Deng Di: EOS Need A Strong Community To Challenge Ethereum
After graduation from Tsinghua University in 2003, Deng Di has successfully founded a number of companies. He has made groundbreaking achievements in many fields including P2P, video, cloud computing, digital currency and blockchain. He was awarded the title of cloud computing expert by the Ministry of Industry and Information Technology in 2013. He served as a member of the National Internet Financial Security Technical Expert Committee, a member of the Academic Committee of the Century Internet Blockchain Joint Laboratory of the Central University of Finance and Economics, the deputy secretary-general of the Zhongguancun Blockchain Industry Alliance, and a director of a number of blockchain alliances and organizations.
In 2013, he was awarded the title of “Cloud Computing Expert” by the Ministry of Industry and Information Technology.
In 2016, he won the title of “20 Financial Technology Leaders” by Global People
In 2017, Mr. Deng Di was elected as the chairman of the China Blockchain Application Research Institute and was named the 2017 China Person of the Year of double innovation.
2017-2018, Deng Di was awarded the Blockchain Characters, Blockchain Entrepreneurship College and Committee Experts and many other honors.
At the Davos Forum in Switzerland in 2017, Mr. Deng Di, head of the China Blockchain Delegation, participated in the launch of the Global Blockchain Business Council (GBBC).
In 2018, as the Secretary-General of the China Blockchain Delegation, Deng Di led a team to attend the Davos Forum in Switzerland.
Q: Tai Yiyun is the first NEEQ-listed blockchain company in China and has more than 200 R&D personnel. Please tell us about the key points that blockchain companies or other companies eying on blockchain should focus on from Taiyiyun’s layout?
Deng Di: Now that the blockchain is a very hot topic. The newly-entered companies should pay attention to the feasibility and compliance of the business model. Providing technical services will not be a good business model. It is just like providing services for companies to do html websites in the age of Internet. It is actually far from the Internet technology and Internet spirit. Nowadays, modification of Ethereum or fabric will not qualify a company to be blockchainization. The real blockchain companies should use blockchain ideas and blockchain technology to promote the transformation and revolution of traditional industries.
The other thing is compliance. At no time should the red line of the law be crossed and local laws should be strictly observed. Every blockchain company, especially those that get involved in finance and financing, should set up a dedicated compliance department and chief compliance officer.
Q: In the whole process from project initiation and drafting whitepaper to listing in exchanges and market value management, project founder are exposed to potential scams in many links. How can blockchain entrepreneurs avoid being taken advantage of and get fully funded?
Deng Di: If blockchain projects wants to avoid being fallen victim of ICO scammers, the best way is to choose the right partner. A good professional service organization will help the project founder to create greater value while controlling project risks. If the so-called service agencies simply act as an intermediary, or simply work for fast money, it will harm the project itself to a great extent.
Q: Bitcoin, Ethereum are halved and other assets dropped below ico price, what’s going to happen and what are the dominant factors?
Deng Di: The mainstream currency and those project with core competence and landing ability will still be the major players in the next cycle. A lot of ungrounded coins or scam coins may be worthless. When the market is low, it is the best time for investment and value discovery.
Q: In 2018, it was defined as the year of blockchain application. However, there are many restrictions on practical blockchain applications, such as the blockchain regulation has not kept up with the development of the blockchain, blockchain standards have not been introduced, the public blockchain technology is flawed. How do you see such drawbacks? What are the characteristics of the 2108 blockchain development?
Deng Di: In 2018, more first-tier company and investors will join in the game because the social enlightenment is already underway. This year will be the first year of practical blockchain as any kind of public acceptance is connected with public awareness.
In the international market, licensing of compliant crypto assets and exchange licenses will drive mainstream investors and start the next wave of market movement.
Q: With the constant supply of Ethereum, does eos have any chance to rise?
Deng Di: Current core value of Ethereum is ICO, which will be challenged by fiats and stable cryptocurrencies. However, the ecology of Ethereum is still very strong. Public blockchain in the future must have a strong community to challenge the position of Ethereum.
Q: Bitcoin is the icon of the era of blockchain 1.0. In blockchain 2.0, the feature is smart contracts such as Ethereum. What breakthroughs will be made in Blockchain 3.0? What are the major hurdle for practical blockchain applications? In which aspect can we see the breakthrough first?
Deng Di: In blockchain 3.0, transaction speed will become an important indicator, sharding, side chain, lightning network and other technologies will be general adoptions. Other aspects include cross-chain technology and decentralized exchange technology.
The biggest difficulty is business model design and public awareness. For mainland China, I am optimistic that the business that do not involve the issue of tokens and those integrated with the real economy will be developed first as they are in line with the policies of our country.
Q: The wave of blockchain is gradually receding. When do you expect the bubble to burst? What are the bottlenecks in current blockchain technology?
Deng Di: Projects should be viewed differently. For quality projects, bubble has already burst but for poor quality projects, their value are still overpriced. For blockchain projects, it is too early to talk about bubble as currently there is not even a listed company and unicorn. Also I believed that I have answered questions regarding technical bottlenecks.