Recently, DxChain CEO James Li had an in-depth interview with SVIEF, the organizer of the Silicon Valley high-tech industry event in the United States, discussed the concept of DxChain ecosystem and the development of the blockchain industry. Please refer to the following.
In 2002, the epidemic greatly promoted the trend of digitalization. Blockchain, as an important technology related, has also attracted much attention this year. DeFi projects such as Aave, Uniswap, yearn.finance, sushiswap, etc. are booming one after another. China rolls out the pilot test of digital currency. And the Bitcoin smashed through $40,000 to hit a new record high, the market value of the entire Bitcoin has left companies such as Visa and Wal-Mart behind.
After 10 years development, Blockchain can no longer be regarded as a "new technology", but its application fields are still promising and will have more in-depth interactions with new infrastructure construction such as AI and 5G. The current application scenarios of blockchain are still concentrated in finance, supply chain, public services, etc., but its unique advantages such as trust payment are believed to lead the iterations.
We are glad to have this interview with James Li, CEO of DxChain, share his outlook to the "new world" that will be spawned by blockchain technology, and take you closer to DxChain's technology and theory.
DxChain is the world’s first decentralized big data and machine learning network powered by a computing-centric blockchain. Through the revolutionary “Chains-on-chain” architecture, DxChain provides a comprehensive solution for data storage and computing problems, with an emphasis on privacy and security.
DxChain's core theory is to empower individual users to share his/her idle hard drives, data storage and computing capacities to build a low-cost, secure, decentralized blockchain cloud network. In other words, DxChain will provide decentralized data storage and computing services and build a data exchange marketplace powered by blockchain and machine learning technology.
In December 2020, DxChain won the 2020 SVIEF TOP 30 Innovation Award for its continuous breakthroughs in the blockchain field and extensive impact.
SVIEF: The blockchain industry is developing rapidly in 2020. What do you think of the current development?
James: The current stage of the blockchain is similar to that of smartphones in those years: the core framework of blockchain technology has been basically finalized, application and optimization are more promising.
There are no truly phenomenal projects in the industry yet, finding the valuable business application scenarios is most important and critical. Just like the large-size touchscreens and updated systems of the iPhone that is generated from the original design, while the development of smartphone-based applications is emerging one after another, eventually covering all aspects of life.
SVIEF: Why is DxChain optimistic about the blockchain application in the e-commerce industry?
James: The real advantage of blockchain is the ability to solve business scenarios that require large-scale collaboration. Immutability, security, and transparency exactly meet the needs of the e-commerce industry. The decentralized mode has outstanding advantages in solving transportation costs and improving turnover benefits. Compared with traditional e-commerce, blockchain technology may form a "dimensional reduction" in solving cross-bank, cross-system, and cross-country collaboration.
Combine with blockchain community, the platform can provide a level field for merchants and also import considerable visitor traffic. For users, they can find the most suitable high-quality products on the platform as well.
SVIEF: The government is continuously increasing the supervision of industry monopolies to avoid the situation that the “more mature the market, the fewer participants”, what do you think of the "oligopoly" of e-commerce market in China?
James: The main purpose of DxChain ecosystem is “anti-monopoly”. Oligopoly and monopoly here mainly refer to the monopoly of capital, visitor traffic, and system.
Firstly, the current funding environment is not friendly to startups. A few oligarchs hold the most capital, but only fund specific projects or fields, making it difficult for startups to survive the initial stage.
Secondly, the ownership and benefit of data, which is generated by everyone, should belong to and be shared with public. However, various platforms keep users’ data as their own, even vary prices for the same product or service based on different consumers. Additionally, different platforms operate independently and incompatible with each other obviously increases the burden of users.
“Traffic share can realize business prosperity.” DxChain aims to open up all channels and platforms, put users, small enterprises and suppliers first, empower users to benefit from their own data.
James also affirmed the maturity of the current e-commerce market in China. He believes that on a global scale, China's e-commerce market is at the forefront, and the popularization of decentralized e-commerce will encounter relatively little resistance. However, there are also challenges such as many competitors flocking to the same track simultaneously in the initial stage, may cause bad money drives out good one, leading to negative effects on the growth of the industry. Moreover, when it is relatively mature and influential, it may encounter resistance and counterattacks from leading enterprises.
At the end of the interview, James made three points regarding the main direction of DxChain team in 2021:
1. Implement the ideas of blockchain to solve practical business problems;
2. Optimize the performance of DxChain and expand the application in the enterprise-level;
3. Explore new directions for the future, promote the optimization of the existing business environment by innovation technology.
Looking ahead to 2021, James believes that the development of the DeFi field has a good reference. As long as find the right angle and make valuable innovation, he believes that the blockchain can truly solve everyone's problems and achieve public recognition.
Experienced in blockchain system design and architecture, have 10+ years experience of network security. Former Tripwire principal security architect.
He believes that a blockchain project is not money-driven, should neither be over-ambitious nor too idealistic. It needs to start from solving users' practical problems, think about how to realize the iteration of business mode, and how to use advanced technologies to gradually eliminate backward technologies.