Reunion: Usechain Founder Huining Cao and Nobel Prize Winner Sargent’s Cryptonic Currency Tour
On May 24, Prof. Huining Cao, the founder of Ueschain, and Professor Thomas Sargent, the Nobel Prize winner in economics, attended the 2018 Global Blockchain Summit · Hong Kong Station.
As early as the 1990s, Prof. Cao and Prof. Sargent met in California. At the time, they taught at UC Berkeley and Stanford University respectively. They discussed academic research as well-known scholars in their fields.
Thomas Sargent: Leader of the Rational Expectation School. Nobel Prize winner in economics in 2011. Currently a researcher at the Hoover Institution at Stanford University and a professor at New York University.
Nobel Prize Winners Supporting Digital Currency
As the leader of the rational anticipation school, Sargent made pioneering work on the expected role of macroeconomic models, the relationship between dynamic economic theory and time series analysis.
As early as 2013, Professor Sargent gave a positive answer to the popularity of digital currency and became the first Nobel Prize winner to explicitly support digital currency. The booming digital currency represented by Bitcoin also confirms He predicts the accuracy.
Sargent pointed out:
Digital currency can solve many problems, but it is necessary to prevent theft and counterfeiting of security technologies at all times to obtain more benefits on the basis of harming the interests of others.
The advantage of applying blockchain to electronic money is that it can ensure the security of the currency system, prevent theft and forgery of currency, and also enable rapid long-distance transmission and transactions.
At the same time, Sargent also pointed out that the decentralization and tamper-proofing functions of the blockchain can help everyone establish mutual trust and create mutual trust. Through this innovative way of establishing, everyone establishes a mutual trust mechanism on the network platform, which will eliminate third-party trust problems, save time and costs, and allow more people to trust each other through the network.
Sargent’s point of view coincides with the original intention of Usechain
Sargent’s point of view at the summit coincides with the original intention of Professor Cao to create Usechain. Prof. Sargent and Prof. Cao exchanged opinions on the consensus algorithm in blockchain technology.
Prof. Cao Huining introduced Prof. Sargent’s original RPOW consensus algorithm to Ueschain.
Based on POW and DPOS, RPOW is improved based on the Usechain entity identity feature. By combining identity information with verifiable random functions to generate a verifiable random number, the next block packager is randomly generated. Competing on the basis of ensuring decentralization greatly speeds up the production of blocks. At the same time, hardware-based RPOW consensus algorithms will be used in the future to fundamentally solve the current consensus algorithm problems.
When Sargent visited China in 2013, he put forward his own opinion on digital virtual currency:
“Bitcoin, like other virtual currencies, if we can circulate on the Internet and have a stable supply, we can definitely choose this currency, not the government’s currency, because it can be more convenient and faster than gold. And this virtual currency The use is based on a virtual device’s trust. If you completely trust the virtual society and virtual environment, you can of course choose virtual currency.”
The key question now is: How to build a truly trusted virtual society and virtual environment?
In this regard, Usechain proposes the most disruptive solution:
Introduce real name identities on the blockchain.
As we all know, the general blockchain provides trust and security through the consensus mechanism based on mathematical algorithms under the premise of anonymity and decentralization, but it also limits the performance and application potential. In fact, the consensus mechanism alone cannot carry an efficient, fully trusted virtual society. The credit endorsement function of “identity” itself will make the trust in the blockchain no longer rely solely on the consensus mechanism. It can achieve the effect of complementing each other and leveraging the power.
The introduction of the “identity” concept of blockchain is the best way to establish a truly trusted virtual society and virtual environment.
The identity mirroring world created by Usechain will maximize the power for identities and credibility, making it a perfect replica of the trading functions of the world under the chain and becoming a truly reliable and reliable world on the chain. By that time, people may not be entangled in whether Bitcoin is a bubble and whether the blockchain is a conceptual hype, because in the future, everyone will switch seamlessly along the chain, and your identity gives it all.
