“Blockchain should be “deeply merged” with AI, big data and other new technologies to “empower” fintech applications, for instance” - the document says
Holy shit, blockchain merged with AI AND BIG DATA. Somebody get Softbank and Sequoia on the phone, Shanghai is going to be the first city with a quadrillion dollar market cap. How the fuck do I buy calls on Shanghai with margin
I’m a software engineer who has done very little research into blockchain admittedly but the issue I have with blockchain is that is it really the best solution or is it just the current hyped trend?
It is decentralized but you can achieve similar security and resistance with a proper cloud setup with replicated databases, monitors, self healing, backups/snapshots, rollbacks, security team, etc.
Proof of work also scales terribly, it’d be so much energy waste for a country like China or even a city like Shanghai
Proof of stake looks good but who’s gonna provide the stake? The Chinese government? Then that just centralizes it and might as well just have a normal date store setup at that point. The Chinese citizens? Highly doubtful China would allow that since staking is risking your savings
I think it is a technology that will be used in a variety of ways. I think the whole decentralized thing is actually just a marketing ploy to sell shitcoins to gold bugs (I did an ad hoc analysis of the customer profile they are marketing crypto to and it has really shifted from tech guys to white collar conservatives who “don’t trust the government” i find it very interesting to watch this evolution). It is a very centralized technology. But as socialists if the government uses it to improve the efficiency of the system than that is really good!
I think the idea of the Chinese government centralizing their system is exactly what they want to do to increase the oversight they have over the regional and municipal governments (where the corruption seems to predominate in China at this time).