Yuphant: Consortium blockchain, cross-chain and public blockchain will provide possibility for 300 million apps
Huang Butian, founder of Yuphant Blockchain, is one of the earliest blockchain adopters in China. The Yuphant Blockchain focus on the underlying technology of blockchain, providing enterprise-level blockchain solutions. On the Wuzhen Blockchain Conference, Huang Butian first talked about people’s misunderstandings about the blockchain. For example, the blockchain is omnipotent, coinless blockchain is not a blockchain, and the blockchain+ is a fake proposal. In this regard, Huang Butian believes that technology itself is not the driving force of application, only the value brought by technology is the driving force of application. In the future, the development of blockchain technology should be the integration of consortium blockchain and public blockchain and the governance both off-chain and on-chain.
Hello everyone, I have been in contact with Bitcoin since 2009, and now it has been ten years. I also did some creative work before, and I came across some open source software. Open source is the inspiration for Bitcoin. The trust network built on Bitcoin, especially the incentive mechanism, make value networks come true. The autonomous organizations in some future business scenarios plays an important role in the development and transformation of future production relations.
Blockchain has evolved from 1.0 to 2.0 to 3.0. The current focus is commercial applications. Here are four misunderstandings:
1. Everyone thinks that the blockchain is omnipotent. In fact, the technical characteristics of the blockchain itself cannot solve large-scale commercial applications, which is determined by the technical aspects of blockchain itself.
2. Blockchain cannot live without tokens. My understanding is that the definition of Token should be a global complex no matter in consortium blockchain or public blockchain. After having a global complex, the entire blockchain network, or how the participants will motivate, is something we should focus on, not just some speculation.
3. Blockchain plus is a pseudo-proposition. I do see a lot of business scenarios such as product traceability (to be integrated with blockchain). It might makes certain sense. In fact, the problem it solves is not only a problem on-chain, but a source problem. At present, the so-called blockchain + e-government and various commercial application scenarios don’t generate much commercial values.
Of course, such exploration is a must. Just like the development of internet, the internet plus could never have been possible without its earlier explorations. Blockchain+ is also inevitable, Many scenarios are raised for the name of blockchain.
In my opinion, technology itself is not the driving force of application, only the value brought by technology is the driving force of application. Blockchain applications currently have the following problems:
First, the application scenarios are limited. Most business scenarios are not implemented by a single organization, but requires involvement from multiple parties. If a single organization can solve it, it doesn’t matter if you use the blockchain or not.
The second is privacy and security. Ensuring the security of data and asset transactions is also a major concern. We can now circumvent this problem through multi-chain technology. In fact, consensus on this regard has not been reached. Everyone feels that the privacy of accounting technology cannot be guaranteed.
The third is performance. At present, more commercial applications are applied to some mid-low frequency scenes.
Fourth, technical standards. Various standards lead to the existence of various blockchains in future business scenarios. The asset interaction and data interaction between blockchains is also a very big issue in the future.
The fifth is the cost. Originally, deployment only requires central server to maintain it. Right now the cost of the blockchain system is very high. Each participant has to deploy a set of node servers. We also encounter this problem in the business application scenario. When it comes to cost, it is difficult to promote commercial applications.
I believe that the future development of blockchain technology should be the synergy between the consortium blockchain and the public blockchain, and the governance both on-chain and off-chain.
In terms of consensus algorithm, low frequency inefficiency will evolve into high frequency efficiency.
In terms of service sharding, global verification might evolve into local acknowledgement, which only requires verification of parties involved.
The implementation roadmap could be from on-chain processing to onchain and offchain coordination on technical and governance level.
In terms of organizational format, multi-chain organizational structure can be implemented among consortium blockchain and public blockchain. As long as the business participants store their own blockchain and sync with the main chain, it’s ok.
Here are related technologies in the consortium blockchain, public blockchain, and cross-blockchain, and they have been realized. Through these technologies, a relatively complete infrastructure can be formed between the consortium blockchain and the public blockchain.
After the infrastructure is ready, we hope that the next generation of distributed smart networks will be connectors for data exchange and asset exchange. Especially when it comes to shared nodes or asset-related application scenarios, a complete data and asset exchange network can be formed. Only with such a system, the value of data transactions and asset transactions will be magnified.
Blockchain new economy
This picture is the main network structure presented by the current value network. We hope to materialize consortium blockchain, such as royalty credits, copyright IP, supply chain finance, etc. Based on the mainnet, a scalable infrastructure is formed combined with sidechain technology. Such an infrastructure should have a very large boost to the application of the entire blockchain industry in the future. With consortium blockchain, cross-chain technology and public blockchain, the blockchain industry will ultimately provide possibility for 300 million applications in the future.