Weiyou CEO Gu Ying accepted an exclusive interview with Pudong Times on blockchain-related issues

Recently, the People's Bank of China officially released its 2017 recruitment plan, which shows that the Printing Science Research Institute, a unit directly under the People's Bank of China, plans to recruit 6 blockchain professionals to conduct digital currency research and development. This has once again made the underlying blockchain technology of digital currency a hot topic in public opinion. What exactly is the blockchain technology that is derived from digital currency? How will it change the financial model and business model, and even change people's lifestyles in the future? How can it be applied to currency or even legal tender? On these issues, Pudong Times recently interviewed Chu Xiahu, an opinion leader in the domestic blockchain industry and CEO of Weiyou.

Gu Ying (Chu Xia Hu) | Blockchain and digital asset expert

Excerpts from some reports

Excerpt 1: The connection between Bitcoin and blockchain

Bitcoin is the first widely accepted and used application of blockchain. The discussion between the two has never stopped. When asked by a Pudong Times reporter how he viewed the relationship between the two, Chu Xiahu said,

Bitcoin has a ledger. Everyone who holds Bitcoin in the world has a copy of this ledger, and they are identical. Any changes made by any individual without authorization will be invalid. This approach is distributed and decentralized. The characteristics of this distributed ledger can be applied to other fields. This is how distributed ledger technology (DLT), or blockchain, came into being.

Excerpt 2: Delivery Methods of Digital Assets

When talking about how to settle digital contracts based on blockchain technology, Chu Xiahu said:

The digital contract signed must be settled one day. Taking Ethereum as an example, if we simply use Ether for settlement, it would be a bit too monotonous. So we hope to digitize assets such as stocks, funds, intellectual property rights and artworks, so that when we need to settle, we can directly use these digital assets for settlement.
Based on this concept, Weiyou has created its own Metaverse project to provide underlying technical support for scenarios and users that need blockchain services. This is a public blockchain project, and we hope to reduce the friction cost of transaction interactions on Metaverse and achieve efficient value transfer.

Excerpt 3: Characteristics and usage scenarios of blockchain

Blockchain is expected to be applied to all walks of life. Under the basic framework of blockchain, every person and every node in the distributed network has the opportunity to join the group, and the historical data of each transaction will be fully recorded and stored and stored in the database. The value lies in providing a new set of transaction and record transaction methods. Chu Xiahu gave an example,

The distributed nature of blockchain is a bit like the accounting books in ancient my country. The paper books are strung together with strings, and if you make a mistake in the middle, you cannot tear off a page, otherwise the book will lose its credibility. If you make a mistake, there was no eraser at that time, so you could only cross it out with a red pen, sign your name, and continue recording. After the invention of electronic computers, banks, insurance companies, etc. adopted database accounting, which has the functions of deletion and modification. "The distributed ledger of blockchain does not have the functions of 'modification' and 'deletion', but only 'writing' and 'reading'. In other words, it has returned to the ancient accounting method and improved the disadvantage of the current database accounting that can be tampered with.