Trinity Founder Sharing Ideas with Like -minded People

2018 Blockchain Leader Summit was held by Jazzyear in Beijing on March 28. The founder of Trinity, Mr. Li Yiling, discussed with over 50 leading figures in the industry about the past, present and future of blockchain.

Mr. Li first responded to the two risks of blockchain mentioned by the previous speakers. On the first risk of attack on computing power, he said, “some people tried to solve the problem using super computers years ago, but it was not feasible because the cost of electricity was too high.” A quantum computer may be used to break hash algorithms. He said, “even that happens one day in the future, attackers may choose other areas that are worth doing so.”

In his speech, Mr. Li first explained what is scaling. The blockchain is structured such that one block is generated in a certain period of time (latency) and a certain number of transactions are stored in each block (throughput). The key to the adoption and application of blockchain at a deeper level, especially of public chains, is to reduce latency and increase throughput, also known as scalability in blockchain.

Meanwhile, Mr. Li offered four solutions to scale a blockchain, namely, bigger blocks, consensus improvement, sharding, and state channels. He explained that Trinity is an off-chain scaling solution using state channels network which should be viewed as a supplementary solution to on-chain scaling solutions.

As for criticism of centralization of second layer network, Mr. Li proposed three points that need to be clarified. First, centralization of service itself. Take Wechat for example, which is a service offered by Tencent. If you want to use Wechat, you need to plug in the server of Tencent. If we want to break such centralization, we need to create an instant messaging application better than Wechat. Centralization is an evitable outcome of competition. In the state channels network, if there are nodes providing exclusive services, then centralization of such services has nothing to do with blockchain and state channels service

Mr. Li emphasized that centralization of logical processing of transactions should be at the focal point of our attention, as blockchain removes dependency on intermediaries and realizes trustlessness and immutability through a series of technologies and ensures decentralization of logical processing of transactions at the same time.

Centralization of physical topology of state channels: in state channels network, some nodes are dedicated to forwarding transaction router cross state channels. Such nodes only forward transactions, but not process them. If such nodes can offer high efficiency router service at a low cost, users will automatically choose such nodes to access state channels network, thus creating the centralization of physical topology. However, any one can participate in the nodes of channel router as there is no threshold. As long as you can offer high-quality and low-price channel router service, users will choose your service. Such centralization of physical topology of state channels has nothing to do with blockchain and state channels service.

Mr. Li said, “that is why the Lightening Network of bitcoin is criticized — some people think due to free competition, only a few high quality nodes will become the first choice for the majority.” He put forward two points that we need to think about:

Isn’t mining a kind of free competition that leads to monopoly in the end? Isn’t forbidding some people providing better services and products to gain market share and reap benefits the same as getting an equal share regardless of the work done? Even though PCs in average households can run full nodes, they cannot mine. But they can become channel nodes and run nodes at any time.

At the end of his speech, Mr. Li said Trinity released its open beta version on Neo TestNet where users can build nodes, develop P2P state channel and perform on-chain and off-chain state channel transactions. Trinity Beta nodes are counterparts with one another, and no tokens are needed to build them. Users only need to pay a certain amount of fee as deposit when making transactions. Users can request test tokens at TNC Faucet on Neo TestNet.

Mr. Li also said that Rai Stone is studying NFT Gamimg (Non-fungible Gaming) as he thinks this may be the most exciting breakthough in the video game industry in terms of both emotional experiece and rational economic activity. Rai Stone is cooperating with well-known blockchain-based gaming communities (like Decentraland) and provides all-round support to teams that are willing to put their games on-chain, from PR to community building, from VC to transaction. Rai Stone welcomes teams that take blockchain-based game development as their mission and that want to make a difference in the industry to work together.

On the next day, the founder of Trinity Li Yiling participated in 2018 China Blockchain Technology and Application Summit held by the Feiniao community in Beijing. At the event, he shared his opinions with 26 leading figures in the industry and discussed the trends and future of blockchain with them.

At the roundtable discussion, Mr. Li exchanged ideas with other participants about the breakthroughs and future risks of blockchain.

Speaking of the next technological opportunity, Mr. Li said, “the misunderstanding of many projects is that they don’t consider what the market and users really want. They followed suit to build public chains just because they sound cool.” He pointed out, “what we need to do now is to change the consensus mechanism, not consensus among weak hands or average institutional investors, but consensus among developers and entrepreneurs. They will make decisions after gauging if the system is ready for use and if it has business prospects or network effects.”

Also, as for whether we need to build a brand new public chain or make applications, Mr. Li said, “if you are just adding new modules or second layer protocols on Ethereum, then there is no need to do so, which is meaningless and has no value.”

At the end of the discussion, Li said many projects haven’t developed disruptive technologies yet. They are just boasting their projects, more like writing sci-fi. When the tide goes down, what we really need to worry is whether the projects will survive.

Note: Rai Stone is the developer of Trinity state channels network and InWeCrypto news/multi-asset wallet.

Rai Stone Email

media@raistone.tech

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