In these two days, there were rumors that Xiaomi would enter the blockchain field. The cause was the recruitment information of a senior engineer of the Xiaomi blockchain on the hook. The Internet also exposed the Xiaomi blockchain game product 'Encrypted Rabbit'. link. At this point in the upcoming IPO, I do not think that Xiaomi will be involved in sensitive businesses such as blockchain and ICO. After all, Xiaomi has already been a giant in the blockchain field. From the perspective of the actual controller, Lei Jun’s control of Thunder was no less than Cai Wensheng’s control of the US chain. However, we can clearly see that the criticism of the Thunder blockchain has not followed the capital structure up to Xiaomi and Lei Jun. Lei Jun's layout of the blockchain can even be traced back to 2013, that is, 5 years ago... At that time, the term blockchain was not even a hot word in the currency circle. Thunder Thunder, Lei Jun Lei If you still don't have an intuitive understanding of 'Thunder and Thunder,' then you can just exit the coin circle. After all, you and the real world time difference is about 2 years. As early as 2015, according to Xunlei's financial report, Xiaomi became the largest shareholder of Thunder. In that year, Thunder sold a continuous loss of Thunder and looked at the business. The remaining equity structure of Thunder is as follows: Xiaomi holds 93,653,572 shares, accounting for 27.95% of the shares; Morningside Venture Capital holds 37,787,909 shares, accounting for 11.28% of the shares; Kingsoft held 37,500,000 shares, accounting for 11.19% of the shares ( Xiaomi's CEO Lei Jun held a total of 39.14% of Thunder by Xiaomi and Jinshan); The Thunder CEO Zou Shenglong holds 32,814,606 shares, accounting for 9.79% of the shares. At the end of 2017, Xun Shenglong, chairman of Xunleiyuan, resigned from office, and Xiaomi took over as Wang Chuan. Xiaomi fully took over the Xunlei board of directors. In other words, Thunder is not quite like an independent listed company. It is more like a millet company on Nasdaq. But Thunder has become Xiaomi's 'block chain shell' and it is probably an accident. After all, The concept of blockchain has not yet emerged when Thunderbolt’s four-year-old civet cat-husband began. In 2013, in addition to the launch of Xiaomi Mobile 3, Xiaomi also released a millet box, Xiaomi TV, and the millet router released the following year officially entered the R&D cycle. From this year, Xiaomi officially provided Internet services to a pure hardware company. Business transformation. This should also be a semi-internet company that is unwilling to be a hardware vendor, and for the first time realized the importance of its own cloud service to its business. In the Internet world, almost all giant companies will not use the foundation of others. cloud service. Ali's Ali cloud, Tencent's Tencent cloud, Baidu's Baidu cloud will not say. Among the top tier giants, US group, Grand, LeTV, 360 and other companies also have their own private cloud services. And millet that does not stand in line naturally cannot choose to attach to a home based cloud service. Therefore, in the initial cooperation between Xiaomi and Xunlei, we can see that Xiaomi actually invests Thunder as a cloud service provider. In March 2014, Xiaomi accepted the following from the draft of Xunlei Investment: Xiaomi invests nearly 200 million U.S. dollars in Thunder and is authorized by Thundercloud's accelerated business. It is fully integrated into Xiaomi's mobile phones, TVs and boxes. Why millet invest in Thunder? In fact, it is not difficult to understand. Although Xiaomi’s main product has always been hardware, whether it is a mobile phone, a box or a TV, Xiaomi’s positioning to himself was an Internet company all the time, so Xiaomi has been building Its own Internet ecosystem. Thunder in the video content, download acceleration, the advantages of the user's scale, are a good complement to Xiaomi. Only this cloud service provider has some specialities. When Xiaomi invests in Thunder, Thunder's to B cloud service has not yet started. In the eyes of the public, Thunder is still a complete download company for C. But Xiaomi's investment ideas are also Determined the business direction of Thunder in the coming years. It can be said that since the development of Thunder, to a large extent, Xiaomi has become a proprietary cloud service. Lei Jun's civet cats exchange Prince Edward As a company with more than 100 million mobile phones, PCs and mobile phones, Thunder will be like a dead chicken for four full years from 2013 to 2017. Thunder did not do VR after listing in 2014. There was no television, no mobile phone, no line, no artificial intelligence, no shared economy, no sports car, and every chance to manage market value. 
Until Thunder released Thundercloud in 2017, Chen Lei became the new CEO. Thunder's share price ushered in the first and only large-scale rise since its listing. In July 2017, before the news was officially announced, there were employees inside Xunlei asked Chen Lei whether they should buy some of their own company's stocks in advance. However, Chen Lei said: 'Don't forget it, I don't know how the outside world will read it.' In fact, Chen Lei was worried that the outside world should interpret it as 'Lei Jun's full control of Thunder. However, until December 2017, Thunder Big Data (Xunlei) issued an announcement accusing Chen Lei of using his position to engage in fraudulent activities. Up to 4 years, the activity of 'civet cat changing Prince' has gradually surfaced. Back in 2014, after Thunder was listed, the only new story that was told was playing Keyun (Crystal Project, Make Money), and Lei Jun’s civet and cat-for-princes would also have to go back from playing with this product line. If you exclude the part of the "blockchain" hotspot in the cloud, the essence of playing cloud is distributed CDN - that is, through the user to share idle bandwidth to provide webpage acceleration service to the site owner, after receiving money from the site owner. Reassign to users. In Thunder's product history, this technology was initially carried on a Thunderbolt route that is not mentioned in any official history of Thunder today. In Thunder Encyclopedia entry, it can be seen that Thunder Router is an intelligent router launched by Shenzhen Thunder Network Technology Co., Ltd. The product was tested in March 2014 and was launched in 2014. Its main rival is the polar route. Millet routers and other Internet companies launched smart routers, which are mainly for the home market. The biggest feature of Thunder Router is that it can 'dig crystal' and is known as the industry's first 'make money' router. However, in Thunder's official product page and network technology's history page, it is the Crystal Project's A product, the initial time of the crystal plan is also the end of 2014. Why is this product frozen?
On the one hand, Thunder Routing is not really a good product, and the user experience is poor. On the other hand, it may also be because Thunder Routing is the only hardware product in the entire Crystal Project that is not introduced by Netcore Technology. Those who are familiar with playing cloud or Thunder know that the main character of the civet cat changing Prince has finally appeared, that is, network technology. Netcore Technology was established in September 2013. This is a very sensitive time point - Three months later, Xiaomi's routers were released. At the same time, Thunder was appointed as COO Huang Yufu and accepted Xiaomi Investment. Five months later, Xiaomi officially invested in the Thunder E round; After 7 months, Thunder listed on Nasdaq. It can be said that from the beginning of the establishment of the network, the parent company's C-side product has not undergone any major changes. Also because of the reasons for listing, began to clean up a large amount of pornography, politics, copyright sensitive information, resulting in a sharp decline in word-of-mouth. 
From the beginning of the listing, the unprofessional business of Xunlei's parent company (Shenzhen Xunlei Network Technology Co., Ltd.) is in stark contrast to the development of Netcore Technology (Shenzhen Wangxin Technology Co., Ltd.). In April 2015, a generation of Qianbaobao was released; In June 2015, Starbucks-based CDNs went online to the B-side; In November 2015, Make Money Po was released and mass produced; In April 2016, Star CDN launched a live CDN; In May, Star CDN lowered the price of video CDN; In August, Qianbao users exceeded 4 million; In December, Netcore Technology's CEO and Thunder's co-CEO Chen Lei won '2016 Internet Man of the Year.' The corresponding Thunder personnel changes are as follows: On January 6, 2014, CTO Li Jinbo left before the Thunder; On January 10, 2014, Fang Shien, Vice President of Thunder Games, left the company. On October 20, 2014, Chen Lei, the CEO of Xunlei, was introduced as Thunder CTO by Lei Jun and concurrently served as CEO of Netcore Technology; In May 2015, Duan Hui, founding employee of Xunxin (director of Xunlei), left; In November 2015, Li Bin, vice president of Thunder, left the company. On January 27, 2016, Thunder co-founder Cheng Hao left. By the beginning of 2017, except for the equity relationship, it is difficult to say that Netcore Technology is a subsidiary of Thunder, because both the business and key positions have replaced the original Thunder. In fact, as early as Chen Lei officially became the CEO of Thunder, various media should have discovered that the interface between their own reporters and Thunder was transferred to Dong Xin, the vice president of marketing of Wang Xin Technology. This Ms. Dong Wei was at the end of 2017 Thunder. In tears with Thunder Big Data, he jumped out to represent Thunder and eventually won the 'Outstanding Contribution Bonus'. The Thunder big data and the thunder of Thunder can be seen as an episode of this long-distance running type. After accepting Xiaomi's investment, the Thunder's founding team gradually left and most of them chose a company better than Thunder or a startup. , Almost all accepted the investment of Thunder founder Cheng Hao or Zou Shenglong. At this stage, Thunder's corporate business has also undergone a major transformation from a to C company to a B company. 
According to the 2017Q3 financial report of Thunder, thanks to 'Playing the Cloud,' other Internet value-added services including cloud computing revenue reached US$20.8 million, an increase of 32.4% from the previous quarter. Looking at cloud computing revenue alone, it rose by 104%.
Thunder's main business direction has been transformed from 'members, games, online advertising' written in the IPO prospectus in 2014 to the 'shared computing' of the core network technology. It can be seen that Chen Lei has become the CEO of Thunder and is the last step in the network's replacement of Thunder. At this point, Thunder's original business and management team have either passed or left. 2013 is the first year of China's move towards the mobile Internet, and it is also the first year for China to begin to tighten its Internet content policy. Before this year, you could easily watch pirated music on the Internet and pirate music. In that year, you started your own business. 10 years of Thunder began to feel its own external crisis, the founders began to seek cash out of the opportunity to leave. In this process, Xiaomi became one of the interested buyers. However, as a company that has been established for 10 years, Xunlei will not be able to return to the business (which will be subject to restrictions in the future). In order to avoid a transition to a transitional mode, Xiaomi and Thunder executives plan together. A 4-year transformation plan. The blockchain is the only surprise in this transformation plan. How to properly skim the blockchain hotspot Thunder Big Data Inc. is right that Thunder's game cloud could have nothing to do with the blockchain. Even today, we can't be sure whether playing cloud cloud really uses blockchain technology. Because the distributed CDN itself was modified from Thunder's original P2SP, it will be close to mature technology in 2013. Blockchain verification, traceability, and consensus are among the features of the almost completely closed P2P intranet. It doesn't make sense either. The only promotion benefit of blockchain to Thundercloud is that when it used to make money, it directly sent money. Most users do not care about the revenue of a dozen or so blocks for a week, and they have never formed a sensational effect. The value may not be more than a dozen dollars a week, but there are many people under the superstition of the blockchain. Aside from the value of playing the cloud, the hardware itself is a very 'conscience' product. The 499 yuan is a family cloud storage that can hold 12TB storage disks, and the same level of group price is 1,000 yuan. Above. And playing the cloud built-in download function automatically brings a lifetime acceleration function, equivalent to not spend more than 100 yuan each year to purchase Thunder VIP service. 
The most crucial one that people do not know is that in the Thunder client's real-life "for copyright reasons" 'for policy reasons' can not download the resources, playing in the cloud can be unimpeded download. However, the reality is that due to the frenzied influx of speculators, few ordinary users have experienced Thunder's 'good intentions' - because they can't buy a player cloud at all, and they can buy it at twice the price. , Who will take the next piece? For All in distributed cloud computing, Thunder or Xiaomi, the status quo of the current chain may not be the result they originally wanted. It even said that the hot spots on the blockchain made Xiaomi previously four years in Thunder. The layout is in crisis. The blockchain has two negative effects on the Thunder business. One is the sharp fluctuation of the currency value, and the other is the idleness of the guest cloud hardware. Whether it's playing a cloud or making money, it is essentially an asset securitization of idle bandwidth. It uses the inevitable time and geographical imbalance in the cloud computing market to make money. For example, in the double 11 and the Spring Festival Evening, the traffic is less than Request, use the blockchain, Thunder's CDN service can quickly and immediately increase prices. In the night and other periods of excess supply, Thunder's CDN service can also fluctuate in price. However, with the participation of speculators, the fluctuations of Linke will no longer be linked to the supply and demand of computing power of the entire network. If a company wants to purchase cloud services through Linkage, it must bear the opportunity cost of the daily roller coaster ride. This is the same reason that the BTC gradually withdrew from the payment market in the past two years. The sharp fluctuations in currency values and the high fees and charges make it impossible for consumers to use Bitcoin as a consumer currency that they have been holding. Because you may be able to buy a BTC today. Villa, tomorrow you can only buy a toilet. Thunder aware of this point is constantly raising the bar on OTC trading, but playing cloud hardware itself has become a metaphysical investment product. It is said that currently, in the second-hand market playing Kuyun (hardware), the highest price is the unopened version of Jingdong, while Taobao is slightly cheaper. Once the price is opened, the price must be reduced, just like digital currency (hardware ) Become a wenwan antique to buy. 
This will lead to a large number of players (hardware) that cannot always access the network and cannot become part of the Thunder CDN. This is obviously not the original purpose of investing in Thunder for the upcoming, good cash flow of Xiaomi. From the Thunder's official application scenario (but not yet on the line), the main consumption prospects for the future of the company are to purchase network acceleration services, purchase cloud storage services (cloud disks), and share content services. Basically, these services are former Thunder members. Content that was included in the system, so the difficulty of landing on the application is much smaller than that of other blockchain entrepreneurs. However, as long as the above two problems are not resolved, Thunder will never be able to link its actual business with Link. If Xiaomi personally ends up playing blockchain, the logic behind this may be: Xiaomi believes that the failure of Thunder in the combination of blockchain and cloud services has become irreversible. To compensate for the loss of cloud services, only Can thoroughly push back. This is the biggest advantage of playing Keyun (chain g).
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