Panel Discussion: IoT, AI and Blockchain - Qiang Bai, Steven Dong, Allan Zhang, Qi Zhou | SVIEF
12:14AM Sep 30, 2018
Now, ladies and gentlemen, let's kick off the panel discussion on the topic of IoT, AI and blockchain. Let's welcome our moderator Qiang Bai co founder and executive director of sports value foundation. Welcome, and our panelists. Today's are Allan Zhang, founder of DxChain, Stephen D, founder and CEO of EtainPower, and Qi Zhou, founder and CEO of QuarkChain. Ladies and gentlemen, let's give the gentleman a big round of applause.
Have a great panel.
Hello, everyone. Think most of the audience here are Chinese. But anyway, let's conductors is English
My name is Qiang Bai. Bai Qiang right now I am actually learning sports channel for smalls. We're all chair. So it's quite strange for me to moderate this session. But in my previous industry experience, I started an internet company I started RF ID company and I also was a leader Oh, I fly tight taking it right. I could I couldn't pay to go IPO in 208. So I
basically know older technology staff
so Today let's talk about IoT AI and the blockchain first let's give a short introduction to who you are and what your project is
Hi everyone my name is Allan Zhang. We are working on productive call that DxChain the meal data x means the cross Amit change blockchain, what we do is we extend the blockchain lead a the count work with the big data and also the computing over big data. So we are
blockchain the library itself larger big data and the Big Data computing. So that's what he does.
Good afternoon, everyone. It's honor to be here with so many pioneers and leaders. My name is Steven Dong. I'm the CEO and founder of EtainPower. We are young tech startup based in the valley and we are building a blockchain based renewable energy trading platform powered by AI will aim to revolutionize the monopoly of current energy market.
Hello, everyone. My name is Qi Zhou. I'm in a founder and CEO of QuarkChain. So
quarkchain basically aims to adjust the key priority in the blockchain, which is the blockchain scalability problem. So
we are a group of engineers from Google and Facebook and
our technology inspired by a lot of mature technology that has been well demonstrate the scalability in decentralized world and we utilize these technologies in the blockchain and try to scale it dramatically. And currently, we just launched our test net on July the seventh which is about to deliver more than 14,000 transactions per second
and let me ask you Linda deal first time I hear about blockchain and the political
it's a couple years ago you know blockchain in the 2013 I think that the year we started talking block about Bitcoin tree when we have long shot dinner yes a fancy guys were that we are doing security for for living, right so let me just pay the sheer the the payment that we use the value of the blockchain to doing
the payment to others you know that that's the first time I heard of blockchain my main research star from actually like a year ago where we urge to 2017 we just put a lot of time researching blockchain already yeah my personal and you'll find that we have a dedicated full time guy is
doing the research on investment the blockchain so that's why just how how do we start
button will cook question when you heard about this will you you're interested when you're attracted by the technology oh well you're attracted by I say oh by the bitcoins lies on the
Ico is a new word I first heard is a I think our bodies from agitating there I just lost a year in the February or March there's a couple pioneers they come to the wily the fundamental how a Starbucks they give me like a two hours three hours tutorial, they told me Alan Why do we I appeal. So is Ico world in late we how we doing Ico I think that that's like a pretty much the first time I heard it so
for myself I heard a new word and you think I I started digging into walls hi fi or that means you know what's token why Bitcoin I knows but for the ERC. 20 that's a new word to me, you know, just token live the economics that's brand new. So pretty much I spent like two or three months every week I interacted with my investor manager for from the blockchain area now so start to you adding all these technologies you know. Yeah,
but then same question. So Steven, what did you hear about this?
I think I hear about Bitcoin almost 60 years ago in 2012
when I was in the MBA program you know what i was reading the Wall Street Journal news about you know, talking about Bitcoin the price of bitcoin is more than one ounce of gold so I was surprised I started you know, to learn what is Bitcoin and at that time I didn't realize you know the amazing technology underlying the the cryptocurrency so about two years later you know I started to notice you know the technology has caught blockchain
so actually my first time to hear the bitcoins poverty the pizza
because somebody spend right now roughly public 1.2 billion US dollars to buy a pizza and at that time see what it was a joke because Bitcoin because I worked on computer science for a long time though oh looks that doesn't really work or just like I can just arbitrarily copy the ledger and create new coins But later I for example I
started his career it's consensus of in there's a lot of amazing things inside like besides consensus but also a one amazing thing is token economies and also how amazing this tokens can be can be quickly liquidise any properties for whether I seal and the other things so quickly completed change a lot of economists in the world
well then three or we'll all your help started as his early die myself because up until last December. I have never really liberalize the zero something called Ico even if you charge like humans he and I are on the retired but he posted a soul money of retail postings so I just you know productive seen his WeChat posted and never realized that there was something called Ico but we were doing sports company the name is Dawn bad, you spar hate the company is East Tremlett femurs in China, but we are struggling to fund the business model until last December some people introduce the beat Kong Ico all these things to me, I realized that they are they are can be the business model for sports industry. So to me, what really attracted me is it can just make more investment it can be a new way to attract investment for sports industry.
But back to the technology. So Alan you are doing this data all these things stories and the people early the speakers they were talking about AI and AI needs a lot of data but why blockchain and AI on the topical data
find them and we got a good question no so it just um we are in our data world our tree so
we generate data every day you're browsing the internet and the you searching you how the NASA camera at home We know you're you're shopping on Amazon everything is about the data your privacy So do you have your data to your soil data now is the Facebook is to build a really powerful empire Google is there a technical area no one competed cannot cannot pw them on Amazon the data the builder the all the behavior the base the shopping shopping shopping algorithm a tree so
we didn't benefit anything we are the owner of the data we I mean you you know myself I have my Nast the cash all the way to data in the in the Google Cloud. They didn't they charged me every month idea I didn't get any Penny so
but that's wrong. When I first I think in the past 10 years know why I think I like you. I think I'm right that's the they are they are giants. They have the power I have the cable that data to them but not in the future. When blockchain meet big data that means we will gain control we are the owner our data if go going in the future I will catch from my all radio data my shopping the surging data in the cloud in the climbing the decline in our Google Cloud is a production
What is your solution
the solution is
the solution we want everyone can control your data your data will cash the in the direction of network is distributed network you will have your vehicle wallet you are the owner with audio k no one can decrypt your data so anyone wanting you the data you what they want to know what kinds thing you shop in the pasta three months they need to pay you how they pay your we have in the blockchain we have a technology called a smart contract it's easy i doing a very the smart contract and anyone want my data I need to remove my name remote my phone number remove my address then I tell you I I mean California a guy you imply that the fallacy I showed him this you give me 1000 tx TL dr
essentially you are building your unclothed in the decentralized of it is that yes
we let everyone have your data in dxchain distributed network you own your data now give anyone not air region the audio data build an empire before the positive 20 years now you get it in a controlled anyone talk to your day that the pay you know i shopping
I think you're very angry about by do all these are manipulating a benefiting from our data right understand is that part yeah but what I cannot understand this whole you are doing the solution decentralized
okay see the architecture in the direction we have three chance to work together we count we have one Master Chen is a catch all the ladder pretty much like a Bitcoin either room we have affectionate chain called Data Li Chen is a kind of if you have to be a BitTorrent you the other PTV technology is you know you understand that part so all your data cache the entire blockchains that distributed file system anyway cheer cheer at desks share battery that they will be awarded by dx so we have the third option is computing site chin which enable the the
when we have huge data network then you have used the computing power doing the radio ranking comments or that 13 then you have build a decentralized the search didn't try that Google differential Netflix decentralized the almond or or things like that yeah that's how it's all
also money you know relatively be the slogans in Prague him work but I try to understand so
essentially you are trying to do what Skype was doing in the past right you're the data is being stored for example in Stevens computer your computer all the things Am I right in saying that are you going to have a centralized crawler installing all the user's data
now it's this off the the main theme
the computer his computer my computer we can all be part of your whole crawl and bad right in saying that
okay it's a it's a decentralized data solutions you know anyone have an interference anyone have the dropbox anyone has the Google Cloud so then you can catch the data from your computer to the chain the chain is stored data decentralized the total at the center the everywhere so when you want the Caribbean data you have your wallet when you have your Bitcoin wallet you know either rewarding at the Ashmolean the UK using to decrypt the data that you mathematically week, we can protect the know why in the world. We've already Okay, they cannot have your data. That's the solution. But
we can talk about it later. Steven think what you do is a candle application of blockchain AI in a particular field. Am I right in saying that a
part of part of it. That's right. And we are, you know,
focusing on launching the blockchain application the renewable energy space because as you all know, right now, the energy markets is very traditional. And it's controlled by a lot of, you know, energy giants monopolies. So, you know,
our mission is to revolutionize the monopoly of those energy giants and accelerating the global development of green energy worldwide and, you know, to
make every consumers and investors become part of the greater area era to you know, accelerating the you know, the green green word
Did you have a background in this this particular business DOMA?
Yeah, yes. So, I've been doing, you know, the energy investment development operation for the past five years. And before that I was a serial entrepreneur doing different kinds of ventures but what I folks energy space very much and recently, I shift my folks to, you know, the smart Smart Energy Management, you know, we use big data machine learning to to build a much more like AI smart re utilized in those micro grids projects, because I think the future advantages, definitely renewable energy, but we we are lacking of, you know,
people to accelerating the process, I think, I think the major, the major problem facing those renewable energy projects is, you know, some good projects, a lack of financing needs, and fewer people are able to participate because it's pretty much controlled by, you know, large institutional investors and some high net worth individuals, but a, like ordinary consume energy consumers and investors, they want to make a contribution to this field, but they the barriers is pretty high. And I think that's why we establish eaten power, you know, to solve this barrier, because blockchain is it's all about, you know, peer to peer and it's a it's all about distributed and it's about you know, every everybody can participate. Are you
building a public chain flow and the Judo man or is it some some channel or some type based on some other network
we are we are building a publishing in the near future and right now because we we've been in the renewable energy space for many years, we have secure a lot of energy projects. So we are doing a test net Ethereum as right now and in the near future we're building a public chain because if the rim cannot hope the scalability and you know the gas
usually token based on ERC 20 based on sorry that's correct you are talking publicly traded or not
what while I forgot to ask you have you token right
dx a the public trillion and again, and I'm
sure you'll have your token, but
yes, we do.
Is it publicly traded
is public or treating a monkey in Iowa and a con consumer.
same question to you. Yeah, these guys that's trying to soul uma opinion. But a big question big problems us a horror. And what you are doing seems to me is very interesting that is people want to use blockchain. But blockchain has this problem. It is decentralized. So it's efficiency is Valley Valley by a lot of people come to us because we have a lot of superstars in football word. I mean, in soccer word they wanted to work with us, for Danbury, but I told them no, blockchains efficiency is not up to that. So is that an area you're working on right now.
Exactly. So basically, we are working on the scalability problem that basically is one key part of efficiency. The reason why blockchain is so inefficient is because like every knows, they need to storage the whole ledger. So for example, to Google Facebook, when they story that data real time the parents are states, three reputations, or maybe four or five of in the for example, a serum x 16,000 nodes more than $16,000, which means that the replication is more than 16,000. Now, of course, it's much lower efficient than centralized system.
Well, one direction try to adjust this problem is like, for example, as they just proposed 21 knows that is managing the whole network and produce the blocks and that is much more efficient. But at the sacrifice of centralization and other people also complained that because nobody like would have to have a lot of stake in order to become one of them. So, we are basically sitting sitting in the middle 21 to less 16,000 too much why not just couple of hundreds or maybe 1000 and they are deliver very high performance and everybody as long as they are have a
corresponding economy incentive is able to join the network and also contribute to the network which means that either to become a note or either produce the block the network so this is I think the how decentralized means in a blockchain scalability because extreme decentralized will her efficiency but extremely centralization people will have and safety like either piracy issue or other like a like a manipulation issue. So we have this trade off. I think we are able to deliver on blockchain as achieving kind of trade off between decentralization and efficiency.
Yeah, back in March. One day my young the business partner was really Snyder you know, he's a football star soccer star. He doesn't know technology he called me he lost he said he lost son the BTS as human transaction we could not find out what one the law we were trying to find out. I was trying to call him back but then he found those 10 pieces what happened that day is a network was very slow, he did something talk like seven minutes the feedback come back so it's an efficiency progress. Yes,
yes, that's exactly
but here you know, we do not want to mislead Oh, this audience here the whole industry right now is you know, counter is in a bear market. So let me ask you this question.
Then in the past luckily the sweet companies I co founded the old one IPOs successfully but as a time we did it this way we struggled Zambia become successful but right now go in Ico you just let's say you do the fundraising you go I say oh you are here you have the money and then you have to do all the work which means you have to spend the money and do the work it's a rewards the CO human process Do you think you can manage this on your team I mean like your team when they realize they have the money when they realize they are not violate or is much higher than like two months ago can they still concentrate on doing what they're supposed to do
yeah that's a good question I think we didn't have that problem the problem they have is the core of the problem they read the $250 million three so
definitely have a problem they realize
what he does from scratch as a you know as a newly to lead to get some money on the run of it so
the it's reflective one thing for a new industry when they come in and just a try to think I in the year 99 eight and then nine the to solve and the large company the reason hundred melon couple hundred Mellon there is a lot of money is that they they down to zero there are some small company that they have a couple of guys they read the right money i mean i mean the right the money they needed then they keep doing they have a big mission they work hard keep doing that they have the right team not hire the biggest the tackle technical expert in the industry they are they're not achieve if you hire a good at five does the stuff in India and maybe take you like half a million dollar million dollar the high the right team the right time and keep delivering every milestone actually I think the good thing will I
will use your immunity the deliverable or for the I'm a user for the action
we reserve the right money we didn't we didn't raise a lot of money like a couple hundred million now. Now we're not we're just arrived the right in the money we have like 10 some an integrated team. We're working really closely in the next week. You know we publish all my stuff all website everyone can check NATS the week I mean I shouldn't eat too much details in next Amani I think because of we will deliver this song The next Amani will deliver the first attachment that's the first one so
there are many many teams that really large I think
for the how another question yeah right now it's in beer market value or all the tokens are not very good yeah so you are doing biology diligently your job you're trying to deliver yeah but then you're spending a lot of money at same time you cannot get the money back from the mark you know exchange from no matter what are you going to do
so that's totally fine for our team but my thought is you raised the money you shouldn't care about the it's trying to market now it's up and down up and every day we're doing the same thing there are the P go there the bottom directory but
you're you're going to use restore ammonia I'm your food for for as a business owner of the day we have to calculate how much money will we are going to file and all these things
oh yeah that's smart party is dxchain team we're doing not only when companies in the right time already cashed out some of the UFC is you know so are the
700 800 either at that time zone me locked on a two years I mean cash either banking con kiddo we predict that they're both I'm a hard time in the in the near future but Justin near I don't think of the window will take a couple of years
just a way lock the two years saw that cashing the backing icon at the spa, the existing engineer to marketing team and then PR team will be there. So in this winter is to survive. Nothing is better than the live go on a single to big money but one thing to just a high the best the best team you don't have the money yeah,
we are running out of time. So let's Steven your project also is is trying to sell a big scene. You know I have my young ust say University of Science and Technology or alumnus they told me they want to Seoul worth three the problem they want to solve. But I will add all these problems. So how are you dividing and the concur you are on project your aim is very high.
Well, we we are solving problems step by step. And you know,
to the point you asking, if we are worried about the bear market, I don't really worry about the bear market. Because we
I'm I'm building a blockchain based energy project and the in this space, it's a it's a very unique space. Because a lot of company blockchain company cannot survive from the, you know, crypto winter.
But I think our project is have self generating revenue model. Because we have so many projects in our pipeline, every project and a we have a working demo already set to launch in October. By that time, we have two very high quality project going to launch our platform at that time, you know, we we have solid physical energy assets back into project. So it's I think the benchmark is especially good for, you know, projects with some physical assets backing to generating you know, the revenue not just, you know, spending money burning cash from the investors, I think the key point is to differentiate if it is a good project or not, is you have the
really working demo product to generating revenue yourself to survive, because, you know, investor feeding you cash and then investments to support you to grow your project, grow your company for a certain period of time. But when you grow up from a baby, you need to have the ability to generate in cash to generate generating return. So that's why, you know, we are aiming to the physical energy, especially the green energy sector, because there are physical assets backing them. And
it's a very traditional market and, you know, with this innovative blockchain technology, we can enhance the efficiency and, you know, generating more and more, you know, revenues for our investors and
Thank you. t.
I think I forgot to ask your token you'll have token right yeah. You see the publicly traded
yeah we been listed in finance and also
the same question
yeah so I think that the bear market many because like people's do utility value of the blockchain tokens and not well be demonstrated so for example a lot of people don't invest cryptocurrency um, any further access management and locking that because the scale like a limited supply of like Bitcoin or a serum for some reason to the zero limit their block reward 2323 so it makes it so much higher price these days. And so by we feel like once this one or two applications that can surely demonstrate the utility value of the blockchain and will be another complete different story similar to what it's an internet in early stage and so
we are actually here building this infrastructure to enable this kind of utility value both in terms of several directions one is scalability because why internet companies can raise so fast because of network effects without scalability is hard to achieve this number effect and second is probably a lot of flexibility both in terms of consensus of in terms of which machines above in terms of token economies to be quickly adopt this new kind of these things once we found out there's a director directions that can is much easier to demonstrate this utility panel focus on one direction right now is regulated stay stable coin like two USD MPa, x. So I think this bear market I mean, I think this is a kind of temporal the Romeo but as this the trend or the blockchain, especially with these properties, as long as this scalability always been a chess and one application show up. And we believe that the whole thing will be completely different.
Thank you. I think Ellen has one sentence to share with the audience. We only have time for this one sentence.
So just that we get into a world and now his blocktrain water our data, it's just the many AI companies you know, I know you many of them a valley the lack of data, that data is not monopoly that by a couple of pathogens, so we either return our data controls we in the US a smarter way smart contract a way to share with those new new AI combining the either they are medical, either the others robotics, you know, and always, you know,
much more than one sentence so, so
I just, uh, yeah, so on. We have a booth outside if the if you aren't, get a user privacy and the return data so by our booth, so, you know, talk to us believing us off also jobs Actually, we need a lot of talent for the new revolution blockchain and
seven and we'll help boost the there
Okay. What about you, Lucy, you'll help us there.
So Oh, sorry, how booth is outside, so go there to talk to the Thank you thank you