Summary of 2016 Blockchain International Summit

From June 22 to 24, 2016, the 2016 Blockchain International Summit and the 3rd Bitcoin International Summit were held in Beijing Renaissance Hotel. The summit was hosted by the Asian Blockchain DACA Association and co-organized by the 8btc Blockchain Research Center. Elites from the stock exchanges, fund industry, payment and transfer, banking, insurance industry, network security, e-commerce, Internet of Things, cryptocurrency equity crowdfunding, medical information, cloud computing and other industries participated.

Weiyou CEO Chu Xiahu served as the host for the main venue of the summit.

At this conference, the development of their own projects or plans for future projects became the focus of each speaker's sharing. The practical application of blockchain has involved smart contracts, anti-counterfeiting traceability, credit reporting system and many other aspects. Xiaoyi also announced its second round of crowdfunding plan at the conference, Weiyou announced its Haifengteng digital asset trading platform, and some foreign companies such as Lisk from Germany and Blockchain Of Things from New York also introduced their products to the Chinese guests, bringing an overview of the development of blockchain abroad.

Weiyou CEO Chu Xiahu introduced Weiyou and Haifengteng digital asset trading platform to the audience

Some guests analyzed from the market perspective that Bitcoin is still the best practice of blockchain, and other blockchain attempts are still on the road to large-scale market applications, which may be in the application concept design and financing stage, or in the product development and market promotion stage. There are few applications with 100,000 users. From the perspective of technology selection, there are two reasons:

>1 Choosing a public chain and adhering to the decentralized concept of the product architecture requires the community to constantly trial and error, and to accumulate enough experience in both technology and economic models. The result of being reckless is to pay a price (such as The DAO incident).

>2 The choice of technology for alliance chain and private chain camps is to transform the "old" and difficult to control decentralized system of Bitcoin, while inheriting its trust foundation and the technical characteristics of history that cannot be tampered with. This balance point is very delicate. It is easy to develop into a distributed database form with weak external trust under the leadership of super nodes, which completely destroys the value logic of the blockchain at the beginning of its birth. Only with public chains can there be digital assets with broad significance, digital identities, decentralized value trading venues, and all subsequent industry applications based on the blockchain value network. At this summit, many guests analyzed the foundation of industry development from the perspective of technological evolution and logical analysis. They believe that returning to the essence, we should still pay attention to the design concept of the Bitcoin system. The trust model provided by the public chain is the core value of the blockchain.

Chu Xia Hu, CEO of Weiyou, talked about his ideas about the development path of blockchain in his speech. He also said that the development path of blockchain should start with digital currency, based on the public chain, develop digital assets, digital asset exchanges, and even form digital identities, and then establish a complete smart contract.

Weiyou CEO Chu Xiahu explained his ideas on the development of blockchain on site

Ethereum was basically isolated from this summit; Qian Youcai, the representative of Ethereum’s Chinese community, was also very low-key. Most of the speakers mentioned The DAO incident and their views on the incident, which was basically a reflection on the path of Ethereum smart contracts and disappointment with the handling of this incident.

As the largest crowdfunding case in history, The DAO has attracted enough attention since its inception, and the attack a few days ago has made the community stunned. Finally, the Ethereum Foundation publicly released a new version of the Geth client software, providing an update to freeze all the funds stolen from The DAO, effectively making them unusable. Hackers will not be able to take these funds away. That is, a soft fork is executed to freeze the stolen funds.

There are two mainstream opinions in the community: opposing forks, believing that forking will break the rules, and this is not a problem with the smart contract, but a problem with The DAO project itself (not its own fault); supporting forks: protecting investors is the most important thing, this is a consensus among people, and emergency intervention is needed.

The DAO theft incident has triggered widespread discussion in the community about "trust people or trust machines; centralization or decentralization". Regardless of the final outcome, the occurrence of this accident and its resolution process are undoubtedly a significant event in the history of the development of digital currency and smart contracts.