Chainge Technology Salon — Chain / AI Blockchain + Artificial Intelligence

Chainge Technology Salon #1 — What ZhanKai Ma Learnt From Reading a Blockchain Book a Day For a Whole Month

At the 11th Technology Salon “Chain” — Chain/ AI, he revealed what thoughts about the future of blockchain his project had led to .

The event was held in Shanghai Jiaoda Huigu Training Centre on 16 September 2018. It was organized by Blockchain EXE × 8BTC together with TomatoWallet, Bytom and Cortex. “Chainge” is an offline event started by 8 BTC — the most influential independent platform for bitcoin, blockchain, and cryptocurrency news in China — to focus on blockchain’s hotspot discussion and communication between industries and companies. By hosting offline meetups, hackathons, blockchain summits, the organisers hope to help industry experts create high quality content, collaboration and promote the dissemination of knowledge and innovation in the field of blockchain.

One lesson was the speed with which the blockchain and Bitcoin world has evolved. Something illustrated by Crypto Legend, who famously bought a pizza with 10,000 Bitcoin. At the highest Bitcoin valuation, that pizza would be worth one hundred million dollars. At the time, he owned 90,000 Bitcoin.

“An interesting thing about this challenge is that without looking at the published date, I was able to know when it was published because of the examples given inside,” Ma explained.

How blockchain data differs

Ma feels that the project led him to appreciate the essence of blockchain and some of its use cases. For example, in relation to Weibo, the Chinese social media giant, which is using blockchain to enhance digital copyright

Blockchain also introduces changes on the data level. Ma likens classical data to having a bowl of pearls. It is easy to remove any number of pearls and put others back in their place without anyone noticing. Blockchain data is more like a ball of thread. It is linked through the hash, and therefore it cannot be modified. To destroy the blockchain data is an impossible task — on par with trying to destroy the Internet. Blockchain data is connected in millions of places, which makes it distinctly unlike classical data, such as that of Facebook or Google, who have data backup in a limited number of physical locations, thereby increasing the risk of it being destroyed.

The month of blockchain reading also illustrated how blockchain is an advancement of mankind that is gaining traction in especially the financial world.

However, Ma also struck a cautionary tone at Salon “Chain” — Chain/ AI, saying that blockchain is the biggest bubble in the history of humankind, comparable to the “Tulip Mania” and the “dot-com bubble”. That is, however, not the same as blockchain not having any real uses, but related to the technology’s current low efficiency/high cost issues. Ma believes that areas such as currency systems, international money transfers, supply chain management and medical safety will all benefit from blockchain technology.