Author: Zhang Jing super
Editor's note / 'When the gold mining in the Sierra Nevada Mountains in California is popular, no one will go to the center of the valley to get fertile.” Talking about the hot blockchain industry, an Internet investor "China Business News" reporter said.
Even with authoritative media such as Xinhua News Agency, the Ministry of Industry and Information Technology and some industry insiders have repeatedly stressed that the blockchain is still in the early stage of development, but the myth of digital currency such as Bitcoin has made this emerging technology field still attract a large number of A player who dreams of wealth.
The "China Business News" reporter started with the blockchain industry and the current hot application scenarios, bringing special reports and in-depth analysis of the 'dao' and 'surgery' of the blockchain pursuers.
On the afternoon of July 23, a roadshow of a blockchain project was underway in the courtyard of Beijing No. 43. According to the organizer JRR (a major institution that hatches and invests in blockchain projects) Introduction, this is an activity within the 'circle'.
In PPT, all projects and companies are in English, the company is registered overseas, the founding team, and the executives are almost all foreigners. In addition, there are 4 special investment blockchain projects on site. Representatives of investment institutions, and more than a dozen blockchain media. However, most of these project leaders are Chinese.
It is reported that these projects are in the field of online music platforms, chips, mobile payments, etc.
After the road show ended, the reporters of China Business News asked the person in charge of the project who just won the full house applause: 'In the mainland China area, what are your competitors?' The answer is Tencent Music, Netease Cloud Music , Ali's shrimp music, in addition, there are MediaTek, WeChat payment, Alipay, UnionPay, Meituan, VISA...
Interestingly, when reporters questioned the landing of these projects, the people present did not answer directly, but asked: 'This is the activity of people in the blockchain, why are there traditional media involved?'
In the interview, the reporter found that this slightly mysterious 'inside circle' is essentially a 'conspiracy activity' that attracts the invaders.
Currency circle and chain ring
'This circle is a bit closed, and the few are common.' Zhang Wei said, 'The people of the currency circle often fly around in several cities at home and abroad. We often appear on the same flight. Even the seats are connected together. Most of the people present today are familiar with the faces.'
The currency circle mentioned by Zhang Wei is a large group in the blockchain industry, and the chain is followed.
'The chain and the currency circle are a kind of division in the early stage of the blockchain. The people in the chain are considered to be mainly researching technology and commercial development. The people in the currency circle are focusing on investment. ' Wang Xin, founder of a blockchain media This tells this reporter: 'The early money circle people were mostly investment companies and projects. Later, as the project landed, the number of digital currencies increased, and the currency circle and chain circle slowly mixed together.
One of the important reasons for mixing together is the close relationship between blockchain and digital currency.
From the scene of the road show, every company mentioned that it has already, or is ready to issue digital currency. In terms of the basic attributes of the blockchain, especially the characteristics of the hottest public chain (a form in the blockchain) In order for ordinary users to use the public chain designed by the developer and dig deep into the intrinsic value, it is necessary to give the user the corresponding incentives. These incentives are only delivered to the user in the form of tokens, so-called digital currency.
The value of the token also reflects the value of this blockchain network to some extent.
At present, there are already a series of attempts by companies such as Thunder in China. In May of this year, in an interview with Chen Lei, CEO of Thunder, the other party expressed the blueprint for establishing the ecology of the Thunder block: 'Need to build a Thunderbolt Blockchain closed-loop ecology, which must have enough, excellent upper blockchain applications.
In the blockchain ecology of Thunder, the chain is the token in the network, and the service of the upper application can be purchased.
'The richer the application scenario, the more categories, the smoother the token circulation, the higher the value of tokens and chains. If there are few or no circulation scenes, then the value of the token is zero, which is the air currency. Some people, Lu Wei (a pseudonym), expressed the value of the token.
At the road show on the same day, Zhang Peng, the head of the operation of a blockchain project consulting company, told reporters that tokens need to be circulated in a digestible scene (that is, they can be circulated and exchanged for certain services or items). The token and even the blockchain will have the support and endorsement of real assets. Even if it flows into the secondary market, it has a realistic value reference, which can avoid the bubble to a certain extent.
Story inside the circle
'But 90% of the existing blockchain projects can't land. So most of the digital currencies you see are air coins.' Zhang Peng said, 'This is the result we have observed in the past few years. There are many specific reasons, including user habits, commercial immature, mechanism design loopholes, regulatory policies, etc.
However, every project party on the site may have already issued currency, or is ready to carry out ICO (first currency issue), or is about to land on the digital currency exchange.
Scarlett Zhang, the head of the mobile payment project Bizkey, told this reporter that after completing the round A financing last year, there was no other financing and no further financing was planned. The company is seeking to land on the digital currency exchange.
Yu Jianing, director of the Industrial Economic Research Institute of the Ministry of Industry and Information Technology, said that the logic of the pass equity investment of the blockchain project is completely different from the traditional equity financing logic. Even if the blockchain project conducts equity financing, it will stop at the angel round or the A round.
Wang Xin and many other insiders explained to the reporter the 'login to the digital currency exchange': This is similar to the financing path of traditional Internet companies. Internet companies often need multiple rounds of financing before applying for an IPO. After completing up to two rounds of financing, the blockchain project company stopped the traditional financing method, and then launched an action similar to IPO. After ICO, obtained funds, investors obtained tokens, and then landed on the digital currency exchange, token circulation increased. And get a premium, ICO investors can take the opportunity to flee.
As a result, the two key steps of the ICO and the landing digital currency exchange became the blockchain project company, the 'IPO' in the eyes of investors.
However, under the constraints of various factors, a blockchain project from the proposal, to the mechanism design, network construction, ICO, and then to the digital currency exchange, need to win the recognition of investors, it is not easy.
'You can say that this kind of worry is superfluous. In fact, there is already a mature industrial chain. They are outside the circle of traditional enterprises and Internet companies, so you outsiders don’t know. ' A blockchain media fireball finance One author said.
Blockchain projects, blockchain media, communities, digital currency wallets, digital currency exchanges, this is the embryonic form of the so-called industrial chain.
The original founder, blockchain investor Chen Weixing, in an interview with this reporter, also confirmed the existence of this industry chain by introducing investment experience.
'I want to understand the role of the entire blockchain ecology before investing, such as the need to have exchanges, chips, market media, wallets, rating agencies, analysis of management data, and then go to the best in every link.' Chen Weixing said.
'Now the project, there are only a handful of projects that can be landed, and most of them are still in the United States. Therefore, if domestic projects want to obtain funds, they must cooperate with each ring in the future. The media and the community help to promote, and then find people. Write the ICO white paper, and then try to stuff the token into the wallet, and finally convince the exchange's review and evaluation staff. 'The above blockchain media author said, 'Talking about the ecological story is something that every blockchain project must do. Let people who believe in the future value of the blockchain or speculators save money. This is what the domestic industry chain often does.
After the road show ended, Zhang Peng revealed to the reporter the main purpose of the event: 'A lot of the projects on the spot have been invested by the on-site institutions, so this road show should be more for the media and the community. The story is told, so they want to be seen by the influential media and wallets in the circle. So when outsiders and an outside media appear on the scene, they will all be surprised that the readers are not in line with their positioning. , even will be excluded. '
ICO profiteering
In the summer of 2017, Xiao Jin (a pseudonym) graduated from college. In the eyes of classmates, he is already a person who won the starting line. When he graduated, he has earned about 200,000 yuan from his own efforts.
Xiaojin revealed to the reporter that 200,000 yuan was from the ICO white paper for the blockchain project, and the remuneration for each time was 20,000 to 30,000 yuan. From 2017 to 2018, the 9th generation of the labor service fee became Xiaojin's first bucket of gold.
'It’s very hard to write a white paper at first, because it’s too professional, it’s very boring, and it will draw on the white papers of other projects, because they are all similar. As for what is written inside, I don’t fully understand it, but there are generally routines, that is the model. Can't write too clear, but also a little bit to understand, but the technical details should be very professional. 'Xiao Jin said that there are many projects that repeat the currency, and published white papers many times.
In mid-2017, Li Xiaolai, who was hailed as “blockchain red” and “bitcoin richest man”, also said something similar. At that time, before the ICO was stopped by domestic regulators, it was accumulated by the APP platform. Li Xiaolai, a large number of community fans, has become a blockchain entrepreneurial star in public opinion through many times. However, every white paper published is obvious. Later, at ICO, Li Xiaolai said that he would not release a white paper. The reason is: ' Anyway, you I don't understand. '
'Now the industry is generally distorted. This is because the wealth effect is stimulating, not creating value. Most entrepreneurs may not even read Nakamoto's white paper, and their own white papers are not well written. I haven't read it well. I didn't think about how to develop in the future. I just want to get more money. ' Chen Weixing said.
Chen Weixing expressed his views on the current blockchain projects to the reporter: 'Now the entire market has a capital dividend, the wealth effect is obvious, and the bubble is up.'
Undoubtedly, starting from ICO and landing on the digital currency exchange, this is a good time to double the assets. An Ethereum early investor who asked not to be named introduced the process of wealth explosion to this reporter: 'I was in the United States at the beginning of 2014. I learned about the Ethereum project. At that time, ETH (Ethernet) was less than 10 yuan. Now it has risen to nearly 2,000. I have got more than 200 times. Income. '
'The real profit-makers of the blockchain were all entered before 2016. Now they have received more than 100 times, even 10,000 times return. They are often very low-key afterwards. But the rate of return they have obtained is very coveted. Zhang Peng said.
Chasing the 'adventure game'
Compared with the blockchain projects that have matured and are well-known in the industry, such as Ethereum, Ruibo, EOS, etc., there is no blockchain application and platform in China.
However, the enthusiasm of the capital market has not been reduced. From the end of 2017, the blockchain concept stocks that have soared in the global stock market, to the blockchain conferences everywhere, decentralized, the vision of building a trust mechanism is that many practitioners are hanging on The creed of the mouth.
Our reporter noticed that in addition to the roadshows on July 23, similar activities were held almost every day in major first- and second-tier cities across the country. When checking the background of the company, the registration sites, servers, and executives are often indicated. The team is overseas.
Scarlett Zhang said to the reporter that the project was launched: 'Our business core is mainland China, and now it is built around overseas markets.'
The reporter questioned the contradictions. She explained: 'The domestic policy environment is more stringent, so we will choose to expand our business overseas, wait and see, and come back once mature.'
As for how to verify the reliability of the project, the digital currency exchange fire currency introduced to the reporter a set of evaluation models called smartchain blockchain assets. Team credibility, technological advancement, market activity, project management and Strategic positioning is the main category of fire coins.
According to the fire money, the blockchain asset corresponding projects are mostly in the early stage, and the project operation generates risks. Due to high liquidity, rapid price changes, large volatility, it is easy to be risked by excessive speculation. In addition, the anonymity of the transaction may involve The risk of money laundering, the world is generally lacking a relatively complete regulatory system.
'At present, most of the currency projects do not actually use the blockchain technology in essence, but only under the banner of the blockchain, they have obtained valuations that are completely inconsistent with the actual value. Some projects have so-called innovations that do not go with The integration of the real economy, away from the needs of the real economy, is entirely speculative or even fraudulent. 'Sunshine Seven Star Investment Group Chairman and CEO Wu Zheng recently expressed his views on the industry's heat in an interview with this reporter, 'Zone The meaning of techniques such as blockchain and AI is empowerment, not subversion.