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World Blockchain Conference: How Blockchain Empowers Wuhan’s Digital Economy Growth

The World Blockchain Conference took place on 5th-6th December, drawing more than 50,000 views via live stream. Hosted by blockchain news media 8BTC and supported by Wuhan Municipal Government, this year’s conference was themed “Trust·Future” with 3 special sessions covering topics ranging from blockchain technology and its applications, big data, blockchain talents, as well as open finance, crypto assets, and distributed storage-related forums.

Apart from big names in the blockchain sector including HYPERCHAIN, dataqin, PeerSafe, a line of heavyweight companies in the country including Tencent and Huawei, more than ten experts and scholars from Chinese Academy of Engineering, well-known universities and scientific research institutions have made their attendance at the conference.

Blockchain technology promotes the integration of the digital economy

“Covid-19 has gradually transformed the life mode and business mode led by the digital economy and technology over the past year, the change of the whole social life mode and business mode will further prove the trend of digital transformation at the time of the epidemic,” said Li Lihui, former president of the Bank of China, said that blockchain has unique technical advantages to adapt to the digital economic society, and will form a “value chain” of “trustable, interactive, encrypted and shared.” Taking digital currency as an example, domestic and cross-border payments will be realised over the world in the future, which will improve payment efficiency and play a key role in the competition of digital economy.

Li Li, general manager of Tencent Cloud blockchain, said in his keynote speech that “The year 2020 is the 10th year for Tencent to develop industrial Internet. Based on the self-developed blockchain service platform TBaaS, Tencent Cloud has developed relatively perfect products and application solutions in seven major fields such as supply chain finance, trusted deposit certificate and electronic bill.”

Shen Changxiang, an academician of the Chinese Academy of Engineering, has been committed to the research in the field of network security. He expressed his concern about the security issues in the development of blockchain technology.

“Blockchain technology makes the world change and its coverage is becoming wider. But it also poses greater security challenges to society. It is necessary to update the institutional security and security technology to ensure the high-quality and healthy development of blockchain technology.”

“DeFi” is one of the keywords in the summit

He bin, founder of imToken, said in his speech that from the perspective of crypto wallet, there are three challenges in the development of DeFi: “First is the private key challenge. There are some problems in the understanding and safekeeping of the private key. Private key solutions currently include managed, unmanaged and multi-sign management. The second problem is the fees for the miner. DeFi has promoted the soaring of fees for the miner and brought huge burden to users, which is mainly due to the problem of network throughput. The third problem is Defi complexity. DeFi has the advantage of smart contract to realise financial engineering, but the combination of various protocols brings about the problem of complexity.

Emin Gun Sirer, CEO of Ava labs believes Open Finance has brought about a de-trust financial infrastructure, which makes fraud impossible. However, the current infrastructure is difficult to carry large-scale transactions, and the current assets in circulation are difficult to enter the mainstream.

Jin Jian, the director of the Institute of Industrial Internet and the Internet of Things, China Academy of information and Communications said: “It is very appropriate to study and discuss the development and application of blockchain technology in Wuhan city as Wuhan has a national-level node of industrial Internet and a large number of talent reserves. At the same time, Wuhan is also one of the first batches of AI pilot areas in China with outstanding advantages over the automobile and electronic industries.”

“Infrastructure is a significant part of Open Finance, though DeFi is full of innovation and charm, it also faced problems such as network congestion and poor availability,” said Kevin, Chief Operating Consultant of UENC, he mentioned that UENC has made efforts in decentralisation, efficiency and security, and is committed to building the underlying infrastructure for the development of global token economy, helping more users to participate in the token economy including open finance but not limited to development finance.

The future of digital currency mining

When looking ahead, Qiu Xiaodong, Marketing Director of SparkPool, said: “There will be more and more large-scale intensive mining farms. There are basically no individual miners in BTC mining, which are all mining companies supported by funds. Future graphic card mining will also go in this direction. At that time, ordinary investors into the mining industry is likely to directly buy cloud computing power or in the future there will be tokenised computing power contract form.”

Wilson Guo, Founder of PandaMiner, CEO of OXBTC added: “The biggest concern for digital currency mining in 2020 should be the “bitcoin halving” in May. According to past trends, every “production cut” will be accompanied by a bull market. In addition, this years bitcoin halving coincides with the “high flow period,” so we also value the arrival of may. Even if it deviates from everyone’s expectations, there is no denying that “bitcoin halving” has an important impact on the development of mining industry in 2020.”

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