Live coverage of the first day workshop of the 2016 Blockchain International Summit

On June 22, 2016, the 2016 Blockchain International Summit and the 3rd Bitcoin International Summit were grandly opened at the 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. The workshop was limited to VIP guests, and nearly 200 people attended on the first day.

All assets can be and are digitized

Smart contracts were the highlight of the first day’s workshop.

Lv Guoning, head of the Ethereum Enthusiast Community Operations, introduced several typical smart contracts based on Ethereum. Among them, Augur is a relatively early project, which earns Augur tokens through market prediction and betting; Maker uses smart contracts to make a gold-standard virtual currency product with stable value, which can be used for international trade and clearing and settlement; Digix is ​​an online gold transaction. It designed a very complex contract system and issued tokens to all investors, and the price was once higher than Ethereum. Slock used smart contracts to make a "logical lock" on the Ethereum network, which can be used anywhere and traded through issued tokens. The user owns the ownership of a lock and owns the assets locked by the lock; and The DAO is raising funds in the virtual world, crowdfunding VC through crowdfunding, and then using this VC to invest...

By observing the various smart contracts on Ethereum, it is not difficult to find their common points: on the Ethereum smart contract platform, issuing tokens is a very low threshold thing. Lu Guoning believes that in the future, all assets can be digitized. This also leads to a new definition: smart contract equals token + programming.

At the same time, he also pointed out some problems with current smart contracts: efficiency; data storage and migration; gas limit; time trap; circular call; privacy, etc., all of which require careful consideration of how to avoid or achieve them when designing smart contracts.

The DAO - The biggest crowdfunding case crisis resolution

Several speakers mentioned The DAO.

As the largest crowdfunding case in history, The DAO has attracted enough attention since its inception, and the attack a few days ago has shocked the community. Due to the complexity of its consequences, the solution has not yet been finalized.

According to the characteristics of the Ethereum system and DAO, there are three main ways to deal with it: do nothing; soft fork, which is backward compatibility, blacklist the hacker's address; hard fork, which is to modify the rules and forcibly return the coins stolen by hackers to investors.

Qian Youcai, co-founder of the Ethereum Enthusiasts Community, introduced two mainstream opinions in the community regarding the solution: opposing forks, as 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, and this is a consensus among people, and emergency intervention is needed.

Lu Guoning believes that "The DAO incident has triggered a discussion on the ethical standards in the virtual world."

This black swan 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 part of the entire history of the development of digital currency and smart contracts.

The project roadshow was brilliant

Different from the previous two summits, the afternoon of the first day of the summit specially arranged a roadshow session. Seven projects took turns to present their ideas, which were brilliant. Among them, Chen Hui from ppk pub talked about the development and evolution of the Internet and introduced the ODIN open project that ppk pub is working on. It is a permanent identifier for identifying any data content object, based on a decentralized blockchain and integrating the DNS of multiple blockchains.

"From Net 1.0 to Net 2.0, we believe that the emergence of Yahoo is a watershed, marking the transition from decentralization to centralization. The development of the Internet at this time was concentrated due to the profit-seeking nature of commercial capital, and centralization can maximize the benefits of commercial capital." Chen Hui introduced,

“But the Internet was originally designed to allow people to access information equally, so the key breakthrough from 2.0 to 3.0 is blockchain. Blockchain will bring about qualitative changes and transform into a decentralized, self-organizing Internet. These are also the backgrounds of our project.”