Zouping Block of the Central Bank: Technological Revolution and Value Function | 2020 New Trends Summit
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Produced | Odaily
Many authoritative experts and professors from financial institutions such as funds, securities, banks, and industry leaders gathered here to share new information on financial technology and explore the future potential of blockchain. (Link to the live broadcast of the summit:
On August 28, the "2020 New District Potential Blockchain Technology Finance Summit" was held in Beijing.
This summit is co-hosted by Huobi Group, 36kr and Odaily, sponsored by Behelix & HBTC, strategically sponsored by ChainUP, specially sponsored by PayPal Finance, Conflux, BitUniverse, WaykiChain, XnMatrix, Hashi Co-sponsored by Technology, Mixpay, COCOS, and Shanghai Diyi.
Many authoritative experts and professors from financial institutions such as funds, securities, banks, and industry leaders gathered here to share new information on financial technology and explore the future potential of blockchain. (Link to the live broadcast of the summit:https://play.yunxi.tv/pages/27c9b4494d09487c8e9c9866e38895e8#/）
In the first event in the morning, Professor Zou Pingzuo of the People's Bank of China gave a keynote speech on "Technological Revolution and Value Function".
He said that the blockchain has evolved from the Zeus blockchain to the law of the universe, that is, the basic algorithm has transitioned from the Hash algorithm (hash algorithm) to the Nash (Nash equilibrium) algorithm, which has greatly increased the value of the blockchain; The revolution, the ultimate scientific and technological revolution, destroys the traditional economic foundation and promotes social change through the value revolution.
Zou Pingzuo also mentioned several points of view on current monetary theory innovation:
Digital currency is the inevitable result of the development of digital economy and the inevitable result of currency history;
Digital assets such as Bitcoin are not yet digital currencies in terms of function;
The future world digital currency is "blockchain + human value", which is determined by the basic value theory and also by the function of currency.
"Blockchain + human value" as a digital currency is a token of human value, adding the sixth function of currency, which is actually the most important function of currency - the function of creating value.
At present, China's research and implementation of "human value + blockchain" should be handed over to large technology companies, strict supervision, overtaking at corners, overcoming the hegemony of the dollar, and creating a China-centered monetary and financial system (the value of the Chinese is huge).
The following is the full text of Zou Pingzuo’s speech, organized by Odaily;
Dear colleagues and friends, the topic of my speech today is "Science and Technology Revolution and Value Function", which mainly consists of four parts:
The eve of the technological revolution;
Value revolution and value function;
Three major theoretical innovations;
Fintech, transformation - digital assets, currency;
(1) The eve of the technological revolution
How to understand the current changes in the global economy?
Now we are facing many problems: trade wars, currency wars, financial wars, including the new crown epidemic. It looks very dark, but in fact, before the arrival of every major technological revolution, it is the darkest moment before the dawn, and the technological revolution will come soon.
What did the technological revolution bring?
It is of great significance that the revolution in science and technology leads to a revolution in value, which in turn leads to social change.
The main categories of the scientific and technological revolution include information technology, artificial intelligence, new energy, new materials, and life sciences, which have promoted changes in the value function. The value function has been flattened from the original, and the linear function has become an intangible, multi-dimensional function, and then promotes social change.
The scientific and technological revolution has finally pushed human society into a scientific society. Now we will have various ideological contradictions. In a scientific society, everyone will use science, so there will be no more contradictions.
Look at the evolution of the blockchain. The current Hash algorithm of the blockchain has a big problem. It consumes energy, manpower, and computing power but it does not create value. This is the biggest problem of the blockchain.
Later, after our research, if the Hash value is converted into a Nash value, the value of the blockchain can be greatly increased.
First of all, they are both hash functions and Mel trees, and their functions are all N-person non-cooperative games, and they are all finite value points. But there are also differences. The dynamic game theory of Nash (Nash Equilibrium) is a more valuable and scientific algorithm. Miners can use the Nass function to continuously create value, and the algorithm of the blockchain can be adjusted according to the scientific system of game theory. optimize
The Hash algorithm can calculate power, but the data and functions do not have the value creation function, which wastes human resources and energy. Moreover, the Hash value is 51% of the votes, as long as there is a collusion, there will be a deviation. This is the case in the U.S. election. Although there must be a solution according to the rules, there will be collusion of electors and problems will arise, which is not the optimal solution.
Nash (Nash Equilibrium) can transform the blockchain into a real and more effective value management, accounting, and creation tool for the digital economy. The Nash algorithm makes the blockchain have a wider application value, and it is connected with artificial intelligence, because artificial intelligence also uses the Nash algorithm.
In the information society and scientific society, Nash equilibrium will be everywhere and become the law of the universe. Now we propose "a century-old change, a millennium turning point", and the world's economic center has shifted to China. This does not depend on anyone's will, because the technological revolution has taken shape. The information revolution caused by the scientific and technological revolution has increased the Chinese people's""Learning speed", the value speed of Chinese people (the time ratio for realizing the maximum value of people) is rapidly increased. If it takes 20 to 30 years for China's per capita value to catch up with the United States, it is entirely possible for the information revolution to be compressed to 4 to 5 years Yes. China has become the economic center of the world, which is an objective law of value revolution.
In addition, technology has replaced capital as the most important factor of distribution. We have seen that the market value of Amazon is four times that of the largest capital in the United States (Buffett Capital), which seems incredible. It represents that technology has replaced capital, and the right to speak is in the hands of technology and not in the hands of capital. There are also companies in China, such as Ma Yun, including Ali, Tencent, and Huobi China, which are developing very fast.
China will also usher in great opportunities, that is, the scientific and technological revolution has brought China an entrance to the world. China's opportunity lies in making full use of the scientific and technological revolution, promoting the value revolution, and innovating social systems based on the advantages of 5,000 years of civilization and the transformation and upgrading of existing systems. Another Shang Yang reform. This is the finishing touch to turn crisis into opportunity.
Humanity has experienced three civilizations. The first civilization is a primitive society with a history of thousands of years; the second civilization is a class society, which is distributed by means of production; the third is a scientific society, which is distributed by tokens, which can measure every The accounts of people, the value of each person, is distributed to each person. Token distribution includes employees, managers, customers and capital investors participating in the company's distribution at the same time. This system has come, and it will change the wisdom system of distribution of means of production. This is the scientific society, the third civilization.
This is of great significance, because once we enter the scientific society, we will no longer have ideological competition and differences with countries such as the United States. The whole world is a community with a common destiny, and we will no longer be oppressed by foreign countries. Therefore, the country attaches great importance to the blockchain, the digital economy, and the application of these high technologies in our political, economic, and production fields.
(2) Value revolution and value function
Value theory is the infrastructure of institutional innovation.
The most important effect of the scientific and technological revolution is that the value function has undergone major changes, thereby changing the value law, production mode and economic growth law, thereby causing institutional innovation.
Currently, the value function has changed radically.
It turns out that all economics regard commodities as the highest variable of the value function, but simplifies many complex functions. What I study is that the value of people is the total variable of the value function, the target variable, and what is the independent variable? It's time, human time, and time is money.
The value function variable has also changed from flat and informatized to intangible, multi-dimensional, and explosive. We see an enterprise decay within a few days, and we will also see an enterprise and a country explode in a short period of time. . Fundamental changes have taken place in the law of economic growth, which is very important to our macro economy and our enterprises.
Changes in the value function are revolutionary in terms of macroeconomic impact.
intelligent revolution"middle income trap"Into"human value trap". Intelligentization fundamentally changes the mode of production and value function. If a country or region cannot adjust the value function of individuals in a timely manner, integrity will appear."economic collapse". Such as the three eastern provinces, Africa, South American countries, Russia and so on.
The reason why the current chaos in the world broke out, including economic wars and trade wars, is because the technological revolution has overturned their occupations, and they will lose their jobs. At this time, everyone is upset and turbulent.
This is the eve of technology, and the new technological revolution is driving social change.
(3) Three major theoretical innovations
The three major theoretical innovations are: the innovation of value theory, the innovation of history theory and the innovation of monetary theory.
I will not focus on the first two, as follows:
I will focus on the innovation of digital currency theory.
At present, the existing monetary and financial system is in decline, and there are many problems, such as the hegemony of the dollar, the competitive devaluation of currencies, and the separation from the real economy, lurking huge risks and crises. Therefore, we continue to innovate monetary theory. The main points are as follows:
Digital currency is the inevitable result of the development of the digital economy and the inevitable result of currency history.
Just like the gold standard (gold is naturally not currency, and currency is naturally gold). Currency experienced shells, copper coins, etc. in the early days, just like the digital assets such as Bitcoin experienced now, it is not yet a digital currency in terms of functions.
The future world digital currency is "blockchain + human value", which is determined by the basic value theory and also by the function of currency. The value scale function of currency and the integration of value are of great significance.
"Blockchain + human value" as a digital currency is a token of human value, adding the sixth function of currency, which is actually the most important function of currency - the function of creating value. The money creation process is the value creation process (production process) that gives the greatest meaning to money and the central bank.
Current China Research and Implementation""Human value + blockchain" should be handed over to large technology companies, strict supervision, global strategy, stealth, overtaking in corners, overcoming the haze of the US dollar, and creating a China-centered monetary and financial system (the value of the Chinese is huge).
(4) Fintech and digital assets
Finally, let me briefly talk about the transformation of technological finance, digital assets, and digital currency.
Future financial development must attach great importance to financial technology. The financial industry will transform and upgrade in accordance with the 1.0-4.0 version of technology and finance, and turn to the 4.0 version of digital assets and digital currency era.
1.0 is fintech + traditional finance. The main purpose is to improve the efficiency of traditional finance. Online banking, online small loans, and P2P are all in the category of traditional finance.
2.0 is traditional finance + financial reengineering. Including financial outsourcing and cooperation. Like Ali and Tencent, they have carried out scientific and technological cooperation with major banks. Technology companies and financial companies have mutually outsourced, and mutual cooperation is called financial reengineering. This has been implemented nationwide for several years and has achieved very good results. Ping An of China The company is the system of financial reengineering.
3.0 FinTech + Finance. The bank is gone, go to the intermediary, this is the financial system of the enterprise. All companies come to do technology and compress the real economy and finance into an integration. At this time, finance really becomes real finance. In the past, banks that used to speculate in funds are integrated at this time. Banks are integrated into entities and become commercial banks, asset banks, and digital banks. We also see that blockchain finance, supply chain finance, value chain finance, and big data finance are all developing very fast.
The 4.0 version of technology finance, financial technology + digital economy, de-monetization, the era of digital currency is coming. What will happen? Human exchange, from barter exchange, to barter exchange, and finally to barter exchange, this closed loop is necessary.
Under the framework of big data and blockchain, the future trade situation is based on digital value as a potential medium of trade. Barter exchange can only be implemented with big data, and only the most advanced information technology can achieve this goal, otherwise it is barter exchange in primitive society. At this time, the currency will gradually transform from blockchain value to human value, becoming a future currency transformation.
Therefore, I emphasize that the blockchain is of great significance and is the infrastructure of our technological revolution. With the blockchain, we start to be able to measure the value of people.
Our country will also enjoy the greatest dividends from the technological revolution.
