Casting the soul of WEB3 is the biggest opportunity in the future

This article is a speech given by Mr. Han Feng at the Shuizang Web3 Conference.

Han Feng: Hello everyone, I am in Tsinghua Science and Technology Park today. Because I can’t go to Shenzhen, I was invited by the Dean of Gemstone of Shenchuang College to share and communicate with you in a video.

First of all, congratulations on the successful holding of the Shuzang Web3 Conference under the co-organization of Shenzhen Chuang Institute!

A few days ago, I had a sharing with Mr. Gao Hongbing, the vice president of Ali Group. Yesterday, I had a more in-depth exchange with Dean of Gemstone, so I took this opportunity to discuss with you how the cryptocurrency industry should develop in the future.

In fact, there is only one topic we discuss, that is, how to make the three industries develop sustainably . Of course, as you all know, this industry has experienced a bull market last year. Of course, it is a bear market now. There have been various events, especially those who have just entered the circle. I feel that this industry is very unstable. If any industry wants to have a healthy and long-term development, it is impossible to do so, and it has to find a really good scientific development model.

Of course, this industry has existed for a long time. I joined the circle in 2013. I won’t say much about the wealth effect of this industry. It is very attractive to everyone, including me. In 2017, it basically depends on it to achieve financial freedom. . But it is true that there has not been a particularly good solution to the problem of sustainable and stable development for a long time. We are all exploring, including Vitalik, the so-called God of Vitalik, who wrote an article with experts from Microsoft Research in May, called Searching for Web3 The soul is also discussing this issue. I read it at the time and then combined it with my own CreDA practice. I quite agree with his point of view. What is his most basic point of view? He said that the reason why the industry is so unstable now, with ups and downs, and clear bears and bulls, is because the industry currently only has tradable digital assets, such as various currencies, including NFTs, so the main behavior of everyone coming in is basically hype, triggering various Excessive speculation and many bubbles are generated, so let’s not talk about it.

Of course, there is a huge wealth effect in the middle. We have all experienced hundreds of times or even thousands of times, but it is seriously unstable, because it can only be speculated and over-financialized, according to V God.

Why does this happen? I think Buterin and the others have done some basic analysis, which is in line with some of the analysis and practice we have done in the past, including the development of a decentralized credit system like CreDA, and the conclusion is basically the same. That is to say , in the world of Web3, decentralization is currently emphasized, but there is a lack of credit, or a lack of responsibility. In real life, we know that if there is no such concept as a legal representative, everyone cannot really sign a long-term business contract for cooperation, and the two of them can only buy and sell a piece of high probability, which is over-hyped and speculative. It is precisely in real life that there are such credit entities, with legal representatives and ID cards, we can have long-term economic cooperation, and there are many longer-term economic credit behaviors, not to mention, including the ability to issue credit cards, credit loans, no Pledge lending, so the traditional economic world business format is much richer and more stable than the current encrypted digital currency.

The conclusion that Vitalik and the others put forward is that we should cast the soul in Web3. In fact, the simplest explanation for the soul is the decentralized ID. You have a DID identity, but it is not which central agency issued you, not which government issued it. Yours, but relying on the calculation to meet the W3C Microsoft standard DID, of course, Elastos has been developed, Elastos is the clothes I wear. At the same time, the DID of Elastos also has a major feature. It introduces more than half of Bitcoin’s computing power to mine to protect this DID. Because since it is a decentralized mechanism, it needs to be protected by computing power, otherwise it is easy to be hacked and tampered with. If your DID is hacked in the future, the consequences will be very serious. If a new WEB3 economic format is established in the future .

Of course, after you have a DID, you have to bind to various credits on the DID. Most directly, you need to bind various wallets you had in the past, use the assets in your wallet, and the transaction status, including the so-called social graph now. Links with other wallets. Because if you frequently trade with certain wallets, there is a high probability that you are friends. This is a decentralized model for proving your social relationship. Using these on-chain data, you can first establish basic credit and bind it to your DID. This is the beginning of a WEB3 soul, and the whole process is decentralized.

Of course, as CreDA has scanned 80 million wallet addresses, we are going to build such a preliminary decentralized credit in the future. Now we have the concept of Soul Binding Tokens (SBTs), so we are also very excited. This is an impossible task. Transferable, but can be pledged and liquidated, and can be used as a concept of credit and responsibility subject in the future. In the Web3 world, we are now developing a product called SBTKey, which borrows the concept of Vitalik’s soul binding token SBTs, which is Soulbound in English. Tokens, our name is SBTKey, translated into Chinese, I think a more appropriate name is called Spirit Key, the key of the key, the key of the private key, not the medicine for taking medicine.

With this thing, the entire business format in the future will be very different from the current one. I discussed it with Dean of Gemstone. For example, if you participate in a project in the future, you will not only speculate on coins. No matter what the project is, or large-scale NFT transactions are all OK, this is all an on-chain behavior. As long as you have Elastos DID, you can It’s time to start casting your soul. The project may be a fad or a temporary end, but your soul will only continue to enrich by participating in various projects, and your credit will only continue to improve, and you can participate in some longer-term economic cooperation behaviors, such as credit lending, such as Talking about some smart contracts that utilize credit in the longer term, participate in creation and design, in a word, some economic formats in real life, including games, games, if you enter a soul identity in the future, if you have a soul with a particularly high credit, you will When you enter a game, there is a high probability that you will be airdropped, will be valued, and will directly give you a relatively high level, and even the previous threshold of various fees will be reduced to zero for you.

In this way, we can imagine that if the future encrypted digital currency world really has such a credible soul, which we call the spirit key, SBTKey, the future format and innovation will be fundamentally different than the present, so I think V God Web3 The soul in the middle is equivalent to the smart contract he proposed in 2013 and 2014. This is instructive and strategic for the development of the entire industry in the future, so I appreciate it very much, and I will respond immediately and follow up immediately. As you all know, in the last round of 2015, I invited V God to come to Tsinghua, that is, behind (referring to Tsinghua Science and Technology Park), and gave a lecture at iCenter. I understood his smart contract at that time, and I caught it. As an opportunity, I invested 30,000 Ethereum with 3 yuan. Of course, now everyone knows what kind of opportunities it will give you. I will say that after such a transaction, my wealth is basically free. Therefore, it is particularly important to seize opportunities in the future.

I think to seize the opportunity of “soul” in the future Web3, to create a credible soul for everyone, and to develop in the world of encrypted digital currency in the future, that is to say, not only coming in is just hype, but participating in speculation, no matter what you do in the future, I believe that your future development space, including various innovative business models and gameplay, will continue to emerge, and will give you many more opportunities. All in all, when entering this world, as I wrote in my “Blockchain Wealth of Nations”, the most fundamental thing is that everyone can achieve wealth effects and prosper our economy by constantly reaching new wealth consensus, because only there is a lot of wealth. The emergence of wealth consensus will make our economy continue to prosper. This is not an empty theory. In the last wave of the prosperity of our Internet economy, Professor Xiang Shuai from Peking University, I think her analysis is in place. It is because of our real estate that real estate has created 65 trillion US dollars of wealth for us in China. How did it form in the middle? I won’t talk about it. I analyzed this process in detail in “Blockchain Wealth of Nations”.

All in all, our country and our nation must continue to develop, and to make the market economy continue to prosper and set off a climax, we must continue to reach new wealth consensus, and then the market climax will come. Why does the Web3 we are facing now bring us great hope? Because it can confirm the ownership of everyone’s data, and let everyone’s data belong to everyone, I think this meaning is equivalent to the issuance of the real estate certificate in 1998, the house begins to be confirmed and privatized, and there will be a huge wealth effect in the future. possible.

Today, I will share so much with you. All in all, let’s make great progress in the future Web3 world and win a beautiful and happy future for us. Thank you all.

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