Cherie Liu, Head of MOAC Foundation in the U.S., was invited as a guest speaker at the Consensus 2019 summit to talk on ‘The Next 5 Years: Opportunity and Challenge of Blockchain in China and the U.S.’. The annual gathering of the cryptocurrency and blockchain technology world organized by CoinDesk took place in New York on May 13th-15th, 2019.
Since 2015, Consensus has attracted academia, policymakers and every major company, developer, founder and investor in the cryptocurrency and blockchain world to explore, collaborate and debate the future of the industry under one roof. The three-day event brought together experts and enthusiasts across the blockchain community to share ideas and discuss in depth cutting edge solutions, use cases and possibilities related to blockchain technology and cryptocurrency and their future outlook.
In her presentation, Liu first compared the current blockchain industry development in China with the U.S., the two leading countries in the world in blockchain technology development and market adoption. Citing a recent research by Deloitte, she said that the top use cases in the U.S. are payment, shared trading, online ID, loyal reward and transactions.
“In contrast, Chinese government has treated blockchain as a ‘national strategy’ and focused on the use cases industrial innovations instead,” she said.
In addition to her duties at MOAC Foundation US, Liu also serves as a Partner at Outpost Capital, a technology investment group based in San Francisco. She was also a co-author of the book entitled ‘Blockchain and Industrial Innovations’, which was published by the Ministry of Industry and Information Technology, China in 2018.
According to another research, China has surpassed the US to become the country with most blockchain application patents filed between 2014–18.
“And during this period, MOAC has filed well over 30 patents and brought them into real life applications with numerous use cases,” Liu added.
As an illustration of MOAC’s pioneering Multi-Blockchain architecture designed specifically for enhanced smart contracting and commercial applications, Liu expounded on three of the latest exciting developments on the MOAC Multi-Blockchain Platform:
- MOAC Big Data Platform
- PAS Network+
- FileStorm Decentralized Storage
The MOAC Big Data Platform enables a unique MicroChain per Smart Contract that allows deployment of a MicroChain on the platform with a simple one click.
“We name it ‘One Click, One Chain’ or ‘OC Square’,” quipped Liu.
The MOAC Platform enables new business model to trade data by usages based on the ERC 721 standard that provides data privacy and security, replacing the old subscription based model. The MOAC Platform thus facilities secure data sharing and transfer across companies and industries such as sharing of credit information between banks and drilling data of formations across oil and gas companies.
Another example is the PAS (Planet Accuracy Simpler) Network IoT use case. PAS, the world’s first blockchain-based global high precision positioning service network, is a decentralized VRS (Virtual Reference Station) that can provide secure, inexpensive, real time (nano seconds), centimeter-level accuracy positioning services to worldwide IoT devices.
“Since its release in April 2019, the PAS Network has attracted over 400 miners located in China, Singapore, Australia, US etc.,” said Liu.
The rapidly expanding network is supported by an incentivized reward mechanism that encourages miners to install relatively inexpensive GeoBee mining machines (~$2500/unit) in open sky with an estimated yearly return of $1500+. This reliable, distributed, high precision geo-spatial positioning service network can be widely applied to autonomous driving, UAV logistics, tracking robots, precision agriculture etc.
The third example is the FileStorm IPFS Storage which is a decentralized storage network built on top of IPFS protocol and powered by the MOAC Blockchain. As the first ever IPFS platform on blockchain, FileStorm is designed to solely store transactional data on blockchain while actual data files, such as large video or music files, are distributed in IPFS, which is a distributed, peer-to-peer file storage protocol. Since file parts come from multiple computers all at the same time, this makes the storage hardy and FileStorm adds blockchain on top of it for a form of transactional indexing. Consequently, Filestorm is the next generation big data storing, processing and sharing platform which is much more secure and cost efficient than today’s centralized cloud storage service. Since its launch in April this year, the scalable data storing network has almost 4200 miners and a total storage capacity of around 26,000 Terabytes.
For more information about MOAC Foundation, visit our website at www.moacfoundation.org.