How Blockchain Empowers Wuhan’s Digital Economy Growth – World Blockchain Conference

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The World Blockchain Conference (Wuhan) concluded with great success on December 6th. The two-day blockchain annual event attracted more than 2,000 people and 50,000 views via live stream. Among them, there were 29 leading enterprise representatives and six local government organizations, as well as over 120 students from local colleges, making it one of the largest and most influential blockchain conferences in China.

Hosted by China’s leading blockchain news media 8BTC and supported by the Wuhan Municipal Government from December 5th-6th, this year’s conference was themed “Trust·Future” with three special sessions covering topics ranging from blockchain technology and its applications, big data, blockchain talents, as well as open finance, crypto assets and distributed storage-related forums.

Apart from big names in the blockchain sector including Hyperchain, dataqin, PeerSafe, a line of heavyweight companies in the country including Tencent and Huawei, more than 10 experts and scholars from the Chinese Academy of Engineering, well-known universities and scientific research institutions made their attendance at the conference.

The following is a summary of key opinions of the summit, which hopefully can guide our readers to have a glimpse of the industry’s future.

Blockchain technology promotes the integration of the digital economy

Said Li Lihui, former president of the Bank of China,

“Covid-19 gradually transforms the life mode and business mode led by the digital economy and technology over the past year. The change of social life and business will further prove the trend of digital transformation at the time of the Covid-19 epidemic.”

He added that blockchain has unique technical advantages to adapt to the digital economic society and will form a “value chain” of “trustable, interactive, encrypted and shared.” Taking digital currency as an example, domestic and cross-border payments will be realized around the world, in the future, which will improve payment efficiency and play a key role in the competition of the digital economy.

Li Li, general manager of Tencent Cloud blockchain, said in his keynote speech,

“The year 2020 is the 10th year of Tencent developing the industrial internet. Based on the self-developed blockchain service platform TBaaS, Tencent Cloud has developed relatively perfect products and application solutions in seven major fields such as supply chain finance, trusted deposit certificate and electronic billing.”

Shen Changxiang, an academician of the Chinese Academy of Engineering, has been committed to research in the field of network security. He expressed his concern about the security issues in the development of blockchain technology.

“Blockchain technology is making the world change and its coverage is becoming wider. But it also poses greater security challenges to society. It is necessary to update institutional security and security technology to ensure the high quality and healthy development of blockchain technology.”

The conference unveiled the first hardware wallet product, HolderWallet, launched by 8BTC.

From the information disclosed at the press conference, HolderWallet has a military-grade CC EAL6 + security chip. It also has a high-end AI smart chip, which enables the wallet to realize intelligent voice interaction and live face recognition.

When users call the wake-up words, the HolderWallet screen installed on the base will immediately light up. At the same time, with the help of face recognition and face tracking technology, the wallet screen automatically rotates until it is facing the user to give a response.

HolderWallet may be an example for what smart crypto wallets look like in the future.

“DeFi” is one of the keywords in the summit

Ben He Bin, founder of imToken, said in his speech that from the perspective of crypto wallets, there are three challenges in the development of DeFi.

“First, the private key challenge. There are some problems in the understanding and safe keeping of the private key. Private key solutions currently include managed, unmanaged and multi-sign management. The second problem is the fees for miners. DeFi has promoted the soaring of fees for miners and brought a huge burden to users, which is mainly due to the problem of network throughput, to which the current solutions are Gaslimit, ETH2.0 and layer2.0. The third problem is DeFi complexity. DeFi has the advantage of smart contracts to realize financial engineering, but the combination of various protocols brings about the problem of complexity.”

Emin Gün Sirer, CEO of Ava Labs, believes open finance has brought about a financial infrastructure that makes fraud impossible. However, the current infrastructure makes it difficult to support large-scale transactions, and the current assets in circulation are having difficulty entering the mainstream.

According to Jin Jian, the director of the Institute of Industrial Internet and the Internet of Things, China Academy of Information and Communications,

“It is very appropriate to study and discuss the development and application of blockchain technology in Wuhan city as Wuhan has a national-level node of industrial internet and a large number of talent reserves. At the same time, Wuhan is also one of the first batch of AI pilot areas in China with outstanding advantages in the automobile and electronic industries.”

Kevin, chief operating consultant of UENC, said,

“Infrastructure is a significant part of open finance. Though DeFi is full of innovation and charm, it also faces problems such as network congestion and poor availability.”

Kevin mentioned that UENC has made efforts in decentralization, efficiency and security and is committed to building the underlying infrastructure for the development of the global token economy, helping more users to participate in the token economy including open finance but not limited to development finance.

Mark, DODO co-founder and COO, said,

“The key to the development of a decentralized trading platform in the next stage is to improve the utilization rate of funds. The idea of DODO is to make things on the chain cheaper and efficient. Compared with the AMM algorithm used by Uniswap, the PMM algorithm created by DODO imitates the behavior of human market makers, and distributes more funds near the expected market price, so as to achieve 10 times added liquidity and capital utilization ratio.”

DODO allows liquidity providers to replenish money unilaterally to reduce impermanent loss. In terms of new asset issuance, DODO allows anyone to issue any asset with any market making strategy to make coin listing free, but also market maker free.

About Non-fungible tokens

“The future virtual world needs infrastructure, standard protocols, economic systems and new organizational forms. The combination of MixMarvel’s LeCube products and Rocket Protocol with NFT protocol and community (in the form of UGC and DAO) constitutes the future of blockchain gaming.”

MaryMa, MixMarvel CSO, pointed out that there are three major problems in the current NFT field, which are immature pricing mechanism, low level of code and loss of consensus.

Chinese crypto KOLs talks about the Bitcoin bull run

Gao Yin, director of Fidelity Investments (Boston) said,

“In terms of the historical price trend of Bitcoin, we are now in the fourth bull cycle. From the perspective of institutional investment, more and more funds from traditional institutions are pouring into crypto asset allocation, and the investment of institutions in the research of digital assets and the construction of their ecosystem is also explosive growth. From the perspective of retail investors, there are a lot of third-party data reflecting the characteristics of the bull market. Overall, now Bitcoin is still in a bull.”

Lanyi, co-founder of Tesra supercomputing network technology, said,

“The essence of Bitcoin is gold. When we think about Bitcoin, we take a ‘gold’ perspective, not a ‘technology.’ Blockchain builds trust on the basis of computing. Fundamentally, blockchain will reduce business costs, improve efficiency and open up a new space for development. There are five key points in a complete blockchain solution – distributed, encrypted, tamper-proof and decentralized. The development of blockchain will go through three stages – financial automata, commercial semi-automata and commercial automata.”

The future blueprint of Tesra is decentralized scheduling systems and application services, and the shared computing network based on off-chain computing proof. In the long run, Tesra will keep building open business value based on computational intelligence.

Li Zongcheng, CEO of Shichuo Capital, said,

“I am cautious and optimistic about the bull market. Even if it comes, it will not exceed our expectations too much. As for price, there will be a big callback, because there is no way for its fundamentals to grow significantly, unless Bitcoin is expanded and can be implemented in the near future, or there are new projects similar to Ethereum attracting more users to the industry.”