The Sleeping Dragon: China And Its Place In The Token Economy - Jack Lu @ TOKEN2049

[Music] thank you hi everyone well just give you a little bit background myself so you understand what I'm talking about I think China and to some of you might be mysterious and there could be some dragons out there but I just want to give you more information because my experience as he mentioned that I grew up in China and I went to u.s. 96 but I came back and forth in 2005 and and 2007 I actually established two companies in China so in the early days I actually became a investor involvement in the proxy industry pretty early and in 2014 in Austin Texas I work with several friends and started with effective at their time I look at many you know potential entrepreneurship or projects at a time and I think blockchain was really the direction we are going to go with and one of the very important reason is I think China needs prachi and I did some research in I think back in the 80s one of the big problem in China is something social problems called credibility crisis and people don't trust each other and and don't trust businesses don't trust business and the prog gene is a very good way to solve that problem so when I join the project for factum and I I thought that there's a huge potential market in China as well so in 2014 I started get connected with the blockchain community in China and also was responsible for the community and also the market for China as well so 2015 I tore the China many different places give speeches and during the partnership and and also China sell the blocks in solutions to China but at a time there's some challenges as all we know China is a very high or we call it regulatory or regulation heavy a country and you have to be compliant you have to comply with the government regulations and there's a lot of security concerns in terms of data and how you operate in China and later on I figure out that Google might have an issue in China you need a buildup I do and you have to be present inside China so in 2016 I started looking into building a local company in China called Wayne glue and when glue companies move enterprise solution provider and started during the proxy solutions for enterprises the government different government level institutions and the same time I was started working on the when when changed solution it's more of connecting all the productions together so that's my background so China is very important as all we know in the industry I start with mining it's a huge industry in China so with the mining all the bitcoins or many other coins they have to go somewhere right so in China is a huge huge industry and a lot of educated very experienced token holders or investors what we call it traders so we know there are a lot of exchanges started from China and the population is huge as well huge sum some people will say multi meaning some people ask me well higher but compared to the traditional finance this is even bigger I mean we say 120 million in the stock holders and we have peer-to-peer lending so internet finance 30 plus millions people so this just get started so in the 2016 or earlier China announced that China's central bank will store the research on the crypto I mean digital currency so 20 early 2017 the crypto or digital currency Institute was officially established so this is the direction and I always see this blockchain technologies very welcomed in China but oh as we all know in its the September 4th seven government administration's announced I see you as illegal the reason for that is there's just too many scams out there China has two major concerns one is the money laundering money going out China in and out of China and second one is a lot of general populations Grandma and Grandpa participated in many AI cos there's a potential risk for the social stability for those two issues I think that's the rep or we call a great line to the blockchain business in China so after the band actually people estimated there are a lot of underground modified ICO activities in China they are saying that the actually the population increased tenfold since the regulation and the government will do something but they were a little bit puzzled how to do it right will this token economy they don't want to stifle the innovation at the same time they want social suitability so on the Left it's really the the wording found the the governor of the PBOC and he just stepped down and there's a new governor just to happen a couple days ago but he's saying going forward the regulation will be dynamic dynamic that we already have the regulations coming out of the September but based on what's happening down the road the regulation will be dynamic I think that's very important for us to see at the same time for the industry we are also looking for a way for way out and people are trying sorry for the in translation from the left the original word for token is called proxy coins and we're trying to change translate that in a different way called General Certificate for the tokens we all know that this is not stoppable and the question is how maybe on the right hand side there's so many traditional established companies especially the internet companies there China issued tokens they're trying to build a token economy I think it's a no-brainer for the internet companies to issue access to get money get for fundraising it's at the same time to get more users sorry for the Chinese over here but on the other side blockchain technology is very welcome in all levels of government so there's tons of tons of companies blockchain companies hundreds of the now piloxing companies spread it on trying to build token lists or traditional blockchain technology to be used in different applications of course majority of them will be still find in the finance area and even on the right hand side isn't really for the DAT called Baidu Henson and Alibaba they all put a lot of money and effort build different teams for the blockchain space so it's kind of mixed in this environment so on the one hand for the digital currency we call it token economy this is growing very fast and a lot of them are on the ground and that we know that the trend is not swap stoppable at the same time on the other side we call it traditional finance blocking technology is being used or being explored and we'll wonder we wonder whether these two lines will be cross each other one day and we offer a solution because when she we're trying to connect all the public chains and profiting together private chain that as we all know that enterprise solutions for the banking institutions or or other enterprise institutions so we put when she in the middle use the cross beam technology to connect public chains and private chains and how do we do it we use three key technologies one is privacy protection we use rein signature one-time account and the stem systems and also cross chain we have a unique way called secure multi-party computation and the threshold key sharing this way allow us to connect with any blockchain public chain and private chain at the end also smart contracts the small contracts we pretty much inherit from Ethan so pretty much well you can do anything you can do on wrenching the benefit of doing this on winching is now because we have caution capability now we make it really programmatically programmable for all the tokens as long as they are connected to engine so what is the winching I want to you know play a video all right sorry there's no audio okay can somebody play the audio as well all right sorry but that's okay we're gonna ask my I'm gonna ask my colleague Dustin to give you give you a little bit more introduction about the use cases of when chained at the same time what's coming up for winching so Dustin how was lunch lunch was good everyone's full all right thanks for coming back I know the room was a little empty we so appreciate you coming back for this so here Jack give you a nice overview of land chain and what we're working on one way to kind of mentally conceptualize this is just think of we're we are our own blockchain and we're a fork of aetherium so just imagine if etherium had ring signatures and all the protocol tokens what could you do with that you could do a lot of things with it it's really powerful what this elegant solution some of the systemic problems this elegant solution can unlock for example a lot of us have probably experienced ether Delta this is a decentralized exchange that runs on aetherium and one of the big problems other than the the clunky UI is that it is limited to the sort of galaxy of ER C 20 tokens and so with ranch in building a decentralized exchange on wound chain has really clear immediate benefits and that is being able to open up to the whole universe of protocol tokens and so now we can build these really powerful applications simply with smart contracts once we use this cross chain technology to kind of pour all of the digital assets onto our chain and the porting of digital assets is also there there's a lot of folks that are in the the cross chain space and our solution is rather unique no one is kind of approaching it with this secure multi-party compute one of the big advantages of s MPC is that its permissionless and that means that we can hook up to any other blockchain without needing their permission without requiring any kind of like soft or hard fork and that allows us to scale quite effectively we can hook into chains that are either you know with that have vm's or scripting languages like Bitcoin and so it allows us to work with a vast number of chains and so a in some ways you so what are we going to do with this technology one of the ways is you know building these Dex's one of the partnerships we announced recently was the khyber ranch index roy was up here earlier and that's a really exciting project and partnership and we're looking forward to there were a number of others for example we'll be in Dubai we'll be talking about on April 16th Moe Levin's world blockchain forum conference will be talking announcing our first six applications that are building on ranching and really exciting stuff in the crypto finance space one another example is a lending platform lending is a there's a lot of different lending applications but with winching you it's a similar value prop in that yeah you can do on chain lending with other platforms but you're limited to a smaller set of tokens with winching you can really expand that set and be able to swap be able to you know deposit Bitcoin and receive eath for example and we're also you know as a head of the business unit winching I think a lot about how to scale the applications that are built on top of our platform ultimately all these platforms are judged by the quality and quantity of applications that are built on top of them there's big values with these ecosystems and that's really the true value in the space is building really strong ecosystems and so when Shane we are have a ranch eight accelerator and so if you have a project that can leverage some of these these core competencies please come come reach out to us we've got a booth here and where we take projects a lot of times we find projects that have you know a founder that has some vertical expertise a lot of passion a lot of you know good vision you know some rough white paper they can do things like really kind of leverage some of the strengths of our platform but there's a lot of work to go from you know idea to actual realization and so we help provide a lot of different services whether it's funding or helping you with all of the many different steps on the way to realizing that success so if you have one of those applications please feel free to kind of reach out to us and we're really looking forward to the future here you know the digital economy is coming and winch it will be a big strong anchor in that there's there's many different use cases that really can't even be dreamed up yet and we're really looking forward to seeing those evolve and seeing those projects take advantage of our technology jack mentioned some of these enterprise clients like big you know big publicly traded companies that are now starting to get in the blockchain space we're seeing firsthand a lot more of that which i think is very bullish for the industry and Dubai will be talking specifically about the three projects there that are you know these fairly significant enterprise clients that are now starting to figure out that these this digital economy is real and there's real advantages for them and their shareholders and etc and so one last thing too is compliance one of the projects were working on has the ability to tokenize to take compliance and actually put it into the token itself so I think what we'll see is a movement away from and generally what you have are the exchanges are what holds the compliance and the assets are dumb but now what we're gonna see is these exchanges will be dumb and the assets will be smart and so these assets will actually have compliance baked into them and that allows you to do things like you know follow you know whatever kind of compliance standards you want in whichever jurisdiction you want and that also means that when Shane will support security tokens and so that's going to be that really opens up the realm of assets that can participate and utilize and make use of our platform in the last kind of bucket box to check office the other thing that we do support our private chains consortium chains and these are these are chains they or will natively hook up to ran chain and so if you have like a group of stakeholders that are sort of like shifting around i/o use effectively every one small they can hook into an chain to access liquidity so one of the things just wanted to get across if you if you have any projects that can leverage it in these strikes of ours feel free to reach out and appreciate your time hopefully you all enjoy the rest of the conference thank you [Music]