Victor Lee, CEO of YAO Network Asia: The enterprise blockchain market has great potential, with a size of $4.6 billion last year alone.
At present, the blockchain industry is still immature, and there are many problems. Some traditional blockchain protocols are single-layered, which imposes great limitations on performance and security, and the reward mechanism is not scientific.
Mars Finance reported on the front line that on August 20th, the "POW'ER 2019 Global Developers Conference" hosted by Mars Finance was held in Beijing. The conference invited 70 technology leaders, experts and scholars, investment and research institutions from around the world in blockchain, 5G, AI, cloud computing, big data, and Internet of Things to share their judgments on new technology trends and business opportunities. And outlook.
Victor Lee, CEO of YAO Network Asia, delivered a keynote speech on "YAO: A Self-Evolving Blockchain Network". He said in the speech that the global enterprise blockchain market has great potential, and the market size is only 2018. 4.6 billion US dollars. He also provided a survey of global companies: 83% believe that blockchain is an urgent business need, 82% are studying blockchain solutions, and 77% believe that if they do not use blockchain, they may lose competition force.
The following is the full text of the speech:
Hello everyone! I am Victor Lee. I felt that blockchain technology has great potential in 2015 and 2016.
When I attended the Shanghai Ethereum Conference 3 years ago, I met many entrepreneurs and technology Developers. They gave me the feeling that this industry has great potential, so I left the banking industry that has been working for a long time, just to enter the district. Blockchain industry. I tried it myself and bought some digital assets and mining machines to study how to do this industry. We are very aware that the blockchain industry has great problems. At the time, I met the YAONetwork team and felt that the YAONetwork team was very good.
In the blockchain, I think the biggest problem is commercialization. We have seen many so-called landing applications, which are some risky game applications. So there are very few such applications that are truly commercially valuable and can solve practical problems.
Let us first talk about the first question. The overall industry is not yet mature, and the distributed ledger technology is not mature. Some traditional blockchain protocols are single-layered, including Bitcoin and Ethereum. The smart contracts like Ethereum are basically single-layered with his assets, which makes it very good for performance and security. Big limitations. Another point is that its reward mechanism is not scientific. Many so-called first-come-first-served accounts for a pit first, and the people behind it are very difficult. Even if you make a lot of contributions to the system, it is difficult to enjoy the same return.
The blockchain community is now more differentiated. Many people support one or several digital assets, forming a belief-like enthusiasm, which leads to a negative attitude towards other citations, resulting in differentiation. In addition, we also noticed that there are many problems in the fork problem. After each fork, the forked branch will often form a confrontational situation with the original pass. Sometimes, you will be killed and live, and history has already appeared. Several times. This has caused a lot of problems for developers. Different certificates have different toolkits, which leads to content and support, which is very fragmented and fragmented.It is very scarce in terms of application, and there are risky game applications on the market. There are very few other valuable applications and the infrastructure is not enough. There is also a big problem. There is a big gap between industry and industry, industry and blockchain, and blockchain R&D team. For example, if you are doing a logistics project, you may need to have 5 or 10 years of experience in the industry. If you let a blockchain expert do this thing, it will eventually lead to the scene of "chicken and duck talk". What is done between the company and the developer is not particularly good.
This is a previous market survey, with 83% of people thinking that the blockchain has a compelling business reason; 82% are working to provide blockchain solutions for their organization; 77% believe that if Without blockchain technology, they will lose competitiveness in the future.
This is the data of some cloud services and software services, it is also the target of the blockchain industry, like H1 2019, there are 7 billion such markets. So now only the enterprise blockchain market will reach $4.6 billion in 2018, and will increase to $20 billion by 2023, with an annual increase of more than 30%.Last year, the enterprise decentralized ledger technology market reached 4.6 billion. In the first quarter of 2019, the Amazon cloud service market was 7 billion US dollars. By the second half of 2019, the software-as-a-service market volume of the entire enterprise reached 100 billion US dollars. So the potential of the entire industry is very large.The project side is also working with many research institutions and academic institutions, hoping to quickly launch the solution. One of the most important partners is the Cyprus Blockchain University, where everyone works together to launch the project.
YAO aims to provide a platform for better blockchain-as-a-service, which uses a multi-layered classification algorithm, and a second layer that has a platform for commercial platform smart contracts. YAO will be a multi-chain network, providing a smart contract engine, using an algorithm such as multi-layer fission PUS, which itself can be directly applied to enterprises, it provides services such as blockchain-as-a-service. At the same time, there is a centralization chain that can be applied, and its industrial application is also ready.
YAO's fragmentation architecture is a high-throughput, high-expansion, high-concurrency, YAO will become a blockchain 3.0 pioneering project, with an efficient and fair system, mining is more efficient and focused on performance. This is the entire ecosystem of YAO. We can see that there are 8 original nodes above, which is a kind of dynamic split. From the 3rd power of 2 to the Nth power of 2, it is a bit like adding a node like a big bang, no matter what your power is. People who enter the system also have the opportunity to upgrade. If you contribute more to the system, the system will give you more resources. You can add from one node to one, which can be increased from one slice to the other. It even increases the group chain parallel to YAO, and has the function of cross-chain. The survival of the fittest, while also ensuring that people who come in will have a fair reward distribution and back to the system.Any good project can't do without the reward and punishment mechanism. Just mentioned a reward mechanism, and the node will feed back to the reward system like the system. In terms of penalizing the system, even if you first enter the system node, if you do not contribute much and are not active enough, it will be automatically eliminated by the system, and some nodes that do evil will be punished accordingly.
YAO will have a smart contract mall that matches the supply and demand relationship between the company and the developer. Companies can publish their various needs and developers can provide demand. These solutions have been developed and this will get better and better. In this decentralized business ecosystem , it provides a business mix and incorporates AKI services. In terms of the service market, Ethereum, YAO, and smart contracts carry the incubation of DeFi.Summarize the key functions, provide a terminal portal for YAO services, and integrate this development into a platform to form a market as a whole, and finally form an ecological content community."Lao Let" is the basic unit that supports decentralized computing and is the basic unit that constitutes a decentralized application.
This is VIDY, a project that combines video and text depth. The team graduated from Harvard University in the United States. The project is very international, and they use the natural language to process artificial intelligence to push advertisements. As you can see, the entire typography has no traditional comparison of the pages of the ads are text, as long as you click on the text to appear the corresponding ads, he can combine the video ads and text depth, the text assets to give new value, also Increased the income of these text asset owners, he will be the initial iteration of YAO.
The YAO project is ready to lead the new blockchain as a service. Thank you all!