The Secret of Web3.0 Investment Success Anti-Inflation Big Infrastructure Counter Cycle


On January 27, 2022, the CEO of distributed search engine QitChain and SoftBank China Jeffery Pan opened a seminar themed “The Secret of Web3.0 Investment Success? Anti-inflation, large infrastructure, counter-cyclical” AMA dialogue, the following is the content of this AMA:

Shoaib: Today we are very honored to have a conversation with Jeffery Pan, Executive Director of the famous investment institution SoftBank. The topic of this conversation is “The Secret to Web 3.0 Investment Success? Anti-inflation, large infrastructure, counter-cyclical”. I’m the CEO of QitChain, Shoaib Hayat. Together with my team members, I established QitChain Network, based on distributed search, to create more industry solutions. Our original intention is to allow more people to easily participate in the blockchain industry, come up with their own good ideas and ideas, and contribute to society and mankind. Now our team is getting bigger and bigger, I believe that we can make steady progress in the future and gradually become the infrastructure of all mankind.

Shoaib: Hello, Jeffery Pan, nice to have a conversation with you. In your opinion, what is the significance and role of distributed storage and distributed retrieval for the development of blockchain?

Jeffery Pan: Metaverse and web 3.0 are hot topics today. They have stimulated the development of the stock market in the United States and other parts of the world. It can be said that blockchain has a huge impact on traditional industries.

It is like a popular restaurant that attracts a lot of customers and earns accolades, but the contribution of its environment, waiters, chefs to the overall level of the restaurant cannot be ignored. Therefore, the Metaverse and web 3.0 ensure data security and privacy is paramount. Otherwise, we will not be able to build our own economic system in a Metaverse of asset security, personal security, or in the web 3.0 world.

Therefore, distributed storage and distributed retrieval are a track that we should pay attention to before the Metaverse and web3.0 are perfected.

First, distributed storage is the most critical infrastructure in Web 3.0. In the entire data-centric data element network, data has become a resource available to society, and all economic activities can be transformed in the form of data. Artificial intelligence, big data, the Internet of Things, etc. have also developed with the growth of data.

But at present, more data information is built on the basis of centralization, and its security and privacy have gradually aroused people’s concerns. The establishment of distributed storage is to solve such a problem. Based on blockchain technology and encryption technology, distributed storage can ensure the security of data, and can also meet the needs of individuals for data privacy. In the future, distributed storage can help more volumes of data for long-term storage, and also allow everyone to master their own personal data, and the value of individuals will eventually return to individuals.

Second, distributed search is the only way to go after the development of distributed storage. With the exponential growth of network data and information, the massive data also contains a lot of unreal data and information, so how to filter and utilize relevant information has become an urgent problem to be solved.

Distributed search is mainly to screen out a series of effective information data from the huge data information for the public, so as to improve the efficiency of the public, and at the same time, it can also improve the utilization rate of network data. In addition, distributed search also needs to have a function to integrate data. The existence of valid data is not enough to meet the development of modern networks. The development speed of blockchain-based networks will only get faster and faster. The two parts of time cost and information cost will bring pressure to many participants.

So in the future, distributed search will become an essential infrastructure in the blockchain field. Screening out the underlying data and giving effective data that users can use directly also empowers developers with innovation.

With the explosion of the Metaverse, more and more capital began to deploy the Metaverse. For the Metaverse, data security is the number one priority. In a centralized system, it is impossible to build secure Metaverse data. Through distributed storage and distributed search, Metaverse will be able to directly deploy on the basis of Web 3.0, and at the same time build an emerging ecosystem with data value.

In the era of Web3.0 and the Metaverse, in addition to centralized data storage options, everyone can choose their own identity, build their own data, and own their own assets.

Shoaib:   Okay, thanks for your answer. I also want to share with you the original intention of QitChainestablishment:

In 2016, when I went to China for an academic exchange, I heard something that shocked me. It was the “Wei Zexi Incident” that was very popular on the Internet at that time. Wei Zexi, a college student, was found to have advanced synovial sarcoma in his sophomore year. After taking various chemotherapy and radiotherapy methods, Wei Zexi and his family received unapproved and unconfirmed treatment methods in the Second Armed Police Hospital recommended by Baidu, which resulted in delay in treatment, and finally on April 12, 2016. Sadly passed away today. After this incident, it attracted the attention of the vast number of netizens on the Internet. At that time, I was studying the problem of centralized storage and the pain points brought by centralized search engines. Thus, the idea of ​​creating a distributed search engine officially emerged. The emergence of QitChain Network is mainly due to the pursuit of freedom and sovereignty of “my data, my value”. Wei Zexi’s story shows that QitChain is truly built on good and great intentions to fight for the good of mankind.

The original intent of my team and I was to build a search engine that would allow people to own their resources, empower individuals, and empower data owners through decentralization. Beyond that, ours also wants to increase user control over personal data and provide more say in how data is handled or processed. Through tireless efforts, we have finally made this possible, and now that “My Data, My Value” has been gradually realized, the wealth and other benefits accumulated from the data will go directly to the data owner without the middleman.

Many people are probably thinking about how a blockchain-based distributed search engine can help with all the privacy concerns. In practice, distributed search engines mean that there is no central control, they are scattered across different nodes of the network. No single distributed search engine can hold personal data. They don’t even have access to an individual’s search history. QitChain introduces relational semantics in the blockchain ecosystem, supports complex queries, and consists of basic relational operators such as selection, projection and other relational operators and joins. Therefore, even if only one piece of data is stored, the query processing power will be improved. In addition, additional costs are avoided, and most importantly, QitChain proposes an ADSGCA2-based cryptographic accumulator tree to support blockchain-verifiable multi-dimensional aggregation queries.

Qitchain is an independent public chain that aims to empower the blockchain, perform distributed storage and distributed retrieval of valid data in the blockchain, and form a distributed search engine in the blockchain network. At present, QitChain is in the construction stage of the underlying facilities and is upgrading the underlying protocol for secure payment. In the future, it will gradually build smart contracts, establish an ecosystem, integrate popular track projects such as NFT and Metaverse, and provide more innovative blockchain projects and applications. program. QitChain benchmarks against Google in the Internet, provides efficient and secure storage and retrieval services for the blockchain field, and finally forms a distributed search engine system that touches a huge user base and developers.

QitChain is my ongoing journey, there are more things to be done step by step, it is a never-ending process. We will continue to improve QitChain through innovation. Everyone should remember, always believe in your abilities and start realizing your dreams from now on. There is no right time except now. If you work tirelessly for your dreams, you too can be in the Hall of Fame.

Shoaib: So next, Jeffery Pan, can you please share your views on the development trend of blockchain in the next 3-5 years?

Jeffery Pan: Of course. My point of view may be different from that of many people, that is, as the blockchain industry forms a vast ocean from a river, the original so-called “bull and bear conversion” cycle of 4 years will become a “bull and monkey conversion” state .

why? After more than ten years of rapid development, we have seen the tenacious vitality of encrypted assets represented by BTC, as well as the iterative ability, innovation ability, and out-of-the-circle ability based on the grassroots technology of blockchain technology. With the development trend of the digital economy, the blockchain industry has become an inseparable part of the world economy.

I chatted with many global projects in the world, chatted with trading platforms, and found that the world’s acceptance of blockchain technology and encrypted assets is very strong and vigorous. We have seen a lot of innovation and a lot of excellent teams leave the original industry and use the technology of blockchain and the way of thinking of DAO to promote the progress of this world. I have also seen that many of the world’s top family businesses, top venture capitalists, and top funds have allocated a proportion to crypto assets.

The enthusiasm of everyone pouring into this industry is huge. Then the water in this industry, like a port, used to be a small port, and now it has become very large and very deep. Therefore, the original pattern of clear winter and summer in the blockchain industry and the transition between bulls and bears will most likely change in the future.

What did it look like? The industry developed slowly, sucked blood a little bit, became stronger a little bit, and then exploded in a cycle of four years. Those who can survive the winter will be able to laugh at the situation in the bull market, and those who cannot survive will be thrown out of this industry and to other industries.

Most people are attracted by the bull market and abandoned in the bear market. Because the bear market is very cold, there is no chance at all. If these forerunners are not prepared at all, then they will really not be able to survive in the bear market.

With the passing of 4 cycles, some infrastructures have been built, such as: distributed storage, the criss-cross of multiple public chains, the growth of centralized trading platforms, the rise of distributed trading platforms and the emergence of leading leaders, the development of the Metaverse Out of the circle, the arrival of the Web3.0 world, in terms of capital reserves, the entry of Grayscale, pension funds, banks, etc., has made this industry moisturizing, becoming a lot of living water, and becoming four distinct seasons. Under such circumstances, a lot of ecology will inevitably be born. Every ecology has its own opportunities for rapid growth and its own moments of falling to the bottom, forming a very rich blockchain development trend.

This is the future of what I call the “cow-monkey switch”. It’s a future that makes people’s eyes sparkle.

Shoaib:   This is indeed the case. Similarly, in our future development, QitChain also has its own advantages in several aspects:

QitChain is an information aggregator that enables blockchain. With the extreme openness and inclusiveness of the blockchain, the development and innovation of the public chain is essential.

First of all, QitChain is currently in the construction stage of the underlying facilities and is upgrading the underlying protocol for secure payment. In the future, it will gradually build smart contracts, establish an ecosystem, integrate popular track projects such as NFT and Metaverse, and provide more innovative blockchain projects. and applications. QitChain benchmarks against Google in the Internet, provides secure storage and retrieval services for universities in the blockchain field, and finally forms a distributed search engine system that touches a huge user base and developers.

Secondly, in the era of blockchain Web3.0, there have been more than 10,000 encrypted projects, forming a huge data market. However, most blockchain projects are isolated, and data cannot be interacted with each other. Users need to find information Data needs to be searched network by network, and the scale of blockchain data information is huge. At present, the needs of the market and users are to quickly, efficiently and accurately search for the information data they want to know. QitChain Network is deploying the underlying facilities of the blockchain search engine, which will be an effective information aggregator for the entire blockchain.

Thirdly, as a blockchain network that uses hard disks for block rewards, it combines the advantages of “green BTC” Chia, and the threshold is low. Everyone can effectively participate in the network and maintain the network. The global node distribution effectively ensures the security of the network. sex. QitChain Network is based on the CPOC consensus mechanism, and storage service providers have a cost to participate in network maintenance, which increases the cost of network attacks. Currently, the number of QitChain Network global nodes continues to grow. Chia is the most secure network beyond the BTC network, and QitChain Network will be the more secure blockchain network beyond Chia.

Finally, as an incentive mechanism in the blockchain, the economic model of multiple deflation will also form a certain support for the QTC market price: (1) The block height of 700,000 (4 years) will be halved once;

(2) POC algorithm: It is friendly to light nodes and is conducive to the formation of a secure network. At the same time, the storage provider needs to provide a factor of 5 times (360 days pledged) or 10 times (540 days pledged) storage capacity QTC (the coefficient will vary with halved with the halving of the total amount), forming a huge demand for QTC spot;

(3) CPOC consensus mechanism: The POC income of storage providers can participate in the competition of the top ten nodes of POS to obtain 20% of the output of the whole network as a reward, and make a contribution to the trend of QTC held by the world’s largest storage providers. Effective intervention has greatly reduced the spot and selling pressure in the market, which is conducive to the formation of a global consensus;

(4) The project party has less QTC, most of which are distributed to storage merchants. The price of QTC is reflected by the market supply, and the project party cannot interfere at will.

Shoaib: Jeffery Pan, could you please share what is a good project from an investor’s point of view?

Jeffery Pan: Okay. I think the conditions that an excellent blockchain should have: 1. It can be implemented; 2. The project itself must have a very clear plan; 3. The economic mechanism of the project, a good economic mechanism is to allow the participants of the entire project Participate in this project with confidence. Often a good economic model can benefit many project participants and manage market risks.

A deflationary economic model similar to QitChain. Multiple deflations such as total fixed amount, pledge mechanism, and POS reward mechanism can effectively combat market inflation, stabilize market prices, and have their own risk management functions.

Economic models like this are hard to come by in the market. How to prevent market risks to the greatest extent, it is important to design a good economic model, the confidence of the participants, and give a good feedback to the secondary market, so that it can in turn act on the network and go on steadily. .

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