According to market statistics, blockchain technology is the most widely used in the financial industry. The number of companies related to the blockchain is also increasing, but the level of activity is still not as good as abroad, and North America, especially the United States, accounts for half of the country. In 2013, because the price of bitcoin soared, the blockchain instantly caught people's attention, so what is the current status of the blockchain market?
Blockchain has been pushed one after another in the past few months. Some people have analyzed the development of the blockchain economy to this day. There are two main forces to promote: one is the chain of power represented by various industry giants and startup companies, and promotes the blockchain in various fields such as finance, supply chain and medical care. Commercialization is applied; and the other is the power of the currency represented by the community, which has made a lot of contributions at the bottom of the blockchain and various applications.
On January 9th, Xu Xiaoping, the founder of Zhenge Fund, strongly encouraged the invested companies to embrace the blockchain revolution and learn the blockchain technology, and stressed that the blockchain revolution has indeed come.
So, what is the real industry status of the blockchain development to date? As the first venture capital institution in China that focuses on investing in blockchain technology-related enterprises, and has invested in the distributed capital of more than 40 related companies, what practical experience has it gained? What is the future direction of the blockchain? This article comes from Lei Feng. Reprinted source: catcher.
I want to provide another perspective on the blockchain from the perspective of investors. For start-ups, there is always a constant exposure to investors in the later stages of development.
First of all, let's look at the attention of the blockchain in the whole society. This is a perspective that we often consider when we choose the field. The blockchain field has received widespread attention from the public. According to the Google keyword search frequency map, the blockchain heat has risen bit by bit since 2014. There was an outbreak in 2015, and there was a fever in 2016. Improvement.
Related to the public's attention, we can see that in terms of investment, this is the status of the global blockchain investment that we have seen so far. There are several data that you can feel.
First, the number of blockchain companies. From 2012 to early 2017, the known growth rate averaged 65%. From global start-ups that have received financing, nearly 500 start-ups have received varying amounts of financing in May 2017.
Secondly, from the characteristics of the performance of financing amount, at the earliest in 2012, some investment institutions invested 2 million in some blockchain enterprises. By 2016, the investment amount was already 1.8 billion, and the average growth rate exceeded 500%. .
Third, from the perspective of the field, in general we can see that blockchain technology is the most widely used in the financial industry, most of which are foreign companies, and Chinese start-up companies.
Fourth, geographically, North America, especially the United States, accounts for half of the country, and the United Kingdom also has a proportion. In general, foreign blockchain companies are more active.
Fifth, from the perspective of investment institutions, in 2015, some international organizations, such as Goldman Sachs, will also look at and invest in this field. There are nearly 200 investment institutions with statistics. Of course, these 200 refer to institutions with a certain scale, and small ones are not included.
From the trend of new technology development and the basic rules of attracting investors, the current investment blockchain is at the right time. Any new technology will be divided into several stages, and it will receive a very high level of attention after it was born. Everyone expects it very high and exceeds its limit. Then there will be a downward trend, and it will continue to disappoint everyone. The enterprise; then the industry returns to rationality; in the end some companies with solid practical foundations will get up and reach a scale until they thrive.
The blockchain is also like this. For example, in 2013, the price of bitcoin soared, which caused a lot of people's attention. Many large organizations began to ponder what happened to the blockchain. Everyone understands that the underlying technology of Bitcoin does have some qualities and can be applied elsewhere.
This highly concerned immediately ushered in an expected expansion period, and in 2015 there were some landmark events, such as DAH, R3, and openledger. In addition to these large organizations, there are various institutions that understand the blockchain from their respective perspectives. So 2015 is a stage where POCs are flying all over the sky.
As time goes by, everyone will soon find that a large number of experiments are still in the POC stage, far from the real landing application. So by 2016, it entered a period of disillusionment. Startups that lack core competencies are either diverting or failing.
At the current stage, 2017 is the enlightenment recovery period. The company with a solid application foundation ran out, and the experimental project entered the trial operation stage. The surviving startups developed products that meet actual needs. From now on to after, it should be a stage of climbing and entering the stage of production stabilization. From the perspective of investment, when investing in a new field, it is often a big note at this stage.
Second, the blockchain is a large-scale collaboration toolNext I want to share, why can the blockchain be applied to a lot of fields? In fact, we still have to understand from the perspective of the nature and characteristics of the blockchain.
The definition of blockchain is very large, which is a common feature of new technologies at this stage. For example, we often say that blockchain technology builds the next generation of value Internet, or blockchain technology is a way of trusting intermediary, collectively maintaining a reliable database technology solution, which is the understanding of blockchain technology. .
I personally agree with another statement that the blockchain is a large-scale collaboration tool. This statement is only a result of the blockchain technology, and has not yet dug up the essence of the blockchain. I have to push down, why is it a tool that allows large-scale enterprises to collaborate, why can't other technologies do this before? Digging ahead, you realize that the essence of the blockchain is to provide an unprecedented accounting technique or database.
That is to say, when we book, we can ensure that what we have recorded is an objective fact recognized by all parties concerned. The meaning is that we take the paper and take notes of this account. When each account is recorded, everyone can check it. After the real and all-party-recognized information is recorded on the chain, no one can change it without any agreement. It is because these two features construct the value of the blockchain. So this is one of its essence.
If this is the essence, you can think about how much in the real world will be related to this, how many economic activities or economic activities will require such technology. Large to the operating system database, as small as real estate registration, all kinds of registration systems actually need this.
So in this sense, it will have a very big impact on a lot of industries, but we are still in the process of experimenting, and we have not really perfected every good application.
Third, the value and potential risks of ICONext, let me talk about the value of ICO. ICO's financing method is conducive to the development of blockchain technology itself, because ICO is only good in the blockchain field, and any other field is the traditional VC approach.
The ICO of the blockchain project was the first time an open source community project designed an incentive mechanism for open source developers. With this, many open source projects can be open source, and developers participating in the project can get a real business. This incentive mechanism is very large. Previous open source projects may also have incentives, but external incentives, only ICO provides endogenous incentives.
Some statistics show that the traditional investment in the blockchain in 2016 was 496 million, and the ICO reached 236 million, accounting for half of the traditional VC investment. I think that in the future blockchain field, ICO will keep pace with traditional VCs.
Of course, ICO has developed to this day because of the short history, from the design project, there are still many imperfections. There are five main potential risks.
First, the risk of carrying money and absconding, the assets raised are lack of auditing and custody. Now a standard ICO is like this. Send a white paper, let's take a look, and then it will end. There are still many potential rules. For example, there are a lot of situations in the past few years. There is an ICO project coming out. Everyone invested in it and disappeared after the game. So far this state. Therefore, there is still the risk that the project proponent will abscond with the money.
Second, the risk of excessive commitment. The traditional IPO is what the company has to do. I will sell it again, and everyone can see it clearly. ICO is a few pages of paper I wrote, saying what I am going to do and what I want to achieve, and then everyone will give me the money. In the end, can you really achieve the question mark?
Third, there is a risk of overvaluation. There is currently no very detailed or convincing pricing mechanism. More is the project sponsor, based on the needs of project development or their own understanding to generate a pricing, there may be a problem of so-called phased investment.
Fourth, investors are too optimistic. What investors may see more is the space for future ICO projects, but in fact, in the long run, there is no possibility of sustained profit.
Fifth, the risk of management and control of the project makes it difficult for investors to control the project. After the completion of this project, there is often a certain development cycle followed by how the project will be developed and how it will advance. Few ICO projects can list very clear future development plans. This means that what investors can do after they have invested in the money is actually uncontrollable.
So this is the current status of ICO and the risks. Of course, we will not negate the development potential of this financing model because of these shortcomings. It is precisely because there are so many deficiencies now, so the future ICO ecology needs to be improved in many aspects, and the corresponding institutions should also emerge to make the ICO more Transparent and controllable.
Then, I want to talk about how to find a good blockchain application scenario. We often hear the lack of killer applications in the blockchain, and it is still the case today, so what kind of scenes would be better?
Still returning to the understanding of the nature of the blockchain technology, if it is understood to be a technology with two major characteristics, then finding a scene that can bring these two features to the extreme is a good scene.
According to this logic, we can come up with a few basic principles.
First, a good blockchain technology application scenario will involve multiple trust entities. Everyone needs to trust the intermediary to cooperate.
Second, there must be a strong cooperative relationship between the subjects. This is a business need.
Third, in terms of the current development level of blockchain technology, it is still a medium-low frequency transaction, how to meet this transaction demand.
Fourth, the business model must be complete, or the business model should be supported.
Fourth, investment logicThere is another question from the perspective of investors, which is what kind of company will be invested. It seems that all investments are considered from these aspects, team, technology, direction, etc.
Technological innovation: Is it an innovative technology that poses a barrier to potential competitors?
Team execution ability: Whether the team as a whole has complete capabilities in technology, business, management, etc., and how to execute.
Business model feasibility: Whether there is a product that meets a specific market, whether the customer demand exists.
Among them, I want to emphasize that when we look at the project, in addition to looking at the technology itself, we will also look at the team's capabilities, as well as some of the team's previous business experience.
Applications in the blockchain domain can be broadly divided into two broad categories:
One is to use blockchain technology to solve some problems that have been solved by other technologies today. Among them, blockchain technology can better reduce costs or improve efficiency. There is also a class that can solve the previous technology without using blockchain. solved problem.
In general, they can be divided into two categories. Of course, the latter is more explosive, but the latter is not so much. Therefore, we often see that the technology of many blockchains is mainly to solve the problems that can be solved, but to solve them with higher efficiency.
In these areas, there are often strong vested interests. The nature of blockchain technology itself makes it often move a lot of cakes, such as the vested interests of traditional financial sectors, when you encounter great resistance. So you have to have the industry resources and product resources of the relevant products.
This is also the reason why the blockchain project has been reduced. Because this technology solves the existing problems more. If it is a technical team, there is no corresponding scene, industry resources, it is very hard.
Finally, I dare to talk about the outlook. The reason why I dare to argue is that the development of blockchain technology is still at a very early stage. The direction of the talks is wrong, but based on what we have been exposed to in this industry for the past two years. Enterprises and their own thinking, we believe that the real killer application of blockchain technology in the future will be a "+ blockchain" that incorporates various new technologies.
The "blockchain +" mentioned earlier is just like "Internet +". It is blockchain + big data, blockchain + artificial intelligence. This idea is the blockchain is the foundation, plus other technologies. But I think the future killer business, industry and scenario should be reversed, various technologies + blockchain.
This is back to the essence of the blockchain. Now there are a lot of vague and inaccurate concepts in the blockchain. The blockchain stuff is a bit too weak or too broad. We must hand over the blockchain to the blockchain, and not the blockchain can't count on the blockchain. Don't exaggerate it, exaggerate it will harm it, and finally mislead the understanding of the blockchain.
Let me talk about the relationship between blockchain and artificial intelligence, the Internet of Things, big data, and cloud computing. These new technologies have escaped from the bottom.
The future of the Internet of Things is the Internet of Everything, which means that the good data on this Internet is massive data, interactive data of machines. Based on these interaction data, the machine will move. There may be errors in data logging, or the risk of being tampered with after memorizing. I don't think anyone would dare to use it in depth, and other technologies are similar. We use blockchain technology as a reliable, non-tamperable underlying layer on which to build higher-level applications. I feel that moving towards this piece may be able to impact the future.
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