In this post, we will discuss the blockchain technology development in the past years of China, specifically like government attitude, company investment and tech development.
In recent months, China has developed an international reputation for being opposed to blockchain technology and crypto-assets in government, enterprises, startups, and investment. This reputation stems from the large number of regulatory measures, bans, and restrictions placed on blockchain companies since September of 2017. China banned exchanges and ICOs because they recognize the potential of blockchain. If they didn’t understand its significance, they never would have banned it. They banned it because they want to control it; because they will control it. They banned it to flex their muscles, establish their power, and give them time to formulate a plan for how and when they will move forward. It’s very difficult to influence things when adoption has come; it’s much easier to impose early restrictions and shape the direction of the disruption.
Understanding that China’s restrictions on certain aspects of blockchain technology are not unique to the country, how do we explain the prevalent international prejudice of China as a country not friendly towards blockchain development? The answer might lie in the history:
Though China had set the stage for cryptocurrency regulation, it did not shy away from blockchain technology. Chinese officials, businesses, and innovators understood a key idea — that cryptocurrencies need blockchain, but that blockchain doesn’t need cryptocurrencies. Chinese innovators could study and experiment with blockchain technology without having to meddle with the financial uncertainty of cryptocurrencies. And so they did. Between 2013–2017, Chinese government branches, financial institutions, startups, and innovators invested heavily in blockchain technology, building a foundation for a blockchain-empowered future.
In between the highly-publicized bans, China has been investing an immense amount of time, resource, energy, and technical skill into promoting and developing blockchain technology. This series will explore in more detail a number of areas of the Chinese blockchain industry to piece apart those mixed messages and understand China’s approach to this new technology. Belows are the actions on blockchain technology of China.
Government: pay more attention to the development of blockchain. The state media CCTV also issued a forum to discuss it on June, 2018. It shows the attitude of government.
VC / Investment: Both domestic and foreign capital investment begins to enter in the blockchain industry.
Tech Development: Many blockchain projects are studying how to apply this tech to the daily life and how to serve people better.
Among these blockchain projects, EcoBall is one of the famous one on its technology and innovation. Here we will introduce the advantages of EcoBall and the problems it solved.
The advantages of EcoBall target at the problems that need to be solved before the realization of large-scale commercial application of blockchain technology. The technical advantages are as follows on six points.
Freemium Strategy
In Ecoball system, block package will no longer be the purpose of mining, and the packaged block is free of charge. Thus it reduces a large number of meaningless transactions, avoiding lots of miners’ resource consumption, and consequently improve system transaction throughput. As a result, it makes it easier for business organizations to open up their business based on Ecoball and build a brand new blockchain business ecosystem.Multi-Chain Parallel Mechanism
EcoBall adopts a multi-chain parallel mechanism. It creates multiple main chains based on the Creation Ball. Each main chain is responsible for a special business field, and they are independent but also related to each other, which improves system processing efficiency.Multi-Side Chain Parallelism
The main chain of the business can lead to the sidechain on demand. The sidechain records the subsidiary data of the main block transaction and does not affect other transaction. Each sidechain can operate in parallel. The transaction records of the sidechains are confirmed by smart contracts or signatures of relevant parties (consensus is limited to related parties).Cross-chain Parallelism
The Ecoball will adopt a universal cross-chain mechanism, gradually incorporate the mainstream digital currency, and build a bridge that links with other chains. The cross-chain technology consists of two parts. One is the interconnection between the Ecoball blockchain and other chains, implemented by hash anchor and relay chain technology. The other is the inter-communication between other chains based on the Ecoball.Decentralized Data Storage Network
At present, the block data of mainstream platforms such as Bitcoin and Ethereum are stored in local nodes. The storage space required for block data increases with time, and the storage space of local nodes is limited. It is not realistic to store all block data on one single node in a blockchain system platform. It needs a decentralized data storage network to support it. EcoBall encourages miners to provide storage space and retrieval services through providing digital currency incentives. Users can use decentralized storage networks free of charge through mortgaging the digital currency. The more digital currencies they mortgage, the more storage space they can use.
After the user deletes the distributed data, the locked digital currency will be released. The increase in the amount of data storage will increase the value of the data, which will encourage more storage miners to join the decentralized storage network. As a result, the overall storage capacity of the network would greatly increase and it provides strong support for commercialization.
We believe EcoBall will realize its targets with the powerful technical team. More information is welcome to pay attention to the official website: www.ecoball.org