 16 million registered users), and Wang Ding (Founder of TianTianYouYu private domain traffic, an online platform with more than 2 million real-name verified users) jointly discussed the possibility of using Elastos infrastructure to establish a new digital asset infrastructure with future collaboration opportunities.

Jinse Caijing also launched the “Shenzhen Blockchain Week” which lasted for 6 days and provided a platform for learning, communication, and cooperation. This is a win-win situation for everyone in the blockchain industry. Guest speakers were:

  • Sunny Feng Han (Co-founder of Elastos)
  • An Xinxin (CEO of Jinse Caijing)
  • Xiang Lipeng (Senior Engineer of the Fifth Institute of Electåronics, Ministry of Industry and Information Technology)
  • Bao Yu (Head of International Research Project – “Digital Currency and Blockchain” of Shenzhen Science and Technology Innovation Commission)
  • Karen Zhang (President of Bin He Ke Ji Global Markets)
  • Tong Yang (VP of Jinse Caijing & Capital IIN)
  • Xia Li (Director of Tsinghua X-Lab Blockchain Laboratory)
  • Fan Fan (VP of Jubi Group), Yang Haipo (Founder of ViaBTC & CoinEx)
  • Wang Ding (Founder of Tian Tian You Yu)
  • Wang Yase (VP of HBTC Hobbit Market), Ciara Sun (Huobi Group)
  • Christian (ETC Asia Pacific Community Lead)
  • Qinwen Wang (Web3 Foundation China Community Manager)
  • Gao Tianyao (Blockstack China Technical Lead)

Chief Editor of Jinse Caijing was the moderator of this discussion:

“11 years have passed since the creation of Bitcoin in 2008 and Bitcoin just completed its third halving this year. What is the biggest shared belief in the world of blockchain? What is the biggest improvement? How do you see the development of the entire blockchain industry in 2020?”

Sunny: We are getting a deeper understanding of Bitcoin, as digital rights are being confirmed and privatised on Bitcoin. Digital privatisation of data is the beginning of the wealth movement. In the world of blockchain, freedom is all-round. What you should really enjoy is the freedom that you have in this world, and not just aim to make money.

There is a famous saying in cryptocurrency: “If you don’t want to be controlled by anyone, just don’t use the token issued by anyone.” As mentioned in my latest book, “The Wealth of Nations on Blockchain”, confirmation of digital rights is the most fundamental aspect of Bitcoin. Most people have started to realise the logic that privatisation of wealth is the real beginning of wealth consensus. The most striking experience that Chinese had in this regard should be the real estate market in 1998. Prior to 1998, there was no actual real estate market in China as individuals could not buy or sell real estate freely. Most people at the time did not have the perception that real estate builds wealth. As real estate has become more privatised, it’s become everyone’s asset and a healthy market for real estate transfer was established. The current Chinese real estate market is about USD 65 trillion, giving enormous support for the Chinese Renminbi. If there is no huge real estate market, there is a high risk to the value of the Renminbi. Anyone with moderate financial literacy will know this risk relationship well.

In the future, personal data confirmation rights and digital rights will be privatised. During the Bitcoin era, private key technology and distributed ledgers for accounting and transactions were created. There were a large number of public blockchains that coined the term “Web2.0”, such as Elastos, NEO, Blockstack, etc. They all aim to create new wealth from the Internet with protected personal data on the Internet. Once data privatisation is realised, I believe that we can look forward to a bull market that surpasses the Dot-Com era, rather than relying on price speculation at the current stage.

During my trip in Shenzhen, I had in-depth discussions with my friends and business partners. The most important thing for us is to reach a consensus to start a new infrastructure for data capitalisation. We initiated this matter in August last year but we are still stuck in the proof of concept stage. This year, we have seen more use cases being developed in this direction. These cases represent the new business model for Internet entrepreneurship. As you are aware, the traditional Internet is doing everything possible to collect user data. The new Internet entrepreneurs want users to manage their own data to make money. If every user can use their own data to make money in the future, a new wave of wealth creation will truly begin.

“What is the biggest impact cryptocurrency has had on you personally? In other words, what characteristics of cryptocurrency make you deeply-rooted in this industry?”

Sunny: For the past 10 years, my deepest feeling is freedom. Wealth is not just about financial freedom, in fact, it is only a part of freedom. If you just want to come in to make money, you often become a slave to money. To me, freedom does not stop there. For instance, it turns out that traditional entrepreneurs stay in the office for extremely long hours. This is particularly unacceptable to me.

I participate in blockchain entrepreneurship. As the co-founder of Elastos, we were developing a decentralised community and soon, we became accustomed to decentralised offices. This pandemic has greatly pushed the concept of decentralised organisation and offices. For example, Google has announced that most of its employees would be working from home. In principle, it is difficult to carry out other things that you are interested in such as research and writing while you have a permanent job. I used to start a business and I studied quantum mechanics at Tsinghua University. In the end, I could not do both things, leading to my business being divested at a low price. However, now I can manage my time very well. I even have energy in my leisure time to carry out certain philanthropic activities, apart from focusing on my research and writing in the themes that everyone is interested in. So, I believe that freedom is all-round. Once you enter into this kind of world, what you really should enjoy is freedom, and not how much money you make. Although some people make a fortune, they become slaves to money. This is definitely not the path that I want to pursue. 

“Cryptocurrency has developed into huge industrial networks – from Bitcoin mining pools to cryptocurrency exchanges; from innovative DeFi products on Ethereum to the upcoming Ethereum 2.0 and Filecoin, as well as cryptocurrencies on cross-chain and public blockchain development. In this regard, what is your favorite development in this industry and why?”

Sunny: As I’ve mentioned, it is data capitalisation. In May 2019, I participated in an international conference organised by the Wharton School of Business. At the conference, many American professors expressed that they were very pessimistic about the decentralised apps for blockchain. They said that users are lazy and therefore it is almost impossible for them to switch from the existing centralised apps to the decentralised apps. I do not disagree that users are lazy, but at the same time they are also very greedy. 

There is an opportunity that allows users to make money in a process that cannot be made possible in the traditional Internet. We all know that the most fundamental issue of the traditional Internet is that users are unable to make money with their own data. Blockchain solves the problem of data privatisation. There is already infrastructure that can support and protect user data, and that digitised data can become an asset, subverting the current business model of large platforms exploiting user data to make money. In this way, there is no reason for users not to adopt this new technology. 

Let me briefly talk about the issue of IPFS. Why does decentralised storage need to store personal data at a higher cost? This kind of logic may seem almost absurd at first, but please do remember that in a centralised storage, personal data cannot be protected. Decentralised storage is a prerequisite for protecting the security of personal data. This is also the reason why decentralised storage is widely sought after. A higher cost for decentralised storage is to enable the privatisation of user data, which may eventually become a prerequisite for users to fully control their digital assets. There is actually a deep logic behind all these new technologies, including Ethereum smart contracts, which is still very useful as of today. 

We are so enthusiastic about this matter, including Bitcoin as a decentralised digital currency. In fact, who will really want to spend Bitcoin in a real world scenario? After so many years, Bitcoin as a currency can’t be easily used in the real world. However, due to the idealism of Bitcoin as a decentralised global currency, everyone is really moving in this direction. Although the ideal has not become fully realised, everyone is shifting in this direction and our consensus is getting stronger. My final word is we will fully concentrate on the development of new infrastructure for data capitalisation. I believe there is a high chance that consensus and data capitalisation will progress in tandem next year, and that new technologies or business models are moving in the same direction too. If you are interested, I have a public speech on this topic called, “The Bull market has not Come, but the General Trend is Here.”

“We have talked about opportunities and challenges. In this regard, what is the most pressing problem in the cryptocurrency industry that has to be resolved?”

Sunny: The most fundamental problem to be resolved is that data capitalisation requires a new infrastructure. The term “new infrastructure” comes from the Chinese government’s announcement. There are also many large companies claiming that they are actively engaging in the new blockchain infrastructure. However, there is one point to remember: what is the difference between a decentralised storage of IPFS and the blockchain infrastructure of Alibaba Cloud? I will simply answer here: 

“Any new blockchain that is not secure, does not protect personal data, and provide data ownership is ‘rogue.’”

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