Research Report (I): what is the value of blockchain, virtual currency, NFT and metauniverse

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abstract

In 200nine, the first creation block was born. Since then, the first year of virtual currency has been opened. Then, the blockchain technology began to be applied gradually, and the stable currency was also quietly born. From 20fifteen, the "use type and equity type" pass issued by ICO, IEO, sto and other modes began to enter the public's vision; At the beginning of nineteen years, NFT digital collection, chain game gamefi, Dao, Webthree 0. New fields such as meta universe. These new concepts and new playing methods are changing with each passing day, one after another and emerging one after another

Over the past decade, what is the value of a series of social phenomena around virtual currency to society?

catalogue

1、 All beneficial phenomena must return to value! three

(1) What is the value of virtual currency? three

(2) What is the value of blockchain? five

(three) What is the value of NFT digital collections? seven

(4) What is the value of the meta universe? eight

2、 Create, consume, hype, illegal crime, analyze the virtual world industry ecology from four perspectives nine

(1) Research on the industry ecology of virtual currency nine

(2) Research on industry ecology of blockchain twelve

(three) Research on industry ecology of NFT digital collection thirteen

(4) Research on industry ecology of Yuanzhou fifteen

three、 How to rectify the source, get rid of the unhealthy trend of "bad money expels good money" and shape the innovative value of the industry sixteen

(1) Classify virtual currency and NFT products by type, and clarify their legal attributes seventeen

(2) Unite with multiple government departments to establish a normalized supervision model nineteen

(three) Relevant government departments guide and support the industry to develop in the scene of "innovation and creation" nineteen

1、 All beneficial phenomena must return to value!
(1) What is the value of virtual currency?

Globally, there are as many as 10000 kinds of virtual currencies circulating on the market, with a total market value of several trillion US dollars. What benefits can virtual currencies with such a volume bring to social development? Before answering this question, we first need to make a classification of virtual currency. Combined with my own practical experience and the current market situation of virtual currency, the author makes the following classification;Category I: mainstream virtual currencies, such as bitcoin and Ethereum; The second category: stable currency (here mainly refers to mortgage stable currency); Category III: use type and equity type tokens issued in accordance with the securities law and relevant laws of the country where the currency is issued.

After knowing the basic classification of virtual currency, let's answer again: "what is the use of virtual currency for social development?" From the perspective of "usefulness", the author believes that there are mainly the following three points:

First, the universal application of mainstream virtual currency and stable currency can break the monopoly position of the US dollar as the global trade settlement currency to a certain extent, restrain the us from issuing excess currency and "cutting leeks" to the world (that is, grafting its inflation risk to other countries in the world); In addition, in national political relations, virtual currency and stable currency can become effective confrontation tools to a certain extent。On March 1eight, 2022, Alexander yakubovsky, a member of the Duma as a Russian legislator, pointed out that the field of cryptocurrency is an area where it is difficult to impose restrictions on Russia, and the effective development of digital financial assets will minimize the damage to national sanctions; On March 2five, 2022, according to the CCTV financial CCTV2 economic information network program, "Russia is considering accepting bitcoin to pay for oil and gas exports."

Figure 1: source Baidu

Second, virtual currency is used in the process of international trade settlement, which promotes the convenience of cross-border trade, reduces the import and export related costs to a certain extent, improves the transaction efficiency, releases the market vitality of cross-border commodity trade, and promotes the prosperity of the global market economy;

Third, the project party issues use and equity tokens in accordance with the securities law of the country where the currency is issued and relevant legal supervision regulations, which is similar to the shares of companies listed and traded on the exchange by traditional enterprises.In the traditional financial field, if industry can insert the wings of Finance and create further prosperity of the real economy, since Amsterdam Stock Exchange (AEX) became the first stock exchange in the history of the world in sixteen0nine, the issue of "why enterprises choose to be listed on the exchange" has become a topic of research and discussion. The author tries to explain this problem from three scenarios:

Scenario 1:Suppose there used to be a village with 100 people, each of whom grows crops, and each of them generates an average income of 10000 yuan a year; Then, the income of the whole village is 1 million. Now, there is a very thoughtful Zhang San in the village, who is ready to purchase modern equipment and plant crops on a large scale, so he borrows the income of 10 villagers for one year and uses the 100000 income raised by him for the start-up capital of entrepreneurship. A year later, Zhang San created a profit of five00000 through 100000 start-up funds. As a result, the whole village has created an additional income of 400000, which is the simplest financial scenario of borrowing, and industrial creation is carried out through idle funds in the market.

Scenario 2:Now, Zhang San not only grows crops through large-scale modern equipment, but also wants to engage in construction and real estate. Therefore, he hopes to raise funds through the villagers in the village. However, there are only a dozen people willing to trust Zhang San. How can more villagers trust Zhang San and give his idle funds to Zhang San to start a business? Therefore, Zhang San came up with a way - "taking shares", so that the villagers can contribute together, and the money they earn is divided according to the investment share.

Scenario three:However, the construction real estate industry is no better than the traditional "planting crops". The initial capital investment is huge, and the return cycle is relatively slow. Because the villagers are in short supply and often need funds to deal with some emergencies, what should we do? In case of an emergency, we need money urgently. Should we force Zhang San to repay the money or let the company go bankrupt and liquidate? In the face of this dilemma, Zhang San thought of another way: set up an exchange in the village to trade the shares of the construction company he created, so that the villagers can not only cash in the emergency funds in case of emergencies, but also ensure that the enterprise can develop for a long time with the help of the idle funds of the villagers. The Dutch East India Company used this model to create a glorious history of the Dutch financial market and made great contributions to the economic development and international political status of the Netherlands at that time.

The differences between the above three scenarios are:Stock listing is for equity investment and equity investment is for private lending. Its ability to raise funds becomes stronger and stronger, and then the possibility of using social idle funds to create social wealth becomes stronger and stronger. The author calls the above model of financial empowerment in real enterprises as "grafting flowers and trees".

From the existing virtual currency issuing mode to the mainstream of our virtual currency issuing mode. Compared with the IPO of enterprises in the traditional financial model, the project party follows the use and equity tokens issued under the securities law of the issuing country and relevant legal supervision regulations. The virtual currency project party expands the scope of investors all over the world, further strengthening the ability of enterprises to raise funds. In the early years, Chinese Internet companies went to sea and listed on Nasdaq, which is optimistic about the strong fund-raising ability brought by the prosperity of foreign stock markets.

(2) What is the value of blockchain?

As an innovative technology, blockchain can play a positive value as long as it can be used in the correct application scenario. At present, according to the incentive mechanism of blockchain, blockchain can be divided into the following two categories:One is "blockchain with token as incentive mechanism" and the other is "blockchain without token as incentive mechanism".The representative blockchain with token as incentive is "bitcoin and the public chain that maintains the normal operation of bitcoin"; Blockchains that do not have a token as an incentive are mostly reflected in the alliance chains built by government, enterprises and other organizations, such as "Chang'an chain, Wenchang chain and so on".

As a technological innovation, blockchain, like fiveg, artificial intelligence, Internet of things and cloud computing, is the embodiment of scientific and technological progress.The birth of blockchain is to solve the problem of "decentralized collaboration". The application of decentralized technology can be used in scenarios such as "improving collaboration efficiency, improving confidentiality level and confirming the right of digital assets". A blockchain with a token as an incentive is similar to building a distrusted blockchain network, and the network itself feeds back the contributions made by the co builders in the form of a token, and proves everyone's work to make the participants get paid through trading in the secondary market; A blockchain without a token as an incentive is essentially paid by a specific boss to those involved in the construction of the blockchain. However, this blockchain technology stores data through a distributed server to ensure that no centralized independent third party can manipulate the data and solve the problem of trust mechanism.

As for the role of these two blockchains in social development, the author tries to describe two scenarios to explain:

Scenario 1:Today, we use such convenient map navigation. In fact, it was built by the early map development companies who spent a lot of money, hired professional personnel, prefabricated professional equipment and spent billions. The company that launched the map development project for the first time in our country is the familiar "Gaode map".

In fact, many map companies had this idea before Gaode map launched offline collection of real scene data, but they suffered from a huge workload, such as calling and managing a large number of participants; Second, it costs a lot of money, and it is difficult for enterprises to make profits by collecting data in a short time. These two factors have led to the retreat of many companies with this idea, which makes today's scientific and technological innovation that is so convenient and of great value to the society stagnate. If Alibaba hadn't injected a large amount of funds, I'm afraid the pace of Gaode map's real data construction of each street and community in the country would still slow down. Through this case, we can imagine that if there is a project in the real world that is of great value to the society but needs to spend huge funds or personnel to participate in the development and construction, can we solve this problem through blockchain technology in the case of lack of funds and personnel in the early stage?

For example: Gaode map issued an announcement calling on personnel from all parts of the country to participate in the collection of real map data without pay in the early stage, and then issue a "work certificate" (POW) with the collected data. This work certificate can be used as a free or preferential use of Gaode map's future projects; Or the future project profits of Gaode map can participate in the project profit dividend with the work certificate; At the same time, once the Gaode map project is completed, this work proves that similar stocks can be listed and traded in a special secondary market (exchange), so that participants can make profits. In this way, Gaode map can spend almost no cost in the early stage, and can call on such a large number of participating groups to jointly build matters of great value to the society; At the same time, it will not let the participants have no profit. This kind of personnel participating in the project construction is similar to the behavior of investment. Once the project is successful, they can not only enjoy the use right and income right of the project, but also trade in the secondary market by virtue of their work certificate, which may be much more beneficial than paying remuneration at the beginning.

Figure 2: source Baidu

Scenario 2:The civil law of our country divides "things" (commodities) into "movable property" and "real property". The ownership of "movable property" is mostly realized through "possession", that is to say, if you control it, it belongs to you; Legally, "real estate" pays attention to registration. As a trusted third-party government property right registration department, the house registered by the property right trading center belongs to you and is yours. So, how can virtual data identify who it belongs to? As we all know, once trademarks and other intellectual property rights are presented in the form of virtual data, they can be registered and confirmed by virtue of the relevant intellectual property departments established by the state.

However, if the virtual data does not meet the relevant standards of intellectual property protection, but it is also valuable, how to confirm its right? If the government with reliable credibility is expected to register and declare the ownership of all virtual assets, it seems unrealistic in terms of workload and the use efficiency of administrative resources. Here, blockchain technology has achieved it; For blockchains with or without token as an incentive mechanism, their principle is "de trust network", that is, the right of assets on the chain is confirmed through consensus mechanisms such as POW and POS (proof of rights) and publicly announced to the whole network, and its security is ensured by the whole network.

Finally, the virtual assets are connected to the user name in the form of hash value through public-private key. Today, fire NFT, game equipment in chain games, land and virtual assets in metauniverse use this principle. Generally speaking, as a string of numbers, the physical form of virtual assets naturally has the characteristics of replicability and easy tampering. However, blockchain technology gives it a special way of production, traceability and recording, which can issue "identity certificate" and "circulation record" for these virtual assets. Therefore, mastering the token identifying the "identity certificate" theoretically owns the ownership of the virtual asset, but there may be differences with the theory of "property law" in traditional civil law.

Through the description of the scene, we can intuitively feel the landing of blockchain decentralization technology, which can be used as a special way of collaboration,Solve the efficiency problems, cost problems and trust problems that are difficult to be solved by centralization; In addition,In terms of rights confirmation of digital assets, blockchain solves the disputes over the ownership of digital assets that are difficult to be solved by traditional methods; This is the benefit and value of this technologyHowever, technology is also a double-edged sword. No matter how good a technology is, it must be combined with beneficial scenes to play a positive social effect.

(three) What is the value of NFT digital collections?

Since the birth of the concept of "virtual assets", we know that a string of virtual data codes, as the carrier, has changed from simple information transmission to value transmission and become the carrier of value; Therefore, a string of virtual data carries what kind of mission and has what kind of market value. After blockchain technology can issue the only credible "identity certificate" for virtual data, another question worth pondering has arisen, that is, can this string of data carry the value of "art collection" and make this string of data become the carrier of art and have the attribute of art?

For example, we scan Van Gogh's masterpiece starry sky and Leonardo da Vinci's Mona Lisa into virtual images in the real world, and confirm the rights of the virtual images on the blockchain; Then identify the "identity certificate" of the virtual image on the blockchain, and then conduct market transactions. Then, from scanning the physical painting, changing the physical painting into a virtual picture, and then registering and confirming the right on the blockchain, the holder of the "identity certificate" is the owner representing the virtual painting. If it is priced through market transactions,The "identity certificate" is traded at a sky high price, even close to the market price of the physical authenticity of the painting. How to understand this social phenomenon? What are the benefits and values of this phenomenon for social development?

Figure three: source Baidu

Before answering this question, we should first think about:What is the logic behind the recognition of sky high priced works of art by the market and what is its beneficial value to the society?The author has discussed this problem with economists, mainly based on the basic economic principle: "the price of goods fluctuates around the value". Behind the high price of the art market, it must be that the art has a specific value to the society; For example, Van Gogh's starry sky cannot be measured by its direct use value, but its impact on culture is obvious to all.

Some experts pointed out that the value of art itself includes physical value, artistic value, cultural value, historical value and economic value, and the values are relatively independent.The most basic value of the painting is its own cultural connotation, including artistic value, historical value and aesthetic value, and reflected by its artistic inheritance, historical changes and aesthetic experience. Then, I believe most people are sure that virtual works of art can bear the artistic value of physical works of art. Whether physical paper or virtual code, just as the carrier of artistic works, its artistic value will not change.

In addition, compared with physical works of art, virtual works of art have more advantages in art inheritance and cultural communication due to the characteristics of its data carrier. This is why NFT can set off wave after wave of virtual art trading.

(4) What is the value of the meta universe?

In the last year, the concept of "meta universe" was in great fire. In practice:It can be divided into these versions:

1.0: with the continuous improvement and application of VR and AR technology level of "virtual reality and virtual simulation", we use scientific and technological means to link and create, map and interact with the real world through the virtual world, which is embodied in the new experience brought by the relevant equipment and products of VR and ar.

2.0: with the popularity of gamefi market, products, equipment, land, characters, skin, etc. in online games can be used for trading and speculation to make high market prices after they are confirmed to be virtual assets through blockchain, making many players profit; Therefore, the market keeps advocating and tempting people in the real world to enter the meta universe to invest and consume.

three.0: with the entry of top luxury LV and sports brands Nike and Adidas into the meta universe, combined with the product characteristics in the real physical world, create their own brand virtual space and guide consumers to consume virtual products in the virtual world; At the same time, it also indirectly carries out backflow and marketing publicity for business scenes in the real world.

4.0 the metauniverse in people's mind is closer to the science fiction films "the number one player" and "the matrix", which arranges people's creation and consumption in the virtual world, which gives countless people a dream imagination space; Because in the real world, even if I am a beggar, I can become a king and experience another life in the meta universe.

Shenyang Professor, School of journalism, Tsinghua University, said, "yuanuniverse itself is not a technology, but an idea and concept. It needs to integrate different new technologies, such as fiveg, 6G, artificial intelligence and big data, emphasizing the integration of virtual and real.”(see Professor Shenyang, School of journalism, Tsinghua University: the meta universe may account for one third of the total economic scale in the future.), https://baijiahao.baidu.com/s?id=seventeen2264sevenfive4ninetwelve4ninethree01eightthree& ; wfr=spider& For = PC) metauniverse mainly has the following core technologies: first, extended reality technology, including VR and ar. Augmented reality technology can provide immersive experience and solve problems that mobile phones can't solve; Second, digital twins can mirror the real world into the virtual world. This also means that in the meta universe, we can see a lot of our own virtual avatars; Third, use blockchain to build an economic system. With the further development of the meta universe and the strengthening of the simulation of the whole real society, we may not only spend money in the meta universe, but also make money. In this way, a set of economic system has also been formed in the virtual world.

What is the value of about the meta universe? The author believes that: as a scene or a series of scientific and technological innovation, it can improve the production and life efficiency in the real world through the "combination of virtual and real" and bring positive value to social development; For example, virtual simulation technology in medicine can enable medical students to complete difficult medical experimental teaching in the absence of sufficient experimental specimens; In addition, from the perspective of consumption: if the scene of metauniverse can highly restore the physical scene, just like Disney's "crossing the horizon" project, it can achieve the effect of immersive experience of outdoor beauty without leaving home, and even create surreal dream scenes, which can bring people a good consumption experience.

Original articles, welcome to reprint / cooperate / seek legal help; Illegal reprinting is punishable by law.


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