FinTech 2017: Debunking the Mysteries of Blockchain Technology and the Role of Elastos Moving Forward
The 2nd Annual Fintech Convention of 2017 was a showcasing of various technology-based concepts in the market at this time. Needless to say, a large contingent of the speakers came to address the notion of crypto or digital currency, which seems to be a hot trending topic at this time for many investors and the viewing public. In fact, the idea of crypto/digital currency and decentralizing wealth have been gestating and developing for many years now, in the hands of its developers and pioneers. However, its workings are still very new in the eyes of the global public in terms of understanding and grasping their functionality in the real world. Fast forward to the end of 2017, when Bitcoin and other digital-based currencies suddenly burst into the public’s consciousness; tantalizing hordes of investors to drive up their values with the promise of a new avenue of wealth. Yet after the smoke cleared from this crazed feeding frenzy for “crypto coins”, the values of such companies which skyrocketed into the stratosphere, subsequently came down into more “sensible” appraisals and with it came the questions and concerns about what they actually are. How much did the casual investors like you and me know about these companies? About their goals or their endgame? Why have we decided to stake our hard earned capital on them? Is it because we believe in their actual worth or have we been led to pay the proverbial piper?
After its big breakthrough in 2017, the digital currency industry have made remarkable strides in in entering the public’s consciousness, yet so much of their functionality and purpose remains a mystery hidden under a foggy veil. Whereas 2017 provided the hype, 2018 seems to be the year for such companies to provide substance to back up this hype (at least if they wish for long term growth and viability). Fintech’s abundance of speakers from this industry may very well reinforce the belief of its leading individuals that digital currency practices are here to stay and will inevitably be a part of the mainstream global economy. Yes, 2018 is trending to be the year for “crypto enlightenment”, as its leaders and pioneers are gearing up to provide some much needed veil lifting to allay questions and concerns of the general public about the workings of the crypto industry.
The blockchain and cryptocurrency portion of the conference composed of lectures from John Piotrowski (Co-Founder & CEO of The Ocean X), Benjamin Nadareski (Head of Asia-Pacific Strategy at R3), and Rong Chen (Co-founder of Elastos), amongst others. From first impressions, these individuals worked in different areas of the industry and varied accordingly in theories and concepts about the direction of digital currency as a whole. What was refreshing surprise though, was that all of them presented a humanistic approach to such a digitalized industry. Some were developers and others were maverick investors but all related to their work as a means to address problems that general public can relate to. If you were looking for specific blueprints for Blockchain or Computational Thinking, you may have been disappointed as the speakers did not intend to blow you brain off with a slew of technical jargon or hit you with the mind numbing mathematical data used to design such programs. Instead they addressed how people viewed and understood the landscape of today’s global economy and how they can improve it moving forward. They projected it like they were one of us, living in an increasingly connected world through the means of technology and telecommunications. They identified how a growing global community can encounter problems with traditional institutions in place (i.e.- the practice of centralizing or nationalizing wealth) and presented ways for digital currency to address such problems.
In the heart of the speakers’ support for digital currency came the recurring concept of Blockchain as a means to decentralizing the control of wealth. Of note, was speaker Dr. Feng Han’s take on the matter, leading into details about Elastos, a company he co-founded to provide a potential solution to traditional inefficiencies. Dr. Feng Han is a key advocate for the use of Blockchain technology and along with the concept of Computational Thinking, can make for a more efficient flow of wealth for both providers and consumers. He also goes on to clarify some misconceptions about the relationship of traditional institutions and digital currency companies. Contrary to some beliefs, these two structures aren’t in a collision course to destroy one another. The success of digital currency does not entail a radical revolution of knives and pitchforks, or having to put a guillotine to the head of central banking. Instead, Dr. Feng Han suggests a more harmonious solution of integrating the two sides together to accomplish goals. Besides, the speaker contends that everlasting change that we want can hardly be brought about by force. It may be better achieved through efficiency and gradual acceptance of the public to such seemingly radical concepts brought about by digital currency concepts. Elastos and other Blockchain-based companies are working to provide such an option. In this sense, we may see the true value of putting our faith and capital into such companies, as they can potentially pave the way for a better tomorrow.
Noteworthy Excerpts from Dr. Feng Han
- Dr. Feng Han’s presentation is about the philosophy of Computational thinking and its manifestation into Blockchain technology. He elaborated about the works of Jeannette M. Wing, Seth Lloyd’s book “Programming the Universe”, Centralized vs Decentralized, Ant Algorithm, Bees Algorithm, Leslie Valiant’s book “Probably Approximately Correct”, Free Market, Deng Xiaoping, Computational thinking based on Quantum Mechanics…amongst others to show how the design will naturally worked based on the direction of highly connected global economy.
- Briefly mentioned a meeting with Jim Glassman (Managing Director and Head Economist at JPMorgan Chase & Co) and talked about Blockchain Opportunities for Wall Street.
- Elastos Computational thinking and what Elastos can do to solve problems.
Last part of the evening consisted of Future Blockchain Innovation Panel.
Future Blockchain Innovation Panel
Each panelist was given a chance to introduce themselves and how they are involved in the blockchain space. The panelists consisted of : Mitchell Dong (Managing Director at Pythagoras Investment Management), Tom Golway (World Wide Chief Technologist for Blockchain at Hewlett Packard Enterprises), Sean O’Connor (Minister of Truth at Cellarius), Benjamin Nadareski (Head of Asia-Pacific Strategy at R3), and Dr. Feng Han (Co-Founder of Elastos).
Moderator: Jason Jones (CEO at ConsenSys Capital Asset Management)
After each panelist introduced themselves, Jason Jones had the panelists play a game called “Bullish or Bearish.”
Rules: A statement will be made and each panelist will answer Bullish, Bearish or No Opinion.
Question 1. Bitcoins price over the next year.
Panelists: Everyone in the panel answered Bullish except Benjamin Nadareski with no opinion and Dr. Feng Han who said Bearish.
Dr Feng Han: Bitcoin had an all time high of $20,000 in 2017 and beforehand the market was bear for about 2–3 years. I believe Bitcoin will be bearish for the next 6 more months and I will wait for Bitcoin to drop to $3000 before I decide to buy more bitcoin.
Question 2: Price of Ethereum for the next year.
Panelists: All said Bullish except Benjamin Nadareski stated no opinion.
Question 3: Utility tokens.
Panelists: Sean O’Connor was the only one to say Bullish, everyone else said Bearish except Dr. Feng Han answered No Opinion.
Question4: Private Permissioned Blockchains
Panelists: Sean O’Connor stated bearish, and everyone else stated bullish except Dr Feng Han with no opinion on the matter.
Question 5 was just asked for Dr. Feng Han’s opinion regarding the State of China’s Blockchain industry. Bullish or Bearish?
Dr Feng Han: Elastos will be bullish. Bitcoin and Ethereum only has a single chain. The single chain has very weak computational ability. You cannot run traditional apps on the single chain. There are many apps on your cell phone but none of them can access blockchain now, because they only have a single chain. Elastos is an operating system powered by blockchain, so they can have trust environment where you can run your apps where it can be connected to the blockchain. I think Elastos is the future of the blockchain industry. I believe we will have a bearish market in the next half year, but Elastos will be Bullish.
Quetions 6: Bullish or Bearish on blockchain related to Artificial Intelligence ?
Panelists: Feng Han had no opinion on the matter but everyone else answered Bullish.
Everything mentioned during the game is the panelists opinion and is not financial advice.
DGQ & MDR