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[ChainDD Consensus Night] Roundtable Conference: The biggest innovation in Blockchain is providing every individual investment opportunity

Abstract : The global blockchain elite gathering "2019 Consensus Night" cocktail party was hosted by ChainDD and co-hosted by the ZB Group on the evening of May 14th, officially launched at Manhattan View at MIMA in New York.

ChainDD
ChainDD

May 16

The global blockchain elite gathering "2019 Consensus Night" cocktail party was hosted by ChainDD and co-hosted by the ZB Group on the evening of May 14th from 6:30 to 9:30 (Beijing time on the 15th morning at 6:30 to 9:30), officially launched at Manhattan View at MIMA in New York.

Host

Jesse Johnson, Director of Business Development, ZB Group

Guests

David Martin, Blockforce Capital CIO
Wonder Xu, Coineal Labs Founder
Catherine Li, Founding Partner & COO, ChainDD North America
Katya Fisher, Partner, Greenspoon Marder

Jesse Johnson, Director of Business Development for ZB Group, presented: how to define the tokenized assets, the suggestions for STO transactions, the consensus of the blockchain industry and future goals. Other guests also presented their views. The following is a record of the guest's point of view, edited by ChainDD:

Jesse Johnson: Blockchain concept is spreading

It can be sure that Virus (Blockchain) is spreading. And more and more people are becoming interested in this topic.  Everyone comes out from pressure test during the bearish market will become stronger. A lot of projects are being developed that weren’t there last year. Next year, there will be more thrilling things happening. Thank you for joining this event!

David Martin: digital assets provide people chances to invest in what their believe but face regulatory side of risks

The easiest way to explain it is that it’s like stocks but better. With the tokenization of the digital world that we are in today, you can tokenize everything such as art, singers, or cars etc. You can do a basket like ETF with a whole bunch of paintings so that people can access it. The difference that digitized assets brings to the table is that when you digitalize something, the very entry to go through that process, is substantially less than it would have been to list an IPO on a stocked chain somewhere around the world.

In tokenization of digital assets and securities, how do you tokenize everything? I think what we are going to do is to lower the entry for companies to raise capital in the future. It’s going to allow people to invest in what they believe. You know, if you go back to the Baby Boomer generation, a lot of people from that generation focused on fixed income. You go to my generation and a lot of people focus on equities. And now millennials want to invest in things they believe in, which are tech companies and the policies they use, and they want that sort of experience. That’s what digitized assets can really employ. Now, people can own things that they care about, and digitization basically removes all the barriers to the entry that were set up. One of the drawbacks now is that the regulation is somewhat unclear. And how do you reach the consumers with digitized assets? I think that’s something that we will be able to work through the next year or two. As long as people still follow the traditional procedures of offerings out to the public, and then there’s no problem of doing it today.

There are a lot of processes that are broken. Large bank in the United States that still censors spread sheets every day to measure our collateral obligations for our funds. It drives me insane because we don’t have to worry about crypto fund trades on the blockchain when we move assets. And we have our dashboards update instantaneously without anybody having to touch it. And I think a lot of those friction points are going to be removed.

The lot of people that I’ve talked to in blockchain and crypto space have focused on the fact that blockchain is going to change the world and we agree with that. That we do not disagree is that I think that is going to be more like the fact that we have a light switch and then you can turn on electricity. And most people don’t understand how 4G or 5G works on your phone but you use it every day. There’s going to be a lot of things in the background that blockchain and cryptocurrency are going to improve a lot, but not necessarily everybody in the world needs to know how it works or why it works but they are going to be able to utilize it. Australian stock exchange utilizing blockchain kind of like a test case of settling stocks. Also, London is doing the same thing. I think the financial application is really going to be the first one because the stock settlement process is inefficient.

I think the fixed income market, which is like three times larger than the stock market, is even more fractured and more inefficient. A lot of times when I used to trade fixed income, you couldn’t get a price on it unless you call somebody in the world and the prices vary by 15% to 20% because no one knows how to price it. And if you talk about securities that are backed by assets, what is the underlying value of the assets? Now you could track all that and all that information is going to be in the blockchain so you could pull it up and you could see the holder that has held it up until this point. And I think that’s like a tangible use case. As far as the future, I just think that it’s going to take a while, it’s probably going to take longer than most people in this room would like. But I view it like it’s going to make our life better. You know in the Internet, in the early 90s or 2004, it wasn’t nearly as efficient, you couldn’t nearly have YouTube in 2004, now you have it every day on your phone. And you phone is more powerful than the computer you used in the 2000s. I view that it’s just going to be a continual natural progression, where it just makes us more efficient, it cuts middlemen out and so reduces cost and also allows the free Peer-to-Peer adapt to lending and finance and improving government regulation as well as people being able to control their own data, like “why am I selling all my data?” and google all the things about it and go like, “I should be in control of all that.” With blockchain technology, it’s possible that I could get some sort of dividend for agreeing to share my data and get paid for it.

I’d have to say that it’s kind of a valuable consensus because I haven’t attended a consensus last year but I’ve attended a number of crypto conferences. And it’s a lot different. A crypto winner that we saw last year was always about the price of the bitcoin. And then even at April of 2018, there’s a lot of depressed people standing right in and it was quiet. It turned out 2018 has really been kind of progressing. You saw the conversations change from everybody hating the fact that the price keeps going down by 90 percent in a year and building the Blockchain infrastructure and ecosystem. So I like people like us sitting in this room and the speculators that love the cryptocurrency world.

You couldn’t have the Internet today like we had in 95, Amazon didn’t exist in 1995 or in 2000 in the form of this thing. And infrastructure layers, the layers of infrastructure that beat up transactions to make it more efficient. That’s really like the conversations that people have been having here. well it’s super important to me because as somebody like me who’s betting in my career or like a lot of people in this room who are betting their career on this industry.

You want to see people who are way smarter than me building something awesome because I want to be able to participate in that and help build the ecosystem. But again, it all goes back to how easy it is going to be to use and most people aren’t going to adopt something new just because it’s new. There’s always the early adopters and the early evangelists. But most people will start adopting something once it becomes easier than the current things they are having. At this conference, that’s really what I would like to a lot people about. About how are they building the rails and building up the blockchain ecosystem so that it can be adaptable in people’s everyday life. 

Wonder Xu: the biggest innovation in Blockchain is providing every individual investment opportunity

I would like to clarify three concepts, namely digital assets, digital security, and digital currency.

For digital asset, data is a kind of digital asset, and we also consider bitcoin as a digital asset. But if we mention about digital security, I would like to say that for SEC we have the Howey test. So, the basic conversation is about how to judge the digital assets’ securitization ability, that whether it could turn into revenue in the future. So, I think for digital security, it must have this ability for this test to earn stable revenue in the future and to meet some regulations. Specifically, for digitized asset like data, I invested in some data market projects and some of them go very well by trading data on the market.

From my perspective, I think one of the advantages of such as ICO or IEO or even the blockchain innovation is that it gives every individual the equal right to do their investment. Because I also have some traditional venture capital experience before, I feel like somehow, it’s just quite risky because for normal people. I do not mean that normal people can not to diligence very professionally or maybe they do not know the project very well, or they even cannot understand the business model. But one thing I want to point out is that normal people usually don’t have enough sense of risk control. So that’s why for venture capital (investment), you have to be a qualified investor or maybe own one million assets. Maybe that means you have enough strength to offer that and to lose if you fail the venture investment. I think this kind of thing is what I have worried about.  However, it does deliver a lot of chances for normal people to get in venture capital investment, because usually we cannot get involved in the very angel investment for projects we really appreciate. Now we have a chance.

For this point, from my perspective, I just think yes, one of the advantages of such as ICO or IEO or even the blockchain innovation is that it gives every individual the eco right to do their investment. However, because I also have some traditional venture capital experience before, I feel like somehow, it’s just quite risky because for normal people, even though... I do not mean that normal people can not to diligence very professionally or maybe they do not know the project very well, or they even cannot understand the business model. I don’t mean this kind of stuff. But one thing I want to point out is that normal people usually don’t have enough sense of risk control. So that’s why for venture capital (investment), you must be a qualified investor or maybe own one million assets. Maybe that means you have enough strength to offer that and to lose if you fail the venture investment. I think this kind of thing is what I have worried about... individuals who involve in blockchain investment. However, it does deliver a lot of chances for normal people to get in venture capital investment, because usually we cannot get involved in the very angel investment for projects we really appreciate. Now we have a chance.

It’s the first time for me to join a consensus in New York. The most impressive thing for me is the decentralized custodian for exchanges. I feel like this industry is getting more and more formatted or in order. So that’s the most important thing for me to realize this time.

Katya Fisher: STO is an opportunity in securitization and digitalization field

What is exciting and interesting to us is that when we look at the security token market, because you’ve said before, there are sorts of opportunities that we’ll be doing digital things in a manner that we weren’t able to do before.

So, if suddenly you can go out and create a technological platform that will eliminate a lot of inefficiencies in the market place, you can see that you are creating something that’s going to be faster and more efficient. Could it be that in the future we have all kinds of new offerings and new creative ways of tokenizing? Absolutely. We are just not there yet. We are at ground zero.

Catherine: American high school students started talking about Blockchain

I think young generation are already see the industry is changing. I think for people in my generation, we probably still need financial advisors who talk to you and advice some portfolio and strategy. For the young generations, they probably just need some education and use some apps or robot advisors to do whatever they feel profitable if the education is there and the transparency is there. I think it’s important when AI and robot advisors and everything comes into play. I think education is a very important piece.

I feel like it’s you know, stronger belief in blockchain and the impact on the financial industry or landscape. Not only I see this more and more in New York in this year, but I also heard from my daughter who is a 15-year-old asking me if she could be a volunteer in some of the community-building for blockchain projects. I was like, “oh why do you want to do that? Where do you hear it from?” She told me that she wanted to earn some token which could appreciate significantly so I don’t have to worry about her college tuition. I think it’s a brilliant idea! You see it’s really the education, a lot of talks are already going on at high-school about blockchain and token and how they are going to influence their life in the future.

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