YAO: A Self-Driven Blockchain Network, held Ecosystem Asia Tour in Shenzhen
On 17th Aug, the Shenzhen leg of the YAO Blockchain Eco System Asia Tour was successfully held. The event which took place in Futian Shenzhen was organised by YAO, Vidy, Bittrex compliance agency in collaboration with Bision and Bittime. Amongst the participants were Shenzhen Exchange, KOL and many other enterprises, investment corporations and individuals.
“YAO Network is able to evolve on its own without external intervention”, says Victor Lee, YAO Network Asia CEO when delivering the topic titled “YAO: A Self-driven Blockchain Network”.
In Lee’s opinion, the current blockchain design has a lot of limitations. The traditional structure of a blockchain is single-layered. This presents itself with bottlenecks in its functionality. It lacks an effective mechanism in the selection and elimination process, posing constraints to and slowing down the blockchain ecosystem development. Many projects were not completed and remained at the conceptual stage. Similarly, there was no landing for distributed businesses. It was under such an industry constraint and business environment that YAO Network was developed and introduced to the market.
Lee presented “YAO: A Self-driven Blockchain Network” in which he shared 3 key characteristics of YAO. The first being its layered design. Through layering, it allows problems to be segregated and solved separately. This capability reduces the inherent functionality challenges resulted from decentralization and speeds up the implementation of commercial applications. The second is its selection and elimination mechanism. While early entrants possess certain advantages, such advantages will diminish over time if they do not consistently contribute to the system. The capability to select the best solution during the “fission” process enables YAO system to develop and expand quickly. Thirdly, YAO’s self-driven evolutionary capability allows it to evolve on its own without external intervention. Through its adaptive matching mechanism, coupled with the token-incentive model and algorithms built on the concept of natural selection, self-enhancement and commercial adaptation, YAO Network is able to eliminate the weakest links and services and leaves behind only the strongest ones, making it a self-driven and self-evolving ecosystem.
YAO has successfully created a market for entertainment services. In terms of functionality, YAO Network’s Cloud Service integrates YAO Network products as well as other cloud services. Users can get access to and purchase all cloud service products on the cloud market based on their needs and requirements. Secondly for the Solution Market, YAO Network integrates all relevant solutions for commercial applications. Any solution can be posted on YAO’s Network Platform. Enterprise-level customers can choose any product they need. This functionality indirectly helps the development of blockchain solutions. Thirdly, its Open Access Platform offers service providers quick access to blockchain cloud services. Lastly, on Content Ecosystem, it builds a series of product modules based on YAO’s Network platform and integrates them into multiple resources from cloud services and various enterprises to construct a thriving ecosystem of blockchain content. “YAO platform creates a unified model that inspires generations of quality content and guides users on their transactions. It becomes the information island for entrepreneurs”, added Lee.
“The existence of Vidy is to improve user experiences on mobile networks”, commented Patrick Colangelo, CEO of Vidy, who presented “Blockchain + Artificial Intelligence; Revolutionizing the Global Digital Marketing Industry”. Patrick further commented that he hoped to build an ecosystem that not only allows users to watch the advertisements, but also to influence them through VidyCoin. This will help cultivate a positive relationship between the users and the website or advertisement developers by rewarding the users for their loyalty each time they visit the site.
Jacab Tao : Bittrex is looking for coin listing projects globally with 4 key requirements which include structural compliances and branding.
Jacob Tao, Head of Global Business Operation at Jenga BCG Singapore shared “The Strategy of Bittrex in Asia” and commented that there are 4 key requirements on coin listing, namely structural compliances, branding, financing banks, and technical services. Of all, financing banks is deemed the most critical requirement to the success of Bittrex’s global expansion and Asia strategy. Back in 2017 and 2018, blockchain underwent a period of frenzy. There were many cases of fraud and projects that vanished after funds were raised. Bittrex suggested that in order to bring about sustainable development, projects should provide continual legal advice, audit reports, financial management, etc. And with that, auditors, accountants and tax agents must be able to provide professional advice and related services.
Roundtable Discussion — How do Securities Exchanges and Project Owners view the competitive landscape of Blockchain in 2019?
Walter Komarek: Securities exchanges must tighten up audits, legal and compliances
During Roundtable session, when commenting on “the most compelling problem that needs immediate solution in blockchain industry”, YAO Network Co-founder Walter Komarek shared that securities exchange is the centre where cryptocurrency has the highest throughput, therefore the requirements on its legal and compliances and audits should be tightened. All white papers, the team, the project landing price and the business models must all undergo stringent scrutiny. Additionally, all registered users on securities exchange must also be scrutinised. All these will ensure a healthier, cleaner and more compliant business environment.
Jackson Liu: The involvement of big corporations and governments in the blockchain industry is undoubtedly a good thing.
During the Roundtable session, Jenga BCG Singapore, VP of Asia Business Development, Jackson Liu, expressed that big corporations like Facebook and Walmart, or some of the state or local governments’ involvements in blockchain is no doubt good for the industry. The participation of these big corporations will inspire other corporations to follow suit, increasing the number of users and hence accelerating the growth of blockchain industry. This benefit is equally obvious with the involvement of government. To a certain extent, the government is helping the blockchain by endorsing it. The public will feel more secure, and companies like Facebook and Walmart will grow stronger, making it a win-win situation for all.
The YAO Blockchain Ecosystem Asia Tour in Shenzhen finished on a high note. The event has garnered a lot of close attention from many investing corporations and securities exchanges. It has also been covered by over 40 well-known media. After the meet, there was continued interest in the technical details of YAO’s technologies and company development, and the completion timeline of YAO’s self-evolving blockchain technology.