Winning the bid of ICBC blockchain project

3.

Suppose you understand the blockchain. To put it simply, the blockchain generates a new block every ten minutes to store all the transaction information in the blockchain. This block is equivalent to a network account book, which correctly time stamps all the transactions of the whole network in the past ten minutes. The question is who will build it? The "miner" on the blockchain is to compete for the bookkeeping right of a block in the past ten minutes. The rule of competition is to solve the sha256 problem while correctly bookkeeping. Who can prove that his computer has the fastest computing power can compete for the legal bookkeeping right of the block in the past ten minutes. This is the "mining" process. In the bitcoin blockchain, miners who dig mines can get certain bitcoin rewards. Therefore, miner's more essential function is "bookkeeper"

in his bitcoin white paper, Nakamoto describes in detail the process of establishing the credit system:

Step 1: in order to make the whole network recognize effective, every transaction must be broadcast to each node (node: miner)

Step 2: each miner node should correctly stamp each transaction in the ten minutes and record it in that block

Step 3: each miner node should compete for the legal bookkeeping right of this 10 minute block by solving the sha256 problem, and strive for the reward of 25 bitcoins (50 bitcoins every 10 minutes in the first four years, decreasing by half every four years)

Step 4: if a miner node solves the ten minute sha256 problem, TA will publish all the time stamped transactions recorded in the ten minute block of TA to the whole network, which will be checked by other miner nodes in the whole network

Step 5: other miners in the whole network check the correctness of the block's accounting (because they are also stamping the time stamp for accounting, but they do not compete for the legal block's accounting right, so there is no reward). If there is no error, they will compete for the next block after the legal block, thus forming a single block chain of legal accounting, That is the general ledger of bitcoin payment system - blockchain

generally speaking, each transaction must go through six block confirmations, that is, six ten minute bookkeeping, before it can be recognized as a legal transaction on the blockchain. The following is the accounting format of bitcoin:

so the so-called "bitcoin" is such a billing system: it includes the owner using the private key to make an electronic signature and pay to the next owner, and then the "miners" of the whole network stamp the account to form a blockchain Network)

if you want to learn more about blockchain information, it is recommended that you use Baijia, mustard circle and other popular B circle media. The amount and richness of information are more and better than those on the general network. If you want to ask technical questions, you can take a look at the links below, hoping to help you with the

Web links

4.

On August 6, 2018, Mr. Cai Yi, financial instry consultant of Huawei Company and founder and CEO of Huaxuan technology, was in daga | blockchain & amp; AI (core group) made a special topic sharing, the theme is: the current situation and Prospect of blockchain finance. The following text is arranged according to the speech of the lecture and has been reviewed by the author

Cai Yi: Consultant of financial instry of Huawei, founder and CEO of Huaxuan science and technology, founder of shared reading association, member of China Writers Association, engaged in financial science and technology research for more than ten years, and is a senior expert in digital transformation of banks

good evening, everyone. I'm very glad and honored to share some thoughts with you here

let's make a simple self introction: my name is Cai Yi. I worked as a writer in my youth. I wrote some books, magazines and novels in the 1990s. At that time, there was no Internet. After work, I have been engaged in the information work of financial instry, from financial channels to data centers, from outlets to technology, witnessed the development of financial technology, and also found some problems. After 2014, I worked as an investment partner and in recent years as a financial instry consultant in Huawei. From the cognitive level, I worked as a consultant for the talent development of digital transformation in the financial instry

in 2015, I started Huaxuan technology and sharing reading club. At present, we mainly focus on the cognition of blockchain and the implementation of financial technology solutions. At the cognitive level, interactive sharing and knowledge management are carried out in the way of book club. At the technical level, the process and scene of the financial instry are reshaped by combining blockchain, big data and AI technologies. I am interested in blockchain and often study and discuss with some friends. Of course, some views are still superficial. I hope you can exchange more criticisms and corrections

the elite think tanks in the United States once believed that the core of maintaining global leadership is science and technology, which must rely on economy, and the core of economy is finance. So what is the future of finance

today's topic is: the current situation and Prospect of blockchain finance. I would like to introce it mainly from three aspects:

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briefly introce finance and financial system

the current situation of blockchain finance

prospect of blockchain finance

First of all, let's talk about the concept of finance. The word "finance" originated from Japan after the Meiji Restoration (1868), which is somewhat related to the gold standard established by Japan in 1897. At the beginning of the 20th century, it was introced into China from Japan. It was first proposed by Finance Minister Liang Qichao in 1902. At that time, Zhang Zhidong raised his objection. Therefore, after the Sino Japanese War of 1894, China remained in the silver standard, but it also made China avoid the Great Depression of 1929

The original meaning of finance is "money accommodation", which refers to the circulation of funds in the society. Later, its meaning has been expanded to indicate transactions and economic activities related to money and credit. In fact, there is another reason: gold used to be the only medium in international trade, and its value and wealth were based on gold. Therefore, when making standard gold bars, people need to melt gold into shape, which may be the original meaning of the word "finance", that is, to melt metal

Finance is the general name of currency circulation and credit activities and the economic activities associated with them.

let's look at the definition of Finance later: finance is the general name of currency circulation and credit activities and the economic activities associated with them. In a broad sense, finance generally refers to all the economic activities related to the issuance, custody, exchange, settlement and financing of credit currency, Even including the trading of gold and silver, the narrow sense of Finance specifically refers to the credit currency financing

In short, the contents of finance can be summarized as the issuance and withdrawal of money, the absorption and payment of deposits, the issuance and recovery of loans, the trading of gold, silver and foreign exchange, the issuance and transfer of securities, insurance, trust, domestic and international currency settlement, etc. To put it more bluntly, finance has two-way feedback. The institutions engaged in financial activities mainly include banking, insurance, securities, trust, financial leasing, etc. We all know this better and have frequent contact with it. Therefore, to understand the meaning and institutions of finance, we also need to understand China's financial system

2 China's financial system the development of China's financial system can be roughly divided into five stages:

initial formation stage, the first five years (1948-1953): the establishment of the people's Bank of China (1948). At this time, the PBC is far from what we want now. But it marks the beginning of new China's financial institution system

In the second five years (1953-1978), the people's Bank of China (PBC) is the only financial institution in China that deals with all kinds of banking business, integrating the central bank and ordinary banks. In fact, reunification means that we the model of foreign countries. I will not talk about specific countries

In the third five years (1979-1983), the Bank of China (established in 1912), the Agricultural Bank of China (established in 1951) and the Construction Bank of China (established in 1954) were restored or established one after another, but the people's Bank of China still integrates currency issuance and credit. We can see that after the reform and opening up, China's financial instry has developed very fast

the diversified financial institution system has begun to take shape. Ten years (from September 1983 to 1993): it has formed a financial institution system with the people's Bank of China as the core, the four major professional banks of instry, agriculture, China and construction as the main body, and other financial institutions coexisting and cooperating. After 1987, there were Bank of communications, China Merchants Bank, Shenzhen Development Bank, CITIC and Hengfeng. In 1988, Ping'an, Guangfa and Xingye appeared. Everbright, Huaxia and Shanghai Pudong Development Co., Ltd. appeared in 1992, and the Securities Regulatory Commission was set up in the same year

the stage of building and improving the social * * market financial institution system (since 1994): it has formed a relatively complete financial institution system with "one bank, three meetings" as the leading role, large, medium and small commercial banks as the main body, and a variety of non bank financial institutions as the auxiliary wing. In 1994, three major policy banks (China Development Bank, Export Import Bank of China and Agricultural Development Bank of China) were established. In 1995, Minsheng Bank, the first private commercial bank, was established (which is of great significance). In 1998, urban commercial banks emerged and CIRC was established. In fact, the CBRC appeared relatively late, and it was only established in 2003. Since then, the pattern of "one party, three meetings" has been formed. However, not long ago, the China Banking Regulatory Commission and the China Insurance Regulatory Commission merged into the China Banking and Insurance Regulatory Commission. You can pay attention to this

from the perspective of evolution, the normative research of finance is often linear

that is, we often take a certain evolution form as the standard (usually developed market economy system, such as the Soviet Union, Germany, the United States and even Japan), describe the progress path of the financial system from non marketization to marketization, from inefficient allocation of financial resources to efficient allocation, and focus on explaining the gap of the standard form and the reasons

In fact, we can find from the development process of China's financial system just now: since 1978, China's financial system has evolved in the direction of marketization, standardization, diversification and internationalization, All kinds of financial institutions show a "network" and "strong connection" business form, that is, the connection degree between banks, banks and other financial institutions, as well as financial sub markets has increased significantly, and the credit connection is increasingly close, mixed and complicated

the ecological environment of financial instry has also undergone some obvious changes. On the one hand, traditional formal financial institutions seek to speed up transformation and innovation, and strive to seize the opportunity in business strategy, market positioning, management structure, format and proct innovation. On the other hand, a large number of emerging financial institutions have emerged

financial format also presents new characteristics such as real estate financialization, non bank institutions "banking" and asset securitization

The above changes are beyond the imagination of the instry, regulators and policy makers, and will bring a series of impacts:

on the positive side, the scale and composition of the financial system have been expanded, the business expansion and financial service capacity of financial institutions have been improved, the financial market has been developed, and innovative payment has developed rapidly. That's what we're going to talk about in financial technology

in a common saying, when the forest is big, there are all kinds of birds. The negative aspects are mainly reflected in the following aspects: the interaction between the

financial system and the real economy tends to be complex, and the role of the financial system in promoting and amplifying asset bubbles is underestimated. p>

the reticulation and strong correlation of the financial system widen the gap between the financial instry and financial supervision, and weaken the effectiveness of traditional supervision. China's current financial supervision system has only been in operation for more than ten years

the transmission path and mechanism of monetary policy through the financial system have changed (the transmission chain of monetary policy has been lengthened or deformed, the conctivity and effectiveness have declined), and the initiative and effectiveness of regulation are facing new constraints. Since its establishment in 1996, the current monetary policy framework has been constantly improved in response to the development of economy and financial market, but the complexity of the financial system in recent years has put it to a new test. Broad money M2 is also impacted by financial deepening, electronic payment and other factors, and further weakened by the shadow banking system

all kinds of cross market, cross business and cross-border behaviors to evade supervision make a variety of risk factors intertwined, such as: capital pool operation with serious mismatch of maturity and procts hides large liquidity risk, proct nesting leads to risk transmission, insufficient shadow banking supervision, local debt, real estate, external shocks, etc., all of which bring great challenges to the stability of the financial system

without comparison, there is no harm, and China's financial system as a whole is relatively backward. This kind of backwardness is mainly reflected in the backwardness of bank innovation: the people's Bank of China announced in October 2015 to abolish the "interest margin protection", while the interest rate of the United States had been completely marketized as early as April 1986, and China was nearly 30 years late

3 the institutional framework and basic problems of China's financial system

Second, the * * third party acts as a credit intermediary to guarantee the realization of asset transfer transactions

the third is the transaction settlement and clearing completed by the centralized clearing organization

Based on this, there are also four problems:

1) credit system and trust mechanism. Traditional finance must have strict transaction records to accumulate credit. Without transaction records, it is difficult to achieve financing or loans, because there is no technical means to ensure the safety of transactions between the two sides

(2) transaction settlement takes a long time. The time of traditional financial transactions has been speeding up, but the settlement time is still relatively long, especially for cross-border transactions, which often can not arrive immediately

(3) the cost of intermediary service is high. The traditional financial transaction system is very important

5. "Blockchain is a new application mode of distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm and other computer technologies. The so-called consensus mechanism is a mathematical algorithm to establish trust and obtain rights and interests between different nodes in the blockchain system. "
I. the meaning of blockchain
in a narrow sense, blockchain is a kind of chained data structure composed of data blocks connected in sequence according to the time sequence, and it is a distributed account book that can not be tampered with and forged by means of cryptography
broadly speaking, blockchain technology is a new distributed infrastructure and computing paradigm, which uses blockchain data structure to verify and store data, uses distributed node consensus algorithm to generate and update data, uses cryptography to ensure the security of data transmission and access, and uses intelligent contract composed of automated script code to program and operate data
ENS is Ethereum domain name service, a distributed, open and extensible domain name system based on Ethereum. Some hash addresses used in Ethereum ecosystem are usually very long, such as Ethereum wallet address and swarm file hash address, while ENS domain name system is designed to provide users with short and easy to read domain names. Ens does not grant any trademark or declare any ownership. The domain name application of ENS is a completely decentralized process. The domain name is not obtained through purchase. You need to deposit a certain amount of ether coin in the corresponding registration contract as a deposit for at least one year. In order to avoid garbage and meaningless operation, the process of auctioning domain names includes locking deposit and destroying penalty, trying to ensure that the domain name will be registered by the actual user. The ether money spent in the process will eventually be returned to the successful bidder and destroyed in breach of contract. It will not generate income and is completely non-profit.

6.

China has started to establish a national standard for blockchain to promote the construction of blockchain standard system from top-level design, which is expected to be completed by the end of 2019 at the earliest

in this regard, Zhao Wu, founder of Beijing Huashun Xin'an Technology Co., Ltd., also said that although the blockchain has disruptive technology potential, we must realize that the blockchain is still in its infancy, far from reaching the stage of subverting the world

Yu Kequn stressed that the independent and controllable blockchain network is intended not to be controlled by others technically, but also to promote the healthy development of blockchain. Security is the future life of blockchain. Only its own security can make blockchain technology landing. This requires us to pay equal attention to the development of blockchain technology and its security attributes, even ahead of time

in this regard, Li Ming also said that an important part of the standard is the information security standard, which can also see the importance of security to blockchain technology. He also pointed out that the development of blockchain standards does not mean that it will rapidly promote the development of the instry, but give the instry certain guidance. Previously, China has suffered a lot in terms of international intellectual property rights and standards. In terms of blockchain, China has formed more than 200 patents in terms of international blockchain, and even stands in the forefront of world technology. Therefore, we also need to firmly grasp our right to speak

content source: Xinhuanet

7. Well, I don't know the specific words, but they all cost more than 100 yuan.

8. Now some spot companies should go to the trading license, and it is estimated that they can trade in China next month

9. I know whether Ethernet is the same thing. It's just a name of network communication materials. It's the same thing as broadband Internet. It's only different in units and categories. It's essentially an attribute of physical substances. That's all I know. And recently, I won't give a reward.

10. Huobi hadax will open the datx (datx) recharge service at 14:30 Singapore time on April 17, 2018. Datx cash withdrawal business will be opened at 14:30 on April 19, 2018.