In April 28th, Luo Zhiyong, the founder of the beginning of the wind and economics, sat on the chain with the block chain industry big Cafe Cao Huining in the theory of the theory of relativity, which brought rational thinking and insight analysis for the entrepreneurs and investors. In the market of block chain information explosion, it brought calm and professional guidance and judgment. Luo Zhiyong, founder of the wind and Finance Cao Huining, founder and chairman of the chain of Yu Shi Dialogue guests Cao Huining, founder and chairman of Usechain (the worlds first self sovereign block chain Ecology), a finance professor at the Changjiang School of business and an academic director of the finance department, the first founder of Chinas financial MBA and a member of the American financial society, had taught at University of California at Berkeley, ChapelHill University of North Carolina. Branch campus. At the age of 13, he enrolled in the youth class of University of Science & Technology China. He was a doctor at the age of 18. He was awarded the doctorate of University of California at Los Angeles and the doctor of Yale University. (the following is a record of interviews) Identity authentication may be the undeniable existence of killer chain chain applications. Luo Zhiyong: you started contacting bitcoin and block chain technology in 2011. What opportunities were you exposed to at that time? What did you see at that time? When do we start to attach importance and study? Cao Huining: in 2011, I was giving lectures in Shenzhen. Financial MBA students asked me: bitcoin has reached the level of $1, is it a bubble? I didnt study bitcoin in particular, so I think its price is hard to estimate. Later, we made a special game between Wall Street and the Chinese group. I took this opportunity to study the thesis of Zhong bin Cong and I felt more attractive and turned to the bitcoin. Although bitcoin may not have all the features of money, it can carry all the functions of the currency, so I add some chapters to the course on financial technology, including artificial intelligence and block chain finance. The block chain really attracted me much attention, or because it became very simplistic and the cost of issuing certificates was reduced. As for the real start of block chain, the project started in 2016, mostly from the financial direction. From the point of view of financial application, the chain must have a real name system if it wants to have vitality. So we began to construct a real name chain at the end of 2016 and 2017, and every identity on the real name chain is verified, otherwise it is difficult to pass the government supervision, so the financial application is difficult to unfold. Now we are building an identity chain, hoping to have practical applications in these areas. Luo Zhiyong: the block chain, because of its anonymous mechanism and encryption algorithm, makes the users privacy well protected, but the resulting speculation, fraud, money laundering and other illegal activities are large, leading to the past cycle of market chaos and the strong supervision of the country. Why the block chain uses anonymous mechanism Will there be a complete change in the future? Or you can have a real name account. There are many anonymous accounts with real names outside the real name account. The connection of anonymous accounts can be placed in third parties in a distributed way, and the third party is made up of many experts. Each expert has a part of each others information. Therefore, experts can not see the real transaction on this chain, only know the link between real account and these anonymous accounts. So if the government needs it, you can ask the third parties to tell the government the link between the real name account and the anonymous account. In this case, the real name account is fully transparent to the government, but it can be anonymous in front of the public. At the same time, when you are in control, you can tell your trader your anonymous account transaction through information, and let him know that all your previous commitments are true and reliable so that you can make full use of the block chain in the application of credit. Many people are not very optimistic about the block chain because it itself has a lot of defects: data, speed, size are limited, but it also has a lot of advantages from the point of view of increasing credit and justice. The way of cooperation between block chaining and some centralized organizations can make block chains more alive. Usechain You Shi chain: to build a real name chain beyond EOS and Ethernet Luo Zhiyong: block chain technology itself has many advantages, but there are also some defects. For example, since the birth of this technology, there is always a Impossible Triangle: it is impossible to achieve the three requirements of high efficiency, low energy, centralization and security at the same time. This is also the core of restricting the large-scale application and rapid development of the block chain. The question, what do you think of this problem? Cao Huining: this needs sacrifices, for example, EOS sacrifices the centralization, so that the 21 super nodes can be verified to improve efficiency. Each of these 21 people drew a person to do the verification without much calculation. But new problems arise. If there are only one super node, then there is no difference from centralization, and it is back to the original architecture. I think there is another way of thinking that is to solve these problems through our revolutionary design. At present, the main chain is to centralization is too slow, and added a number of real name applications, such as the public credit treasure, IDCHAIN and so on only in the front end of the identity authentication, no block chain and the identity of the integration design. And our Usechain chain not only adds a revolutionary consensus algorithm, but also redesigns the bottom to top layer algorithm of the block chain based on identity, which is the worlds first creation, and will greatly accelerate the application and popularization of the block chain. With the real name system, a random function is used to draw a lot of lots, which solves the power consumption problem in the bitcoin over the entire Danish, and the speed is greatly improved. This validation only needs to be passed through accounts without calculation. Only the real name system can be extracted and verified, and many people verify it at the same time, which solves the problem of speed and efficiency. At the same time, because it is centralization, no one knows who can be smoked, so there will be no problem of corruption like EOS. In addition, the real name system can make the fragmentation very simple. After the real name, whether it is a dust attack or slice, can achieve a great increase in efficiency, the speed of trading can reach tens of thousands of times per second, in a lot of financial industry. The relationship between the main chain and the sub chain can be designed according to the identity. In the public chain, we should emphasize more centralization, but in practical application, we can use some consensual consensus mechanism appropriately. Thus, in the application scenarios of sub chains, the ore digging speed is faster, even to the million level per second, and it can also be handled in high frequency transactions in the exchanges. Centralization and centralization are not absolute good or bad, but look at the scene. Centralization and de centralization are complementary and complementary. In the main chain can be more centralization, let everyone have trust, but in the sub chain to do the application in the scene, if the speed of the application in the application is very high, it can be properly used to make it a little centralization, sacrificing a little to centralization. Luo Zhiyong: from a global perspective, what is the current situation of block chain application in landing? Where is the bottleneck of the application of digital money and block chain in the financial field? How long do you think the combination of block chain technology and physical industry will play a role after long? Cao Huining: at present, the application of block chain is relatively small, and the most important thing is in the field of digital money. This is also a relatively big breakthrough in block chain technology. Block chain has great bottlenecks in speed, energy consumption and scale, but real name system should be able to change many problems. The time will probably be in the next two or three years. Of course, it will take some time to lead users to this public chain. The application of block chain in finance is the earliest, because the financial industry needs credit very much, such as cross-border payment, small and medium enterprise loans and so on. In addition, the use of the exchange, the current digital currency exchange is very profitable, such as the high profits of the coin, but many exchanges also have robots to manipulate the transaction. Block chain technology is bound to impact on existing VC and PE models. Luo Zhiyong: the block chain will bring huge changes to the financial industry, including the existing mode like Wall Street, which may be greatly impacted. A few days ago, news media reported that Nasdaqs CEO publicly said that Nasdaq will not exclude the exchange of encrypted currency in the future. What does professor Cao Huining think about this point? With the further development and maturity of block chain technology, what impact and changes will it bring to the first and two tier markets in the existing financial system? Cao Huining: the NASDAQ Exchange is still under discussion, but I do not think it will be an early, centralized exchange. Of course, speed, efficiency and other aspects need to be improved, so that it can really be fair, we can go to the center of the exchange, open and transparent trading, avoid being cut leek. There are several ways to make money before Wall Street: first, control channels, block chains can reduce their strength. The two is asymmetric information. Block chain can reduce or reduce asymmetric information through the dissemination of Internet. Finally, Wall Street brings not only channels and asymmetric information, it will bring more value to your company. He not only helps you organize a management team, but also gives guidance and assistance to the direction of your entire enterprise, and tells you what kind of collaboration is more likely to succeed, which cant be replaced. So, I think the future of the whole business model of the Wall Street will change, big companies rely on the reputation, reputation, channels, and may eventually be replaced slowly. But some of them also carry specific functions. They can help companies make real progress, or do ratings. In the future, an expert office will be set up to provide assistance to enterprises. Finally, the whole companys structure has gradually become centralization and become a mobile workstation. From this point of view, I think what the block chain brings is subversive. Now the whole market model is changing, and it will become relatively simple through the block chain later, but it will embrace regulation, and all the financial statements and statements must be accurate and not fraudulent. In the previous primary market, VC/PE will account for a large proportion, and now many small investors can come in through the way of block chain public funding. Because of the coexistence of small investors opportunities and blindness, professional investors are required to occupy a certain proportion and others can be opened to small investors. I think block chaining technology may have a certain impact on VC/PE mode, and the existing mode will change a lot. What is your original intention to start the Usechain chain? Luo Zhiyong: how long have you been preparing for your Usechain project? What kind of background was it based on? When will the project be launched? Cao Huining: we began to discuss the application of the real name chain in finance at the end of 2016, and after that, after the ICO wave in 2017, it became easier to finance; and many people supported it, so it started to start. The innovation of block chain is reflected in the following aspects: First, the consensus algorithm. In the previous consensus algorithm, POW reached consensus by calculating the competition of forces. So some people are especially fast through some special chips, like the bitten cold of the bit continent, the whole company occupies forty percent of the bitcoin power, which is quite centralization. Statistics show that about 4% of the accounts occupy 96% bitcoins. In addition, some new algorithms, such as POS, increase your probability of getting blocks in mining according to your deposit. Well, there is also a problem with this POS, that is, the poorer the poor, the richer the rich, the so-called Matthew effect. Recently, EOS wants to do DPOS, people choose 21 nodes on the network to do verification transactions, but because the rich can buy their own votes, they are more likely to be elected, and can not solve the problem. 21 people control the whole community, and in the end they tend to become a very central public chain. We reopened a train of thought: from the bottom up, we start from the real name chain to do consensus algorithm. After a real name, there is a real name behind each persons account, so that a person can be selected by a random function, not a specific 21 person, which helps us dig. It is not necessary to calculate a lot of power when mining, and if the frequency of digging is higher, it can be adjusted appropriately to reduce the frequency. So, no one can compete by computing power, but by opening accounts in the website to achieve the possibility and purpose of computing, which greatly improves speed and efficiency. Second, it is easy to slice through the real name. For example, we do some transactions in Yancheng, Jiangsu, do not have to let people all over the world know, then we can do some natural slices through the identity, that is, you know that your transaction is in the small film, but in a certain time, the information can be integrated to the main chain, so the scale will be improved. Thats right. Now the size, including bitcoin only tens of millions of users, is insignificant compared with nearly one billion of WeChats users, so small size limits a lot of block chain applications. The problem of KYC, money laundering, speed, efficiency and fragmentation can be solved through the way of identity public chain, and the scale can be expanded, which is the advantage of our public chain. After making the public chain, three major applications may be developed: first, identity card, so that everyone can provide an endorsement for their credit. Two is to use the identity of the chain to do a sub chain, in the sub chain can do the center of the exchange (at the beginning of the beginning is to do currency transactions, and in the future with regulatory cooperation, and other financial products can also be traded). The three is to use the block chain to do distributed payment. After anywhere in the world, need not through WeChat, Alipay or credit card, can be directly through the APP block chain can be opened to pay, the speed to have high requirements, through the public chain, to the center of the center of the weak chain, we can achieve this standard. In addition, there are many application scenes in the chain. For example, in sharing the economy, the Internet of things, finance, insurance, asset management, medical, game, market forecasting, and so on, it may work together with the third parties to build the block chain economy. Our public chain has many innovative technologies, including RPOW, TPOS, identity virtual machine, identity network fragmentation, identity address fragmentation, and so on, all of our original and patent protection technologies. Moreover, we are from the bottom up, based on the characteristics of identity chain, some of the consensus methods and fragmentation mechanisms tailored for anonymous chains. The excellent chain is completely different from the whole mainstream anonymous chain, which has sacrificed anonymity but has gained more room for operation. The government supports block chain technology, but it needs to be regulated Luo Zhiyong: what is the current stage of this project? When is it expected to be released and applied? Cao Huining: we are ready for the exchange at the end of June, and now we are in the state of private placement. The main chain can be tested next month and will have the first application by the end of this year; it may be paid, and a personal identity is established, and next year it will be able to enter a central exchange. We believe that all technologies in the block chain should embrace regulation, and the voice of the government can reach the maximum consensus. In fact, from the governments point of view, it is not opposed to block chain technology. The government objects to two things: first, fraudulent practices through new technologies will hurt many unidentified people. Second, the government does not want to cause any financial instability. The US financial crisis of 2008 has affected the world, so the government is supporting the development of technology without affecting peoples livelihood and financial stability. For the Chinese government, some research on digital currency can better internationalize the RMB, because the international financial structure is bigger than the US dollar. We are prepared to communicate through the real name chain and the government in the future. This is a train of thought. Luo Zhiyong: through the white paper of the good luck chain, we can see that the founding team of this project is a super luxurious lineup. What is the process of the formation of this team? At present, are the members of the founding team a Allin state? In addition, you have achieved success in the financial academic field, but there is a big difference between starting an undertaking and doing academic research. Have you ever considered what to do in case of failure? Cao Huining: this team was initiated by Sun Baohong, a marketing professor at Changjiang Commercial College, and supported by many alumni. The chief scientist is Professor Zhang Shengli of Shenzhen University and Dr. Zhang Feng, a senior financial expert at the University of California in the United States. The chief operating officer is MBA Xu Zhiwen of the Yangtze business school. In addition, in the advisory team, there are Silicon Valley Yan Fang, Cao Yin, and Columbia experts in cryptography, and a lot of experts in the area of block chain energy. From the configuration point of view, the talents of economy, finance and computer are assembled. As for Allin? I think basically all team members have given up other good choices and joined the chain. I think block chain is a rare opportunity. Ideas, information exchange and trust building mechanism are all new ways. Focusing on participation is a great revolution. It is a pity to stand idly by. The purpose of life is to recognize the truth of doing one thing. As for the ultimate success or failure, it is next, and you are involved, and the experience and experience you bring are more valuable. So, I am Allin, and I think the prospect of block chain is greater than that of Internet. I hope that there will be an open platform for all people to contribute to it. In the company itself, we build a community in the form of Zhong Ben Cong. After the success of the public chain, it is a state of maintenance. It is also an ordinary member in this community. We hope to build blocks and chain communities together with everyone. Luo Zhiyong: we can hear professor Cao Huinings passion for the block chain. This is a historic opportunity, so we must embrace it bravely. The source of this article: wind driven financial responsibility editor: Yao Liwei _NT6056 As for Allin? I think basically all team members have given up other good choices and joined the chain. I think block chain is a rare opportunity. Ideas, information exchange and trust building mechanism are all new ways. Focusing on participation is a great revolution. It is a pity to stand idly by. The purpose of life is to recognize the truth of doing one thing. As for the ultimate success or failure, it is next, and you are involved, and the experience and experience you bring are more valuable. So, I am Allin, and I think the prospect of block chain is greater than that of Internet. I hope that there will be an open platform for all people to contribute to it. In the company itself, we build a community in the form of Zhong Ben Cong. After the success of the public chain, it is a state of maintenance. It is also an ordinary member in this community. We hope to build blocks and chain communities together with everyone. Luo Zhiyong: we can hear professor Cao Huinings passion for the block chain. This is a historic opportunity, so we must embrace it bravely.