Community Observation: 2019.09.05
Community Observation publishes insightful opinions and interesting thoughts collected from the SimpleChain community. If you have any thoughts/opinions about blockchain/crypto that you’d like to share, feel free to contact us through our Telegram group.
In Memory of September 4th
By 帕西法尔
Two years ago today, seven Chinese central goverment sectors jointly issued an announcement to ban local cryptocurrency exchanges and ICOs from operating. This led to Chinese crypto exchanges moving overseas and put an end to ICOs.
The Chinese crypto/blockchain industry went through a huge change. Binance made its way up, and the whole crypto world has turned more or less underground.
Looking back, it was a very timely policy to ban ICOs. It put risks and speculation under control, and prevented the occurrence of larger-scale social disturbance.
All those ICO projects, 99% didn’t meet their goals and expectations, and a considerable amount of projects have turned to be worth nothing. If the government hadn’t put on the brakes, gods knwos how many more people would have lost money.
Banning crypto exchanges was a tough move back then because it was difficult to find a perfect way of regulation. However, it was a pity to give up the pricing power of Bitcoin like that.
Today, there are numerous overseas crypto exchanges that are compliant to laws and regulations, and new types of digital assets like Libra are being launched. However, after Sept 4th 2017, China’s crypto market demand has not been satisfied and the market was deformed. Positive players in the industry are mostly gone, and shitcoins thrived.
Hopefully more intelligent policies will come and continue to lead innovation.
About SimpleChain
SimpleChain is a PoW main chain with flexible sub-chains. Different sub-chains can adopt different kinds of consensus and block data structure as needed, to support a variety of applications and use cases on blockchain. Sub-chains also support sharding to improve performance. This double-layered structure of one main chain and multiple sub-chains can fuel various applications while ensuring the consistency of the network.
Built on Baoquan Chain, SimpleChain’s first sub-chain, Baoquan.com provides electronic data services including electronic evidence service, online evidence gathering service, and copyright protection platform. Based on the non-traceable and non-tamperable features of the blockchain, the advantages of Baoquan.com is that user data can be permanently stored on the blockchain, independent of corporations.
In June 2018, Hangzhou Internet Court of China judged a case of a dispute over information network communication rights. For the first time, the court confirmed the legal effect of the electronic data stored on Baoquan blockchain, and clarified review methods of electronic evidence on blockchain.
We have launched the mainnet beta version in January (see blockchain browser), and we will be launching mainnet official version 1.0 in Q3 this year. Also, our codes are open-sourced on Github.
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