June 29 Ethereum blockchain Technology Conference
Ethereum is a new and open blockchain platform, which allows anyone to build and use decentralized applications running through blockchain technology in the platform. Like bitcoin, Ethereum is neither controlled nor owned by anyone - it's an open source project created by many people around the world
Different from bitcoin protocol, Ethereum is very flexible and adaptable. It's very easy to create new applications on the Ethereum platform. Anyone can use the applications on the platform safely 
Ethereum is a programmable blockchain. It does not give users a series of preset operations (such as bitcoin trading), but allows users to create complex operations according to their own wishes. In this way, it can be used as a platform for many types of decentralized blockchain applications, including but not limited to cryptocurrency
in a narrow sense, Ethereum refers to a series of protocols that define a decentralized application platform. The core of Ethereum is Ethereum virtual machine (EVM), which can encode any complex algorithm. In computer science terminology, Ethereum is "Turing complete.". Developers can use the existing JavaScript and python as the model of other friendly programming languages to create applications running on the Ethereum simulator
like other blockchains, Ethereum also has a peer-to-peer network protocol. Ethereum blockchain database is maintained and updated by many nodes connected to the network. Each network node runs the Ethereum simulator and executes the same instructions. Therefore, people sometimes call Ethereum "world computer"
this massive parallel operation throughout the Ethernet network is not to make the operation more efficient. In fact, this process makes computing on Ethereum slower and more expensive than on traditional computers. However, each Ethereum node runs Ethereum virtual machine in order to maintain the consistency of the whole blockchain. The consistency of decentralization makes Ethereum have high fault tolerance, zero downtime, and can keep the data stored on the blockchain unchanged and anti censorship
Ethereum platform has no characteristics and value. Like programming languages, it's up to entrepreneurs and developers to decide what to use. However, it is clear that some application types benefit more from the functions of Ethereum than others. Ethereum is especially suitable for those applications that automatically interact directly between points or promote group coordination activities across networks
for example, coordinate the application of point-to-point market, or the automation of complex financial contracts. Bitcoin enables indivials to exchange money without the help of financial institutions, banks or governments. The impact of Ethereum may be more profound
in theory, any complex financial activities or transactions can be automatically and reliably carried out on Ethereum with coding. In addition to financial applications, any application scenario with high requirements for trust, security and persistence, such as asset registration, voting, management and Internet of things, will be affected by Ethereum platform on a large scale
Blockchain includes public blockchain, joint (instry) blockchain and private blockchain. Public chain point-to-point e-cash system: bitcoin, smart contract and decentralized application platform: Ethereum
blockchain is a new application mode of distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm and other computer technologies
blockchain is an important concept of bitcoin. In essence, it is a decentralized database. At the same time, as the underlying technology of bitcoin, it is a series of data blocks generated by using cryptographic methods. Each data block contains a batch of bitcoin network transaction information, Used to verify the validity of its information (anti-counterfeiting) and generate the next block
extended data
according to the different degree of blockchain network centralization, three kinds of blockchains under different application scenarios are differentiated:
1. The blockchain with the whole network open and without user authorization mechanism is called public chain
2. The authorized nodes are allowed to join the network, and the information can be viewed according to the authority. It is often used in the inter agency blockchain, which is called alliance chain or instry chain
3. All the nodes in the network are in the hands of one organization, which is called private chain
alliance chain and private chain are also called licensing chain, and public chain is called non licensing chain
blockchain features
1, decentralization. Blockchain technology does not rely on additional third-party management institutions or hardware facilities, and there is no central control. In addition to the self-contained blockchain itself, each node realizes information self verification, transmission and management through distributed accounting and storage. Decentralization is the most prominent and essential feature of blockchain
2. Openness. Blockchain technology is based on open source. In addition to the private information of all parties involved in the transaction is encrypted, the data of blockchain is open to everyone. Anyone can query blockchain data and develop related applications through the open interface, so the information of the whole system is highly transparent
3. Independence. Based on consensus specifications and Protocols (similar to various mathematical algorithms such as hash algorithm used by bitcoin), the whole blockchain system does not rely on other third parties, and all nodes can automatically and safely verify and exchange data in the system without any human intervention
4. Safety. As long as 51% of all data nodes cannot be controlled, the network data cannot be arbitrarily manipulated and modified, which makes the blockchain itself relatively safe and avoids subjective and artificial data changes
5. Anonymity. Unless there are legal requirements, technically speaking, the identity information of each block node does not need to be disclosed or verified, and the information can be transferred anonymously
as a disruptive technology, blockchain will reconstruct the key infrastructure of Internet Finance and even the whole financial instry, and its value in the financial field is waiting for people to discover. Specific applications are as follows:
first, the application of banking instry
wallet and payment are the first fields of blockchain technology, but this is also the traditional business scope of banking instry. What changes can blockchain technology bring
cross border payment application case:
circle, founded in October 2013, aims to make bitcoin "simple and easy to operate, similar to Gmail (Google Mail), Skype (Microsoft's Internet phone) and other customer service tools", and quickly obtain a large amount of financing. In mid-2014, it obtained an investment of US $27 million, becoming one of the most well funded companies in the field of digital cryptocurrency
in 2015, Goldman Sachs and IDG Capital Partners led the investment and raised $50 million for circle. In June 2016, circle won US $60 million of investment led by Chinese investors, and announced that it has established an independent company circle China in China and set up a local team to reach strategic cooperation with network and Everbright
circle can provide instant and free fund transfer worldwide by using bitcoin blockchain transaction. Circle hopes to use bitcoin as a free internet payment network, so that the legal tender of each country can flow smoothly around the world without hindrance. By working with overseas companies such as IDG, circle can provide financial services to users of national legal tender
although the regulatory structure of payment systems in various countries is complex, the cooperation between these countries has made progress. In April 2016, circle obtained the first e-money license issued by the financial conct authority (FCA), which aroused widespread concern in the instry. Later, circle announced that it had established a partnership with the Bank of Barclays to enter the UK market. Since then, British consumers can enjoy services such as fast transfer payment and buying and selling bitcoin, just like American consumers
in order to make it easier for users to use, circle cooperates with apple. In IOS 10 system, Apple's IMessage supports users to use circle's bitcoin payment system. Jeremy Allaire, chief executive officer of circle, said:
"if IMessage allows access to payment service, consumers will benefit from it. It is difficult to install an app alone for payment, and the transfer payment behavior between friends has to go through a complicated setting process, but it is much simpler to directly access to IMessage service."
on September 13, 2016, circle announced that users can pay anyone in the world through IMessage
advantages of blockchain in cross-border payment: low cost, real-time transaction and high security
intelligent bill application case:
the bill of complex us blockchain bill project and blockchain technology can be well combined. After adopting the decentralized distributed ledger of blockchain, the existing system storage and transmission structure has been changed, a more secure operation mode has been established, and the problem of forged bills has been solved
the time stamp reflects the whole process of bill from its birth to its demise, which has the characteristics of traceable history, so that this mode has a new continuous endorsement mechanism, and truly reflects the transfer process of bill rights
the domestic Hangzhou complex us blockchain Research Center has also initially developed an open source project of blockchain lending bill exchange based on Ethereum, which integrates the concept of using blockchain technology in many subdivided fields such as finance, catering, enterprise management, express tracking, etc. The open source project of complex us blockchain online lending bill exchange is shown in the figure. The online lending exchange applying blockchain technology can complete 150000 transactions per second without handling charge
the bill business based on blockchain has four advantages:
from the perspective of moral hazard, the phenomenon of "selling more than one ticket" in paper tickets and the phenomenon of asynchronous payment and endorsement in e-bills occur from time to time. However, e to the characteristics of time stamp that can not be tampered with and the whole network is open, there will be no default once the paper tickets or e-tickets are traded
from the perspective of operational risk, as the e-bill system is centralized, once the central server fails, it will have disastrous consequences for the whole market. At the same time, the access of enterprise online banking will transfer the risk to the bank's own network security, and the whole risk chain will be longer and longer. With the help of the distributed high error tolerance and asymmetric encryption algorithm in the blockchain, the risk of human operation will be almost zero
from the perspective of credit risk, with the help of blockchain data, we can collect and evaluate the credit of all participants, and control them in real time
from the perspective of market risk, a large number of asset mismatches in the intermediary market not only lead to their own losses, but also bind the interests of banks. With the programmability of blockchain, it can not only effectively control the balance between the asset side and the liability side of participants, but also promote the authenticity of the reaction of the transaction price of the whole market to the capital demand with the help of the characteristics of data transparency, And then form a more real price index, which is concive to control market risk
bank settlement - Application Case: visa
bank settlement refers to the collection and payment behavior realized through the fund transfer of bank account, that is, the bank accepts the client's entrustment to collect and pay on behalf of the client, transfers the money from the deposit account of the payer to the deposit account of the payee, so as to complete the settlement of creditor's rights and liabilities or the allocation of funds between the clients. In this process, the bank is not only the medium of commodity exchange, but also the intermediary of clearing funds in social and economic activities
unlike domestic banks, which mainly rely on the difference between deposit and loan, half of the profits of multinational banks come from the intermediate settlement business. For them, if they open up new business areas and reasonably rece the settlement cost, it is directly related to their fundamental interests
visa is the largest credit card company in the world. There is no doubt that the rise of digital cryptocurrency will inevitably impact its credit card payment business. However, visa does not always conflict with e-money and blockchain, but takes an open attitude
in October 2015, visa and DocuSign jointly launched a "proof of concept" project, which uses bitcoin blockchain to record and keep car rental data. The project combines DocuSign's digital transaction management (DTM) platform and electronic signature solution with visa's secure payment technology. Consumers can configure rental, insurance and other daily purchase items in the car, such as parking fees and tolls, and users can pay directly with visa card
peripheral applications do not satisfy visa. In the same year, visa cooperated with coinbase to launch the first bitcoin debit card that can be used in the United States. On November 30, at the unbound conference held in London, visa European innovation laboratory showed another "proof of concept" remittance application, through which people can remit money on the bitcoin blockchain
in September 2016, visa launched interbit, an interbank settlement and payment system based on blockchain technology, in cooperation with BTL group, a digital payment start-up company, to assess whether blockchain technology can rece the cost, settlement time and credit risk of interbank international transfer
a series of major actions in the past two years show that visa has begun to realize the value of blockchain technology and is making efforts to make blockchain technology a powerful tool to expand its sphere of influence
advantages of blockchain in bank settlement: security, convenience and intelligence
in addition to using blockchain technology to transform the existing businesses, banks around the world have launched their own cryptocurrency plans to rece their operating costs
the advantage of blockchain in bank digital cryptocurrency: cost rection< Second, securities investment market application
Securities Trading - Application Case: LINQ
securities trading market is an important application field of blockchain. The application of blockchain technology can not only speed up the speed of clearing and settlement, but also rece the number of books that financial institutions need to maintain to ensure more accurate audit tracking
NASDAQ is the first person to eat crabs in the stock market. In the second half of 2015, it launched the trading platform LINQ, which is based on bitcoin trading technology and is used for trading companies in the primary market. As shown in the figure below, LINQ has the ability to record the equity transactions of enterprises before IPO, track the equity transactions of enterprises, information of shareholders and investors, etc., which is of great value to the asset analysis of private equity market
Fredrik Voss, head of NASDAQ blockchain strategy, is convinced that the high efficiency provided by blockchain technology will greatly enhance LINQ's advantages as a private equity trading platform. So far, no technology can really keep people away from paper work, and blockchain technology will make it a big step forward. Compared with manual processing, it will greatly rece the possibility of errors
advantages of blockchain in Securities Trading: speed up settlement, simplify accounts, and facilitate follow-up audit
equity crowdfunding - Application Case: ant
all along, capital is a gap in front of creative ideas and entrepreneurship, and it is this gap that spawned the world's first crowdfunding platform KickStarter. The operation mode of KickStarter is a typical business model of the platform. On the one hand, the users of the platform are those who are eager to create and create, on the other hand, those who have part of the funds and are willing to provide financial support for new ideas. The common wish of both sides is that the new ideas can be realized and can be promoted continuously
the crowdfunding platform based on blockchain technology can raise funds by creating its own digital cryptocurrency or digital assets, and distribute its own "digital equity" to early supporters, which is the certificate for investors to obtain shares in support of start-ups
blockchain crowdfunding platform usually consists of three layers:
the bottom layer is blockchain network, which constructs a decentralized distributed platform
the middle layer is the combination of business logic and blockchain to jointly establish account center, equity registration, equity voucher, equity trading, equity management and other functions
the top tier provides services for customers of various crowdfunding platforms
in China, Xiaoyi is the first company to use blockchain technology to register its equity. Although this is an innovation, it is not easy to achieve the legal compliance and docking with the real world in the underlying logic and various details. After in-depth study and analysis of the current legal environment in China, termite has the potential to become a practical blockchain application
termite is a blockchain protocol based on blockchain technology, which registers, issues, manages and trades various equity shares through point-to-point network. At the beginning, it will be
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however, you can't get to the central island six stars in an unconventional way, even if you get to the central island in a normal way, you can only get to the central island five stars
bitcoin has value because it is useful as a form of currency. Bitcoin has the mathematical characteristics of money (persistence, portability, interchangeability, scarcity, separability and identifiability) rather than relying on physical characteristics (such as gold and silver) or the trust of central authorities (such as fiat money). In short, bitcoin is backed by mathematics. With these characteristics, a form of money to have value requires trust and use. In contrast, this can be reflected in its growing base of users, businesses and start-ups. Like all currencies, the value of bitcoin comes directly from people who are willing to accept it as a means of payment, which is the only source
of course, some domestic digital currency scholars began to take bitcoin not as a kind of currency, but as a shortcut. Teacher Shaqian proposed the concept of currency business circle. Perhaps inspired by the recent emergence of a currency called Fuyuan coin in the jewelry instry, it is the business integral system of the jewelry instry.
The first real milestone should be a local election, and the ultimate goal is a national election
At a time when people's trust in government agencies in western countries is declining at an alarming rate, the Russian government under Putin is taking measures to strengthen people's trust in its system Russia's democratic system has a long history, but the corruption left by the collapse of the Soviet Union and the plunder by the western world in Yeltsin's reign are still a big problemRussia's launch of this system coincides with the time when "us special prosecutor Mueller formally filed a lawsuit against 13 Russians and three Russian entities for interfering in the 2016 US presidential election, causing a global sensation". For the anti democratic forces, the incident makes Mueller look more like an available fool
while Washington's bigwigs are still dissatisfied and complaining about the election results they don't like, Russia is taking action to ensure that one of Joseph Stalin's most frequently quoted maxims - "the voter decides nothing, the teller decides everything" does not apply to Russia
blockchain 1.0 mainly refers to bitcoin. Blockchain 2.0 extends to all assets, while blockchain 3.0 goes beyond currency, finance, even commerce, and all areas of our lives, including politics, social relations, ecation, medical care, etc. According to the prediction and conception of people in the instry, the era of blockchain 3.0 will be realized in the next five years. At that time, blockchain will be recognized and accepted by all the public like the Internet, thus completely subverting our lives
McKinsey has submitted a technical report on blockchain to the Federal Insurance Advisory Committee of the United States. The report calls 2009-2016 the "Dark Age" and believes that all blockchain solutions ring this period are based on bitcoin, and the new era of blockchain will begin in 2016. At that time, the application of blockchain will become unprecedented. Applying an original sentence in McKinsey report: Based on the current development speed of blockchain, we believe that blockchain solutions may realize their full potential in the next five years.