Yao Qian of the China Securities Regulatory Commission: Many lost coins are "theft by the exchanges" and IPFS is an important development direction (with live broadcast highlights)

(To provide you with exclusive, objective and in-depth reports, welcome to follow Wu Shuo Blockchain WeChat official account. Loyal readers are advised to add a star or join the community)

On the morning of July 12, Yao Qian, Director of the Science and Technology Supervision Bureau of the China Securities Regulatory Commission and Director of the Information Center, conducted a live broadcast at the "2020 Public Welfare Digital Economy Live Lecture Hall" jointly created by the School of Public Administration of Tsinghua University and Tencent Research Institute, in which he talked about some recent hot topics.

Mr. Yao Qian graduated from the Department of Information Management and the Department of Computer Science of Nanjing University with a Ph.D. in Engineering . He is passionate about technology and academics. He was the first director of the Digital Currency Research Institute of the Central Bank and later transferred to the Director of the Science and Technology Supervision Bureau of the China Securities Regulatory Commission. He is known as the official who knows the most about cryptocurrency and blockchain in the Chinese system. He has an open and positive attitude and is respected by industry insiders.

During the live broadcast, Yao Qian talked about some opinions and also commented on some recent hot topics:

Talking about Satoshi Nakamoto and Bitcoin: Satoshi Nakamoto proposed a brand new decentralized electronic cash system, and the underlying supporting technology is the origin of the blockchain technology that we are discussing today.

Talking about coin theft: If coins are lost, (to a large extent) it is because you entrusted your private key to a digital asset exchange, and the digital asset exchange did not keep your private key properly. (It is even) possible that the assets were lost due to theft by the exchange, and then they told the outside world that the data was hacked or the exchange went bankrupt.

Talking about Bitcoin user experience: Bitcoin transactions require at least 10 minutes to complete. Sometimes, when the transaction volume is large, it takes much longer than 10 minutes, or even more than an hour. This is a very poor user experience for our current financial transactions. So this needs to be improved. But even so, I believe this performance issue can be improved in the future.

Talking about the development of cryptocurrency wallets: Currently, digital wallets are trying to shift from simple wallet services to digital asset ecosystems, hoping to gain a larger market and develop richer asset management services, such as asset management, asset trading, information aggregation, etc. In the future, one is the security, openness and convenience of wallet services; the second is to build a digital asset management platform around the demand for asset appreciation, provide rich financial products, and improve user conversion rates.

Talking about IPFS: Fintech is actually a fusion of data and algorithms after computing power breaks through a certain critical point. Some technologies can be completely integrated. The data on the blockchain is very valuable, and it is impossible to store a large amount of data. Now some people have proposed IPFS (distributed file system). How to combine it with big data analysis, how to make data credible through blockchain, and how to make data more intelligent through big data analysis are all important development directions in the future.

Talking about Libra 2.0: Monetary authorities initially had a disdainful attitude towards Bitcoin and Ethereum, but the birth of Libra made monetary authorities of various countries become vigilant and began to crack down on them. Libra 2.0 no longer mentions the concept of borderless currency, but emphasizes that it is a global payment system, actively embraces supervision, and solves business compliance.

Talking about the US dollar digital currency: The government has little involvement in the US dollar digital currency, which is mainly done by the private sector, but the official digital dollar was proposed in the US stimulus bill in March this year. Some media said that it might be built on the Ethereum public chain, which is unlikely, and it is more likely to be built on the Libra system.

Talking about the development of the domestic blockchain industry: applications are booming, but code plagiarism is serious. Many units simply copy an open source thing and change the parameters, and use it as their own packaging and as their own unique secret recipe. The direction of consensus, privacy protection, security, and cross-chain technology, these technologies still need in-depth research, and we can't always copy other people's things.

Talking about the impact of blockchain on financial stability: Any new thing has the side of promoting the development of existing finance, but also the side of bringing risks. So how to balance development and risk is a very interesting topic. Now it seems that there are two kinds of people. One kind regards it as a stepping stone to make money, which is inappropriate; the other kind of people, for some reason, have a very big prejudice against it, and seem to think it is a scam when it is mentioned.

Live playback:

https://next.xuetangx.com/live/live20200710m001/live20200710m001/4213594/6073335