Untamperable, decentralized, consensus mechanism...--Under a series of theoretical advantages, everyone describes blockchain as if a communist society is about to come. But reality is not that easy. What will ultimately happen to such a utopia? "
Tao Rongqi, Vice President of Xiaoyi: "We need to have ideas. But instead of shouting slogans of equality and freedom, it is better to proceed from reality and do something from a value perspective that is conducive to reducing the increasing cost of value exchange." Economic interests - that is, Numerical accuracy. The secondary market is a cannibal market, and excessive speculation will cause a lot of speculation.
Xiaoyi is a decentralized network protocol based on blockchain technology that digitizes assets and rights in the physical world and provides financial services such as registration and issuance, transfer transactions, clearing and delivery through a peer-to-peer network. In other words, Xiaoyi is a smart contract system on which users can issue and trade equity, use electronic signatures to sign equity transfer agreements, and use blockchain to save all transaction records. In addition, Xiaoyi can also be used in other scenarios, such as P2P lending, digital asset transactions, points systems, supply chain finance, and more.
Not long ago, Yi Blockchain completed the largest ICO in China (adapted from the IPO in the securities industry. In essence, ICO is also a 'public offering', but it issues digital cryptocurrency instead of securities), raising a total of more than 6,000 Bitcoins, equivalent to approximately 22 million RMB, and nearly 1,500 domestic and foreign investors participated. So, what is the charm of Yi Blockchain?
What problem does Yi Blockchain want to solve?
Da Hongfei, CEO of Yi, said that the bottom layer of Yi is based on blockchain technology, which means that the maintenance of the equity database is not controlled by a centralized company, but is jointly maintained by all Yi participants. Xiaoyi's equity issuance, transactions and other activities occur directly between users without the need for a third party. In theory, the real-time delivery feature of blockchain technology reduces the operating costs and ecological chain of securities transactions.
"China's securities market has four levels, namely the main board + small and medium-sized board, GEM, New Third Board and local equity trading centers. It seems that the so-called 'multi-level capital market' has been relatively complete. However, due to scale requirements and capital thresholds , time-consuming procedures and other restrictions, in fact 99% of projects cannot be connected to these four levels of securities markets and cannot enjoy the blessing of funds.”
The Xiaoyi blockchain project is designed to solve the long-tail market in entrepreneurial innovation financing.
"In order to obtain financial support and have a strong desire to seek an exit mechanism for listing, startups must work hard to increase their valuations. But it is obvious that excessive valuations often mean bubbles. So now there are financing methods such as equity," explained Tao Rongqi, vice president of Xiaoyi , “Although many primary market investors and VC investors have begun to engage in more and more asset securitization activities, the threshold is still too high for niche entrepreneurial projects. "
"After crowdfunding, there is a strong demand for transactions and exits of company equity. Xiaoyi is a capital market that provides equity registration for entrepreneurial projects and provides liquidity for this part of equity. The startup company's own equity becomes available on the blockchain after the issuance of Xiaoyi Assets, this asset can be distributed to investors, and investors hold this asset and conduct transactions." Compared with traditional Internet crowdfunding, blockchain provides entrepreneurs and investors with trust certificates and transaction efficiency. “In this way, long-tail entrepreneurial projects will not have to follow the path of the traditional financial system.”
For example, an entrepreneurial project can register its equity on Xiaoyi and name it X shares. This behavior requires the consumption of Xiaoyi coins. After completing the registration, there will be an asset called X shares on the Xiaoyi blockchain. The company will issue X shares to investors, who can hold or trade X shares.
"In society, the exchange of rights has always existed. How to make the confirmation and exchange of these rights more convenient? This is a demand we need to meet."
Connecting blockchain and the physical financial world
Bitcoin creates a parallel financial system that is independent of the physical world. However, parallel financial systems are difficult to connect to real-world assets. Equity, debt, etc., which are subject to the laws of the physical world, are difficult to import in compliance with regulations. Using blockchain to register company equity is an unprecedented innovation.
As one of the technologies considered to revolutionize the financial industry, blockchain must not lack supervision during its application. Current blockchain technology is still closed. According to a previous report by Lei Feng.com, Quantum Chain developer Shuai Chu pointed out that “Bitcoin was originally a system invented by some geeks and anarchists. Ethereum added some smart contracts and other functions based on it. For example, for ordinary users Blockchain technology may be nearly perfect for digital currency enthusiasts, but the technology still has a lot it can’t offer for regulators and businesses, such as banks that require identity verification to prevent money laundering (KYC). Service system. , these are not available in public chain systems. In addition, regulatory agencies cannot intervene.”
At the same time, Bitcoin’s PoW mechanism is extremely resistant to censorship. Users can transfer money anonymously, and miners can keep accounts anonymously. Resistance to censorship therefore also creates compliance difficulties. Therefore, Xiaoyi will introduce a large number of financial assets from the physical world, and compliance requirements must be fully considered during design in order to build a blockchain financial system that can connect to the physical world.
"Xiaoyi has built-in KYC (user identity authentication) and AML (anti-money laundering) interfaces. Third-party payment, banks and other financial institutions can use the Xiaoyi protocol in compliance. Specific authentication still requires CA certification, and we import the certification into the blockchain The system gives legal effect to what is done on the blockchain and allows regulatory authorities to intervene.”
According to Xiaoyi’s statement: Electronic signatures involving identity-authenticated account transactions are recognized and protected by my country’s Electronic Signature Law and are equivalent to real-name signatures. The transfer and transaction of assets such as equity are signed by the transferor, the transferee, and the company. Before signing by the three parties involved, the company is obliged to ensure that the equity transfer and transaction comply with regulations such as "the consent of more than half of the original shareholders" and "the need to obtain the consent of more than half of the original shareholders", "the original shareholders have the right of first refusal", and "limits on the number of shareholders". Its essence is that all parties sign an electronic contract, which is recognized and protected by my country's Contract Law.
However, what users are most concerned about is still the legal effect of digital rights confirmation. In this regard, a "highly qualified blue-collar" practicing lawyer who graduated from Fudan University Law School said in the "Babbitt Information" column "A Brief Discussion on the Company Equity Registration System on the Blockchain":
Xiaoyi's bold attempt to use the blockchain to register the company's equity (shares) is completely based on law; once voluntarily chosen by the company, it can legally record the company's shareholder list and shareholding information, and provide legal and valid proof of the company's equity (shares) place. Of course, in terms of specific design details, Xiaoyi must be compatible with the requirements of the current legal system.
Of course, blockchain is not a panacea, and legal compliance requires the cooperation of many parties. "Equity confirmation is only part of the confirmation of rights under the legal framework. There are still many unknown aspects of rights and interests that need to be confirmed, which requires more innovation to promote."
limitation
System scalability
"Blockchain is a distributed general ledger that enables global information sharing (). But the general ledger itself means massive amounts of data, and distribution means ultra-high redundancy, so it will bring To solve the problem of scalability ()." Regarding the areas that Xiaoyi needs to improve, Xiaoyi CEO Da Hongfei said, "The scalability of the system will be a challenge after large-scale application."
“There are three ideas to solve scalability. The first is to layer the business of a single blockchain itself, such as Bitcoin’s Lightning Network, to complete transfers outside the Bitcoin chain; the second is to fragment the data; the third is to Businesses are dispersed to different blockchains, and multiple blockchains are connected through cross-chain operations.”
Specific to Xiaoyi, "We have a superconducting trading mechanism - leaving the matching of information to traditional exchanges, and the blockchain is responsible for the delivery of assets. This is the first business layering idea. Xiaoyi is based on It is implemented through a framework." , which includes a cross-chain adaptation protocol and adopts the third idea of cross-chain operations. The data partitioning technology in the framework adopts the second idea of data sharding.
Performance
Blockchain technology is still very new, and there are still many areas that need improvement and development, such as performance issues. This is the consensus of the industry. Yang Yongzhi, founder of the domestic blockchain entrepreneurial project Tongxin Huzhu, pointed out not long ago that there are two solutions to performance problems. On the one hand, a more efficient consensus algorithm needs to be designed to replace less efficient algorithms such as POW (Proof of Work); on the other hand, a more efficient consensus algorithm needs to be designed. , optimized for P2P networks for network transmission and used with higher-speed network architectures to provide blockchain throughput.
"In actual development, the consensus mechanism used by Xiaoyi is the 'Practical Byzantine Fault Tolerance Algorithm' (PBFT) proposed by China and Japan, and has been modified accordingly." Da Hongfei said, "We will optimize it in practice. In addition , in the future we will also entrust academic experts as peers to provide rigorous mathematical proofs."
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