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“And I say to any man or woman, Let your soul stand cool and composed before a million universes.”
One miiiillion nodes.
Elastos continued its forward momentum this week. Let’s recap.
- SPV C++ SDK bug fixes
a. Fixed SPV C++ transaction deserialization and memory leaks/crash problems;
b. Increased the sub-module managed by the SPV C++ plugin;
c. Solved the problem that the ID chain callback cannot be triggered;
- Mobile wallet: Added Aurora push in the wallet app to support message push; modified the logic of importing private key file to increase the stability of import; combed the logic of discussing ID chain on multiple pieces of authentication information;
- Airdrop support: Web wallet new feature development to support entering ERC20 address, added airdrop trading and ERC20 airdrop script development;
- NEO smart contract sidechain development: Combed the side chain to increase the contract process and increase deployment transactions;
- Added the Arbiter arbitrator node RPC interface;
- Token sidechain development: Added support to test multiple asset transactions, Elaclient now creates and tests the transaction of adding registered assets and transferring assets;
- Fixed bugs:
a. Solved the bug that the transaction fee may not be calculated when the block is forked;
b. Solved the problem of sending a transaction when the input is too much;
- ID sidechain block browser development, browser deployment script development;
- Merged mining: Merged mining function with btcpool debugging, modified the chain id to 1224, docked antpool, built the latest version of the mining pool node, and used the mining machine to test the speed of the Ela block;
- Assisted in analyzing the callback problem of the Carrier in browser and also recording the callback information from the bottom of browser along with JS timing polling;
- Completed the chat application to add/delete friends, send and receive messages, and send and receive notifications and other logic;
- ChinaJoy quiz and game activity development and testing. ChinaJoy live show support and speech
These last two weeks have been very fruitful when it comes to development, as the team is ramping up in high gear preparing for the One Year Anniversary event and showcasing of the first ever Elastos Smartweb Alpha Demo. There were continued efforts made into increasing the functionality to an upcoming mobile wallet that will be running inside the Elastos browser. The web wallet is currently being updated to provide support for upcoming airdrops of various ecosystem collaboration projects and most importantly, in addition to the Ethereum sidechain development that is already being worked on, we can also add NEO sidechain development to the list. They’re in the early stages still and there’s a long way to go, but it shows the possibility of being able to run any smart contracts on top of Elastos, supporting numerous existing projects that are out there already. In addition, a token sidechain is also in development stage and once complete, sidechains will have an easier time to create their own tokens on the Elastos ecosystem. Merged mining is ramping up as it’s being thoroughly tested with btcpool and antpool before going live before the end of the year.
The Elastos testnet is officially open for public use. If you are a developer, you can now view our repositories on GitHub. More information can be found here: http://elanews.net/2018/07/26/elastos-developer-news-testnet-launch/
Please check out our Github links:
The Elastos Foundation is pleased to announce that the first Elastos Ecosystem Collaboration Project Airdrop will be Bit.Game. On August 21st, 160 million BGX will be airdropped to ELA holders. For more details: https://elanews.net/2018/08/09/elastos-ecosystem-airdrop-bit-game/
Elastos is celebrating its One Year Anniversary, August 24-27 in Chiang Mai, Thailand. As part of the festivities, we are assembling video messages and wishes from our community members to be screened during the event. More details can be found here: http://elanews.net/2018/07/24/wish-elastos-a-happy-anniversary/
AEX has now added support for Elastos
Elastos is hosting an Infographic Contest that runs through August 15th. Info can be found here: https://medium.com/
Elastos is welcoming Community Writers: https://medium.com/
Viking Capital (http://www.vikingcapital.co/)
Elastos Ecosystem Development Director, Dr. Dinghe Hu, and co-founder of Viking Capital, Yuwen Zhang, discussed collaboration models for Elastos and Viking Capital. Both parties attended the Capital Investment Decision Making Conference to look for Elastos ecosystem projects. Viking Capital has been rated as the best investment institution in the Chinese blockchain industry multiple times. It is also the strategic partner of Huobi and Ebit, as well as one of Huobi’s Super Nodes.
Elastos founder Rong Chen participated in the election for Huobi Public Chain Leaders, and attended the roundtable discussion with the topic of ‘The Presence and Future of Blockchain Technology’.
Elastos Ecosystem Development Director, Dr. Dinghe Hu, and T Fund partner, Taiping Li, visited Girlup. Girlup is an incubator for Chinese female entrepreneurs designed to create a community and combat sexism in the startup space. The group discussed how their online community can be combined with blockchain to empower women even more. GirlX is a decentralized community that focuses on discovering and empowering innovations made by women. T Fund is a top blockchain investment organization, and their Limited Partners (LP) include Node Capital, D Fund and more.
Elastos Co-Founder, Feng Han, was invited as a guest speaker on the livestream Xue Ba Shi San Mei show and shared his thoughts in front of an audience of 230,000 people, focusing on the topic of “What is Value Investing of Digital Currency?” Feng discussed why digital currencies will have a value in the future and described the current internet as a “poverty internet.” He explained that because the data on the internet does not belong to anyone and it can be copied freely, this is in line with the typical status of a poor economy. Human history has proved that in order to establish a real capital market, assets must be able to be authenticated and protected by laws. Only on such capital markets can wealth be built and the future can be monetized. Now that our society has Bitcoin and blockchain, for the first time in our shared history, data can become wealth.
Elastos Ecosystem Development Director, Dr. Dinghe Hu, BEHE Adtech Solution Co. Ltd. Chairman, Junfeng Liu, and BLOCK VC Chairman, Fan Li, visited Peng Gao, the Secretary of Commission of Shunyi District, Beijing.
Dr. Hu inroduced the Elastos project and recent development progress. He also introduced BEHE, Huobi Super Node, BLOCK VC and more projects in which Elastos and Innoangel co-incubated. Secretary Gao immediately gave instructions on speeding up Shunyi Industrial Fund’s research and docking progress with blockchain projects such as Elastos. They also discussed the possibility to co-establish blockchain industrial funds.
Secretary Gao introduced the basic economics of the Shunyi District. The annual revenue is over 40 billion yuan, which ranked at the fifth in Beijing, and Shunyi is the most livable and eco-friendly city in Beijing. He also listened to status reports from all of the attending companies, and showed great attention for the development of blockchain. He requested departments from Shunyi to start making connections with the Financial Bureau of Beijing and hopes blockchain projects will be established in Shunyi and offer great support on policies and tax holidays.
Crypto Kitties Co-Founder, Benny Giang, visited Elastos and exchanged thoughts with Rong Chen. They explored potential collaborative opportunities.
Events and Meetups
Feng Han will be a speaker at the 2018 Global Media Blockchain Summit taking place on August 10 & 11. Tickets and event information: https://www.eventbrite.com/e/global-media-blockchain-summit-tickets-46828161291
Chiang Mai, Thailand
Elastos is hosting its One Year Anniversary Event, August 24-27th.
Elastos represented our community well at the annual ChinaJoy Digital Entertainment Expo & Conference. During the three day event, we demonstrated unique blockchain games, our new TV Box built with the Elastos Carrier, and shared many exciting DApp development with the visitors, developers, industry partners and potential clients.
We would especially like to thank Bitmain for their support during to event. Their Antminer S9i attracted many enquiries from industry partners. According to Bitmain, Antminer S9i is an upgrade from the classic S9, through a consistent iteration and innovation, its energy efficiency has been optimized. The competitive advantage of S9i is a low energy consumption and a high stability during long-hour high frequency computing which provides an excellent user experience for the miners.
Blockchain Games Showing Unique Advantages
Traditional games are run by a centralized operator. This creates the possibility that the operators can profit by modifying user data in a lottery-like game because neither the number of real participants nor their identity is clear. This causes people to question whether the lottery is fair.
We held a live demonstration of a blockchain lottery game where the results were recorded live on our blockchain and the block information was used as a random seed where winners were selected at random. This whole process was neither predictable nor able to be interfered with and the results and processes can be repeated and verified. Also, the recorded information of each block can be publicly verifiable. During our demonstrations we attracted a lot of players and they all registered an ELA wallet to take part in our games.
We also demonstrated games like “Heartfelt K Song” and “Star Trek,” where players accumulate points by playing small games and they are awarded through a ranking system. A blockchain ledger is immutable, so it protects all player data to ensure that the game results are authentic.
Live Demo of Elastos DApp Development
Program developers are interested in the Elastos DApp developing process. Working with just Ionic and Cordova, developers don’t need to learn a new programming language and framework to create an Elastos DApp from scratch, such as an Instant Message software.
These DApps run on the Elastos Runtime, which rely on the secure and trusted running environment of Elastos. Because it separates computing, storage and communication of the app, these three elements can be independent and do not interfere with each other. The user authorizes the app to access its user data, and the user authorizes the communication provider to send and receive data on their behalf. Developers can use Elastos Runtime to protect copyrighted content. Individual users can avoid data leakage with Elastos Runtime.
Remote Procedure Call (RPC)
The use of RPC development process also attracted many developers. Compared to other RPC mechanisms and Rest API, Elastos’ RPC is implemented in the interface layer, which is similar to the common programming methods. It allows developers to treat RPC calls as just another common method. RPC now supports C and Java. The JS version is also going online. Right now, through the technical explanation by our technical personnel, we can have a more intuitive and in-depth understanding of RPC.
The star of the event was the Elastos TV Box. It received immense exposure through a live demonstration of the success of our Africa-China long distance connection, not only creating excitement, but also highlighting the technological advancement of Elastos Carrier and showcasing Carrier and its successful integration of a mass produced device for the first time. We estimate that the Elastos Cartier nodes sold through this device will break the 1 million mark by end of the year. More information on the TV Box can be found here: https://elanews.net/2018/08/08/elastos-tv-box-to-bring-1-million-carrier-nodes-by-end-of-year/
Elastos Interview Series
We want our community to get to know our team members and many of the community members who help shape Elastos worldwide. This week we start with a well-known team member who has helped people all over the world understand the technical marvels of Elastos.
Why don’t you start by introducing yourself to our readers.
KP: My name is Kiran Pachhai, or KP for short. I was born in Nepal, and I moved to the United States in 2006. I graduated with a Bachelor’s Degree in Computer Science from the University of Colorado at Boulder and have been working as a Software Engineer ever since. Before Elastos I worked in the Cybersecurity industry.
When did you first come across blockchain? I feel like everyone has a story for this question, that moment when something clicked.
I was introduced to the blockchain world back in December 2017, and believe it or not, Elastos was my third ever project that I came across. I read the whitepaper and it immediately clicked. I started to read more documentation, watched more interviews with Rong Chen and I felt comfortable with what Elastos was trying to do. The idea was big, the vision was extraordinary, and most of all, the tech was very complicated and revolutionary. I started to help the Elastos community by answering questions about Elastos and eventually wrote a Non-Developers Beginner’s Guide to Elastos. I was then asked to be involved in community management on the Telegram and Reddit communities. After months of helping out the community and writing more articles and making videos on the Elastos tech, I was asked to dedicate all of my time to working for Elastos. So, I left my previous job in May 2017 and started working for Elastos as a Tech Evangelist, Advisor, Community Manager and a Leader.
What was it about Elastos that really got to you and made you feel comfortable dedicating all of your time to the project?
KP: After looking into Elastos, I loved the idea, but I thought the vision was too big. I then started to look at other blockchain projects in the industry and found that they were either dreaming too big or their end goal would only be achieved in the next 4-5 years. Elastos was different. Looking at the history behind Elastos, I found out that the project itself started back in 2000. While there have been numerous iterations of the project throughout the last 18 years, the final missing piece really was the blockchain itself. While Rong Chen, the founder of Elastos, was mostly involved in research and development projects, these never made it mainstream because of a lack of funding. Now, the blockchain could solve the two problems that he was facing. The blockchain, with its unique cryptocurrency feature, could be used to self-fund a project of this scale for a number of years to come and due to the immutable nature of how blockchain works, this was the perfect piece to tie everything together into one big platform. Over the last year, since the Elastos Foundation was funded, the developers have put out the mainnet for the Elastos blockchain, Elastos Carrier for a decentralized peer to peer network and Elastos Runtime for a secure sandbox environment for the apps to run on. You only need to compare the progress that has been made with Elastos and other projects out there and anyone will be able to see how valuable and how achievable the vision of Elastos is. This is why I absolutely love being part of this new movement, this new internet we’re building, that is secure, reliable and trustworthy.
What have you been working on lately and what do you have coming up?
KP: So far, I’ve mostly been involved in putting out articles, tutorials and documentation for everything Elastos related, from both the non-developer and the developer side of things. I’ve also been helping with the community management along with acting as a technical advisor of sorts when talking to a new group of people who want to learn more about Elastos and what it can do for them and how they can start building on Elastos. I’ve been to different meetups talking to developers around the globe, educating them about Elastos in general. I also consult for our PR and marketing projects. My next big step is into the actual development and to be an active contributor for Cyber Republic. I’ll be heavily involved in managing Cyber Republic along with helping to create a developer portal of sorts for new and veteran developers alike. Our goal is to make it as easy as possible for new developers to get started in writing an Eastos DApp, and that’ll be my focus for the next few months. We have a lot of plans to achieve this, one of which is to create frameworks and services on top of the Elastos core code so new developers never have to interact with the core code at all. Instead, they would be interacting with the frameworks and SDKs that we’ll be building via Cyber Republic to make it as streamlined as possible.
Can you talk about Cyber Republic a little more? What is coming up for Cyber Republic in the next few months?
KP: There are a lot of exciting plans for Cyber Republic in the coming months. First of all, CR will officially launch at the Anniversary Event on Aug 25th. We also have a lot of exciting new features coming up on the cyberrepublic.org website, such as forming teams to work on certain projects similar to how a party finder works in online games. There are definitely going to be a lot of projects for everyone from all around the world to participate in, especially for developers. A new developer portal is being built on Cyber Republic that will act as a one-stop shop for all the new developers in the Elastos Ecosystem. We are going to be building new frameworks and services on top of the existing Elastos core code to make it streamlined and as easy as possible for developers to come onboard and start developing their apps on Elastos. This will be done with the help of the developers community around the world. In addition, there are plans for online courses exclusively for building a decentralized app on Elastos. There will always be a lot of meetups organized by the community members of Cyber Republic all around the world. These are just a few things that are in store.
So, what it is like working with the team at Elastos? Do you have an office somewhere? How does a global project work?
KP: The nice thing about being a global project is that you can work from anywhere. The core team is in China, but the rest of the team members are not. I myself work remotely from Virginia. Usually, I am working from my own house. We care not about when we work, but rather how well we do the tasks and how often we can dedicate our time for work. So, while there are no set hours for my work schedule, I usually work pretty much all day and most days even up to 12 hours because we’re driven by our mission and our vision. In short, there’s no dedicated office because there are no office hours. We’re driven by our passion for Elastos.
Where do you see the development going? What do you look forward to seeing built on Elastos?
KP: The development of Elastos has a long history of over 18 years. I like to think of Elastos as a kid who was born 18 years ago and now, it’s graduating high school this year and going out into the real world and standing up on its own. There will be challenges for sure, but as long as we continue to push forward with our momentum we have had so far, I believe we can break through any obstacles and go on a full rodeo. Elastos will finally be standing on its own and it has a lot to prove and I fully believe it will in time when people see just how revolutionary this tech is. We have an alpha version coming later this month geared mostly for developers and then we have a beta before the end of the year. Then, it’s full speed ahead into mass adoption and our hope is to get as many developers and as many believers and as many end users as we possibly can in order to make the dream that was started 18 years ago to finally come to fruition. I myself am a software engineer, so I look forward to creating frameworks and services on top of Elastos in order to make it as easy as possible for other developers to build their applications on Elastos.
What do you think of the new Tv Box?
The TV box is just a TV box. From the outside, it doesn’t look like it’s anything special. It’s what’s inside that’s special and that’s Elastos Carrier installed in it. Before, when you wanted to control your TV box via a mobile application, the request would go to a central server somewhere and the server would send a signal to the tv box. This is a centralized model. With Elastos Carrier, there is no central server involved. A user can directly connect from an application to the Tv Box peer to peer via Elastos Carrier network. This is the critical part. What does this mean? This is just the first step. In the future, this Tv Box can also act as an IPFS node on the Elastos Ecosystem that other users can use to store data in a distributed and decentralized manner. In the future, this Tv Box can act as another node on the Carrier Network. The more nodes there are on the Carrier network, the faster the communication between two devices will be. All of these new features and more can also be auto updated over the air via the peer to peer network so there is no need for users to manually update their box ever again. That is what’s important. The TV box isn’t important by itself, but it’s the Elastos Carrier that is inside that is important.
No more manual updates sounds brilliant. Let’s shift gears, can you give us a sense of your other interests? Do you have any time outside of work?
KP: I have a dog. I absolutely love spending time with him. I enjoy hiking and biking in the mountains and I love camping too. I also am a huge gamer and have played a lot of mmorpgs (massively multiplayer online role-playing games) in the past. When I’m not doing something Elastos related, I’m usually busy taking online courses and learning something new everyday. In addition, I’m also currently doing my Masters in Artificial Intelligence, so that pretty much takes up all of the spare time I have.
What is your dog’s name?
KP: Duke. He turns 7 this Halloween (literally on Halloween day). He’s a Tibetan Mastiff and a German shepherd mix.
I bet Duke is sick of hearing about the new internet… Finally, what is your favorite film? I think that question can say a lot about a person.
KP: My favorite movie of all time is Inception, hands down. I’ve always been into human psychology and how our brains work and how lucid dreams work. I am also fascinated by time travel stories. I also like to delve into astrophysics and how our vast universe works both on a grander scale and on the quantum level. I don’t like to admit this to most people, but I actually have a Google doc to keep track of every tv shows and every movie that I’ve ever loved. Yep, I’m a TV geek.
Thoughts and Conclusions
This week we would like to let our Senior Technology Officer lead us in an essay of sorts. Below is Song Shijun’s fantastic speech delivered at ChinaJoy last week, entitled, The New Economy Driven by the Blockchain.
Hi everyone, I’m Song Shijun from Elastos. I’m very glad to be here to discuss blockchain with you. We have always believed that the gaming industry combined with blockchain will create new economic models.
Like most of you here, I am also a developer. Although blockchain technology is very cool, I keep asking myself, what is the real value of blockchain? After two years of exploration and practice, I realized that a new economic model can be created driven by blockchain.
First, let’s see what blockchain can do.
From the perspective of computing models, blockchain belongs to the storage layer. Traditional computers have ROM, which is read-only storage; and RAM, which is readable and writable storage. Blockchain gives us a third type of memory: you can only add immutable storage. What we read is what we wrote before. This certainty is a credible foundation for blockchain.
With a credible foundation, can digital property rights be protected? And can privacy be protected? The answer is no. Because blockchain is the storage layer, just like the notary office or the real estate agency that sends you a certificate. As for the protection of property rights and content, this is a problem at the execution level, which needs to be solved by the police. But unfortunately, we have no police on the Internet today to protect us. The truth is, Internet bandits are rampant.
This graph is a typical Internet software architecture. App is at the front end, the server is at the back end, and it communicates through the Internet in the middle.
For example, the app of an e-book runs on a user’s device, such as a computer. At this point, a malicious user can get the copyright content in this app by cracking the software. I once used a cracked software, and it only takes about 1 second to turn Kindle e-books into plaintext and to be uploaded elsewhere. This is the first layer of local attack on the Internet.
Then, while the App is running, it keeps sending user data back to the server, and the user’s behavior is collected. Today, all companies that claim to have big data are able to obtain user data through such a “theft” manner. I experienced something embarrassing two months ago, when I opened my birthday present that my wife gave me. Well, it was…ok, and I told myself that her thoughts mattered more than her ability at guessing what I liked. Yet when I opened Taobao, all the product recommendations seemed to hit the right spot. Big data not only knows you better than your mother but also better than your wife. One day it may even know you better than yourself. The problem is that we are completely exposed to the server administrators, which is as good as running naked in front of them.
The third form of attacks come from the operator. When you access the HTTP prefix website through a telecommunication network, you will see on the website that there are many advertisements, which are not from your visited sites, but from the telco network. If you call them to complain, their customer service might put you on their whitelist, and you won’t be harassed by these ads for awhile. In this case, do you still think it’s safe to transmit data in such a network channel?
Although these are the three most common forms of attack, there are many more. So if someone told me that personal data monetization could be done through blockchain, I’d think it’s nonsense. Not because we can’t sell data through blockchain, but that there are no buyers. It’s like selling apples next to an apple tree which is free for picking, so who would buy them? In these three forms of internet attacks, if data can’t be copyrighted and protected, then how is data giving rise to a new economy?
Since the popularization of the Internet in China in 2000, it is only in recent years that we have started to profit from it. That’s because for a long time, no one found a good profit model. Over time, tech geniuses eventually were able to create a remarkable free economy. For example, instead of running an orchard which sells fruits for profit, I am generating income through erecting big billboards next to my orchard selling advertisement space. Isn’t it what the free game apps on App Store are about? They are selling games, but advertisers are the only paying customers. The most successful examples are Google and Baidu, which offer free search information to users in order to profit from advertisers.
It is great to be profitable, but is there a more efficient way to do so, with less economic friction? Should we run the orchard business wholeheartedly? Or should we continue to sell billboard ads next to it? I think Baidu has asked itself this question many times, but it has yet to come up with a good solution.
This is the situation of our Internet today, without little data privacy and run entirely on a shared and free economic model. We are a team of engineers and we like straightforward solutions. Therefore, here are the changes we propose.
Firstly, we shall separate the app from the data, so apps do not control user data, and their access is subject to user’s permission. It is much like in a company, the accounts and expenses are managed by different people. By separating this function, data can be better protected.
The data center for storage is a virtual concept, so it could be a local disk, cloud storage, or distributed file system such as IPFS.
Next, we will create a trusted operating environment, like a sandbox. It can isolate the host operating system from the data area and prevent piracy. At the same time, this sandbox also isolates the app from the network. Without direct access to the network, sensitive data will not be leaked and spread.
Thirdly, we have achieved a new network communication platform: Elastos Carrier. It is peer-to-peer without central governance, which will run independently similar to IPFS, thus there is no server to process the data. ID authentication is required before information is transferred between the nodes, which prevents content leaking or man-in-the-middle (MITM) attacks even from the network service provider itself.
We have also ensured data security in the API. Users can no longer hack or copy the gaming apps. At the same time, they don’t have to worry about their personal data being collected by the apps either, so it’s “each takes what he needs.”
Via this working model, an app is like a CD within the CD player, and different user data is played without being leaked or hacked. This is because the system is not connected directly to the internet, and it does not have a local data storage system.
Through this, we will integrate blockchain technology. We will the use blockchain based Decentralized ID to verify users and their identity. It is similar to a Bitcoin wallet, it can be safe, simple and convenient for users. It cannot be replicated and repudiated.
Besides that, we also issue Access Permit to an app in order to establish its copyright on blockchain. Only those who have the Access Permit can run it. This factor also allows Access Permit exchange between users, they can gain access to the apps by exchanging their permits. Which means they can either sell of give away their app.
This is a completely different experience from the current App Store model. After we purchase a game there, even if we no longer play it, we cannot sell it or give it to our friends. If a product is not at your disposal, does it really belong to you?
In the trustless operating environment of blockchain, we create a solution for decentralized ownership that gives everyone more options.
For example, game developers can presale their games by issuing access permits. On one hand, they can test the market prospect of the game; and on the other hand, it allows them to raise funds for the game development.
By transferring access permits, a secondhand market for games is established. So the players can cash out from their games, and the developers can share a percentage of such gains too, which is a new monetization model.
Since there are access permits to the games, players can make multiple purchases of each game. So if someone is a chat group or forum admin or a social media influencer, he can use his influence to promote the games that he likes and earn a commission from it. Such commission can be paid through smart contracts, which do not require any third party agency or authorization, and it executes automatically.
Therefore, this personal data ownership will lay down the groundwork for the monetization of personal data. Let’s take a look at an example.
A game consulting company would like to collect data on a player’s usage behavior. And since personal data is protected within a sandbox, they have no access to it except to buy it from the players. Therefore, they developed a software to evaluate the data in different categories and priced them accordingly.
My colleague Xiao Ming saw the rewards and he was very interested. So, he downloaded the evaluation software and ran it on Elastos Runtime. After getting Xiao Ming’s permission, it assessed his personal database, analyzed his playtime, game genres, playing frequencies, etc. Once the analysis was done based on its own set of criteria, Xiao Ming scored 92, which was a very good match, so they offered to buy his data. Xiao Ming accepted it in a heartbeat. The evaluation software then made a payment immediately and received its access permit, then sent the assessment to its server. Xiao Ming’s reward, in this case, was also shared with the app developer, because they had helped him monetize his data. Through this process, rewards are distributed fairly to those who have contributed. We no longer need to disguise our intention.
In this example, although the evaluation software was authorized to gain access to Xiao Ming’s data, it wasn’t allowed to send the data out because it was operated on Elastos Runtime. It’s only readable, but cannot be taken. After purchasing the data, what they will receive is non-personal information processed by the software, so it protects user privacy too.
Finally, let us recap.
Today’s internet is a completely free and open one, relying on a free economy to generate revenue; thus we can use blockchain to establish personal property on the internet. Leveraging on data assets, we can create multiple viable economic models, to give more opportunities to the small, independent developers or entrepreneurs.
We can defeat Taobao without being like them. Of course, we need to break free from the current rules of oligopoly. However, using Blockchain technology, it puts us on a different trajectory, giving us the opportunity to surpass them.
Will this new system have a big enough market? That I do not know, but as compared to Taobao, it is built upon a trusted system between users. Taobao provides a secured transaction between strangers through Alipay, and uses a testimonial system to evaluate user credibility. This is similar to what we are trying to achieve, with the latest 2018 financial reports, Taobao has achieved more than 1,500 billion RMB in revenue.
Taobao’s business is still mainly on selling products. If we can ensure that the data within all of the Internet is protected, providing testimonies even Jack Ma cannot erase, how big do you think our market will be? We will leave it to your imagination.
As time is limited, this is just a sneak peek. If you would like to know more details, you can meet us at Hall W4. I hope to have more developers join us, and together we can open more opportunities in China. We will await you all at Hall W4 tomorrow, just beside Facebook.
Thank you everyone. See you again soon.