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Bytom at World Blockchain Conference: Public Chain Shall Focus on Underlying Technology and Application Implementation

On June 29th, the “World Blockchain Conference” was held in Wuzhen. At “The Taste of Blockchain” session, cutting-edge technologies and application envisions including algorithm innovation, Dapp and cross-chain cooperation have been heatedly discussed.

Uber, Airbnb investor Jeffrey Wernick, Senior engineer from Institute of Material Science at Chinese Academy of Sciences Zhong Yin, Bytom team and a plurality of industry leaders have attended the session, exchanging bouncing ideas and insights about the hotspots and challenges trending in the industry.

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Blockchain is a supplement to the internet

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Bytom founder Chang Jia speaking at the session

Many people believe that blockchain will be the next Internet, and there are even views that blockchain will replace Internet. While Bytom and 8btc founder Chang Jia present at the session said he did not agree that. In his view, blockchain could not be equated with the Internet, not to mention to replace it. Instead, Chang Jia put forward the idea that blockchain is a supplement to the Internet.

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Bytom founder Duan Xinxing speaking at the session

The Internet is a carrier and safeguard for spreading information with infinite replications, and blockchain is a mirror of it, a complement to it. Blockchain is a tool to safeguard citizens’ wealth, and enable them to have access to their assets which could be freely circulated. Say the Internet is a tool for the free flow of information, then big data is a tool providing means of production, and blockchain is for production relations. No one can be replaced by others, they are in a synergistic and interactive relationship.

Blockchain shall focus more on the application of commercial scenarios

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Uber and Airbnb investor Jeffrey Wernick speaking at the session

“96% of the current global blockchain projects are doomed to fail. Why? Because this space put technology in the first place, while token is kind of detached from technology. And we should focus more on the subsequent actual usage.” Said Jeffrey, the Uber and Airbnb investor, and PhD in Economics from the University of Chicago.

Jeffrey said discussions about blockchain’s application in commercial scenarios have never stopped since the birth of bitcoin. What is blockchain meant for via its technology? Blockchain is in essence a technology, its practitioners shall attach more attention to find out the scenarios blockchain is cut out for.

Take Bytom blockchain for example, its foremost application scenario is to migrate assets onchain, as well as non-financial assets blockchainization. In the meanwhile, Bytom will be committed to the ecology construction of algorithm and computing power, in a bid to provide fundamental technical services for relevant projects which has the need to have their asset migrated onchain.

As the next technological revolution after the internet, much more innovative business modes would inevitably be ushered in the blockchain sector. And Bytom blockchain might be the infrastructure for a new business mode in the future.

Deal with blockchain security issues

Regarding the recent frequent security incidents in blockchain space, Jiang Shaojie of 360 Information Security Department pointed out that once there is security breach occurring in the process, the entire blockchain transaction will be subject to risks. Though blockchain security is a new topic, however, many security ideas of the past can be leveraged.

James, core developer and chief architect of Bytom, believes that the outbreak of massive blockchain security incidents is caused by the wildly growing of the blockchain sector. A plurality of projects simply copy and modify other’s code, which explains why they’re more vulnerable to security breaches and hidden risks.

As the fast development of blockchain technology, security loopholes are unavoidable, but Jiang said he felt no panic about it, as he believes that security issues of public chain would be well addressed with the efforts made by security teams along with the standardization of the industry.

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COMMENTS(7)

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    1 month ago BYTOM BLOCKCHAIN

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