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On the afternoon of March 16, 2016, Chen Gang, founder of Gaoronghui Capital, was a guest on Babbitt's "Coin TALK" column and held a wonderful AMA event, sharing with community users about blockchain venture capital. Chen Gang, Jerry, is a financial uncle and a senior financial media person. He is the founder and managing director of Gaoronghui Capital. He is an observer of GRH Blockchain and Application Laboratory and a consultant to many startups. Gaoronghui Capital was established in 2014 and is a new type of advisory investment bank. In December 2015, Gaoronghui Capital established the GRH Blockchain and Digital Asset Laboratory in Shanghai, China, and invited several computer doctoral students from domestic universities and the founders of several cryptocurrency companies to participate in the research of blockchain technology. (Babbitt author column) The event lasted for more than an hour, and many blockchain-related entrepreneurial teams also took the opportunity to communicate directly with capital and conducted extensive and in-depth discussions around blockchain venture capital. The most direct application scenario of blockchain is in the financial field The most frequently mentioned question is still about what kind of blockchain projects capital tends to invest in. Chen Gang believes that blockchain has entrepreneurial opportunities in many fields. From the perspective of business model, blockchain applications are still B2B, and the most direct application scenario should be in the financial field: "For example, payment, registration and traceability of Internet finance products, credit investigation and risk control in the financial sector, endorsement and equity registration in the crowdfunding sector. It is relatively difficult to make a breakthrough in traditional finance. We suggest starting with the Internet finance industry, starting with the easy and then the difficult, accumulating cases first, and then breaking through more scenarios case by case. Of course, we also see that blockchain startups are working hard in the fields of medical care, art and luxury goods authenticity identification. We are very happy about this."
When talking about some specific projects and specific application areas, Chen Gang said: "Cross-border payment and clearing and settlement are areas that blockchain can try. Cross-border e-commerce is a new opportunity for my country's trade growth. The State Administration of Foreign Exchange continues to introduce favorable policies to promote cross-border e-commerce. As an important link in cross-border e-commerce, payment has many pain points (described in detail in this article of mine), which can be helped by blockchain payment. I hope to attract the attention of blockchain entrepreneurs. Cross-border payment is an important research topic of our laboratory. Both blockchain and the Internet of Things are distributed systems. Both are point-to-point links, and both are driven by algorithms. Blockchain and the Internet of Things have great potential.”
At the same time, Chen Gang believes that blockchain is not omnipotent. The application scenarios of blockchain can be in all walks of life, but we must look at the pain points of the industry. Regarding the first application field of blockchain - finance, he believes: "The application of blockchain in the financial field can help register and trace the source and transaction records of financial assets. Its distributed storage and high efficiency, transparency and security are what financial institutions need. The essence of finance is risk control. The solution that blockchain can provide is a supplement to financial institutions. It is too early to say that it will be a subversion. In addition, blockchain is a good tool for equity registration, debt registration and liquidation. It is recommended to start from one entry. The application of any scenario depends on the balance of demand and supply, intersection, win-win, improve efficiency and reduce costs."
What should entrepreneurial teams pay attention to? During the AMA process, Chen Gang also mentioned the entrepreneurial teams he had come into contact with and the fields involved. He believed that entrepreneurial teams should not only conduct industry exchanges but also cross-border and more industry exchanges in order to perceive the real industry needs. "We have been paying attention to blockchain startup teams since November last year. I think they are all very good, with very high overall comprehensive quality. Many of them are returnees, with a complete knowledge structure and a deep understanding of the expansion of blockchain. The areas involved by these startup teams include blockchain third-party media platforms, blockchain credit reporting and risk control services, blockchain bill services, blockchain debt and equity registration, financial asset registration and tracing, blockchain payment, blockchain new media platform construction, blockchain incubation, etc. We hope that blockchain startups can flourish, give full play to everyone's imagination, solve real applications in various scenarios, combine products and technologies with application scenarios, truly solve the pain points of the industry, and give full play to the value of blockchain. It is normal for the capital market to wait and see. The capital winter that began in August last year has not yet thawed. Capital is reviewing and learning, and capital has a keen sense of smell. After all, blockchain is still a new thing, which requires the joint efforts of capital and entrepreneurial teams. Let me tell you that major domestic investment institutions are now studying intensively, and I am invited by my peers to exchange blockchain every week. If I have to give suggestions, I hope that entrepreneurial teams will go out and expand their social circles, not only for industry exchanges but also for cross-border and more industry exchanges. The imagined pain points are not necessarily the real needs of the industry. The needs of the industry and the needs of different scenarios are complex. Broaden your horizons. "
Capital only talks about blockchain and never mentions Bitcoin? Chen Gang himself was once a miner and has a deep affection for Bitcoin. However, because he did not predict the power factor, he burned out the server and some electrical appliances. Now he believes that mining is not only not environmentally friendly, but also destroys the ecology. When asked whether he would avoid Bitcoin in the current blockchain investment process, he answered: “We will not deliberately avoid Bitcoin, after all, Bitcoin is the most successful application of blockchain. But we prefer to listen to everyone telling us the story of blockchain. The capital market's understanding of blockchain is to simply divide the application of blockchain into two areas, namely 1.0 and 2.0. Blockchain 1.0 is digital currency represented by Bitcoin, and blockchain 2.0 is the application of blockchain in various scenarios. This distinction makes it easier for us to find our investment projects in the two areas. (I have seen some opinions that define blockchain 2.0 as smart contracts, which is a bit narrow-minded). I have said this to some of my classmates: Those who have never mined lack an understanding of the past of blockchain, but those who have a deep obsession with mining will become Bitcoin "die-hards" without any prior knowledge. I have seen some schools of thought emerge in the Babbitt community. I think this is great. Only when a hundred flowers bloom can the industry be promoted and developed together. In the era of the sharing economy, everyone should have an open mind. Existence is reasonable. Enthusiasm must be rational. Don't be complacent. Technology is innocent, but not all technologies can be accepted by business and capital. This is a multiple-choice question. We choose what the market needs, but we respect every soul that pursues freedom. Although technology has no nationality, once technology is involved in a scene, especially a financial scene under the jurisdiction of the Chinese government, it should put aside the plot of anarchy. This is a compromise issue. Capital welcomes down-to-earth entrepreneurial teams that are not only confident in their own solutions, but also well versed in the rules of the market. To be a startup company, entrepreneurs must not only have IQ, but also EQ is very important. Based on China's policy environment, we hope to explore the value upgrade brought by combining blockchain technology with more scenarios!"
Artificial Intelligence and Blockchain The man-machine battle between AlphaGo and Korean chess player Lee Sedol went viral the other day, and the discussion about artificial intelligence has once again become a hot topic. The open technology geek group PPk pub raised questions about artificial intelligence and blockchain. Chen Gang answered: “Artificial intelligence is an investment area that we focus on. It is in the research of artificial intelligence that we found clues to blockchain. The consensus mechanism is not only a proposition in the world of artificial intelligence, but also a proposition in the world of blockchain. The consensus mechanism is the foundation of the sharing economy. This requires not only the application of technology and the coordination of scenarios, but also the promotion of more non-profit organizations like OpenAI. Artificial intelligence and blockchain have the same context: one is the algorithm and data revolution, and the other is the basic model of the shared economy. I once defined the difference between "invention" and "discovery" in an article. "Invention" is the discovery of civilization, and "discovery" is to find things that already exist there. Artificial intelligence and blockchain are both "inventions" and are the beginning of a new civilization. When a new civilization is about to begin, it is normal to question. The truth is in the hands of a few people, and this is eternal. There are many truth seekers in the Babbitt community who are very willing to communicate and make friends with everyone. The process of exploring the truth is lonely and lonely, and it promotes the transformation and progress of human society. The road is difficult but the future is bright. Artificial intelligence and blockchain are the exploration and practice of a minority of elites in changing the world, and are also the result of imagination and philosophical-driven technical insights. The algorithm revolution is a new wave, and technology is the eternal power to change the world. Future and technology-driven are our investment beliefs at Gaoronghui Capital, and investment beliefs are above all investment strategies. We are a young investment bank, but we will always stand at the forefront of trends and waves. Artificial intelligence is unstoppable, the future has arrived, and a new civilization is starting. In Ray Kurzweil's book "The Singularity Is Near", the author defines artificial intelligence as three stages of development: weak artificial intelligence, strong artificial intelligence, and super artificial intelligence. We are currently in the era of weak artificial intelligence. I think blockchain is in its early stages. This emerging market is surprising and crazy. Let's act together, classmates! This is the best era!"
The passionate answer then triggered further discussion: "Borrowing Afagou's nonsense: Blockchain is the prelude to the rise of machine consciousness" More exciting Q&A: Blockchain is so hot, what do investors think? If you want to talk directly with GrandRong Capital, please send your business plan to [email protected] and mark it as "blockchain startup project". We welcome face-to-face communication with startup project teams. The [Coin TALK] column is now online! Welcome all the experts to join us for Q&A! Editor: Meng Dada
Source: Babbitt Information (http://www.8btc.com/jerry-ama)
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