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An Official From China’s Regulator Talks About IPFS, Libra2.0 and Blockchain in China

Yao Qian, former director of the Digital Currency Institute of China’s Central Bank talked about cryptocurrency, IPFS, Libra2.0 and blockchain on the air.

Yao is known as the official who knows the cryptocurrency and blockchain best in the Chinese authorized strength. He is venerated for an open and positive attitude to the industry. In the live broadcast, he talked about some viewpoints and commented on some hot spots in the near future.

About Bitcoin user experience

A Bitcoin transaction takes at least 10 minutes. Sometimes when the transaction volume is large, it is far more than 10 minutes, or even more than an hour. As for current financial transactions, it is very poor user experience. So it urges to be improved. But even so, he believes its performance can be improved in the future.

About the development of the crypto wallet

At present, crypto wallets are trying to change from simple providing wallet services to constructing digital asset ecology, hoping to gain a larger market and develop richer asset management services, such as asset management, asset trading, information aggregation. In the future, building a digital asset management platform around the asset value-added demand, and providing rich financial products and improving user conversion rate will be the key target.

About IPFS

Financial technology is actually a fusion of data and algorithm after the computing power breaks through a critical point. Some technologies can be fully integrated. Data on the blockchain is very valuable, and it is impossible to store a large amount of data. Now some people have proposed that IPFS (InterPlanetary File System), so how to combine blockchain with big data analysis, how to make data credible through blockchain, and how to make data more intelligent through big data analysis are important development directions in the future.

About Libra2.0

At first, the monetary authorities were scornful of bitcoin and Ethereum, but the birth of Libra made the monetary authorities of various countries become vigilant. Libra2.0 no longer mentions the concept of currency without borders but emphasizes the global payment system, actively embraces regulation, and solves business compliance.

About the development of blockchain industry in China

Though blockchain-rated applications are booming, the phenomenon of code plagiarism is serious. Many companies copy an open-source project and change the parameters as a package of their own, they use it as their own secret script. The consensus, privacy protection, security, and cross-chain technology should be in-depth studied.

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