Blockchain, as the underlying technology of the Bitcoin network, has been continuously improving and developing in recent years. From Bitcoin of Blockchain 1.0, to Ethereum of Blockchain 2.0, and now REITs CHAIN of Blockchain 3.0, we are seeing more and more people shifting from the classical Internet to the value Internet. More and more people believe that blockchain is the trend of the future.
The most important technologies of the moment - blockchain, AI and IOT, are leading us towards total out of control and unknown.
AI (machine intelligence) - productivity, allowing humans to hand over the mastery of computing, robots have entered the evolutionary path of ontology consciousness, and will quickly surpass humans, and artificial intelligence will not be worthy of endowment with machine intelligence.
Blockchain-production relationship: Machines are deeply involved in production and distribution, humans gradually hand over the trust mechanism controlled by the central control, and smart contract protocols control human trust and economic activities. The existing human civilization and business ecology have become computing networks. part of the billions of apps on .
IOT, the means of production, allows human beings to hand over the dominant position of the spirit of all things, machine intelligence awakens all things, and data is the soul and blood of objects.
The most important thing about the blockchain is to solve the problem of production relations and the problem of attribution! There is no problem that AI can't solve, if there is, use blockchain to solve it! The world is ultimately dominated by machines. In the process of interoperability between humans and machines, and between machines and machines, blockchain is the most important "language" and means of settlement. From its creation to its development, blockchain technology has a great impact on the construction of the Internet of Value. immeasurable significance. But I think: Blockchain is only an underlying technology after all, but technical value does not represent social value. It is the "token certificate" that truly enables the blockchain to realize value transformation, and the business system designed and constructed around the "token certificate" is the real future trend. Few people may realize that the application of blockchain - Token may be the greatest institutional innovation in the past 100 years, surpassing the shareholding system, and will be the most important and mainstream trading variety after "bonds".
What exactly is Token? The original meaning of Token is "token, signaling", which is a kind of proof of rights and interests in a blockchain ecosystem. Many people mistakenly think that Token is a token. I think this translation actually severely limits the value behind it. Because it is translated into tokens, it can only serve as a currency attribute. Everyone knows that currency is stable and has no room for promotion. Moreover, currency has no contractual attributes, and can only purchase products and services. Token is more of the attributes of assets or rights and interests. The more accurate translation of token should be called a tradable encrypted digital rights certificate, referred to as a certificate!
Token is the most ingenious practice of blockchain technology, and is the most important protocol and data carrier for the interaction between human society and machine intelligence network: the business scenarios of human society must be transformed into data and value at the blockchain level to drive computer execution. .
Token is not only a string of characters, but also the most efficient tool to level the human social structure. In the transition from human carbon-based civilization to silicon-based civilization, we will eventually experience a painful process of change, a huge historical process of seeing through lies, piercing hypocrisy, and flattening the organizational structure.
The essence of Token is that financial rights are penetrated by technology, and the natural human rights brought by technological progress. Every carbon creature and robot is equal, and every human being can use his own credit as an endorsement to issue Token to raise production materials. (coins, or equivalent computing power) to realize their ideas. There is no need to be exploited and coerced by any human social organization to use fiat currency. All values should be based on the consensus formed between people, people, machines, machines and machines, and are confirmed by algorithms.
Leaving aside Bitcoin, today we must not underestimate the historical significance of Bitcoin and Token (token/token), which is an epic change for human progress.
First of all, for the first time, we got rid of the system of "debt" and used "Token" to measure the intangible means of production. This is the first time in 5,000 years.
Secondly, Token is encrypted and cannot be regulated, deprived or controlled by the government, 100% tax avoidance, penetrates all financial supervision and legal systems, and makes financial licenses waste paper. It is the first property rights model beyond violent control.
Finally, Token is naturally decentralized, dynamic, and a sign of identity. As the core means of production change from land, minerals and energy to computing power, intelligence and data, workers and business owners have a stronger and stronger voice. Talent and intelligence cannot be exploited by fiat currency, they can only be matched and exchanged. reach a consensus. It may be relatively obscure to talk about "tokens", so let me give an example to compare. I believe that many people are not unfamiliar with tokens in martial arts novels. The main role of tokens in martial arts novels is the identity and power of knights. Symbols, such as torch orders, reward and punishment orders, pursuit orders, etc., are the passes for heroes to exercise their rights or enter and exit various important occasions, so the tokens in the blockchain are also proof of the identity and rights of the holders. Tokens can be used and entitlements in various chains.
The mysterious development history of Token We can find the answer from the development process of the blockchain. Looking at the development process of the blockchain, we can initially divide it into three stages: the symbol of the blockchain 1.0 era is the digital currency such as BTC. Birth, the trading of digital currency is the main way for people to participate in the blockchain, and the return on investment is king. The sign of the blockchain 2.0 era is the realization of smart contracts on the blockchain. The birth of Ethereum allows others to write smart contracts and develop DAPP applications on the Ethereum blockchain. The sign of the blockchain 3.0 era is the emergence of Token. REITs CHAIN has brought about changes in asset digitization, traditional business models and production relations, from the financial field to the real economy, and began to seek applications in various industries, and in the near future It is expected to enter the era of Token economy! One thing that needs to be emphasized is that blockchain technology is well-known as the underlying technology of the Bitcoin network, not because of the technology itself, but because of the realization of Bitcoin’s financial value, which makes people realize that it is decentralized and cannot be tampered with. the meaning of. In a way, Bitcoin can be seen as the first successful “token economy” model. "Token" and "blockchain" can actually exist independently. A "blockchain" without "password" incentives is actually a distributed storage database, and it is difficult to form large-scale collaboration; Lack of consensus and trust. So, the two of them are undoubtedly the best partners.
What changes will be brought about in the era of token economy
1. Token will decentralize investment and become a weapon for entrepreneurs to fight against traditional capital. Fundraising breaks geographical restrictions. Fundraising for projects has no geographical restrictions, and investors from all over the world can invest. Tokens can be sold to qualified investors on the Internet, so entrepreneurs no longer have to go to the VC's office or entrepreneurial cafe for financing as before, and can directly issue Tokens for public financing on the entire network. Unrestricted project funds Funds in the initial stage of project development are no longer limited by third-party financial institutions, and more energy can be focused on project operators instead of sharing revenue with such institutions. The financing energy is released. The project party can focus more on the project operation rather than the financing negotiation. Of course, in the future Token investment, a deep understanding of the blockchain industry by centralized professional investment institutions will still be crucial. I believe that more and more Token Funds will come to compete in the blockchain field in the future. Moreover, due to the rapid development of the blockchain, the frontier investors of the Internet have been transformed into "classical Internet investors", which has also opened up a new circle of "blockchain investors". The former dispute between Sequoia Capital and Binance is a showdown between these two old and new investment circles. In fact, neither side is wrong, it’s just that traditional investment has not kept up with the pace of the blockchain era. Binance needs to protect the interests of shareholders, and Sequoia needs to maintain the old traditional rules, that’s all.
2. Token makes new business models possible, not just free internet. First of all, let's take a look at the difference between the Token economy and the traditional model: the traditional business model is a business model of buying at a low price and selling at a high price. The traditional Internet is usually a free model of "the wool comes from the sheep, and the dog pays the bill": that is, to obtain a large number of users through free products to form monopoly and barriers, and then make profits through advertising and value-added services on this basis. Take 360 Company as an example, 360 Company provides antivirus software services for free, and has accumulated hundreds of millions of users. With this billion-level product, 360 has created a 360 browser; the use of the browser is also free, but the browser will have 360 Search and website navigation, there will be paid advertisements by merchants, which is one of the main profit points of 360 Company, and it is also the Internet people often talk about "the wool comes out of the pig, and the dog pays the bill". And there is a paradox in the development of Internet companies: the value of Internet companies increases exponentially due to the increase in the number of users, but the users themselves do not directly benefit from it. Now, this paradox can also be solved through the existing Token mechanism, which will be a decentralized business model. In the future, start-up companies can adopt the Token issuance model to open source the project and redistribute the project revenue, so as to attract more early users and community (self-organized) users. With the increasing number of users holding Token , the token is becoming more and more valuable, then enterprises, users, and investors can all benefit, and Internet companies can get rid of the money-burning model of providing free services in the early stage of products in this way
(The general free model is explained here: the development route of most Internet companies: initial loss - expanding market share - realizing monopoly - generating huge profits. In essence, after monopoly, a highly centralized organization is formed, and a super-centralized organization is established. High barriers, and with the help of the phenomenon that the marginal effect of the Internet is approaching zero, it has achieved ultra-high profit margins, such as Didi, Tencent, Ali, Jingdong, etc.)
3. Based on Token, a new DAO autonomous organization community will be born. As mentioned above, it will be a decentralized business model in the future. Bitcoin is the best example of decentralized commerce - non-profit, no shareholders, no board of directors, no management, just dotted nodes and open source code, but it has been running smoothly for nine years, worth billions, every second Transactions, exchanges, and payments are taking place, and there has been no bad debt or system downtime. Bitcoin can achieve today's achievements, relying on the strength of the community, the community is the core of the blockchain. It's not simply a group of people getting together, but a group of people coming together to do the same thing. The general blockchain community refers to the blockchain project community, an ecological community developed around a blockchain project. The community includes developers, volunteers, investors and related organizations. As long as the person who buys the project tokens is the boss , Everyone is part of the community for the same goal - "promoting the development of the project and making it successful", making contributions to the community, promoting the appreciation of the currency price, and everyone profiting together! From a philosophical perspective, this new self-governing community of freedom, independence and equality is indeed the future trend!
EITs CHAIN adopts the POW+DPOS hybrid consensus mechanism. The two ledgers run at the same time. The transaction speed of blockchain 2.0 has been greatly improved. The peak speed has exceeded 3000TPS (the number of transactions per second), which is much higher than that of Bitcoin. 5TPS has been able to meet the needs of most application scenarios.
REITs CHAIN is positioned as a global asset digitization ecological public chain, serving asset digitization. It is compatible with the Ethereum Virtual Machine (EVM), creating an EVM-like code execution environment, so that developers on Ethereum can easily and quickly deploy smart contracts on this chain without having to do so for this chain. The chain writes the code of the smart contract from scratch, and can undertake the dividends of Ethereum DeFi, NFT, DAO, GameFi, Web3.0 and the Metaverse when the gas fee of Ethereum remains high. The outbreak of public chains such as BSC, AVAX, and Polygon is the best example.
Compared with Ethereum, EVM-compatible chains are characterized by lower miner fees, faster transaction settlement, and the same address format as Ethereum, starting with 0x, which is also more user-friendly. No matter in terms of compatibility, scalability, side chain technology and interoperability, we should focus on the polishing of the underlying technology, realize the interconnection of thousands of chains, and the exchange of value. Only then can we achieve a blockbuster and truly serve the real economy.
We believe that when all assets are tokenized, huge new assets will be formed, spiritual civilization is far greater than material civilization, and the era of tokenization must far surpass the era of legal currency. Independent of violence, deceit and brainwashing, the consensus formed independently is the most valuable and the symbol of a new type of human civilization.