TRON 4.0 Online Conference: Alex Huang — Senior Technical Architect of Tron Link Wallet: How Blockchain Wallets can Power the Future
So the next speech is held by Alex, Blockchain water for the traditional banking system. We can chair a Blockchain account to a bank account and use it to manage things like, checking our balance, receive payment and transaction records. The
The wallet app is similar to a bank client. This is why Blockchain wallet has attracted great attention for users and it’s their discussion that is mass adoption and a possible upgrade.
We focus on wallets because they’re playing an important role in our business. Now, let’s welcome the senior technical architect of TRON link wallet, Alex to talk about how Blockchain wallets can help in the future. Welcome.
>> Alex: Hello, everyone! This is great to talk on TRON 4.0. I’m going to share information about TRON wallets. So my topic is how Blockchain wallets can power the future. So we are going to first go through the wallet history and then we’ll go to the current situation.
We’re going to go fast through the wallet history as now many of you may not be familiar with the wallet history. So let’s define what is Blockchain wallet. Generally speaking, Blockchain wallet is a software program that enables users to buy, sell, and monitor the balance in the traditional currency. Unlike traditional pocket wallets, Blockchain wallets do not have cryptocurrencies. They keep a record.
We’re going to talk through the wallet history. The wallet has three related to the Blockchain steps. So the first stage of the wallet comes in 2009. Blockchain, ‑‑ in this period, the current ‑‑ so this time, this was very simple.
Later, they developed the Blockchain. At this time, it was used to start bitcoin. So the wallet currency is very simple. Usually, it suggests one currency. We come to the second period of the wallet. In 2014, the start of the ethernet project announced the Blockchain entered the 2.0 period. And smart contracts began to be applied to the Blockchain. At this time, in addition to transferring money, the wallet can also perform contract operations on the chain. However, due to the slow speed, the Blockchain at this time, the wallet can only perform noninstantaneous response contract service. This is still very limited.
Finally, we enter into the wallet 3.0. Starting in 2018, optimizing of the slow speed of Blockchain 2.0 and the high cost of mining and the realization of the high currency and high scalability of the Blockchain marketed the entry of the Blockchain into the 3.0 period and the most representative are EOS and TRON.
So the EOS Blockchain generation blocks every 0.5 seconds. So the ‑‑ all of this can also enact with the TRON. So the wallet is no longer as simple. But also, this is a publicly-traded platform. This has enable us to meet the user’s need. For more and more, to develop ‑‑ so in this experience, users can experience assess management, assess training, have social and information ‑‑ and add more features through this wallet so we can have a lot of colorful, wallets.
After going through the wallet history, we are going to check more details and share more status about what is currently known. First, although we have experienced a very ‑‑ download in the past four years. The users of the Blockchain wallet has grown very stably from 2016 to 2020. As we can see, the users are checking their inquiry. This is good for the industry. Also, Blockchain distributions ‑‑ in the very beginning, the users are generally located in Europe, but as we can see now, most of the user's distribution is all over the world.
We have different languages in these countries. They have lots of different kinds of brands as we know in the industry and this picture shows some of them. And all of this, there’s so many wallets. We can divide the wallets into hot wallet, cold wallet, whether it’s connected to the internet and we can also go into ‑‑ whether it has the full wallet data. Or we can divide it all into the centralized or decentralized about whether the users can have the case ‑‑ wallets. We also have single and multiple wallets. This is how the wallets are currently separated.
Talking about wallets, we can talk about this. This is the feature showing that DApps, recently. As we can see, the most ‑‑ is EOS and TRON. They all have very ‑‑ currently. So we’re going to see more about DApps currently, how they appear in different wallets and different trends.
The active users are around 20 thousand currently and compared with the TRON, it’s almost similar. For EOS, this is a little lower. There were around 40 thousand. And we also have some data on the DApps on different chains. They have more balance categories and EOS can translate. Most of the DApps are focused on gains and high risk. So after we’re checking the wallets, we’re going to see more, what the future the wallet is going to be like. So as we can see, the wallet industry has more and more functions. We have DApps functions and information modules, we have exchange models and marketplace models and social models and even some shopping modules.
We can now forget about a very ‑‑ divide. We currently have to see the Stablecoin and lending. Decentralized finance, often called the DeFi or open finance refers to the economic paradigm shift enabled decentralized technologies particularly Blockchain networks. From peer to peer payment, systems to automatic loans USD pegged Stablecoins. DeFi has emerged as one of the most active sectors in the Blockchain space. With a range of use cases for developers, individuals, and institutions. Decentralized finance leverage three key principles of the ether and Blockchain to unlock the liquidity growth opportunities and increase ‑‑ also we sync to support more and more. We train the wallets almost ‑‑ now, for example, in the ‑‑
The country, there’s 80 percent of them, just one. Another 81 percent of ‑‑ is the money trends so this is definitely the future. One more prediction or one more trending we think is matching the multi‑signature. This is to require multi‑signatures rather than just one. For example, there’s developing the responsibilities of ‑‑ of the coins among many people. The single coin, making it more difficult for the wallets to be comprised.
You can have more use cases and user signatures. One more trending of the wallet industry is the hybrid of centralized and decentralized. For example, a decentralized part, most of the wallets courage users to hold the private key. As for the centralized part, for verify nodes are centralized and some of the wallets are using centralized to keep users private key. Almost all of the wallets using, like, DApp store, marketing, information and social et cetera.
We think that the decentralized is true, non attacking so the industry, more and more recognizes that the centralized can bring more benefit to the user. It’s also accepted.
So one more on the HSM hardware security module. The hardware security module is a physical computing device that safeguards and managing the digital keys, performs encryptions, decryptions functions and digital signatures, strong authorization and other cryptographic functions. These modules traditionally connect. This can produce one or more security crypto processing chips. This is widely used in the financial industry and more currency, there are more and more companies that are trying to use this module in ‑‑ even in the hardware.
Using an example, Samsung is the first big phone company to support the Blockchain hardware level but won’t be the last. Bringing the hardware label and chips, they can protect ‑‑ key in a higher label. We think Samsung is the first one to bring this but it won’t be the last.
Also, we think more and more protocols and standards. Some of the things that occurred already became what is a protocol. For example, we have VIP32, BIP39, 44, we’re using this to make it easier to use and control. We have a key course, and we use TRON ware to make this work. We use a QR code between cold and hot wallet. What do we expect? We think there’s going to be some kind of wallet SDK to cover most of the users to make the modules easier to develop and they will become more and more screamed for other apps to use the wallets. They will become easier to use between different wallets.
The wallet industry is going to have more. For example, we have the DCEP in China. They are entering these. We have Libra, a big internet company. We also have PayPal. PayPal is going to ask users to try to ‑‑ on it. So the industry is going to change a lot.
Now the future. We used to begin now Blockchain from mining. ‑‑ because wallet supports more features and more closely monitored ‑‑ yeah, that’s my sharing. Thank you.