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Wang Pengfei: The authenticity of the information in the chain is the key to the successful landing of the block chain
The speech of the founder of Traceability Chain, Wang Pengfei in 3 O'clock Financial Salon on March 11
In the afternoon of March 11, Wang Pengfei, the founder of Traceability Chain, was invited as the guest to give speech on "Prospect for the Application Landing of the Block Chain Industry" in "3 O'clock Financial Salon" in 3W Coffee in Zhongguancun. The following is the text of this speech.
Wang Pengfei: Thank you very much for the invitation from the 3 O'clock Finance. We are the Traceability Chain which is struggling in the first line of block chain. Today, we should talk to you about the development of block chain technology in some commercial applications, including the future development trend.
The core of block chain is to combine the value transfer with the business
Let's talk about my personal understanding on block chain:
First, it is understood by the people who focus on block chain that the core of block chain is trust. We used to rely on the trust of the central authority, but now the trust of the machine, which has been verified, in the development time of Bitcoin for nearly a decade. From the outset it was suspected to present, it was thought that the network which was made up of thousands of nodes, from the uniqueness and uncertainty to the confirmation of each transaction behind it, the trust based on the network had been verified.
Second, the change organizational mode, from centralization to distribution, it is also the gene of block chain. How to find a suitable way to chain for your own project starting from your own business, actually it means to evolve from the centralization in the past to distribution currently, which includes the distribution of business logic and the distribution of value transfer.
Third, about the difference between block chain and Internet, I accept one opinion: what is transferred in Internet is information, but value by block chain. It was very early for me to involve in Internet, since 1998, when the first Internet projects in China were just beginning, I started to do the website myself, the core of which is" Information ". Later, there're Alipay, WeChat payment, and also transaction, what they carry as the core is information. What block chain passes is value, the things in the chain is shown in the mode of digital assets since the era of block chain 1.0. Taking root in the world, getting more recognition, then, there're block chain 2.0 and Ethereum, now a lot of things on block chains 3.0 have occurred. Its core point is how to combine this value transfer with own business, which is one of the most critical parts for the landing of block chain application.
In 2018, the biggest focus is landing
In 2018, we think the biggest focus is landing:
First, beside us, we can basically see more and more teams are entering the field of block chain, both the teams which have obtained venture capital in the past or the new start-up, everyone is looking for their own opportunities. It is estimated that nearly one thousand and even several thousands of projects will launch.
Second, we also see that the whole block chain market is hot, but also cold. As we all feel, I think the core of the issue is that it is lack of value support. We have talked a lot, but finally we find that the story hasn't come out yet. Even if there are some techniques, the commercialization hasn't landed yet. Without landing, no value will be generated, and everything which doesn't create value is empty, how to estimate the value for the empty things?
To develop the market better, many of applications must be landed to provide service value for our food, clothing, housing, transportation and entertainment, then its value will be realized. So this year's application landing also has such appeal, if no application has landed, the market still is floating in the air, which can't support the good market value.
Third, block chain market rises spirally. With more concerns, if a lot of projects have launched in it, there will create many projects with application landing, when many landed projects have really created very good value, actually, it is the same as Ethereum in the past. Ethereum was also empty in the early stage, many people didn’t trust it, some domestic funds which operated it earlier have watched the project of Ethereum, and didn’t invest it at last. Only Wanxiang invested USD500,000 to Ethereum, now, you have seen that this investment has become the legend investment case in the circle. If there weren’t so many developers develop in it and run in this ecosystem, then, Ethereum won’t have value.
Therefore, when there’s application and value presentation, more people will enter it for application, with such spiral rise, the market will become better and better. That is to say, it is closely related with the landing of application whether block chain can have a good development in 2018.
The key for the application landing of block chain
Traceability Chain has established a public chain. From the second half year of 2017, we have operated some basic constructions in different aspects, thus demonstrating the business of Traceability Chain from the angle of technology, business, platform and business model. How to land better? Which are the hidden troubles in it? Which opportunities will we get? Here, let me introduce with the project of Traceability Chain:
First, what actually we should do?
Over the past period of time, I received the consultation from the old friends in traditional anti-counterfeit traceability field by phone and WeChat, the commonest issue is: should our business be changed in coin? Should we operate public chain, alliance chain or DAPP? It may be possibly the first issue that the team or company will face to enter block chain.
Viewing currently, for technology, resource and capital, most teams are inadequate to carry and operate one public chain. The investment for one most simple and smallest public chain will reach at least RMB10 million, additionally, it can’t be settled only with investment, the market is lack of talent, and you can’t even find one CTO with the annual pay reaching RMB1 million. Those who are specialized in public chain should be profound knowledge in some fields, such as the experts in the university and scientific laboratory, these experts work with those who are specialized in market to operate the public chain. Or the core staffs who operate the public chain project of the enterprise to start own business and operate public chain.
Currently, there’re more opportunities to operate public chain at abroad, and China have more opportunities to operate application, after all, DAPP is relatively easy, and the threshold is not so high.
Second, can the business be landed, which architecture should be adopted?
As what mentioned above, landing is the very key factor. The business of the company should be capable of perfectly combining with block chain. The mode of block chain +Token is the underlying logic for the ecological development of block chain business ecological. In the business ecology, what issued finally is not stock but Token. Token is not bought back or encashed with profit, the value of Token depends on whether Token can be perfectly used in the business application, the same as the ecological fuel which is utilized perfectly. This is the very important point for business landing!
What kind of business can be easily landed?
Pure online business. Business itself is digital, then, it will be relatively easy to launch it in chain.
Second, 2C business, the online part will be better to launch in chain, which has similar business characteristics of block chain. Traceability Chain what we are operating is B2B2C. A lot of our clients haven’t achieved informationization yet, and haven’t launched online. Although it is hard to operate, traceability itself matches the characteristics of block chain, which is irrevocable and traceable. Therefore, we have selected and grasped the opportunity of block chain traceability anti-counterfeit.
Key factors for launching in chain
Actually, besides the information in the chain, the information of the procedure of launching in the chain shall also be confirmed again. The information in the chain, basing on the network structure of block + chain, will change into the irrevocable, traceable and trustful information, and will be saved in the chain. But the earliest information in the chain shall be certified, or the ownership shall be confirmed.
We all know that 80% enterprise application scenes are offline or are related with offline, how does this part launch in the chain? The first question for many people to operate traceability is: after launching in chain, the information can’t be modified, but when launching the information in chain, how to ensure that the information is true and real?
It is really the issue must be solved when operating application landing. Traceability Chain has also made some discussions, for example: establishing the industry standard, focusing on the procedure of performing the legal contract, cooperating with the third party inspection and quarantine administration or local government to ensure that the information in the chain is true and real; and even support to build corresponding Token incentive, reward and punishment mechanism, punish those who provide untrue information and reward those who provide true information. The same as the standard similar with ISO, a kind of standard mode is adopted to gradually build the own ecological criterion to ensure that the information in the chain is true and real.
The platform has a lot of opportunities
Finally, let me introduce to the platform. Currently, platform is operated by most operators of block chain, even though you are operating DAPP, actually, it is also a platform, how to describe this platform? The same as the news website what we talked about in the past, it is also a platform. Even the Toutiao what we talked about just now, it is also a platform. After building this platform, relevant stakeholders and parties are operating in this platform, including the operators on recruitment, enterprises and job seekers. Now, there’s the opportunity to operate the platform, even you are in this industry, in the past, we knew that there were a lot of recruitment websites, and everyone is the recruitment website with over 10 years of experience, including the magnate and tycoons, do you have the opportunity to surpass them? Some new websites occurred in a few years ago, including Lagou, www.zhipin.com, do them have the opportunity now? In my opinion, there’s opportunity, which is the recruitment platform basing on block chain, introducing the system of Token, job seekers shall make the real information, so does the recruitment company, and tracking their past records ……
recruitment company, and tracking their past records ……
Platform has many opportunities, there’re a lot of platform opportunities in the application landing of block chain. Traceability Chain is specialized in traceability, and is also operating the platform. In the past 8 years, we were specialized in QR Code, we were the technical provider and system integrator, we got the project through drinking and public relation, our projects valued RMB100,000, RMB1 million and even several millions, but it was very hard. Now, we don’t need to do as that with the block chain platform, we only need to do well in the underlying, and the issue of serving and landing the brand enterprises is operated by the technical provider, including the reconstruction and informationization of their flow line, we only undertake the underlying platform, this is the ecological operation, which provides a lot of opportunities to every one of us.
What kind of team is more suitable for block chain
Let’s talking about team, for the same recruitment project, there’re many people who can operate recruitment project, but what kind of team may be more suitable and get more opportunities to operate in block chain?
First, the team with strong comprehensive ability. The team which operated block chain earliest in the past is the technical team, mainly the engineers. But, till present, it is absolutely a comprehensive team because the project will launch into the market soon when you are operating it, which means this concept, you have promoted it into the public market, and it must be adapted from the angles of finance, legal affairs, business and ecology, and you should have the strong comprehensive ability to build and develop such team. Actually, in the past, these entrepreneurs CEO have these comprehensive abilities, otherwise, they couldn’t be the CEO of the Internet company.
Second, with the experience of operating platform. As what I said just now, it is possible not to operate system integration and solution, and not to win the clients one by one. Currently, there’re a lot of platform opportunities beside us, which are not launched in the chain and modified in coin, therefore, we should seek for it, if there’s the opportunity of operating the platform, with the experience of operating platform, the probability of winning will be relatively high. I mentioned that the business ability and external communication ability should be strong, how to promote more developers and the elements to enter in the chain and exert good functions.
Third, it is better to have the entrepreneurial experience. Now, in my opinion, it is more difficult for a college student to start a business in block chain than the times of the Internet, it doesn’t mean that there isn’t opportunity, but in my opinion, it is more difficult. Especially in the market which is still relatively disordered, currently, I think those who have entrepreneurial experience must have passed the process from zero to one, it is better to pass the money burning state and money making stage.
What kind of business is more suitable for block chain?
For example, those who “deliver water” to the industry are most suitable for making money in the early stage, what is most profitable in block chain market? It is the exchange which is most profitable, they are those who deliver the water, they operated it earlier when they were starting business, they grasped such opportunity, including many operators specialized in wallet, they have more opportunities now.
Second, those who have launched online and achieved digitalization, we have talked about just now, they are relatively easier to land.
Third, the business with a lot of users, it is faster for 2C reconstruction if it has more users. What I want to emphasize is, at present, the business is internationalized, because block chain itself is the global system with global consensus, if one business can be operated well in China, it is relatively easier to promote it all around the world, because there’s consensus in the world, it can be easily achieve globalization since it is digital. Finally, those which match the characteristics of block chain.
I want to end my speech with the last page, and introduce my experience with this change:
I graduated from college in 2003, I started to make website in my middle school, I have made the business website which listed in China when I was in my college. When I graduated from college in 2003, I accessed the Internet with mobile phone, at that time, the mobile phone had small screen and accessed Internet through GPRS, but I felt that mobile network would become the trend in the future, therefore, in 2003, I made a forecast that mobile Internet would be popular from content to use, it was not only the forecast, I was devoted to the mobile Internet, at that time, people thought that mobile Internet was started from the occurrence of APP in 2010, we launched in mobile Internet in 2003, we specialized in WAP, made webpage in mobile phone browser, and our company was the batch of companies which operated WAP earliest in China. We started from 2003 and 2004, later, the famous WAPs such as UC was sold to Alibaba, 3G Gate had launched into the stock market, what we operated at that time was the Tianxia network, which financed in USD, after 2 rounds of financing, it was sold to a Japanese listed company at the end of 2009.
In 2010, I made another forecast. I went to Japan at the end of 2009, at that time, the QR Code in Japan had got the application scenes, but there wasn’t QR Code in China, and there wasn’t even the code scanning software, at that time, I believed that QR Code would be the excellent entrance of mobile Internet, and QR Code would be popularized. Today, 90% Chinese people scan the QR Code at least once a day. I launched in QR Code industry in 2010, and developed the earliest Chinese QR Code platform in China, named Snapshot QR Code, within 2 years, Snapshot QR Code developed 20 million users, under the condition without costing any market promotion expense. Later, we operated the service of providing marketing, traceability, anti-counterfeit and 2B business for enterprises.
In 2018, this year, I personally forecast that the total volume of digital assets will increase by 10-100 times within 3 years. We have seen that digital assets keep dropping recently, it is sometimes high and sometimes low, however, in my opinion, it will increase by 10-100 times within 3 years.
I also have the other forecast: till 2023, block chain will be popularized in every aspect of our life.
When all smart people and money of the whole society have entered in block chain, couldn’t it generate extremely high driving force?
Of course, among them, 99% block chain projects will die, in the future, only a few of individual projects can survive, and new company will involve in block chain in the future.
If you are starting your business, wish you to be the application which can be popularized in different aspects of life. If you are operating investor, wish you to invest the project which can increase by 10-100 times within 3 years. Thank you!