July 2, Hangzhou. Achain, one of the world’s leading public blockchain, was invited to the tech crunch event in Hangzhou. Dubbed as “Beyond Unicorn: Hangzhou”, the event at “Yunqi Town” International Convention and Exhibition Center, set off waves of participants, including renowned corporate executives and business personnel.
Tech Crunch is a US-based online media and publisher with offices in China as well as Japan. Since its first entry in China, Tech Crunch has organized number events with technology and startup themes. This Year in Hangzhou, an entire stage was dedicated to blockchain.
Achain founder Tony Cui joined the first panel of the day with Patrick Dai from Qtum: Beyond the bubble, how blockchain help build the internet?
The Achain blockchain enters the public blockchain theatre for more than 3 years. The team accumulated experience in blockchain technology innovation and infrastructure building. According to the Cui, the Achain project position itself as the infrastructure builder for the blockchain industry. To incubate or invest in different Dapp projects and provide the infrastructure are much more sensible approaches for Achain.
The Future will see more innovation in the industry.
There were a few “new models” in the industry like the ICO model, Nodes distribution etc. The real innovation lies in how to bring this new piece of tech to different industry benefit everyone. Cui emphasized that two industries are likely to see breakthroughs in blockchain application. One is the financial sector and the other is gaming industry.
Beyond that, Cui also noted that cross-chain communication could be the direction where blockchain tech will evolve.
Internet and Blockchain are complementary
“I think Internet and Blockchain are not built to be incompatible with each other. Instead, their relationship is more complementary. We’ve seen there are a lot of successful Internet companies that really changed our lives, like Alibaba. So, what I am thinking here is that blockchain is a new technology. It is a new thing, and many say it’s revolutionary. But it still rests on us to make the technology available, to bring it to different industries and to bring value to your average Joe”
Cui told the host.
He further points out that the revolutionary part of blockchain is it brings a new angle to see how things can be done. The Internet was designed to be neutral space, a trusted platform where everyone can share information and knowledge. But now we can see that it has failed its purpose terribly. A typical example is like the recent “fake news” and the repeal of “Net Neutrality Rules” in the US. With blockchain, perhaps we can finally achieve where the Internet failed.
The Potential Risk in Current Blockchain Industry is Monopoly
“The Current blockchain industry is not all roses and bubbles, there are many threats on the horizon. I think one of the biggest is monopoly. It does not align with the design of blockchain, but it is very much in human nature. The best we can do is to counterbalance the risks it brings”
Said Cui.
“As you can see cryptos trading is controlled by a few centralized exchanges and Ethereum hosts the most smart contracts and tokens in the world.” Cui explained to the audience, “We’ve seen many exchanges being attached by hackers who caused losses worth millions of US dollar. And pray nothing disastrous happens to Ethereum.”
“The concentration of resources makes blockchain projects or exchanges more prone to attacks. What we need to do is strengthen our security while looking for alternatives to mitigate the risks.”
