Re-reading “Sovereign Blockchain”: A Parallel World Empowering the Metaverse

The NFT leaves the crypto economy and the meta-universe open to imagination.

01 Sovereign Blockchain from God’s Perspective

In the winter of 2016, Chen Gang, the then secretary of Guiyang Municipal Committee, led a team to open a blockchain development and application plan in Guiyang. At that time, Bitcoin was still only in the small circle of geeks and sniffy early investors, not yet out of the circle. Coincidentally, it was also the year that an interest group set up by a few engineers from Ali started to implement the development of Antchain from focusing on technical trends.

The white paper “Guiyang Blockchain Development and Application” led by Chen Gang was set to the practice of blockchain-enabled government management. This white paper was released in early 2017 in a low profile, and not many people knew about it at that time. Until today, including the decisions and layouts of ministries and think tanks related to blockchain and digital currency governance, it has not touched the height of this white paper. The white paper explains the technical architecture of sovereign blockchain from the data layer, network layer, consensus layer, incentive layer, contract layer and application layer, and tries to build a spatial layout of “one core, four zones and multiple centers” with different stages of application path and promotion plan.

In this regard, the insightful and decision-making groups in Chinese politics, business and academia have long been paying attention to blockchain technology and application issues and conducting practical exploration. At the annual meeting of China Financial Enlightenment themed “Fintech and Blockchain”, Chen Gang gave a keynote speech on “Opening the first year of blockchain application in 2017”, further elaborating several core points of the white paper “Guiyang Blockchain Development and Application”.

One of the core ideas is the “three steps” of the Internet, that is, blockchain will advance the Internet to complete the evolution of the Internet of information, Internet of value and Internet of order; the second core idea is the sovereign blockchain, and the building of the community of destiny in cyberspace must be premised on respecting the national sovereignty behind network sovereignty; the third core idea is the organic integration of blockchain rope network structure and block data; and the blockchain application of multiple chains and cross-chains.

We mainly focus on sovereign blockchain as the core, and try to read Chen Gang’s white paper “Guiyang Blockchain Development and Application” again.

Chen Gang believes that since mankind entered the Internet era, the early Internet delivered information, i.e. the Internet of information was realizing information sharing. The emergence and application of big data technology has pushed the Internet to evolve into the value Internet. And the emergence of blockchain technology will allow people to enter the order Internet stage, not only the financial order, but also the social order, people’s life order, etc. Therefore, blockchain must not only be a matter for financial professionals, but also a matter for all sectors of society, including the government.

Then, under this theme judgment, we are bound to face the reform of blockchain technology on financial order, social order and life order, as well as the corresponding government governance and supervision. Therefore, under this circumstance Chen Gang put forward the concept of sovereign blockchain.

In Chen Gang’s vision, not only will we not avoid the circulation and transaction of value, but we will take the lead in bringing it into regulation. He clarified his position in the white paper that blockchain development and application must be under a national sovereign structure to achieve mutual recognition of different participants, which in turn will lead to the delivery, circulation, sharing and value addition of economic and social public values. National cryptographic standards, independent testing platforms and cross-chain technologies are the three major supports for the development of sovereign blockchain.

The report also mentions the “rope network structure” – linking the “chains” of different applications to form a three-dimensional “network”. “. Block data is also a concept proposed by them, which is the data formed by multi-dimensional convergence and fusion as opposed to point data and bar data; the core thinking of the rope net structure is to express the correlation of different blocks of data in the way of block chain. The so-called rope network structure refers to the realization of data circulation, business interaction and value delivery between chains, so that the blockchain can carry a wider variety of value applications, and then form a three-dimensional space for cross-regional, cross-scene and cross-sector blockchain applications.

Regarding regulation, under the system of sovereign blockchain, it seems to possess the perspective of God. There will be some special nodes in this network – once the nodes are found to be in trouble, the judiciary can also freeze the accounts and assets on the nodes, and the regulators have the right to revoke or force them to stop.

02 The Unstoppable Metaverse

The “Metaverse” is the successor to the Internet, based on virtual reality technology, full of metaphors for the real world and opportunities for proliferating digital entertainment, social connections, and corporate development business.

The concept of the Metaverse was first introduced by science fiction author Neal Stephenson in 1992 in his book “Snow Crash”. The word is a combination of two parts, meta, meaning totality, and the suffix -verse, meaning place or world, similar to the concept of “universe.

In the novel’s description, the Metaverse is a virtual world that is born out of the real world, but is parallel to it, interacts with it, and is always online. The “Metaverse” is a vision of the future from the past, which is more or less reflected in works such as Blade Runner, Top Gun, The Sims, Cyberpunk 2077, etc.; living in the “future”, we see the prototype entity of the Metaverse (Metaverse). Roblox, the embryonic entity of the Metaverse.

According to Roblox CEO Baszucki, the metaverse has eight main characteristics: identity, friends, immersion, low latency, diversity, anytime, anywhere, economic system and civilization. The movie Top Gun depicts what the Metaverse looks like, with a fully functioning economy, across physical and digital worlds. Data, digital goods, content, and IP can all pass through the Metaverse, and many users and companies will create content and goods to make it more prosperous.

Step1: All this is not entirely virtual, it needs to develop and benefit together with the real world. The full realization of the metaverse requires the participation of all people around the world, not only to create a richer society and a deeper economic development model, but also to ensure that anyone from anywhere in the world can benefit from the “information age”.

The metaverse is a digital space that never goes offline, where people can come together to interact and transact, building and strengthening relationships with each other. Based on the Internet, it can be understood as a digital version of everyday life as we know it. Thus, the aforementioned concept of “sovereign blockchain” establishes a guarantee for the order of the world.

Step2: To achieve a global metaverse, in addition to a globally available Internet, a low-latency infrastructure is needed. a remarkable article in Wired magazine in March 2019 describes a “mirror world” that digitizes the real world 1:1. Mirror worlds are digital (augmented) reality superimposed on top of the real thing, commonly known as AR, and they are becoming increasingly attractive and easy to create. For example, the innovative company Snap has launched Lens Studio, which allows anyone to digitally transform real faces, landscapes and everything else in real time to create their own AR creations. Driven by the camera, the phone screen becomes a window to another dream world. In addition, Snapchat Lenses are also very popular. Google, Apple and other companies have also established their own AR platforms.

Step3:Data, digital goods, content, and IP can all pass in the metaverse, where many users and companies create content and goods in the metaverse world. But the obstacle to the economic growth of digital goods is still pirated products. It is good that crypto and blockchain technologies provide ideas to solve this problem. Non-homogeneous tokens (NFTs) are unique digital items that gain value through their irreproducibility as well as their high scarcity, acting as both assets and digital security certificates.

NFTs are based on blockchain technology, allowing independent verification of their authenticity and value, as well as the ability to be transferred and traded on different chains. In 2021, it saw an explosion, and according to Dapp Radar’s March industry report, the NFT market has traded at a record volume of over $340 million, with NBA TopShot taking the largest share, trading at over $225 million; also in March, British auction house Christie’s announced that NFTs created by renowned crypto artist Beeple, the Everydays: The First 5000 Days” was finally successfully bid by MetaKovan for about $69.3 million.

This sale, which not only sold for the explosive price of RMB 451 million, but also sold to completely subvert the idea of traditional collection market, brought an unprecedented impact to the whole art world and alternative asset investment market. the imagination space left by NFT to the crypto economy and meta-universe was thus opened.

Re-reading "Sovereign Blockchain": A Parallel World Empowering the Metaverse

The latest news is that Element, a decentralized NFT marketplace, will be officially released for open beta testing on July 15, and is co-founded by serial entrepreneur Wang Feng and his long-time business partner Zhang Hongliang, led by SIG and Dragonfly Capital, with a cumulative angel funding round of $11.5 million. The Element product poster teases the theme of “NFT for Everyone,” alluding to Element’s goal of providing an NFT publishing and trading platform for the mass market. Previously, Wang Feng revealed in his personal social media posts that “when we say everyone can participate, we mean you can Mint your own creations and share them, and you can easily find NFTs that you like for your crypto asset portfolio.”

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