The shorthand that makes a speech for Dr. Xiao Feng below arranges (somewhat cutout decreases) :
"Economy can change its structure as technical evolution, the system that changes it namely plans kind. " Internet technology brought tremendous change to economic structure and economic system, area piece catenary also is actually such.
I from begin to pay close attention to area piece catenary 5 years ago, give the analysis of the myself below everybody introduction frame here. From the point of the perspective of the orgnaization, the development cent of financial science and technology is 3 phase:
The first phase has happened, financial science and technology 1, regard main driving force as the quantity with the enterprise of science and technology such as Internet.
Financial science and technology 2 occurrent, begin from 2016, british finance superintends the superintendency orgnaization of bureau and European Union, promoted the superintendency policy of open bank. Open bank means a bank to want complete Internet to change, it is a center with the product no longer, it is a center with the client however. API is the ability that the bank outputs him, disbursement ability, the ability of account is waited a moment. Financial ability, it is the form with the product presents a client no longer, carry various applied setting with the form of API ability however, area piece catenary 2 it is by the finance that hold a card the orgnaization begins dominant.
What be about to happen is financial science and technology 3, be pair of finance infrastructure reframe. This reframes to saw OK and clear ground the trend 2019. At the beginning of March 2019, the area that we weigh piece catenary 3 cross catenary advocate the network is formal on line, mean area piece catenary 3 technologies matured gradually 2019, this is a mark, the meeting after 2019 sees area piece catenary in succession 3 technologies advocate the line on the net.
Morgan releases JP oneself area piece catenary technology, adumbrative B carries the formal sailing that area piece catenary applies. Mix by mainstream orgnaization dominant drive, the bank future of global mainstream may use technology of area piece catenary reframe the liquidation network between financial system. Before Facebook before long announcement, this Internet company that has 2.7 billion user begins to consider to use technology of area piece catenary to rebuild in C end pay a network.
No matter be of C end,pay a network, the JP that still is B end liquidation network of Morgan, not be now everybody's familiar bank clears a system. Area piece catenary 3 core technology, will reframe the financial infrastructure of new generation.
The financial infrastructure of new generation, be like next characteristics. Be based on distributed account this system, the financial infrastructure that method of chalk it up follows a tradition is different, account is mixed originally account is different. Be based on the digital purse that the password learns, it is a new account. The digital asset that records inside this account at the same time, asset category is different also, also have very big change with traditional and familiar category. And, the exchange between these asset, trade, exchange, rely on intermediary orgnaization no longer, what they rely on is agreement of algorithm, intelligence, complete capital fund to the dot through intelligent contract point between trade exchange and exchange, this is the financial infrastructure of new generation.
2019, no matter be B,end or the technology that C carries can have a breakthrough.
Economy is technical expression, a series of new technologies cause economic growth, the pattern that economy grows produced tremendous change. Internet makes we can low cost collect arrives huge data. Artificial intelligence makes the data that we are handled with low-down cost and analyses these magnanimity, but was short of area piece catenary to also be no good. If these data are fluky, suspect, so algorithmic again good, the result that come out also is fluky. Area piece catenary is the means that uses very low cost, with a machine, with an algorithm, those who ensured data is irrevocable, cannot delete, but date from, ensured the dependability of data and reliability with lowermost cost, make these algorithmic run an accurate result.
3 technologies overlay is together, make us OK data of processing of low cost ground, collect, memory, the mode that makes economy grows produced change.
The mode that is economic growth not only produced change, commercial organization also began to produce tremendous change. We know famous economics is academic, organization of this kind of economy can acquire the company lower than the market trade cost, the border of the enterprise depends on cost, if the cost of enterprise interior is equal to or the cost of prep above market, the enterprise does not have necessary existence.
Trade cost basically divides 3 kinds, the first kind is information cost, market collect information needs to pay cost. Internet makes we are in fictitious world, collect of OK and convenient low cost arrives groovy data. The demand of a lot of individuation, because of information cost reduce be able to come true.
The 2nd kind is trustful cost, internet is called message machine, area piece catenary is called trustful technology.
The 3rd kind is move cost, under the help that matchs algorithm in the intelligence of artificial intelligence, before reaching trading cost to compare a lot of lower. Because trade to drop of cost substantially, make the value that the enterprise organizes a form this kind is in digital economy, under the mode that grows in data drive economy, drop substantially. Area piece catenary, especially public division piece the code of catenary is open, apply for intellectual property here without the person, all areas piece catenary is the network that need not allow wide-open freedom, changed trading behaviour thereby.
The low cost of huge data is ecbolic the development of digital economy, data becomes the motive force that economy grows. Algorithm adds data, make commerce decision-making moved toward from concentration dispersive, became from bottom to top from from above to below. This kind of change means the commercial pattern that is based on area piece catenary, we are called distributed commerce, resemble a company no longer, either concentration is decision-making, not be from above to below carries out a certain thing, disperse however decision-making, from bottom to top is carried out. Economy is decision-making it is dispersive mode, we say for the market, and say no longer for the enterprise.
This kind of new economy pattern also brought very big change to property right. Famous economist division this have two the largest contribution, one is to trade cost, explained why the enterprise exists. The 2nd contribution is property right theory. If the value of the enterprise is so great, we should protect the property right of the enterprise of course. If do not have very good property right protection, everybody also won't establish enterprise, because the interest cannot get safeguard.
Below digital economy, the mode of property right and property produced change:
The first, we can sell the equity of the company, you are partner no longer, others is partner, fee increase puts in them 's charge, but data sells property very hard. The characteristic of data is droit very difficult depart goes out, go as an asset alone buying and selling.
The 2nd, digital asset has first-rate duplicate sex, this duplicate sex goes against protective intellectual property.
The 3rd, digital asset follows everybody a bottle of water on the table is different, you are drunk, I was drunk impossibly again. Data is OK it is OK also that a person is enjoyed 10 thousand people are enjoyed. The value with digital trade asset shares net yield of meeting promotion whole. A mail is sent through post-office form, sending a mail and 10 thousand limit cost of mail increase, if the form with email is the key-press on computer, limit cost is 0. And because can duplicate quality, after sending mail, oneself still have post, because data maintains existence computer system, protect existence this locality.
This is the form with digital new property right, the 0 attrib border cost of digital economy. This kind of new form, if do not have the help of technology of area piece catenary, make digital capital unlikely, also do not have can invest a gender. Distributed account this system, assured data cannot delete, cannot distort, time jab decides foreword. With asymmetrical add close algorithmic compose to establish account of word of one a cycle of songs in a traditional opera, digital account can ensure data cannot duplicate. Area piece chain belt comes to this, internet times is not done. Consensus algorithm establishs fair, quits, dispersive decision-making mechanism and processing mechanism. Intelligent agreement establishs intermediary, automation, point bit righter trade mechanism. It is under the help of technology of area piece catenary, digital property right turned a number into asset, had financial property, was changed by portion, have can invest a gender.
Digital asset because talent of technique of area piece catenary arises, what I tell is the digital asset that is based on area piece catenary. When mentioning digital capital fund, everybody can use a word is Token, the meaning is countersign, your card, pass, access. The Token with the most arrogant whole world is the password of American nuke, who is elected as a president, who had a code, can use nuclear weapon, human destruction.
Token is use, the wayleave of a certain entrance guard gets a password, can use this to cover the system of the computer. American card inspect is making public a circumstance to had said major Token resembles negotiable securities it seems that for many times. Token is negotiable securities, but not be a stock. The portion that Stock is droit and negotiable securities are changed. The portion that the accrual that Bond is property right counterpoises is changed. Cast there is department of a rights and interests in travel, so called Bond is influence, you can close breath, but cannot participate in shareholder plenary meeting, participate in the processing of the company, because you are hold creditor's rights only, enjoy earnings power. The negotiable securities that Token is the access in property right is changed. Token has authority to use a certain thing namely. Digital asset most the portion that the content of core is use is changed. If Token understanding is the content with Stock and same Bond, want to invent a wheel afresh namely. Fortunately Token is not Stock and Bond, be based on the market of use however, the whole world is the hundreds of dimensions of 100 million, can expect.
Digital assets grows today, we can undertake classified from different point of view, the area of former zoology piece chain assets, real world map arrives the asset of area piece catenary.
For example, bond is done not have with reality any relation, be on the move on area piece catenary, meeting Token spends the capital fund that will not to be able to have a lot of real worlds, do business on catenary. OK also from negotiable securities kind with blame negotiable securities kind differentiate. Begin from 2018, our cent is two new ideas. In password asset, stable number money assumed the function of all number money namely, can do pay a tool, the medium of exchange, value stores. Legal money is some in Token and Stock, with the dollar 1: 1 link up with. Bit money is not a money, monetization experiment failed, bit money is digital gold. If bit money is a money, it is the money of Venezuela, a year in can fluctuate very big, not be a money any more, however asset. Increase secret number money and increase close digital capital, also can divide to apply kind of token and pay kind of token.
Finally, I should tell next HashKey Group. Last year, after the superintendency that inspect of Hong Kong card can release concerned respect is how-to, the group of is based on area piece catenary and digital asset new finance science and technology that we established to combine compasses, professional, innovation in Hong Kong. HashKeyGroup can be based on universal area piece catenary was in 5 years in the past the experience of the investment of domain of area piece catenary, development, application, support is versatile the ecology group that area piece catenary invested project of catenary of more than 80 area piece 5 years to build in the whole world in the past, hong Kong of base oneself upon, support bay area will serve the whole world.
