LeEco Finance comprehensively deploys blockchain to create a complete ecological environment LeFinShare

Rage Comment : With Wanxiang Blockchain Lab participating in the establishment of ChinaLedger, Ping An of China joining R3, and LeTV starting to deploy blockchain, it can be seen that the road of blockchain in China is developing rapidly. LeTV relies on its own ecological resources to plan and deploy specific implementation plans for blockchain. LeTV's participation will enhance the implementation of blockchain commercial applications as soon as possible.

Author: Amber Ding Ding

Recently, the China Blockchain Technology and Industry Development Forum Preparatory Meeting and White Paper Writing Launch Meeting were held in Beijing by the Electronic Standards Institute of the Ministry of Industry and Information Technology. Gao Linhui, Senior Operations Director of LeEco Finance, was invited to attend. He proposed new concepts such as typical blockchain application products and industry governance organizations based on the research and exploration of LeEco Finance Blockchain Laboratory, and emphasized the impact of blockchain technology in the circulation industry.

Blockchain will "first" affect existing information and communication technology

As a technical solution for collectively maintaining a reliable database through decentralization and trustlessness, the impact of blockchain cannot be ignored. Gao Linhui, senior operations director of LeEco Finance, expressed his views on which industries are first affected by blockchain. The first thing blockchain affects is information and communication technology. Based on the characteristics of blockchain technology itself, it mainly allows any number of nodes in the participating system to generate data blocks (blocks) through a string of cryptographic methods. Each data block contains all the information exchange data of the system within a certain period of time, and generates a data fingerprint to verify the validity of its information and link (chain) the next database block. This will provide a good solution to the problems exposed by existing information and communication technologies.

At the same time, from a technical perspective, what changes will blockchain bring to existing information and communication technologies? Gao Linhui, senior operations director of LeEco Finance, also said that from the perspective of ICT, blockchain makes up for the technical defects in the Internet architecture, data rights and privacy protection, network security, and transaction promotion. At the same time, the blockchain standard will first be superimposed on IP, becoming a transmission layer and the waist of the entire Internet protocol. In addition, economic incentives are introduced in cyberspace to enable positive cycles of interaction between systems, technologies, products, and standards. In the system model, there will be hardware and software implementations of the core layer, distribution layer, access layer, and ubiquitous layer, such as the core routing and forwarding system, the convergence layer and access layer devices, and there will also be devices running on personal mobile phones, tablets, and IoT devices that cannot be measured.

The technical layer of blockchain has unique business opportunities

As for the technical stratification of blockchain, each layer has different "business opportunities", and how to use blockchain to deploy applications at each layer has always attracted much attention from the outside world. In this regard, Gao Linhui, senior operations director of LeEco Finance, said that each layer will generate a large number of applications, and each service model has business opportunities, but how to deploy these applications is of great concern at this stage. For example, Ripple and Circle already have mature technologies and have obtained legal and compliant licenses abroad, which well illustrates that the use of mature technologies at this stage will accelerate the deployment and commercialization of applications.

In addition, Gao Linhui, senior operations director of LeEco Finance, also said that based on the main cryptographic consensus technology, different consensus mechanisms have different application scenarios and advantages. Take Bitcoin and non-Bitcoin as an example, such as Bitcoin blockchain: Bitcoin, Bitcoin + non-Bitcoin blockchain, such as Blockstream, Truthcoin, non-Bitcoin + Bitcoin blockchain: Factom, Mastercoin, NXT, Counterparty, etc. Among them, the more complex ones are LeEco platform's spontaneous Token and BitCoin: Truthcoin; and LeEco platform's spontaneous Token and user-built encrypted Token: Ripple, Stellar; Allow you to create independently running encrypted Token: Ethereum.

LeFinShare LeTV's shared financial technology positioning

Regarding the development of blockchain technology, what deployment and planning has LeEco Finance made, and what specific implementation plans will LeEco have in the future? Gao Linhui, senior operations director of LeEco Finance, said that blockchain has accelerated the circulation of digital (commodities) and improved the productivity, commodity, profitability and organization of digital. With the help of LeEco's encrypted Token technology consensus, the transfer process from the digital production field to the consumption field, digital transactions with Token as the medium are the premise and condition for digital expanded reproduction. The overall process of digital transactions and the circulation formed by the interconnected and intertwined changes in various forms is credible, auditable and transparent, which makes the digital production and consumption process never stop and repeat. For a long time, the technology of digital commodity production, production and circulation will coexist, like traditional banknotes and digital currency, money supply and settlement, legal currency and private currency are all symbiotic.

Regarding circulation, Gao Linhui, senior operations director of LeEco Finance, emphasized that we should focus on circulation services, apply financial technology, accelerate digital production, promote trust consensus, accelerate cross-border circulation, and reconstruct the relationship between the three industries. Financial market infrastructure has always had a high and large leading advantage in the application and development of science and technology. The financial industry has also become the pillar of the tertiary industry by relying on the monopoly advantage of infrastructure. All industries look to finance, and the tertiary industry is even more led by finance. Therefore, we will refer to the digitalization and measurement technologies of various fields, including but not limited to big data, smart contracts or robot investment advisors, and blockchain technology, as financial technology. Obviously, these technologies are better than traditional commercial market infrastructure in terms of digital productivity, commodity, profit-seeking and organization. Blockchain Token also realizes the measurement of circulation and service industries themselves, which has caused a stir in the financial market.

Specific implementation of LeFinShare LeTV shared financial technology

Recently, with the announcement of Wanxiang Blockchain Lab’s participation in the establishment of ChinaLedger and China Ping An’s joining the R3 Alliance, LeTV has also begun to pay attention to blockchain and has a strategic plan based on its own development. However, Gao Linhui, senior operations director of LeTV Finance, responded to how LeTV will implement this plan. LeTV will rely on its own resources to establish the LeTV Financial Blockchain Lab and the LeTV Ecological Blockchain Alliance, mainly in five aspects, namely, financial technology research, basic platform construction, ecological resource integration, and application development experiments. In addition, a blockchain laboratory is also being established.

In addition, Gao Linhui also said that the application implementation plan of LeEco Financial Blockchain is being actively implemented, and there are already preliminary projects, such as NBi routing tracking node 1.0 customized development and deployment (China 3, the United States 1, Hong Kong 1, India 1, Russia 1), NBi/MMB digital asset wallet, cultural financial crowdfunding blockchain application development, building LeEco Financial Blockchain open platform, LeEco Financial Blockchain trading platform 1.0, etc. are actively preparing for implementation. Among them, LeEco Financial Blockchain Trading Platform 1.0 will reconstruct the transaction model (carry out disintermediation to the end), improve the Ripple/Circle model to achieve cross-border exchange, reduce foreign exchange deposits, and realize virtual settlement services within the ecosystem based on distributed general ledgers to improve capital efficiency.