The 2018 Global Blockchain Hackathon event was held in the Silicon Valley on August 18th and 19th. The activity was in part a blockchain technology competition, but its main purpose was to establish a developer community that connects blockchain enthusiasts. Competitors showcased cutting-edge technologies covering industry trends, real-world applications, open source software, and solutions-based case studies among other topics.
The main organizers of the 2018 Global Blockchain Hackathon event are the International Data Engineering and Science Association (IDEAS), Node Capital, and Eigen Capital. IBM Blockchain and the Purdue Blockchain Lab also provided technical support for the activity. The organizers invited many distinguished guests to attend the event, including over 50 top blockchain technology, development trend, and investment experts. There were also dozens of influential Chinese and US media outlets in attendance.
MOAC’s president Zhou Sha was interviewed by several media sponsors during the event. Mr. Zhou founded the MOAC Foundation in 2017. He has led and supported many high-tech companies over the years, including those focusing on blockchain, VR/AR, robotic engineering, and autopilot technology. The portfolio of companies he has invested in or managed includes Outpost, Tersus, Wellwit Robotics, and more. He has authored several books on blockchain and big data, such as “Blockchain World” and “Blockchain and Bigdata”, and has extensive technical and managerial experience in the computer, communications, and data networking industries.
1. The current state of blockchain
At present, blockchain only uses distributed ledger technology without tokens in the fields of big data and financial services. IBM’s Hyperledger, an example of this, has encountered many difficulties. This is referred to as a non-token blockchain in the blockchain field. However, tokens are necessary in blockchain technology.
In another example, there are several scam currencies surfacing that are using the Ethereum ERC20 standard. Scam currencies are built on a blockchain to support it. For example, Bitcoin is built on a chain. It is much harder to attack Bitcoin this year than it was last year. But if you used Ethereum to issue tokens, whether you issued contracts last year or this year, your value would be built on those contracts and that value would not increase. Therefore, scam currencies are like hot air balloons when they are listed on exchanges—they can fly high but there is nothing really there to support the value. This is the problem MOAC was to solve. Turning Ethereums one-click currency into MOAC’s one-click chain creation. This can solve the problems of non-token blockchains and scam currencies.
2. Cooperative models
Cooperative models are currently divided into three parts:
- Non-token blockchains: Due to the influence of domestic policies on currency restrictions, companies are unable to attract blockchain talent and teams. However, MOAC’s microchains provide technical support for these companies, making it easier for them to enter the blockchain field.
- Token-based blockchains: Many scam currency projects cannot be implemented, mainly due to logical knowledge of the application and the vastly difficult technical requirements of a public chain. However, MOAC can provide a stable and safe ecosystem for such projects to be implemented.
- Some smaller applications can exchange their own native tokens, in addition to MOAC tokens, through atomic transactions. This can solve liquidity problems, eliminating the exorbitant market value and exchange fees.
3. The cost of blockchain deployments
It is free to join MOAC, but there are still certain costs associated with doing so. MOAC provides a large number of nodes and must pay mining fees to these nodes. A decision must therefore be made balancing business model income and expenses. After the business model is determined, projects can decide how much they are willing to pay and allow the miners participate in the maintenance of the chain. This is not a fixed fee scenario but rather a business model created to help predict costs.
4. Cooperative partnerships
Current large cooperative projects include Netease. Projects which have not been fully announced yet include the National Radio and Television Administration, Zhizhitong, Hai’er, and more.
5. Media blockchain applications
Blockchain applications in media are something that many companies are currently looking at. There are currently two types of blockchain media. The first is traditionally centralized media, which only report on blockchain related issues. However, some other media outlets have already begun to use blockchain technology, such as blockchain WeChat, blockchain YouTube, and more.
The important thing is to understand the pain points of the industry. One is incentivizing participants, content providers, and content consumers. This can be achieved through token incentive mechanisms. There must be qualitative changes before traditional advertising revenues can use token mechanisms to reshape the original relationship structure, and thus improve media influence, reduce costs, and increase revenue.
6. How to judge a blockchain project
Mr. Zhou reads many white papers. Evaluating blockchain projects relies mainly on understanding the team’s technology as well as the overall social mindset. Another aspect is the team’s ability to actually implement the project. This involves looking at the team’s industry experience and whether the industry pain points written in the white paper are correctly identified.
7. The current blockchain development trend
The number on-chain deployments continues to grow despite the bearish market, and the demand for blockchain talent remains high.