GoWithMi Co-founder Ren: China will become a Blockchain powerhouse, as Chinese Central Bank urge the application of Blockchain Technology

“If we can make good use of this wave of national policy support, China’s blockchain technology will surely cover the world with this spring breeze, and China will inevitably become a world blockchain powerhouse.”

Gowithmi GL
Nov 4 · 7 min read

Since October 25, General Secretary Xi Jinping has pointed out the direction of the development of the blockchain. Yesterday, Li Wei, director of the Science and Technology Department of the central bank, pointed out that blockchain technology has great potential in promoting the development of digital innovation, and Huang Qifan, Vice Chairman of the China International Economic Exchange Center, proposed that the central bank should launch and test digital currency as a priority.

As a blockchain practitioner, I am very excited about the recognition of the blockchain by such countries and central banks. With such a large blessing, the blockchain industry has ushered in the spring. I believe that this is an inevitable choice for a big Internet technology country and an opportunity for domestic blockchain practitioners to have a rare encounter in a hundred years, especially for those projects that really land and truly solve the people’s livelihood problems. If we can make good use of this wave of national policy support, China’s blockchain technology will surely cover the world with this spring breeze, and China will inevitably become a world blockchain powerhouse.

It is worth noting that due to the nature of the blockchain itself, the businesses that applied blockchain will not be limited to domestic market, but it would surely be adopted globally. With the benefit of the blockchain industry and the bundling of the Belt and Road Initiative, Wanlian Going out to open market will be an inevitable choice for practitioners, and Southeast Asia will be a hotspot.

Where did I get such a conclusion? We may wish to start from another incident in the industry a few days ago, Facebook Zuckerberg’s participation in the US Congress hearing. The hearing is ostensibly a question from the US Congress on Libra, in fact, the interests represented by the Federal Reserve and Wall Street. The conflict between the group and the Internet upstart, such as Facebook, in the globalization of the dollar reflects the division of the United States.

And whether it is right or wrong, Mr. Zuckerberg’s defense at the hearing was precisely a sign of the role of global digital currencies like Libra in the dollar: “Libra can help the US further strengthen the US dollar’s global leadership” and “Libra is not creating money but embracing the existing monetary system and helping the US dollar build a global payment system.”

Zài měiguó zhǔdǎo de “bùléi dùn sēnlín tǐxì” bēngkuì hòu, měiyuán yījiù shì shìjiè huòbì, wǒ rènwéi kě guījié wéi liǎng dà shǒuduàn: Dì yī, quánqiú shíyóu jiāoyì qiángzhì shǐyòng měiyuán jiésuàn, zhège wèi měiyuán tígōngle qiángdà de zhīfù chǎngjǐng; dì èr, tōngguò jīngjì shǒuduàn nǎizhì zhànzhēng shǒuduàn, jiǎoluàn qítā guójiā jīngjì, lái tūxiǎn měiyuán de quánqiú “chú zhí” shǔxìng. Shǐyòng zhè liǎng gè shǒuduàn měiguó yǐ měiliánchǔ, huá’ěrjiē wèi dàibiǎo de lìyì jítuán, zuǒyòu quánqiú jīngjì.

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After the collapse of the US-led Bretton Woods system, the US dollar is still the world currency. I think it can be attributed to two major means: First, global oil trading mandates the use of US dollar settlement, which provides a strong payment scenario for the US dollar; Second, to disrupt the economics of other countries through economic means and even means of war, to highlight the global “stored value” attribute of the dollar. Using these two means, the US interest group represented by the Federal Reserve and Wall Street is about the global economy.

As America’s global influence has weakened, the new Silicon Valley nouveau riche, represented by Facebook, have come up with new ways to internationalize the dollar: “Through the global reach of American companies represented by Facebook, the dollar covers more finely divided but larger payments than oil settlement, highlighting the dollar-based Libra’s value-saving attributes, and finally ensuring that the internal interests of all the large American companies involved are aligned through a blockchain, more specifically a chain of alliances”. From the US perspective, this idea is valid, except that Libra is not as optimistic as Mr. Zuckerberg imagined because of the division of new and old interest groups in the US. But in any case, Libra has a broader application than “oil-forced dollar settlement” and is more supportive of dollar internationalization.

As Huang Qifan, vice chairman of the Standing Committee of the National People’s Congress (NPC), put it in his speech today: “The digital currency that the central bank has introduced .It is conducive to the circulation and internationalization of the renminbi…”,

The central bank’s digital currency, endorsed by China’s sovereign credit, and the neutral nature of blockchain technology will greatly speed up the global circulation of the renminbi. But technology alone is far from enough, with a lack of global-sized Internet companies like Facebook, the application of international digital currencies and payment scenarios.

On the basis of the central bank’s solution to the global liquidity of the central bank’s digital currency, projects like GoWithMi should respond to the “Belt and Road” call to increase digital currency applications and payment scenarios while helping to develop digital map infrastructure worldwide.

Map is the infrastructure of Internet economy, all people and objects in the real world must be through map location services in order to make their location in the physical space information, electronic, and then integrate with Internet services. Without map infrastructure, there are no Internet services like Didi, Meituan, Uber and Airbnb that have high-frequency payment scenarios, so it can be said that maps have high-frequency payment scenarios with more scaling potential than social networking.

However, the globalization of maps faces multiple obstacles. Take GoWithMi’s large-scale Indonesia as an example. In just three years, the Internet penetration rate has reached 50% from 15% (China’s 2019 is 57%), resulting in more unicorn company, but the bottom of their map service is only Google. The lack of the underlying infrastructure of the post-national Internet companies, their development and survival are firmly in the hands of American companies like Google, because Google map names and doors the lack of address information, Go-Food, Indonesia’s largest delivery platform, only supported by 130,000 merchants to use the service electronic delivery. In China, with a comprehensive map base service and a top-level portal, the US mission will provide 8.5 million merchants to the store and food delivery service in 2017. Under the premise of providing such low-quality services, the Google Maps service is still 14 times higher than last year, and the Internet companies in the post-development countries are suffering.

The original intention of GoWithMi is to break the map hegemony like Google in the world, and through the blockchain technology, the infrastructure such as maps becomes a neutral service that cannot be dominated by US hegemony

GoWithMi was initially invited by kresna, Indonesia’s largest IT investment group, to address Indonesia’s Internet infrastructure problems, and was then reported by People’s Daily Online (http://sports.people.com.cn/n1/2018/0720/c202403-30160620.html), which has helped to improve the quality of our specific regional data over more than a year. And recently we’re the only Nasdaq-listed mapping company in China — — The Strategic Cooperation Agreement was signed by China’s National Map Technology Corporation (NLC), a top company in the map industry with a market value of several billion US dollars. In the first half of this year, NLC spent more than 800m US dollars to acquire NLC (National Map Grade A Mapping Qualification), and took over the map data collection business in related areas. One of the technical cooperation points we have is to go beyond South East Asia.

I believe that as more blockchain projects like GoWithMi go to the sea and root in emerging markets, we will quickly join forces with local Internet companies to break Google's hegemony in the global Internet industry and the hegemony of the dollar in the global financial industry.

Finally, I ended with a share last year:

“The Western industrial revolution began in the 1860s, and if China’s industrialization starts with the Westernization Movement, we have been behind the West for a full century; If China’s industrialization starts with the founding of new China, we have been behind the West for nearly 200 years; Therefore, our parents and people have worked for several generations, so that China can catch up with the West; In the information revolution represented by the Internet, we are only ten years behind the West, and after more than 20 years of efforts, China has become the only Internet power in the world. And the blockchain revolution, not only did we synchronize with the West, but some of the projects were led by the Chinese, and only us and the United States could benefit the whole world, everybody cheers!”

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