TASchain Founder & CEO Yiqun WU: Empower Digitals Rights with Blockchain
In Blockchain 1.0, the invention of Bitcoin proved to the world that the idea of digital currency is possible; in Blockchain 2.0, Ethereum made the world believe that dApps are possible; then, what would Blockchain 3.0 achieve?
Some believe the first priority is to achieve high TPS, some hold the opinion the blockchain industry should focus on relocating and process existing data on the Internet, while others turn to community maintenance and user experience as the next step.
On September 22, 2018, TASchain founder and CEO Yiqun WU delivered his address on “Blockchain + Digital Rights” during the 2018 Computing Conference of Alibaba in Hangzhou, in which he shared his perspective on how the blockchain technology can empower digital rights management by solving trust issues among different parties.
According to Yiqun, in the current scenario, the first step towards decentralized applications in people’s livelihood would be forming a weakly centralized model, and the benefits of such weakly centralized applications are as follows:
1. Credibility: users are relying on a fully open mechanism of trust, instead of any institutions or machines, which is much harder to hack or corrupt;
2. Reverse Process Management: smart contracts can be designed to include the reverse process from the ground up;
3. Collective Intelligence: dApps based on blockchain are not controlled by some centers or administrative orders, so they are more flexible in the market economy;
Yiqun also shared with the audience his visions of blockchain application in real-world scenarios:
#1 Digital Rights:
If we trace the process of digital contents production, digital rights are generated natively online and weakly centralized in nature. In a content network, although contents are produced and processed in a decentralized manner, the distribution of contents still requires a weakly centralized institution or platform.
With the blockchain technology, a central sever can be set up to operate a digital right system, where studios can register their copyright contents on the chain. Such a system can guarantee the openness and fairness of the statistics of online playback and download, and make the statistics conveniently available for inquiries and benefit distribution.
#2 Prepaid Cards for Small Businesses
By introducing blockchain technology and a third party in prepaid card transactions, the prepaid money of a customer can be safely kept in a supervised account, which is part of a node network run by large businesses and banks. Only when a purchase is made would money be transferred from the supervised account to the business, hence the rights of the customers are protected and the bank can attract deposits in the process.
Beside visions, Yiqun also talked about the limitations faced by dApps that must be overcome before large-scale applications are made possible:
1. The Consensus Mechanism: the energy consumption of the consensus mechanism is an influential factor in blockchain design; original consensus mechanisms achieved 100% security at the cost of huge energy consumption, however, with the evolving of consensus algorithms, better solutions are put forward. TASchain turns to the BLS architecture as an optimal solution, just like DFINITY does. Of course, the realization and algorithms are different. Also, at the core of the original Chiron consensus mechanism of TASchain is the true random number problem, which TASchain hopes to solve so that the rule of man can be replaced by the rule of technology;
2. Smart Contracts: to truly put a dApp into application, a crowdfunding contract must be issued, and the funds raised through this contract should be regulated by a controlled-release mechanism.
3. Limited Storage Per Unit: current public chains require that all smart contracts, of which 90% are meaningless, be saved on all mining nodes, which is a colossal waste of storage on each unit and must be solved.
Seeing to these limitations, the TASchain crew are making efforts.
In contrast to many other domestic projects, TASchain has chosen a tech-first path of development. Over 70% of TAS’s team members are from leading Internet companies and 40% hold master’s or doctor’s degrees — all these factors contribute to TAS’s technological breakthrough. In comparison with Bitcoin and Ethereum, TASchain can handle over 3000 transactions per second (Bitcoin: 7 TPS; Ethereum: 25 TPS), while still guaranteeing 100% decentralization and high security.
TASchain is planning on launching the mainnet in April 2019, and by then, TASchain hopes to bring changes to the status quo of the blockchain industry.
Maybe, the respect for values, the closer relationship between different people, and the lower cost of establishing trust are what it takes to realize Blockchain 3.0.
