"Block chains are the second era of the Internet. Block chains are ten times more valuable than the Internet. Block chains are machines that create trust."
The remark was made in the CCTV Dialogue by Professor Zhang Shousheng, who described the history of the Internet from a historical perspective and replaced AT&T since the invention of the TCP / IP protocol. In the last era, the market value of Google and Facebook was 10 times or even 100 times that of AT&T.
So in the era of block chains, how can new technologies define value upgrades that can reach one or two orders of magnitude? As we all know, the knowledge of TCP / IP protocol solves the problem of information transmission, but it can not guarantee that the information transmitted is true, nor can it solve the problem of value storage and transmission. The block chain solves these problems and is on the stage of history. Through solving these problems, the block chain can be divided into three application levels from low to high from a global perspective and a development perspective.
First application level: currency interconnection
Bitcoin has been widely accepted, similar to the "cash" on the Internet corresponding digital payment system has been applied to practice, using UTXO, to solve the twin-spending problem, making the use of the Internet to transfer funds possible. The legal currency in real society is still based on paper money and centralized accounting. The former has the problem of wasting resources, the latter has the problem of unreliable system security and uncontrollable system. These problems. This area: not only Bitcoins, but also counterfeit coins derived from Bitcoins, but also more secure and anonymous encrypted currencies.
The currency of the field will be more widely used in the future society with the attention of human privacy.
Second application levels: asset interconnection
There are two typical applications of block chain in terms of intelligent assets and intelligent contracts.
Intelligent assets generally refer to all tradable assets based on block chain models. Block chains can be used for any asset registration, storage and trading, including tangible (real estate) and intangible (voting, concepts, reputation information, etc.) Intelligent contracts are widely used. In block chains, contracts or intelligent contracts mean that the block chains can also embed more practical instructions into blocks. In the chain. Intelligent contracts have a very important feature or advantage. They also agree or disagree with each other to do something. Each party no longer needs to trust each other because the intelligent contracts are defined by code and can be automatically executed without anyone interfering. This is what we often call "code is law".
Third application levels: interconnection of all things
In the future we all know what will happen in the Internet of Things, how useless it would be without the application of block chains. As long as the developer saves the data on the block chain, it can greatly reduce the running cost and improve the efficiency by maintaining a permanently immutable block chain data network based on timestamp records. Block chains can also improve the interconnection between objects. Combined with open and transparent distributed management of intelligent contracts, many problems in the traditional world can be solved.
Through the above logic and data demonstration, we have reason to believe that the real Internet is point-to-point value transmission, whether tangible or intangible assets, we can use new technology block chain to do more meaningful things, so block chain value is not 10 times the value of the Internet?
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