Traditional Finance VS Blockchain, Review of Chicago Distributed Market Conference

On April 23, Trinity participated in Distributed Markets Conference held by BTC media. CME & CBOE Group (two futures exchanges in Chicago), Kraken (the largest exchange in Europe) and Qtum were also present.

At the conference, participants held discussions on the future development, application, and regulations of blockchain and traditional finance. Chicago is an important financial center in the U.S, which is home to CME & CBOE and many traditional financial companies, such as fund companies, investment banks, and others. Thus, the conference represents an effort to remove the barriers between traditional finance and blockchain because through the conference, people in traditional finance have more understanding about the blockchain ecosystem and its development, and high quality blockchain projects are coming into public eyes.

The Trinity team is also part of the effort, sharing its insights into China’s blockchain industry, the problems it faces and possible solutions to them.

Trinity co-founder and core developer Mr. Zhang Guangfeng gave a speech at the conference. To start, he shared his work experience at CBPM (China Banknote Printing and Minting Corp) Blockchain Research Institute where he was engaged in a digital currency project jointly initiated by the PBoC and several other organizations. The project aims to solve the issues revolving notes in major financial institutions in China by making notes into digital currencies so as to simplify processing and make it secure and open. Through the study and implementation of the project, he found that although blockchain technology could improve efficiency and solve the issue of trust and security, there are still limitations.

The first limitations is that transaction processing speed on blockchain is very slow. Bitcoin tps is too low to be commercialized on a large scale. Second, user data privacy cannot be protected. Data security and privacy protection are key to many financial projects, which runs against transparency of blockchain where records are broadcast to the entire network. Third, for blockchain technology to be directly used in traditional financial and banking businesses, there needs to be tools to build business models that are applicable to financial and banking businesses on blockchain.

On the above issues, Mr. Zhang offered his own insights. He found the problems can be solved through technology. However, no one has yet come up with a systematic solution with efficient tools. That’s why he was inspired to create Trinity.

Trinity is a universal off-chain scaling solution that will effectively increase transaction speed and lower transaction cost. State channels technology can protect user privacy by broadcasting the settlement results to the entire network. Trinity is highly likely to be used in micro-payment and payment in games. Also, trinity offers cross-chain technology which broadens its applications in the industry. Trinity can be used in both payment in blockchain games or DEX by tackling the existing shortcomings of blockchain, thus improving the entire ecosystem.

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https://t.me/TrinityChineseCommunity

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https://t.me/TrinityStateChannels

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