Tang Xialing: Five Trends in Hangzhou International Blockchain Week 2020

Hangzhou International Blockchain Week 2020,with supports from state-backed blockchain alliance BSN and a lineup of leading blockchain organizations, brought together a dynamic mix of 37 keynote speeches, 12 panel discussions, 43 peripheral activities and nearly 2000 participants in an effort to push the innovation and evolution of the ecosystem.

Tang Xialing, VP & chief editor of 8btc, calm down from a high-density blockchain feast and ponder over, the following five trends are from her observations.

Industry is more essential than blockchain

Over the past 20 years, we have solved information asymmetry through the Internet, and in the next 20 years, we will solve the value asymmetry through blockchain.

Blockchain is considered as the infrastructure of ‘value Internet’, on which different types of value bearers have the opportunity to run to eliminate the distrust among the subjects. But because of the frequent speculation in the early stage, blockchain has been used as a pretext for being rich overnight. In the past few years, the market has also fallen into a strange circle of ‘technology for technology’ and ‘application for application’.

Following the country’s president Xi’s blockchain endorsement, Chinese giant Alibaba, Tencent, and BSN have made great progress in blockchain application. Blockchain technology is being applied to the services of large enterprises and even the government. Supply chain finance, cross-border remittance, financial leasing are being transformed by blockchain.

Tencent regards blockchain as the connector of the ‘Industrial Internet’. Tencent has applied blockchain to medical health and copyright preservation. BSN has opened the blockchain backbone network of Zhejiang province and is determined to be a “portal” of Zhejiang blockchain based on BSN.

Data is the core ownership

Besides the buzzword ‘industry’, another buzzword is ‘data’. With the development of digital economy, we have formed a large number of data in each industry. How these data play its role has been explored by all walks of life. Last year, China listed “data” as the seventh-largest factor of production, equal to human resources, capital and management.

However, data is different from the previous production factors as it has a multiplication effect. How to make data flow and being shared better, and produce value in the case of privacy security? Exactly blockchain can play a great role in exchanging value without exchanging data.

Crypto Mining financialization is becoming the standard configuration

‘Crypto mining’ has become the most representative element for blockchain. The price of bitcoin has not soared as scheduled, while its network hashrate is getting higher and the profit is getting lower and lower. Bitcoin, which emphasizes decentralization, is becoming more and more centralized in the field of mining. The small minerable coins and cloud computing power suddenly emerged, mining financialization becomes the standard configuration. The professional and mature mining industry has provided fertile soil for C-end computing products. Cloud computing power, joint mining and computing power trading, which are extremely financial products, are getting popular.

Although the three major exchanges have completed the layout of the mining area, other mining forms are emerging.

One is IPFS mining. In the past few years, nearly 500 Filecoin miner makers have emerged in China, and the cumulative investment of miners exceeds 10 billion Chinese yuan.

As the schedule of Filecoin’s mainnet launch is delayed, the miner price has been hyped. We don’t know when the madness of IPFs mining machine will come to an end. But when the whole market is focusing the same thing, there must be a few who can profit from it.

The future world will be driven by protocols

Web.3 is committed to catering the demands of the next intelligent era, that is, machine intelligence, and interconnection of everything. Web. 3 is the infrastructure that enables people to cooperate with machines and even AI.

Web1.0 is represented by the portal website. We are the Internet visitors, just take and see the content from the Internet. Now, in the second generation of Internet, we can participate in social interaction, and become a contributor of content on platform like Tiktok, WeChat, Weibo, on which each person is both a browser, producer, as well as a co-founder.

In Web3.0, the whole Internet will be shared by everyone and will not be monopolized by oligarchs. We will participate in the construction of the network and enjoy the dividend of development. The Internet itself can establish a trust relationship, without trusting large companies. Each individual here can achieve consensus according to transparent and open rules. As a result, blockchain will become the cornerstone of Web3.0.

The future world will be driven by protocols. The protocol here refers to not only the protocol of underlying technology, but also the value collaboration network of the whole society. When a global free data trading market is established, will the era evolve into DT era.

The financial sector is the first to respond to arrival of DT era.

Defi, DEX, lending, mortgage, derivatives have created a different way. Financial tools in the traditional financial world are likely to be reproduced all over here. Some of them will burst like bubbles, and some of them may leave a golden key after they are broken. What we diligently strive after is to poke the bubble and find the key.

In the era of Web3.0, application scenarios must be blooming. Digital identity, digital wallet, stablecoins, and dapp, all of which have yet to be built.

Digital literacy makes ” new digital citizen”

The development of technology and the iteration of industry will eventually fall on everyone.

More than 2000 people came from all over the country, looking for the latest trend of the industry, and looking for the anchor point of their inner value.

Currently, there is no authoritative expert and undisputed definition in blockchain field. Everyone is an adventurer in the unknown world. The new citizens in the digital age are facing unprecedented opportunities and challenges as well, but there are also temptations and traps.

“Looking for self-adaptation, being independent and keeping an open mind builder, I think this may be the quality of new citizens in the digital age.”

Said Tang Xialing, she hopes all of us in the digital era become a big fish in the deep sea rather than a bubble blown by the wind.

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