Money 20/20 Recap
Metaverse CTO Chen Hao joined a panel in the Money 20/20 Summit to discuss the latest trends of blockchain.
Last week from November 14–16, Money 20/20, one of the largest global events covering payment, fintech, and financial services, was held for the first time in Hangzhou — the home of Chinese fintech innovation. Hosting such a renowned event symbolizes the astounding growth of the Chinese fintech market, and Hangzhou attracted the eyes of the world in this event.
Money 20/20 China launched successfully with the support of the Zhejiang Provincial Government, the Hangzhou Municipal Government, the Xiaoshan District Government, and many partners. This conference mainly consists of five pillars that promote the development of the Chinese fintech market, including the “digitization of the banking industry, global Artificial Intelligence, the scalable development of blockchain, IPO and internationalization, and regulation in China and other countries.” Money 20/20 China is the newest addition to the Money 20/20 global portfolio of destination events where the industry’s smartest visionaries and innovators come together to create the future of money.
At Money 20/20, Metaverse showcased in the core exhibition area, attracting many opinion leaders in the global fintech industry, innovators, government officials, media, and attendees.
Metaverse is a decentralized public blockchain project that provides digital identity (Avatar), digital asset (MST), and value intermediary (Oracle) as a technology infrastructure of its ecosystem. The Metaverse project will support communities to develop various financial and social applications based on the smart assets on Metaverse’s public blockchain. Metaverse enables internet applications to enjoy the convenience of digital finance at virtually no cost and provides technical and commercial support services for enterprise users through BaaS (Blockchain-as-a-Service).
Chen Hao, the CTO of Metaverse, was invited by the sponsors of Money 20/20 to give an in-depth discussion on how to build a financial blockchain with some distinguished guests in the panel, including Hitters Xu from Nebulas and Remington Ong from Fenbushi Capital. Here is a summary of the discussion:
What’s the relationship between finance and blockchain?
Chen Hao: In the domestic blockchain industry, no matter the giants in traditional finance or banking, most of them focus on the technologies that can build a consortium blockchain. Take the 51 credit card as an example, I have met their technical leaders before. They also used Tendermint to create a consortium blockchain, which realizes cross-subject payment. I think that financial blockchain may not come through in the form of tokens under the public blockchain like Bitcoin and Ethereum. In traditional finance, blockchain is still regarded as a distributed ledger or a tool.
Actually, the consortium blockchain and the public blockchain belong to different consensus. In the financial sector, where applications are more advantageous on the private blockchain and the consortium blockchain, which applications are better based on the public blockchain?
Chen Hao: In fact, our original purpose to create a public blockchain is very simple. As long as you adopt our scheme, then you can access and use our infrastructure by paying with Bitcoins, or you can develop some dApps on Metaverse. Local Area Network (LAN) has commercial value, while for Wide Area Network (WAN), scenarios are worth mentioning. Some applications like Uber and Meituan have served everyone and improved their quality of life.
In terms of applications, what is the threshold that prevents blockchain from being widely adopted?
Chen Hao: In the finance industry, if it should be divided, let’s go back to the concepts of the token circle and the blockchain circle. I support that something in the blockchain circle should realize a new finance, that is digital finance. We can regard the digital finance as a combination of an infrastructure and traditional finance. But the two parties hold different views on how to combine these, so we should let them adopt the win-win thought to accept both opinions. I have seen a very popular topic — “STO”, a scheme that both parties are trying to accept. When people can reach a cognitive consensus, I can put capital power, manpower, users, and traffic together to create and implement my scenario. For me, cognition is the premise, while the barrier is that people haven’t reached a cognitive consensus.
After the meeting, Chen Hao explained how the blockchain reconstructs the business model in an interview with Aqua Chen from “Computing Power Think Tank” — a renowned Chinese blockchain media.
After a busy day, Money 20/20 hosted a welcome party for attendants in the hanging garden of the Hangzhou Expo Center. While enjoying nice food, cheerful music, and fabulous light shows, we also had the opportunity to communicate and talk with people from all walks of life, experiencing the unique charm of the Money 20/20 China Conference.
The Metaverse team had in-depth exchanges with the sponsors of Money 20/20 in this event, and both parties agreed to maintain a good cooperation.
As an international public blockchain project, Metaverse is striving to improve its ecosystem as well as seek excellent partners around the world, aiming to become a truly valuable blockchain project. At this Money 20/20 China Conference, Metaverse met many investment partners and potential clients with cooperating intentions and gained recognition by presenting the financial and social applications of its digital identity and BaaS (Blockchain-as-a-Service) solutions for enterprises and society. Metaverse hopes to explore the prospects and potentials of blockchain-powered finance with many innovators and talents, thus creating a more robust future for the fintech world.
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