Is Ethereum going to achieve hundreds of thousands of TPS? Is a large area of landing application approaching to reality?
This grand meeting will show the general orientation of the future development for blockchain for readers!
On July 11, guests and friends filled up Shangri-la Banquet Hall in HongKong. More than 150 distinguished guests from global blockchain field participated in Hongkong Blockchain Summit Forum jointly organized by Higgs Block, Ausvic Capital and Token Foundry, including the co-fouder of Ethereum Joseph Lubin, CEO of Token Foundry Harrison Hines, president of Ausvic Capital Chen Ping, CEO of UCF Group Hu Xiuren. These distinguished guests gathered here to have a joint discussion about the ecological system of blockchain industry.
The meeting started with the speech from CEO of Token Foundry Harrison Hines and president of Ausvic Capital Chen Ping. The following opening was the discussion about “The differences and highlights between Asian and American blockchain projects”. COO of Token Foundry Pei Chen, early engineer in the Ethereum team – Alex Leverington, the honorary president of US-China Business Association Liang Jieyang, the founder and co-chairman of HongKong Blockchain Association Tony all expressed their unique opinions. Later, an honored guest – the co-founder of Ethereum and CEO of ConsenSys Joseph Lubin made a passionate speech:
CEO of ConsenSys Joseph Lubin
CEO of ConsenSys Joseph Lubin – “Ethereum network will soon support hundreds of thousands of trading volume per second.”
The co-founder of Ethereum Joseph: There exists congestion in Ethereum. The blockchain technology and Ethereum technology are not fully mature, which are in the first stage of the ecosystem. So all trades in the network are treated through nodes. The node has storage problems, so there will be low efficiency and congestion. However, it gradually enters the second stage now. Soon we will have some new technologies, which can successfully have hundreds of thousands of trading volume per second. Some platforms connect to Ethereum with different mechanisms, so the technology expandability is very high to better ensure the security of Ethereum.
Next, the co-founder of Ethereum Joseph Lubin, CEO of Circle in Asian region Jack Liu, CEO of Huobi Capital Huo Li, President of Higgs Block Deng Ke and Chairman of Ausvic Capital Chen Ping had a joint discussion about sharing the experience of blockchain investment. Everyone shared highly valuable views in this round-table forum.
General manager of Huobi Capital Huo Li (first from left), CEO of ConsenSys Joseph Lubin (second from left), CEO of Token Foundry Harrison Hines (third from left), Chairman of Ausvic Capital Chen Ping (third from right), President of Higgs Deng Ke (second from right) and CEO of Circle in Asian region Jack Liu (first from right) participated in the group discussion.
The co-founder of Ethereum, CEO of ConsenSys Joseph Lubin said, nowadays, the whole market is in very rapid development and as well the company. Consulting work is a large business flow for us. Our team needs more labor resource in law, finance and market. It is surely not easy for different teams and different departments to keep the same step. But we really hope to be more flexible and more flattening to develop along this netty structure.
When Joseph mentioned that when blockchain could be widespread like Internet, he said, now we are improving the expandability of the second level. Ethereum network will soon support hundreds of thousands of trading volume per second, which is the recent direction for us to improve corresponding agreements. In fact, there are too many projects, such as some different token money, some new products, including insurance, government, accounting. With different projects, we can be more mature to working on them. Soon most systems in the world now will use the blockchain technology more or less.
The chairman of Ausvic Capital Chen Ping – “Artificial intelligence and Internet of Things both serve for blockchain!”
The blockchain technology will be successful with the good design of economic incentive. Only after the digitizing of all capital will the blockchain technology play a better role. The influence of blockchain technology on the economy just gets started and there is still a long way. In the next two years, blockchain will mainly focus on solving the problem of the capacity and speed of public chain. It is believed that there will be miracles in the next two years.
Mr. Chen ping who is the chairman of Ausvic Capital delivered a speech
Chairman Chen Ping – “Blockchain users make money and the future world must be a platform freely created smart ones!”
Make money when using it. Everyone uses it and everyone will make money. The whole world will be rapidly changed by smart people. The wealth among people will become more and more equal and the world will be more peaceful. Only after the digitizing of all capital there may be global digital currency accepted by people. I think most parts of Token must be security at present. The supervision is certain to be strengthened in the future. Every country will hold out the finance, this important defensive line.
CEO of Token Foundry Harrison – “The core of decentration is to have trust!”
CEO of Token Foundry Harrison said, when purchasing token money, many people don’t want to hold it, they want to sell it, like intelligent contracts. For example, in a node of the token money, you buy 1 million of token money. What we require you is to operate a node at first, then when you use some token money, you must use our network to really operate it rather than selling it after the price becomes higher. Not with this kind of speculative behavior, we hope that our investors can truly use it rather than just holding it or having speculative investments. In this way we can make people know about what decentralized network is so that it can truly change the world.
Discussion on investment ideas:
As an entrepreneur, what benefit can blockchain technology bring?
In my opinion, it is like an enterprise and we should not only check its advantages and weakness but also consider whether it can help to solve actual problems. Because in our mentioned decentration, the most important point is to have trust. I believe the future efficiency must be higher and the costs must be lower. The more interesting point is that, I think, now we have such a new open system and there must be new business mode produced on this open system in the future. It is like there is a digital camera in your mobile phone. Therefore, please think that since the mobile phone has camera for taking pictures, how many things have come out? So what we imagine now is to assume there exists such a thing or technology, how we can make good use of it. This is what we should pay more attention to.
Huo Li, CEO of Huobi Capital:
There are many technological and business modes nowadays, especially we are in the early stage. For investment, there are Angel Investment, A-round Investment, so looking for a better team is undoubtedly very important. A good team should combine everything well, such as technology, business and so on. It is very difficult to responsibly investigate in encrypted currency industry. Sometimes you need to have quick decisions. Many people say now ICO Investment will overturn the traditional venture capital. Actually the traditional venture capital is the investment round by round. We are not working on traditional venture capital, but we can borrow many methods from it. Because there is much industrial experience in many white papers now, like Mr. Chen said just now, 95% of the projects won’t be successful. This is what we are supposed to use for reference. The core in decentration is to have trust.
Deng Ke, President of Higgs Block
Referring to digital asset exchange, Deng Ke said, there are exchanges in the real world, but our exchanges are digital. In fact, the competitors are not very large for us. Although we all have rapid development, there are still many customers who haven’t enter the market. I believe there will be more people enter this market in the future and this market is always in growth. We hope to focus on those new comers and make more efforts. The success of this meeting, especially Joseph’s and Chen Ping’s description for the future development of blockchain, indicates the general development situation of blockchain industry, which will reduce time costs and trial-and-error costs for more blockchain practitioners. In particular, Joseph Lubin mention that Ethereum network will soon support hundreds of thousands of trading volume per second, which will be great news for this industry. The main problem now for blockchain industry is the low speed of public chain and it will be difficult for applications. If the speed problem of public chain can be quickly solved, the development of whole blockchain industry will speed up. Many industries in the world, even the recent running mode of this world will become better!
The guests present in this meeting were some old HongKong families, several bosses who managed 100-billion investment funds and family wealth funds, a part of important figures in business and financial circles, representatives of HongKong blockchain investment companies and so on!
Higgs, founded in August, 2017, is a Singapore-based technology company with blockchain technology as the core. It mainly involves the blockchain business such as heterogeneous blockchain and application scheme, solutions of blockchain integration, aiming at building a more creative, equal and effective scientific and technological ecosystem of blockchain based on heterogeneous blockchain Higgs Chain to provide all-round and comprehensive science and technology service of blockchain for customers. At present, Higgs has finished the arrangement in many countries and regions including Singapore, UK, Japan, Korea and HongKong.
Focusing on investing ecological projects of blockchain, Ausvic Capital participated in investing more than ten projects including Circle and Dfinity in early stage. The founder of Ausvic Capital Chen Ping set up a non-profit foundation for the future leaders of global blockchain together with Roger Ver, Jeremy Allaire, ZakiManian, Tom Ding and Amino Capital, the target of which was to award those outstanding people who made important contribution for global blockchain industry. Ausvic Capital will select worldwide future leaders of blockchain every year and hold a grand award-giving ceremony in annual general meeting to push a quicker and better development of global blockchain.