Discussion About Breaking the Bottleneck of the Public-chain and the Identity of "Satoshi Nakamoto" | 2019 CHAINSIGHTS

Abstract : Does the blockchain become the next step in competition between countries? Will "Satoshi Nakamoto"’s identity be revealed? The hottest round-table discussions at the 2019 T-EDGE New Finance Summit and CHAINSIGHTS Fintech and Blockchain China Summit will take you to the bottom to discuss the above questions.


Dec 20

On December 8, 2019 T-EDGE New Finance Summit and CHAINSIGHTS FinTech and Blockchain China Summit was held in Xingguang Shijie Center in Daxing, Beijing.

Recently, a round-table discussion entitled "China's New Bureau of Blockchain: Technology Competition Strategy and Strategic Empowerment of Public Chain and Alliance Chain" aroused great attention.

The VCR of "Do you know who is" Satoshi Nakamoto "?" put forward by the host even pushed the discussion to a climax.

Feifan Li, the global partner and president of ChainDD, had a dialogue with Craig S. Wright : are you "Satoshi Nakamoto"? In the wonderful conversation of the four guests, you may find the answer.

The following is a record of the roundtable discussion edited by ChainDD:

The host: Feifan Li, the global partner and president of ChainDD
The gusters:
Aleksandar Kuzmanovic, Professor of Computer Science, Northwestern University, Co-founder of bloXroute Labs
Craig S. Wright, BSV leader and chief scientist of nChain
Lan Yi, TESRA Supercomputing Network Technology Partner
Yuanjie Zhang, co-founder of Conflux

Host: What are the main challenges and bottlenecks of large-scale application of public chains? What are the factors that affect the ecological development of the public chain?
Craig S. Wright: I think there is nothing that can restrict the public chain. Private chain may lie. They feel that everything is a blockchain, stripping away everything that is safe and functional and leaving something that is useless.

Aleksandar Kuzmanovic: I may be a bit more extreme than Craig S. Wright. We are a platform that works with different blockchains to help them expand. But now that there are thousands of blockchains, so I need to have enough energy to chat with them and talk about what they can do. Thus, I got to know the different blockchains and got to know their different concerns. Now we have one of the founders of the blockchain here. They want to expand and we hope to work with them.

The application of the blockchain technology was originally intended to create a new type of electronic money. We hope to transfer money from point A to point B without generating high fees. Obviously, the current application has exceeded these original intentions. For example, now when I buy coffee, I can use cryptocurrency. I think the potential of the future is greater than replacing these applications.

Host: I would like to ask President Zhang two questions. What problems do you think restrict the largest scale application of the public chain? And how does your solution solve these problems?

Zhang Yuanjie: I think in the current situation, the public chain has not been used on a large scale. There are several points: First, the technology has a bottleneck and the performance is not good enough. Let’s take Ethereum as an example. Some time ago, when USTD moved from OMNIG, it caused congestion in Ethereum, which shows that there is still a certain performance bottleneck. The performance bottleneck made the use of the public chain very expensive, and now it costs half a dollar. Even then, ordinary people still find the cost too high.

Lan Yi: In my opinion, "application" itself is the bottleneck of blockchain application technology. If we don't consider technology applications and pay more attention to performance or some technical indicators of the blockchain, it is likely that this road will go down. It will be farther and farther from the application. Only thinking about how these "applications" can be re-integrated and run through the new way of blockchain, can it be possible to apply these technologies of the blockchain on a truly large scale.

Host: Craig S. Wright, we just mentioned the public chain solution, including the processing technology between public chains. What do you think will dominate our next stage of development now? What will happen in the next three to five years?

Craig S. Wright: Our machines have been tested since 2015. We have tested things such as what a million transactions would look like in a second. We may increase this amount in the future, including its number of nodes. Now Microsoft will also consider the expansion situation and whether it will be cheaper. For example, only with 20 cents, 1 million transactions per second may cost less.

Of course you would say that I now have 871 patents, and now I can get more data, including the case of PDC bitcoin. At the same time, we also consider time, security, public keys, and all other related factors. This is a variety of applications that have to be considered after 2019. Ten years ago we had to think about this, now we have to re-invent and re-think if there is better development.

Host: In 2019 we see a trade war in the US and China in the economy. Do you think blockchain will be the next step in the competition between two countries? From the perspective of decentralized open source to the public, do you think it is possible?

Craig S. Wright: I live in the UK, and now I am in China. I can say that I am an international citizen, so I don't care. In terms of blockchain technology, we should now carry out international cooperation. Only politicians should care about political issues.

Aleksandar Kuzmanovic: To some extent, I agree with Craig S. Wright. Technology requires transparency, and the pursuit of a win-win situation is the most correct choice.

Recently, I often travel to China. I have been here four or five times in the past six months. I often communicate with many Chinese people, especially blockchain practitioners. We can see that they are full of enthusiasm. There is a lot of room for development, and of course I also hope that we can achieve the final common development.

Host: I have asked many people in the circle or in the system. They think that even if the public chain is open, it will most likely eventually become a public chain network that each of the superpowers mainly controls itself. What do you think of such a trend? It is not a fully commercialized and competitive mechanism, but a strategic level competition with a certain political color.

Zhang Yuanjie: The blockchain is political in nature, even if it is supported by the central bank and it is quickly gaining popularity in China. But when you want to promote it abroad, I guess it has less resistance than Libra, because Libra is completely political in its country, and currency sovereignty should never be lost for any country. I am also looking forward to seeing what the future of history will look like.

Lan Yi: I always think that competition and cooperation have never stopped. For example, in the chapter about Barbie Tower in Bible, if humans all unite to build a tower that leads directly to heaven, God will also be afraid of this situation, so he creates different languages, and people cannot communicate smoothly and cannot climb to heaven. Today with the translation equipment, people still have different positions and different competitions, but the competition in turn promotes cooperation because it will boost communication. Bitcoin itself is a good idea, and electronic money may play a role in anti-corruption by the government.

Host: How do you view the digital currency of the Central Bank? What impact will these sovereign digital currencies have on mainstream digital currencies in the field of payments and cross-border transactions?

Craig S.Wright: Actually we also have some related patents now. I know that many countries are doing this now, so we can see that libre actually has as many as 7 patents, so our insurance company is also considering the use of this. Of course, if there is such a technology release in China, now we also need to consider a wider range of uses. For example, libre also needs to carry out such transactions, and if they do bad things, I am also willing to charge them more patent fees and license fees .

Aleksandar Kuzmanovic: Bitcoin itself is a good idea. So what I want to say now is that if payment is made easier and electronic money is used, I think it is still useful. I think the digital currency issued by the government is not a decentralized currency, but it can still be used. We can also discuss how to help them solve these problems facing the government, such as anti-corruption, because once we want sufficient transparency, we will think about what happened, and I think the blockchain can provide a lot of help.

If Libra can be solved, it can solve a lot of nervous emotions, because some people like it and some people are afraid. For example, politicians may not like it very much. Indeed, some authorities are worried about competition from e-payment.

Host: "Satoshi Nakamoto" is a spiritual leader in the field of blockchain. Craig S. Wright, are you sure you are "Satoshi Nakamoto"? How to prove?

Craig S. Wright: Yes ("I'm Satoshi."). My first thesis (Bitcoin White Paper) was written in October 2007, and there are some copies of this thesis in school. I don't want to prove who I am. This is useless. We have to prove something in real life.

Host: I discussed with Martti, one of the earliest developers of the Bitcoin network about who was "Satoshi Nakamoto". He showed me a screenshot of the chat with "Satoshi Nakamoto". From the screenshots, "Satoshi Nakamoto" sometimes behaves like a team, but sometimes his dialogue is like a temperamental person. How do you respond?

Craig S. Wright: Someone helped me check the thesis, but I'm still not a team. I have been in university for thirty years and am currently studying for my fourth Ph.D. I have done a lot of research to keep me away from the crowd. For the past few years, I have been hiding my identity. I am not a spiritual leader, but an ordinary person.

Aleksandar Kuzmanovic: From an academic perspective, when I read the Bitcoin white paper, I don't think this white paper can be accepted by the academic community, because this white paper is very extreme, and the academic community is very picky and will not accept such remarks.

Craig S. Wright: I actually have a lot of papers. I came to China about nine years ago. At that time, I was very glad that the western academic circle and the public had accepted my views, and these papers have been published in many public places. published. POS is useless ("Proof Of Shit doesn't work."), but Bitcoin is a secure way. The mining process does not actually guarantee the security of Bitcoin. It is only an economic function. For POW, it requires so much electricity. We can scale Bitcoin to billions of transactions per second, and if it does so it will be cheaper in a small area. Now VISA uses 100 times more electricity than any electronic money, and blockchain currency is simpler and consumes less power.

Zhang Yuanjie: I respect very much what Craig S. Wright has done for this community, but I strongly believe that Satoshi Nakamoto is a team. Because it is a team, a community, or a spirit, then this should be passed on.

Craig S. Wright: The simple answer is that I do, and I don't care if you believe it. Whether you like it or not, I will build a development blockchain and continue to expand it. In a few years I will have 250 patents, and it doesn't matter if you don't like patents. So in the end my answer is, I don’t need your help, and all I want is you can build a better network.

I hope you can build different things. The Internet just builds different models. We don't want to build one hundred identical Internets or thousands of identical Internets. Microsoft has already established their own networks, so we don't need to repeat invention. You can do something very interesting, really implement it, and solve the problem of double costs. Of course, you can also issue coins, and you can set up companies that can really bring value, rather than companies that are used to speculate in coins. I hope that you can create something that you can be proud of and do better.

Host: The four guests have made their respective contributions to the blockchain and the global digital currency market in their respective fields. No matter what the future holds, we all want to work for the construction of a better economy and society, which is also the original spirit of the blockchain. We will share and create a better future together. Thank you.

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