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On January 9, the CFTC announced the latest issue, which is also the first issue of CME Bitcoin Futures Weekly Report for 2021 (December 30-January 5). In the latest statistical period, BTC has achieved a historic mark of 30,000 integers. Breakthrough, but what’s more interesting is that at the end of the statistical period, there was a deep correction of about $6,000 in the market. However, as the rebound after a sharp drop came out, BTC held the 30,000 mark at the end of the statistical period. Therefore, despite the slight setbacks in market performance during the latest statistical cycle, the overall strong posture continued.
Considering that many types of accounts generally underwent significant position reductions in the last statistical cycle, and the overall market adjustment trend was generally bearish, so after the market achieved a breakthrough in the 30,000 mark, the ideas for adjustment of various accounts Whether a change has taken place will be the key to this weekly position report.
The number of total positions (total open positions) rebounded from 10,653 to 11,296 in the latest data. This value has rebounded from a nearly 11-week low. The accelerated upward trend in the market has quickly returned the market participation enthusiasm. In the last statistical cycle The emergence of concentrated and substantial lightening of positions did not continue. The market’s “anxiety” sentiment caused by the previous high and sideways was reversed by the upward breakthrough of the market.
In terms of sub-data, large-scale brokerages have further increased their long positions from 620 to 793, a record high in the past seven weeks. Short positions remained unchanged at 32. Large institutions were the only ones in the market to lighten up their positions in the last statistical cycle. One type of accounts that have performed a net long position adjustment. In the latest statistical cycle, as the BTC price broke through further upwards, the bullish attitude of the broker’s account was further consolidated, and the current long position quickly returned to near the historical high level. Judging from the position adjustment performance of the latest statistical cycle, it can be considered that large institutions are still quite optimistic about the market outlook, and that BTC still has room for further growth.
In the latest statistical cycle, the long position of the leveraged fund account further dropped from 3,679 to 3,544, a new low of nearly 12 weeks. The short position rebounded from 8,466 to 9,058, and there was no reduction in holdings synchronized with the long position, and it got rid of The position of the six-week low set in the previous statistical cycle. The logic of leveraged funds adjustment in the latest statistical cycle is clearer. While reducing long positions while increasing short positions, it can be considered that such accounts have a bearish attitude towards the market outlook. Compared with the two-way large-scale simultaneous lightening of positions in the previous statistical cycle, the pessimism of this type of account in the latest statistical cycle is more vigorous, which is completely opposite to the idea of adjusting positions of brokerage accounts. For leveraged funds, the frequency of such clear one-way position adjustments is not high, and the probability of occurrence of unilateral adjustments against the market is lower when the market is in a clear and strong phase. It can be considered that in this history With the emergence of high-level market conditions, this type of account has more obvious “deviations” and “errors” in the judgment of short-term market trends.
In terms of large positions, long positions rose from 2123 to 2672, and short positions rose from 245 to 261. Large accounts have increased their long positions by a considerable amount in the latest statistical cycle. Although short positions have increased simultaneously, judging from the increase in the two directions, the attitude of this type of account in the latest statistical cycle has increased significantly. , Did not adhere to the net air-conditioning warehouse thinking of the previous statistical cycle. It can be considered that after the rapid rise in the BTC price, the accounts of large accounts have been reversed from the profit reduction or risk control reduction in the previous statistical cycle to follow the trend.
In terms of retail holdings, long positions rebounded from 3165 to 3343, and short positions rose from 720 to 774. The position adjustment performance of retail investors in the latest statistical cycle is similar to that of large accounts. They have carried out a two-way simultaneous increase in long and short holdings, and the increase in long positions is relatively greater. The change in market sentiment caused by the market’s rising process has received very intuitive feedback on the ideas for adjusting positions of these two types of accounts. As the most emotional type of account among market participants, retail investors have performed relatively well in adjusting positions in this period. normal”.
The upward momentum of the BTC market has further accelerated after the beginning of 2021. In just one week, the market has completed the upward breakthrough of the 30,000 and 40,000 integer thresholds, continuously rewriting historical highs. In this context, each statistical cycle means that the currency price has considerable changes. The need for market participants to adjust positions in this stage of increased market volatility will increase significantly, so the recent weekly position report will be very ” interesting”. When will the brokerage account give up the continuous net overweight and raise the top risk warning signal? When will leveraged funds give up the idea of short selling against the trend in the past few statistical cycles? And will there be some abnormal position adjustments in other types of accounts? These are topics worthy of continued attention in recent weekly positions.
Extended reading: What is the CFTC position report? What’s the value? How to interpret it?
Introduction
Unknowingly, the blockchain has been developed for nearly 10 years, but even now there are still people who question the current application of the blockchain, but on the contrary, with the accumulation of technology and industry exploration in the past few years, the blockchain Has quietly taken root in some industries…
The “Blockchain Application Cases” column is intended to explore the true implementation of the blockchain through some specific cases of the combination of blockchain and the physical industry, and to inspire enterprises or blockchain practitioners.
As the leader of global shipping companies, Maersk Group also suffered an unprecedented crisis in 2015, but this giant company decisively chose to “break the boat” reform and climbed out of the trough in just 4 years. Tradelens, a well-known shipping platform built on blockchain technology, has become the world’s largest shipping blockchain platform. So how did they use blockchain technology to create this miracle, and how did they bottom out and rebound? In this article, I will disassemble it in detail for you, the following Enjoy.
1. Basic situation of shipping industry
The new crown is not over, global trade disputes are becoming more and more serious. In the short term, the global economy has not seen the time point for the concentration of risks to be lifted. It remains to be seen whether the recession will continue in the medium and long term. Look, the main determinant of the supply-side return is the achievement of the outcome of the Sino-US peace talks; and what we know is that no matter what the outcome of the US general election, the trade frictions between China and the US will exist for a long time. Therefore, shipping is the main factor in international trade. One of the carriers, the outlook is expected to be difficult to be optimistic in the short term.
The shipping industry is closely related to the macroeconomic situation, showing a very strong cycle. The cyclicality of the shipping industry can be roughly divided into four stages:
In the first stage, the economic situation recovered and the demand for transportation capacity increased. However, the supply of transportation capacity in the industry was still at a low level at this time, and the supply exceeded demand in a short period of time. The freight rate rose rapidly, and the new shipbuilding orders in the industry increased sharply.
In the second phase, as the demand for capacity reached its peak, the growth rate began to decline. At this time, due to the long ship construction cycle, new orders concluded in the first phase began to be delivered, and the industry’s capacity began to increase rapidly.
In the third stage, due to the large increase in capacity in the previous period, the supply in the industry exceeded demand, resulting in oversupply of capacity, and freight rates began to decline. At this time, industry demand began to bottom out, but due to the severe excess capacity, freight rates still could not rebound. .
In the fourth stage, when the capacity drops and the demand gradually increases with the economic recovery, the industry will be in short supply, the freight rate will start to rebound, and the whole industry will enter a new cycle.
This is repeated, again and again.
Since the U.S. subprime mortgage crisis broke out in the second half of 2008, the global economic recovery has not arrived. The current economic downturn has caused the global shipping industry to face serious overcapacity, low efficiency, serious pollution, and high costs. Superimposed on the political issues of global trade frictions, the entire industry is in a continuous downturn.
2. Pain points
As a traditional industry, the shipping industry currently has shortcomings:
1. The development model is relatively independent and closed, leading to asymmetric market information and too unitary industrial structure. Shipping companies have relatively limited decision-making methods, business models, and operating ideas. The traditional business model of consolidating fleets and scales is still the mainstream.
2. The cycle is too long and the efficiency is low. The main reason is that the industry information of various industries and departments is incomplete and opaque, forming a phenomenon of data islands, which ultimately leads to the overall inefficiency of the industry and the difficulty of ensuring information security.
3. The contradiction between shippers and shipping companies has intensified. With the overcapacity of the global shipping industry, mergers and acquisitions and reorganizations have been carried out in the industry to eliminate backwardness. Forging new alliances seems to have become the way for the industry to save itself in the past few years. However, the shipping industry of the alliance has not solved the needs of cargo owners. In fact, in recent years, cargo owners have never stopped questioning the alliance’s shipping schedule, service quality and punctuality; in addition, personalized needs and differences Chemical services are also the “pain point” of the current alliance.
At a time when the global shipping industry is stuck in a supply-demand imbalance and shipping companies are struggling to survive, Maersk Shipping, the “boss” of the global shipping circle, has been able to survive, and its profits far exceed its peers. Obviously, Maersk has found a way to win.
So let’s analyze today how Maersk achieved a headwind in the shipping industry.
1. Features of blockchain
Based on the pain points of the shipping industry, let’s take a look at the characteristics of the blockchain. The main features of blockchain:
One is that the data cannot be tampered with.
The second is decentralization. It can be understood here that no subject can change rules or tamper with content at will, which will make the platform based on blockchain technology appear more neutral.
The third is a distributed architecture. Each participant is a node with the same data stored in real-time synchronization and cannot be tampered with. This enables multi-party collaboration between untrusted entities to be achieved by trusting the blockchain platform. Reduce the cost of trust.
Fourth, the blockchain can execute programs that cannot be tampered with, that is, smart contracts. Smart contracts can be set to automatically execute preset operations when certain conditions are met, which can achieve automated business execution and reduce costs.
2. Tradelens came into being
From 2015 to 2016, the world’s container shipping demand was much lower than expected, and supply was severely oversupply. Maersk, the world’s largest shipping company in terms of cargo volume, was also hit hard. Its annual revenue dropped sharply. The situation was serious, making Maersk uncomfortable. Don’t make changes.
So in September 2016, Maersk adjusted its new direction and decided to split it into two sectors-one is the transportation and logistics sector and the other is the energy sector. The latter will be split or sold one after another. Maersk is ultimately positioned as an end-to-end container logistics company, committed to providing customers with end-to-end supply chain management solutions.
After repositioning, Maersk also formulated three development directions for the future:
(1) Further enhance customer experience.
(2) Optimize the structure to improve efficiency.
(3) Optimize capital and treat every acquisition with caution.
Based on years of shipping experience, when considering optimizing the entire structure to improve efficiency, Maersk focused on the cross-organizational business process and information exchange in the shipping process, which requires a lot of labor costs. How to optimize this part, Maersk thought of the future Direction-Digitalization of the shipping industry.
In the process of finding a solution, Maersk focused on the emerging technology of blockchain, and through cooperation with IBM, it built an open and neutral supply chain platform based on blockchain technology, and this is – Tradelens .
In March 2017, Maersk announced that it had completed the first blockchain trial, which has since opened the way for Tradelens to gather global shipping companies.
3. How does Tradelens solve the pain points of the shipping industry and how does it achieve this result?
Maersk studied those expenditures that were not shown in digital form on the documents and the funds of the entities involved. The entire industry can reach trillions of dollars.
In the traditional shipping process, there are many roles involved, such as shippers, shipping companies, freight forwarders, port and terminal operators, inland transportation and customs, etc. Each time you communicate with any of these roles, you need to prepare file. However, the shipping industry still relies heavily on paper-based trade and manual document processing methods, which has led to increasing costs and severely affected business continuity.
The first step of Maersk is to build a platform to start the digitalization of its business. Why do all walks of life still use paper-based office methods when the Internet is so developed? Because data on the Internet is easily attacked and tampered with, how to ensure that the data delivered to different companies is consistent?
We can’t easily believe the information transmitted on the Internet, but the blockchain platform is different. Once the data is on the chain, it cannot be tampered with, and the source can be traced to prevent evil, which can ensure the security of the data. At the same time, the data on the blockchain is the same for all nodes, so all participating companies can obtain information at the first time, which can also prevent companies from passing on different information to do evil.
Therefore, this step is to make all business links paperless and upload data to the platform so that all participants can access transportation data and transportation documents in real time. Among them, Maersk also uses Internet of Things technology to obtain sensor data from temperature control to container weight, so that decision makers can grasp real-time information more accurately.
It looks great, but new problems will soon appear. If every participant can see all the information, then for some companies, they are unwilling to disclose their data to everyone, they will Rejection from joining Tradelens.
In this regard, Tradelens cleverly designed a topological network structure and made a permission matrix to accurately manage the permission of each participant to read the data, which can ensure that the trans-oceanic carriers are isolated from each other. It means that Tradelens will establish a channel for each participating ocean carrier, and sensitive information including documents will only be distributed to those nodes of the participating channel, which means that no customer information of a ocean carrier will be distributed To other ocean carriers.
This solves the problem of participant privacy protection.
The second step is to visualize the data collected on all platforms, so that participants can write more efficiently and at the same time make more precise operational decisions.
The third step is docking standards and open interfaces (Api). TradeLens provides a way for all licensed participants to cooperate with the TradeLens ecosystem and extract value from it. TradeLens is defined as a neutral platform that allows any participant anywhere in the world to use it. In addition, TradeLens is committed to standards and interoperability: The platform uses a data model and access control scheme consistent with UN/CEFACT to support interoperability with other data parties in the industry.
The above is the idea of the technical solution, but the specific implementation is also twists and turns.
For example, although we mentioned paperlessness lightly, it is very difficult to change industry habits, especially for the lower-level operators and small and medium-sized enterprises. However, Maersk is willing to spend money to guide operators to conduct online Operate, reward once for each order, so as to continue. If Maersk was a little conservative or stingy, instead of spending money to take the initiative, Tradelens would not be able to do it, which shows Maersk’s determination to reform.
For another example, a big problem is that shortly after Tradelens went online, other competitors were unwilling to become partners in consideration of business risks such as “competition”, “information security”, and “profit transfer”. This is very difficult. At the same time, there are still competition issues. In addition to Maersk’s Tradelens, my country’s COSCO SHIPPING Group COSCO has also built a similar blockchain platform and invited 9 major shipping companies and terminal operators such as CMA to jointly launch GSBN (Global Shipping Business Network Alliance), when GSBN was launched, it had a wider network than TradeLens, and the start was bright, which put a lot of pressure on Maersk.
Therefore, it is still necessary to solve the problem of neutrality. To this end, Maersk decisively transferred part of the shares in exchange for the support of CMA (CMA CGM) and MSC (Mediterranean Shipping Company, the world’s second largest shipping company). Firewire invested in CMA and MSC. The refrigerated container intelligent monitoring company, back-to-back, reduced the number of seats on the Tradelens board of directors and invited MSC and CMA to appoint directors, and other problems were solved.
The following story is that 5 of the world’s six major shipping giants have joined Tradelens, and Tradelens has become a leader since then.
1. From a micro point of view, the role of Tradelens in specific events is seen, among which participants have the most say.
The most intuitive feeling is to reduce costs and increase efficiency. The digital operation process helps shipping operators to effectively realize paperless, saving hundreds of thousands of dollars each year. In addition, some participants said that when they want to know where his container is, according to the traditional operation method, 5 people need to operate 10 steps, but on the TradeLens platform, only one person needs to operate one step. Dadi reduces the cost of communication.
Secondly, reducing costs and increasing efficiency in the process can directly reduce transportation time. In one case, the service shortened the total transportation time of packaging materials in the United States by 40%, thereby eliminating thousands of dollars in unnecessary costs. At the same time, empty containers can be used for circulation, and storage can be used more efficiently.
In addition, since all participants in the shipping industry put data and documents on the blockchain, all information can be traced back to the source, which can combat shipping fraud through methods such as confusing product markings and establish a truly credible trade network .
2. From a macro perspective, what effect has Tradelens finally achieved?
TradeLens began testing in 2017, and its ecosystem was established in 2018. By 2019, five of the world’s six largest shipping companies have participated in the platform.
Today, Tradelens currently has more than 175 organization members, including more than 10 ocean carriers, covering data from more than 600 ports and terminals. The platform has tracked the transportation process of 30 million containers, 1.5 billion events, and about 13 million published documents, and has covered more than two-thirds of the world’s container capacity. It is a well-deserved new leader in the shipping industry.
New platform thinking brought by blockchain
From the process of Maersk’s implementation of the blockchain platform, we have seen an interesting phenomenon. From the initial rejection of other shipping giants, Maersk has made the platform fairer through the use of decentralized methods, and then put the shipping industry into the six giants. Five of them are incorporated into the Tradelens platform. This is hard to see in the Internet platform, and this is the new platform thinking of co-construction and win-win brought by the blockchain.
So, why can the blockchain platform made by Maersk attract the participation of competitors, and do it better?
Because the Internet is a zero-sum game, a bigger company will be affected, so they will certainly not cooperate, but will instead build a similar platform to compete.
But the blockchain platform is different. First of all, the problems solved based on this platform are good for all participants, and this benefit does not come from squeezing the market of others, but from a platform based on new technology support. Everyone can reduce costs and increase efficiency when multi-party collaboration.
Secondly, the decentralization of the blockchain makes it possible for no subject to tamper with data and rules at will, but for multi-party governance, which makes it easier for other competitors to accept it.
Based on these characteristics, the speed at which the blockchain platform can gather more participants is far faster than the Internet platform. There is more help than others, and cooperation on the Internet platform everyone will worry that the opponent will become bigger and stronger. The cooperation on the blockchain platform not only has actual benefits and effects, but also does not worry about the other party becoming bigger, because it is decentralized, and multiple parties participate in governance, which is a real win-win situation, not some Internet platforms. Under the banner of the sharing economy, in fact, they are exercising monopoly. The advantages of the natural blockchain platform are very obvious.
This is a new cooperative thinking brought about by new technologies, which will reshuffle the original solidified market structure. Those who can keep up with this reform will inevitably become the leaders in the new market. Therefore, in the process of digital transformation, enterprises should pay attention to the new thinking and new solutions brought by the blockchain technology, as well as the difference between market cooperation and tradition.
1. Tradelens makes the entire logistics data clear at a glance through paperless and visualization methods, which can help participants understand the entire situation more intuitively and make more precise decisions.
But at present, most companies still rely on manual decision-making. Since the entire logistics is becoming more and more digitalized, in the future, big data and artificial intelligence can be combined to provide more granular and more accurate shipping decisions. Cost reduction and efficiency increase are achieved to the extreme, and at the same time, combined with the smart contract of the block chain, the automatic execution can be achieved when the conditions are met, and the real smart logistics can be achieved.
2. Tradelens made by Maersk and my country’s COSCO COSCO have their own blockchain platforms, but this is not a competition like an Internet platform. Companies in the shipping industry can also participate, but from the perspective of blockchain , The information of the two companies is on their own platforms, forming data islands.
Although Tradelens adopts consistent technical standards, it is currently doubtful whether it can be successfully connected with other blockchains. Therefore, perhaps a blockchain technology called cross-chain technology needs to be used here, which allows for different blockchains. The data between them can interact. In this way, Tradelens and COSCO can develop according to their own ideas, and at the same time can be connected to a network through cross-chain.
3. This year, countries are racing to accelerate the advancement of their own central bank digital currency CBDC. Some countries have already issued them, such as Lithuania, Cambodia, etc. Some countries are already testing, such as China’s digital renminbi, and others are actively discussing and researching Centers such as digital euro and digital dollar. The digitization of currencies in various countries is also an inevitable trend in the future. If these digital currencies can be combined with smart contracts of the blockchain, then for blockchain platforms such as Tradelens, the trade can be cleared. The settlement function is also included to achieve the integration of business flow, logistics, information flow, and capital flow, which will further reduce costs and increase efficiency.
Looking back at Maersk’s deeds, we see that blockchain technology plays a pivotal role in the participation of multiple parties, such as logistics, not only for the company itself, but also for the entire industry to get rid of the traditional paper-based office and communication processes. Go lightly, find new profit points (saving money is making money), and have a second spring.
It is said that the ship is difficult to turn around, but on the other hand, Maersk also let us see how the giants turned around. First, the strong man cut off his business for many years, and then he dared to reposition and start from the new. In the process of implementing the digitalization of the industry, Maersk took the initiative to attack and resolve them one by one, showing us a textbook exploration.
It is worth mentioning that Maersk can make a smooth transition and the digitalization led by Tradelens is indispensable, but Maersk’s capital operation towards the strategic direction cannot be ignored. Aiming at an end-to-end container logistics company, it is also Maersk’s strategy to continue to acquire and invest in related companies and quickly build a stage around this goal. These are inseparable from its own courage and strategic in-depth thinking and foresight. This is exactly what we should learn from.
In the current situation where new technologies are gradually maturing and the trend of digitalization is becoming more and more intense, how companies should deal with them, which is a question worthy of consideration for all entrepreneurs.
Reference
1. Maersk, what kind of chess is next?
2. CMA CGM and Mediterranean Shipping completed the integration of TradeLens and joined the shipping platform jointly established by IBM and Maersk as a basic carrier
Unknowingly, the blockchain has been developed for nearly 10 years, but even now there are still people who question the current application of the blockchain, but on the contrary, with the accumulation of technology and industry exploration in the past few years, the blockchain Has quietly taken root in some industries…
The “Blockchain Application Cases” column is intended to explore the true implementation of the blockchain through some specific cases of the combination of blockchain and the physical industry, and to inspire enterprises or blockchain practitioners.
As the leader of global shipping companies, Maersk Group also suffered an unprecedented crisis in 2015, but this giant company decisively chose to “break the boat” reform and climbed out of the trough in just 4 years. Tradelens, a well-known shipping platform built on blockchain technology, has become the world’s largest shipping blockchain platform. So how did they use blockchain technology to create this miracle, and how did they bottom out? We will In this article, I will disassemble it in detail for you, the following Enjoy.
background
1. Basic situation of shipping industry
The new crown is not over, global trade disputes are becoming more and more serious. In the short term, the global economy has not seen the time point for the concentration of risks to be lifted. It remains to be seen whether the recession will continue in the medium and long term. At the same time, the effective capacity of the industry has been greatly reduced due to the impact of US sanctions. Look, the main determinant of the supply-side return is the achievement of the outcome of the Sino-US peace talks; and what we know is that no matter what the outcome of the US general election, the trade frictions between China and the US will exist for a long time. Therefore, shipping is the main factor in international trade. One of the carriers, the outlook is expected to be difficult to be optimistic in the short term.
The shipping industry is closely related to the macroeconomic situation, showing a very strong cycle. The cyclicality of the shipping industry can be roughly divided into four stages:
In the first stage, the economic situation recovered and the demand for transportation capacity increased. However, the supply of transportation capacity in the industry was still at a low level at this time, and the supply exceeded demand in a short period of time. The freight rate rose rapidly, and the new shipbuilding orders in the industry increased sharply.
In the second phase, as the demand for capacity reached its peak, the growth rate began to decline. At this time, due to the long ship construction cycle, new orders concluded in the first phase began to be delivered, and the industry’s capacity began to increase rapidly.
In the third stage, due to the large increase in capacity in the previous period, the supply in the industry exceeded demand, resulting in oversupply of capacity, and freight rates began to decline. At this time, industry demand began to bottom out, but due to the severe excess capacity, freight rates still could not rebound. .
In the fourth stage, when the capacity drops and the demand gradually increases with the economic recovery, the industry will be in short supply, the freight rate will start to rebound, and the whole industry will enter a new cycle.
This is repeated, again and again.
Since the U.S. subprime mortgage crisis broke out in the second half of 2008, the global economic recovery has not arrived. The current economic downturn has caused the global shipping industry to face serious overcapacity, low efficiency, serious pollution, and high costs. Superimposed on the political issues of global trade frictions, the entire industry is in a continuous downturn.
2. Pain points
As a traditional industry, the shipping industry currently has shortcomings:
1. The development model is relatively independent and closed, leading to asymmetric market information and too unitary industrial structure. Shipping companies have relatively limited decision-making methods, business models, and operating ideas. The traditional business model of consolidating fleets and scales is still the mainstream.
2. The cycle is too long and the efficiency is low. The main reason is that the industry information of various industries and departments is incomplete and opaque, forming a phenomenon of data islands, which ultimately leads to the overall inefficiency of the industry and the difficulty of ensuring information security.
3. The contradiction between shippers and shipping companies has intensified. With the overcapacity of the global shipping industry, mergers and acquisitions and reorganizations have been carried out in the industry to eliminate backwardness. Forging new alliances seems to have become the way for the industry to save itself in the past few years. However, the shipping industry of the alliance has not solved the needs of cargo owners. In fact, in recent years, cargo owners have never stopped questioning the alliance’s shipping schedule, service quality and punctuality; in addition, personalized needs and differences Chemical services are also the “pain point” of the current alliance.
At a time when the global shipping industry is stuck in a supply-demand imbalance and shipping companies are struggling to survive, Maersk Shipping, the “boss” of the global shipping circle, has been able to survive, and its profits far exceed its peers. Obviously, Maersk has found a way to win.
So let’s analyze today how Maersk achieved a headwind in the shipping industry.
How does Maersk do it?
1. Features of blockchain
Based on the pain points of the shipping industry, let’s take a look at the characteristics of the blockchain. The main features of blockchain:
One is that the data cannot be tampered with.
The second is decentralization. It can be understood here that no subject can change rules or tamper with content at will, which will make the platform based on blockchain technology appear more neutral.
The third is a distributed architecture. Each participant is a node with the same data stored in real-time synchronization and cannot be tampered with. This enables multi-party collaboration between untrusted entities to be achieved by trusting the blockchain platform. Reduce the cost of trust.
Fourth, the blockchain can execute programs that cannot be tampered with, that is, smart contracts. Smart contracts can be set to automatically execute preset operations when certain conditions are met, which can achieve automated business execution and reduce costs.
2. Tradelens came into being
From 2015 to 2016, the world’s container shipping demand was much lower than expected, and supply was severely oversupply. Maersk, the world’s largest shipping company in terms of freight volume, was also hit hard. Its annual revenue dropped sharply. The situation was serious, making Maersk uncomfortable. Don’t make changes.
So in September 2016, Maersk adjusted its new direction and decided to split into two sectors-one is the transportation and logistics sector, and the other is the energy sector. The latter will be split or sold. Maersk is ultimately positioned as an end-to-end container logistics company, committed to providing customers with end-to-end supply chain management solutions.
After repositioning, Maersk also formulated three development directions for the future:
(1) Further enhance customer experience.
(2) Optimize the structure to improve efficiency.
(3) Optimize capital and treat every acquisition with caution.
Based on years of shipping experience, when considering optimizing the entire structure to improve efficiency, Maersk focused on the cross-organizational business process and information exchange in the shipping process, which requires a lot of labor costs. How to optimize this part, Maersk thought of the future Direction-Digitalization of the shipping industry.
In the process of finding a solution, Maersk focused on the emerging technology of blockchain, and through cooperation with IBM, built an open and neutral supply chain platform based on blockchain technology, and this is-Tradelens .
In March 2017, Maersk announced that it had completed the first blockchain trial, which has since opened the way for Tradelens to gather global shipping companies.
3. How does Tradelens solve the pain points of the shipping industry and how does it achieve this result?
Maersk studied those expenditures that were not shown in digital form on the documents and the funds of the entities involved. The entire industry can reach trillions of dollars.
In the traditional shipping process, there are many roles involved, such as shippers, shipping companies, freight forwarders, port and terminal operators, inland transportation and customs, etc. Each time you communicate with any of these roles, you need to prepare file. However, the shipping industry still relies heavily on paper-based trade and manual document processing methods, which has led to increasing costs and severely affected business continuity.
The first step of Maersk is to build a platform to start the digitalization of its business. Why do all walks of life still use paper-based office methods when the Internet is so developed? Because data on the Internet is easily attacked and tampered with, how to ensure that the data delivered to different companies is consistent?
We can’t easily believe the information transmitted on the Internet, but the blockchain platform is different. Once the data is on the chain, it cannot be tampered with, and the source can be traced to prevent evil, which can ensure the security of the data. At the same time, the data on the blockchain is the same for all nodes, so all participating companies can obtain information at the first time, which can also prevent companies from passing on different information to do evil.
Therefore, this step is to make all business links paperless and upload data to the platform so that all participants can access transportation data and transportation documents in real time. Among them, Maersk also uses Internet of Things technology to obtain sensor data from temperature control to container weight, so that decision makers can grasp real-time information more accurately.
It looks great, but new problems will soon appear. If every participant can see all the information, then for some companies, they are unwilling to disclose their data to everyone, they will Rejection from joining Tradelens.
In this regard, Tradelens cleverly designed a topological network structure and made a permission matrix to accurately manage the permission of each participant to read the data, which can ensure that the trans-ocean carriers are isolated from each other. It means that Tradelens will establish a channel for each participating ocean carrier, and sensitive information including documents will only be distributed to those nodes of the participating channel, which means that no ocean carrier’s customer information will be distributed To other ocean carriers.
This solves the problem of participant privacy protection.
The second step is to visualize the data collected on all platforms, so that participants can write more efficiently and at the same time make more precise operational decisions.
The third step is docking standards and open interfaces (Api). TradeLens provides a way for all licensed participants to cooperate with the TradeLens ecosystem and extract value from it. TradeLens is defined as a neutral platform that allows any participant anywhere in the world to use it. In addition, TradeLens is committed to standards and interoperability: The platform uses a data model and access control scheme consistent with UN/CEFACT to support interoperability with other data parties in the industry.
The above is the idea of the technical solution, but the specific implementation is also twists and turns.
For example, although we mentioned paperlessness lightly, it is very difficult to change industry habits, especially for the lower-level operators and small and medium-sized enterprises. However, Maersk is willing to spend money to guide operators to conduct online Operate, reward once for each order, so as to continue. If Maersk was a little conservative or stingy, instead of spending money to take the initiative, Tradelens would not be able to do it, which shows Maersk’s determination to reform.
For another example, a big problem is that shortly after Tradelens went online, other competitors were unwilling to become partners in consideration of business risks such as “competition”, “information security” and “profit transfer”. This is very difficult. At the same time, there are still competition issues. In addition to Maersk’s Tradelens, my country’s COSCO SHIPPING Group COSCO has also built a similar blockchain platform and invited 9 major shipping companies and terminal operators such as CMA to jointly launch GSBN (Global Shipping Business Network Alliance), when GSBN was launched, it had a wider network than TradeLens, and it had a bright start, which put a lot of pressure on Maersk.
Therefore, it is still necessary to solve the problem of neutrality. To this end, Maersk decisively transferred some shares in exchange for the support of CMA (French CMA CGM) and MSC (Mediterranean Shipping Company, the world’s second largest shipping company), and FireWire invested in CMA and MSC. The refrigerated container intelligent monitoring company, back to back, reduced the number of seats on the Tradelens board of directors, and invited MSC and CMA to appoint directors, and other problems were solved.
The following story is that 5 of the world’s six major shipping giants joined Tradelens, and Tradelens has become a leader since then.
Solution effect
1. From a micro point of view, the role of Tradelens in specific events is seen, among which participants have the most say.
The most intuitive feeling is to reduce costs and increase efficiency. The digital operation process helps shipping operators to effectively realize paperless, saving hundreds of thousands of dollars each year. In addition, some participants said that when they want to know where his container is, according to the traditional operation method, 5 people are required to operate 10 steps, but on the TradeLens platform, only one person needs to operate one step. Dadi reduces the cost of communication.
Secondly, reducing costs and increasing efficiency in the process can directly reduce transportation time. In one case, the service shortened the total transportation time of packaging materials in the United States by 40%, thereby eliminating thousands of dollars in unnecessary costs. At the same time, empty containers can be used for circulation, and storage can be used more efficiently.
In addition, since all participants in the shipping industry put data and documents on the blockchain, all information can be traced back to the source, which can combat shipping fraud through methods such as confusing product markings and establish a truly credible trade network .
2. From a macro perspective, what effect did Tradelens ultimately achieve?
TradeLens began testing in 2017, and its ecosystem was established in 2018. By 2019, five of the world’s six largest shipping companies have participated in the platform.
Today, Tradelens has more than 175 organization members, including more than 10 ocean carriers, covering data from more than 600 ports and terminals. The platform has tracked the transportation process of 30 million containers, 1.5 billion incidents, and approximately 13 million published documents, and has covered more than two-thirds of the world’s container capacity. It is a well-deserved new leader in the shipping industry.
New platform thinking brought by blockchain
From the process of Maersk’s implementation of the blockchain platform, we have seen an interesting phenomenon. From the initial rejection of other shipping giants, Maersk has made the platform fairer through the use of decentralized methods, and then put the shipping industry into the six giants. All five are incorporated into the Tradelens platform. This is hard to see in the Internet platform, and this is the new platform thinking of co-construction and win-win brought by the blockchain.
So, why can the blockchain platform made by Maersk attract the participation of competitors, and do it better?
Because the Internet is a zero-sum game, a bigger company will be affected, so they will certainly not cooperate, but will instead build a similar platform to compete.
But the blockchain platform is different. First of all, the problems solved based on this platform are good for all participants, and this benefit does not come from squeezing the market of others, but from a platform based on new technology support. Everyone can reduce costs and increase efficiency when multi-party collaboration.
Secondly, the decentralization of the blockchain makes it possible for no subject to tamper with data and rules at will, but for multi-party governance, which makes it easier for other competitors to accept it.
Based on these characteristics, the speed at which the blockchain platform can gather more participants is far faster than the Internet platform. There is more help than others, and cooperation on the Internet platform everyone will worry that the opponent will become bigger and stronger. The cooperation on the blockchain platform not only has actual benefits and effects, but also does not worry about the other party becoming bigger, because it is decentralized, and multiple parties participate in governance, which is a real win-win situation, not some Internet platforms. Under the banner of the sharing economy, in fact, they are exercising monopoly. The advantages of the natural blockchain platform are very obvious.
This is a new cooperative thinking brought about by new technologies, which will reshuffle the original solidified market structure. Those who can keep up with this reform will inevitably become the leaders in the new market. Therefore, in the process of digital transformation, enterprises should pay attention to the new thinking and new solutions brought by the blockchain technology, as well as the difference between market cooperation and tradition.
Tradelens can do better
1. Tradelens makes the entire logistics data clear at a glance through paperless and visualization methods, which can help participants understand the entire situation more intuitively and make more precise decisions.
But at present, most companies still rely on manual decision-making. Since the entire logistics is becoming more and more digitalized, in the future, big data and artificial intelligence can be combined to provide more granular and more accurate shipping decisions. Cost reduction and efficiency increase are achieved to the extreme, and at the same time, combined with the smart contract of the block chain, the automatic execution can be achieved when the conditions are met, and the real smart logistics can be achieved.
2. Tradelens made by Maersk and my country’s COSCO COSCO have their own blockchain platforms, but this is not a competition like an Internet platform. Companies in the shipping industry can also participate, but from the perspective of blockchain , The information of the two companies is on their own platforms, forming data islands.
Although Tradelens adopts consistent technical standards, it is currently doubtful whether it can successfully dock with other blockchains. Therefore, perhaps a blockchain technology called cross-chain technology is needed here, which allows for different blockchains. The data between them can interact. In this way, Tradelens and COSCO can develop according to their own ideas, and at the same time can be connected to a network through cross-chain.
3. This year, various countries are racing to accelerate the advancement of their own central bank digital currency CBDC. Some countries have already issued them, such as Lithuania, Cambodia, etc. Some countries are already testing, such as China’s digital renminbi, and others are actively discussing and researching. Centers such as digital euro and digital dollar. The digitization of currencies in various countries is also an inevitable trend in the future. If these digital currencies can be combined with smart contracts in the blockchain, then for blockchain platforms such as Tradelens, the trade can be cleared. The settlement function is also included to achieve the integration of business flow, logistics, information flow, and capital flow, which will further reduce costs and increase efficiency.
postscript
Looking back at Maersk’s deeds, we see that blockchain technology plays a pivotal role in the participation of multiple parties, such as logistics, not only for the company itself, but also for the entire industry to get rid of the traditional paper-based office and communication processes. Go lightly, find new profit points (saving money is making money), and have a second spring.
It is said that the ship is difficult to turn around, but on the other hand, Maersk also allows us to see how the giants turn around. First, the strong man cut off his business for many years, and then he dared to reposition and start from the new. In the process of implementing the industry’s digitalization, Maersk took the initiative and resolved them one by one, showing us a textbook-like exploration.
It is worth mentioning that Maersk can make a smooth transition, and the digitalization led by Tradelens is indispensable, but the capital operation of Maersk in the strategic direction cannot be ignored. Aiming at an end-to-end container logistics company, continuously acquiring investment-related companies, and quickly building a stage around this goal is also Maersk’s winning strategy. These are inseparable from its own courage and strategic in-depth thinking and foresight. This is exactly what we should learn from.
In the current situation where new technologies are gradually maturing and the trend of digitalization is becoming more and more intense, how companies should deal with it, which is a question worthy of consideration by all entrepreneurs.
01
The current situation and reasons of the new round of “freezing card tide”
Since September, a new wave of “freezing cards” once again hit the currency circle. Not only did many readers report to reporters that bank cards participating in OTC transactions were frozen, but also a large number of investors on Weibo and other social platforms talked about similar situations. “Many people I know around have frozen cards, and transactions as large as hundreds of thousands to as low as 2,000 yuan have frozen cards.” Xue Xu (a pseudonym), a cryptocurrency investor who was frozen this time, told reporters .
Although the phenomenon of freezing cards is not uncommon in the cryptocurrency industry, in terms of coverage and extent, the freezing card tide is more violent than the past few times, and even the phenomenon of users’ subway cards being frozen together, and many more Users reported that they could not reopen accounts in mainstream banks, which caused a lot of inconvenience to life.
At the same time, the depth of the OTC platforms of major exchanges has also decreased significantly. The unit price gap between the USDT buying area and the selling area often has a price difference of more than 2 points. The OKEx platform also has a maximum price difference of 5 points. This phenomenon reflects OTC merchants. Both the number and activity of are declining sharply.
Another obvious sign is that most of the pending orders on the OTC platforms of most major exchanges no longer support Alipay transactions and can only be traded through bank cards. A person in charge of an OTC merchant told reporters that the reason is that the Alipay account has been “abolished” in three days recently, indicating that third-party payment channels are likely to be carrying out anti-money laundering operations that are no less powerful than bank card channels.
The relevant person in charge of Huobi also told reporters that a large number of users have recently reported that bank cards used for OTC transactions have been frozen, but in fact, it is not only the cryptocurrency industry, but also related information in many fields such as foreign trade and finance. It can be seen from some social media information that there are indeed a large number of people in the foreign trade industry complaining that bank cards have been frozen, and some articles have spread widely.
The problem reflected by this phenomenon is that the large-scale freezing of cards is not aimed at the cryptocurrency OTC field, but the domestic police has strengthened the anti-money laundering work, and the OTC transaction field will inevitably be affected.
According to reporters’ interviews with people in various industries and sorting out online data, the reasons for this large-scale freezing of cards can be roughly summarized into two points.
First, domestic telecommunications fraud, killing pigs, pyramid schemes and other scams continue to occur frequently. A large amount of funds are defrauded from ordinary people. Coupled with long-term active overseas gambling platforms, there is an increasing demand for money laundering. As a more suitable money laundering medium, cryptocurrency has become the preferred tool for many scammers or gambling platforms to transfer funds and launder money. Some criminal groups also cooperate with cryptocurrency OTC merchants to launder money. This year, many well-known OTC merchants have been investigated by the police. Recently, many related crackdowns have been publicly reported.
According to Hebei News Network, on September 3, Hebei Cangzhou police successfully detected a large telecom network fraud case, arrested Zhu Mouhui and other 12 criminal suspects, and seized 3.95 million yuan of stolen money on the spot. Upon questioning, members of the criminal gang confessed to the fact that since 2020, they have helped overseas electronic fraud gangs to split and transfer funds to obtain benefits after “whitewashing” on virtual currency trading platforms such as OKEX and Huobi.
According to reports from the payment industry, the People’s Court of Yongqiao District, Suzhou City recently heard the suspected pyramid scheme of the LON project. The project used methods such as investing LON currency rebates and developing member rebates to attract registered investment from people from all over the world online and offline, and a total of 13,251 members were developed. Defrauded investment funds of more than 50 million yuan. In the process of handling stolen money, the principal criminals and others, in order to avoid detection by domestic regulatory authorities, convert the investment and rebate money into virtual currencies such as Litecoin through Huobi, in order to achieve the purpose of money laundering.
According to a report from the Beijing News on September 24, Liao Jinrong, director of the International Cooperation Bureau of the Ministry of Public Security, said at the 9th China Payment and Settlement Forum that preliminary statistics have exceeded one trillion yuan in gambling funds flowing out of China each year, and some gambling gangs used virtual currency to collect The transfer of gambling funds has brought great challenges to the crackdown.
Second, the relevant state departments have continuously increased their anti-money laundering efforts and issued more stringent guidance documents, and the relevant regulatory policies of major banks have become more stringent. OTC industry veteran Fu Mo (anonymous) told reporters that the freeze card wave is likely to be related to the “Decision of the Ministry of Public Security on Amending the “Procedural Provisions for the Handling of Criminal Cases by Public Security Organs” that was reviewed and approved in early July this year. There are 141 amendments to the rules and regulations, many of which involve the determination of case jurisdiction.
According to reporters’ inquiries, with regard to crimes committed against or using computer networks, the new regulations have added victims to the public security authorities on the basis of identifying the location of the site creator or administrator and the location of the computer information system used by criminals and victims. The public security organs at the location at the time of the infringement and the place where the victim’s property suffered damage may have jurisdiction.
Since today’s telecommunication fraud cases often involve people from all over the country, this adjustment is equivalent to giving the public security organs in most parts of the country the power to exercise jurisdiction over related fraud cases, instead of being limited to a handful of areas where the public security organs have jurisdiction.
According to the existing regulations, as long as the public security organ at or above the county level approves it, the public security organ can prepare a notice of assistance in freezing property and notify financial institutions and other units to implement it. Considering that the public security organs in different regions have subtle differences in their understanding of the legal rules and case rules, as well as the degree of emphasis and work energy, the aforementioned adjustments will easily lead to a sharp increase in the phenomenon of freezing cards.
At the same time, the aforementioned amendment decision came into effect on September 1 this year. This time point is also in line with the trend of high incidence of freezing cards since September this year.
It is foreseeable that with the further tightening of relevant regulatory policies, the freezing card phenomenon in cryptocurrency OTC transactions will become the norm in the industry for a long time. Therefore, it is especially necessary for most cryptocurrency OTC traders to understand more preventive measures for frozen cards and how to deal with the phenomenon of frozen cards.
02
How to deal with the frozen card incident
To deal with possible frozen cards, the most important thing for users is to learn to prevent them and reduce the risks in OTC transactions as much as possible through some techniques.
Based on relevant interviews and network information, OTC transactions usually have the following points of attention: find trusted merchants to establish fixed deposit and withdrawal channels, take safety as the core consideration, and do not need to pursue the best price every time; maintain sufficient legal currency cash flow , Reduce the frequency of OTC transactions; use cards of small and medium banks or local banks for transactions; use unusual bank cards for transactions, reducing the inconvenience caused by bank card freezing.
It is understood that there are usually two situations when bank cards are frozen. One is bank freezing, which is also called stop payment by some industry professionals. That is, bank cards can only receive payments but not make payments. Generally, the bank’s risk control system is triggered by the user’s transaction behavior. , The bank will freeze on its own. If the user’s funds do not involve illegal funds, this situation will usually be automatically unfrozen after three days;
The other is judicial freezing. Generally, the public security organ freezes the bank cards that have fund transactions with the parties involved in the case, usually for half a year or one year, and unfreeze after the case is finished. But Xue Xu told reporters that there are many cases around him that have not been thawed for more than a year, which may mean permanent freezing of the card.
Regarding user response measures, Fu Mo pointed out to reporters that if a user encounters a bank card being frozen after OTC transactions, he can wait about three days to determine the nature of the frozen card. If it has not been unfrozen after three days, he needs to find the bank and the public security agency to find out the situation.
Guo Yatao, head of the chain law lawyer team, told reporters that users should find out the reason why the bank has understood the frozen card and the investigative agency that applied for the frozen card in the first time, try to get in touch with the investigative agency in time, explain the whole story, provide corresponding materials, if the investigative agency If it is necessary for the investor to go to the local area to cooperate with the investigation, it is recommended to be accompanied by someone or directly seek professional legal assistance.
“For those who have provided sufficient supporting materials and still cannot be unfrozen, or if the case-handling personnel are found to have violated the rules during the communication process (for example, it has been verified that the money involved in the case is not related to the case but is not unfrozen), you can appeal or complain in accordance with the regulations. According to the law, the public security agency must deal with the matter within the statutory time limit,” said Guo Yatao.
Xue Xu also described his contacts with the police in detail. “The criminal investigation teams in Shanghai and Inner Mongolia explained the freezing of the cards in writing on the grounds that they were fraudulent, and then asked me to provide transaction order records and income statements. I’m consulting a lawyer to see how to appeal,” Xue Xu said.
However, the relevant person in charge of Huobi told reporters that according to user feedback they received, most of the bank cards in the card freezing tide were only frozen for three days, and they were automatically unblocked after three days.
In the cryptocurrency OTC transaction, the exchange, as the platform party, also plays an important role in the frozen card incident, and even needs to bear certain responsibilities. Many interviewed users have complained that the platform party does not strictly review the qualifications of OTC merchants, resulting in a lot of black money. Pour into the OTC market.
To this end, reporters interviewed mainstream exchanges such as Huobi and Binance. They all stated that they will further improve the qualification review mechanism of OTC merchants in the future, and at the same time strengthen the construction of transaction risk control systems and user safety education.
At the same time, Huobi also explained in detail how the platform handles user complaints about frozen cards. “We usually guide users to understand the detailed information of frozen cards, such as the freezing period, freezing agencies, and their contact information. If necessary, follow-up. If you cooperate, Huobi will let users contact the police, and then the police will contact Huobi to cooperate.”
The relevant person in charge of Binance further told reporters that after the police issue a transfer order, relevant departments of Binance will cooperate with the police to give relevant transaction information to help users unfreeze bank cards as quickly as possible. Throughout the Q3 quarter, Binance’s fiat currency department assisted the police in investigating dozens of cases, including many fraud cases involving hundreds of millions of dollars.
In addition, industry anti-money laundering standards are also advancing. According to Sina News, the Blockchain Industry Application Anti-Money Laundering Standards Seminar was held in Beijing on September 22. The conference discussed the basic anti-money laundering technology security code of conduct for blockchain industry applications or platforms, and the “Blockchain Industry Application The content of “General Requirements for Anti-Money Laundering” may also help to further standardize the OTC market.
Cryptocurrency trading is a gray area of legal supervision, and various asset security issues will inevitably occur. This depends on the joint cooperation of supervisors, exchanges, OTC merchants and other parties. A good mechanism is used to minimize similar incidents and promote industry cooperation. Planned development.
After the introduction of UNI token income farming incentives for the WBTC liquidity pool, the supply of tokenized Bitcoin on Ethereum, WBTC, is growing substantially.
1. Since September 17th, after the UNI token income farming incentives launched on Uniswap, the number of new WBTC coins has exceeded 15,000, which is worth approximately US$165 million if calculated at US$11,000/BTC;
2. The relative return rate of the liquidity pool based on Bitcoin is higher than that of Ethereum and Chainlink on decentralized financial platforms such as yEarn Finance;
3. After launching existing Bitcoin-based liquidity pools supporting RenBTC, wBTC and sBTC, Curve added a brand new HBTC liquidity pool.
In just 24 hours after the launch of the UNI token, the number of WBTC (Wrapped Bitcoin) tokens has increased by 10,800, which means that the total value of Bitcoin currently in the DeFi project/protocol has reached 1.2 billion US dollars. The reason for this situation is largely due to the relatively high returns of Bitcoin-based liquidity pools, so liquidity has begun to shift to these decentralized financial protocols that support Bitcoin.
Uniswap effect
WBTC (Wrapped Bitcoin) is a tokenized Bitcoin on Ethereum. It was launched in January 2019. Before the outbreak of decentralized financial income farming, WBTC grew relatively slowly, but now its fixed value has exceeded US$800 million. It has risen by nearly $500 million since August.
Uniswap is currently the leading decentralized exchange (DEX) in the crypto industry, and its transaction volume once surpassed a centralized exchange such as Coinbase. At this stage, the WBTC-ETH liquidity pool on Uniswap has become the most “attractive” source of Bitcoin liquidity, because it is one of the four liquidities on Uniswap, and injecting liquidity into it can get UNI token rewards. .
At the time of writing, the WBTC-ETH pool is already the largest liquidity pool on Uniswap, with a scale of US$391 million and an astonishing growth rate of 900% since September 17. As shown in the figure below, we can see the comparison of the demand sources of other WBTC liquidity pools on Uniswap. Except for the WBTC-ETH liquidity pool, which hit a new high of nearly 40 million US dollars in 24 hours, the liquidity of other pools has changed. Almost zero.
Since Uniswap will no longer add a new liquidity pool that supports UNI token incentives during the governance grace period, this means that the size of the WBTC-ETH liquidity pool may continue to expand in the next 30 days.
Other liquidity pools eligible for UNI income farming include DAI-ETH, USDT-ETH, and USDC-ETH. Since their launch, the size of these liquidity pools has increased by 880%, 136%, and 142%, respectively.
Bitcoin on Ethereum
At the time of writing, the total value of Bitcoin locked in decentralized financial smart contracts has reached 1.25 billion US dollars.
Due to the relatively high rate of return, Bitcoin liquidity pools and vaults are getting more and more attention from investors, resulting in an increase in the number of WBTC, renBTC and sBTC minted on Ethereum. These tokenized bitcoins are an ERC-20 token whose value is backed by actual bitcoins locked in a specific smart contract. The tokenized bitcoins are compatible with the DeFi platform built on Ethereum.
Recently, some of the developments of tokenized Bitcoin worth paying attention to include:
1. The market value of the tokenized bitcoin RenBTC on Curve accounts for 18% of the total value of the tokenized bitcoin, which is close to 1 billion US dollars;
2. The yEarn Finance treasury provides a 30% annual rate of return for sBTC liquidity providers on the Curves platform including RenBTC, WBTC and sBTC; in contrast, the other two treasuries based on Ether and LINK are expected to Only 1.73% and 2.24% return.
3. Curve added a new HBTC liquidity pool to its decentralized trading platform, but within a week of its release, the pool only added HBTC worth $1,300.
The high returns of liquidity mining on decentralized financial platforms increase investors’ motivation to hold Bitcoin, but at the same time it also brings additional smart contract risks. Investors may lose themselves due to fluctuations in the decentralized financial market. Mortgage of physical bitcoin. In addition, the tokenized bitcoin minted on Ethereum has other risks, such as: forced liquidation, token loss, technical failure, and theft.
How the Bitcoin on Ethereum will develop in the future and whether the upsurge of decentralized finance can indirectly boost the price of Bitcoin is worthy of our attention.
From September 16th to September 18th, 2020, the 2020 China Retailers Conference will be held at Xiamen International Convention and Exhibition Center. Guided by the Xiamen Municipal People’s Government and the Fujian Blockchain Association, hosted by the Entropy Chain School, Xiamen Conference & Exhibition Silford Exhibition Co., Ltd., and co-sponsored by Lianwen and Winkrypto, “The Third China (Xiamen) International Blockchain + Business Future “Development Summit” will also be held as a parallel sub-forum of this conference.
In 2020, blockchain technology will be reborn from the ashes.
With the formal inclusion of blockchain technology in the new infrastructure, and the rapid advancement of the central bank’s digital currency DC/EP, blockchain technology has entered the field of financial technology reform and business empowerment. From cryptocurrency to blockchain, as we expected, blockchain is having an immeasurable impact on the world.
As the forefront of innovative models in the financial technology field, blockchain has always maintained a rapid iteration speed. In the context of the turmoil in the global capital market, we have seen deep-level commercial changes from DeFi decentralized finance, and we have also seen opportunities for business empowerment in the new blockchain era. However, the new blockchain era is both brewing vents and hidden crises. While witnessing the birth and rapid development of many high-quality projects, we have also seen many cases that were ruthlessly abandoned by the times because of our adherence to traditional concepts.
China’s leading blockchain and financial technology media chain ChainNews and Winkrypto, which is dedicated to integrated marketing services in the world of decoding and encryption, have been paying attention to and capturing industry trends. In the past few months, we launched the World Digital Mining Conference and had in-depth exchanges with friends in the mining industry. Planning the OFC Open Finance Conference, inviting the core projects in the DeFi ecosystem to deeply interpret the future of open finance. In this process, we have felt the importance of mining pools as the contact point of traditional capital and industrial layout blockchain, and the potential released by blockchain at the financial level. These will become the advantages of blockchain in the next stage when facing the mainstream commercial market.
This time, ChainNews and Winkrypto invited top-tier business experts, capital investment institutions, senior practitioners in the blockchain industry and trendsetters to gather in Xiamen, China, to focus on the innovation of business and blockchain collision technology, and to analyze the block in depth. The macro development direction and future trends of the chain provide sound judgments for value innovation.
From September 16 to September 18, 2020, the 2020 China Retailers Conference with the theme of “New Opportunities, New Demands, New Models” will be held in Xiamen International Convention and Exhibition Center. The purpose of the conference is to provide a communication and cooperation platform for traditional business enterprises to achieve innovative transformation and development with the help of new technologies such as blockchain, big data, Internet of Things, artificial intelligence, etc. The participating units will cover well-known domestic smart business platforms, professional service providers, and various circulation Industry chain enterprises including leading enterprises in industry innovation, transformation and development.
At that time, under the guidance of the Xiamen Municipal People’s Government, the Fujian Blockchain Association, the Entropy Chain School, the Xiamen Conference and Exhibition Sirfu Exhibition Co., Ltd., and the “The Third China (Xiamen) International Blockchain + Business Future Development Summit will also be held as a parallel sub-forum of this conference.
Meeting schedule on September 16:
in the afternoon
13:35-13:55 Leader’s speech
13:55-14:15 Keynote Speech | The Impact of Digital Currency on the Future of Business Development
14:15-14:35 Keynote Speech | Digital Fujian Blockchain Application Service Platform
14:35-14:55 Keynote Speech | BSN Design Origin-Understanding of the Future of Blockchain
14:35-15:15 Guest Speech | Privacy Computing and Data Fusion Infrastructure
15:15-15:35 Keynote Speech | 5G Era Blockchain Empowers Digital Economy
15:35-15:55 Keynote speech
15:55-16:10 Certification ceremony for the first batch of industrial and information blockchain position talents
16:10-16:30 Round table dialogue
Schedule for the “Open Finance Conference Xiamen Station” on September 17:
morning
9:00-9:20 Keynote Speech | Opening up a new financial paradigm: present and future
9:20-9:40 Keynote Speech | From Open Finance to Open Network
9:40-10:30 Roundtable Forum | BSN Open Consortium Chain
10:30-10:40 Lighting Talk | Velo: Blockchain financial system that empowers cross-border payments
10:40-11:30 Roundtable Forum | Global Perspective on Digital Asset Compliance
11:30-11:40 Lighting Talk | ForTube: Building a new decentralized stablecoin infrastructure
11:40-11:50 Lighting Talk | Flamingo: Cross-chain full-stack Defi protocol based on Neo
11:50-12:00 Lighting Talk | CCFOX: Challenges and opportunities of DeFi development to centralized exchanges
12:00-12:40 Roundtable Forum | Out of Ethereum: New Possibilities for Open Finance
in the afternoon
13:30-13:50 Keynote Speech | How far is the road to breaking the circle of DeFi?
13:50-14:30 Roundtable Forum | Explore New Opportunities of Polkadot DeFi
14:30-14:45 Keynote Speech | ETC: Breakthrough, Innovation, Cooperation and Win-Win
14:45-15:25 Roundtable Forum | After liquidity mining, where is the optimal solution for liquidity?
15:25-16:05 Roundtable Forum | How to Tell the DeFi China Story
16:05-16:45 Roundtable Forum | How to Capture the Next DeFi Value Investment Trend
Schedule for the “World Mining Congress Xiamen Station” meeting on September 18:
morning
9:00-9:20 Keynote Speech | Changes and Future of Digital Mining
9:20-10:10 Roundtable Forum | How does BTC mining power migrate when wet water turns to dry water?
11:00-11:50 Roundtable Forum | Mining Finance This Year: Reflection on Practice Growth
11:50-12:10 Keynote Speech | After the competition before the mainnet: a key turning point in the Filecoin ecosystem
11:20-11:30 Lighting Talk | Mix DeFi: Xiaobai’s mining artifact
11:50-12:00 Lighting Talk | Looking back in history, how many bonuses are there in the next cycle of BTC mining
12:20-12:30 Lighting Talk | Paiwang grid trading, trading like “mining”
in the afternoon
13:30-14:20 Roundtable Forum | Ethereum mining ecology under the DeFi boom
13:20-14:40 Lighting Talk | Current status of mining investment and DeFi boom
14:40-15:30 Roundtable Forum | New mining opportunities brought by distributed storage
15:30-15:45 Keynote Speech | The Ideal of IPFS and the Reality of Filecoin
15:45-16:30 Inauguration Ceremony and Mining Leaders Roundtable
Lianwen & Winkrypto hopes to use the media as the link and integrated marketing services as the gear to bring together traditional top-tier businesses and blockchain industry trendsetters. From the evolution of blockchain technology, integration with traditional commerce, in-depth analysis of industrial policies and industry In-depth exchanges and collisions on topics such as cutting-edge investment directions, in order to promote the rapid development of the blockchain industry.
Complete meeting arrangements and attending guests:
WWW.BLOCKCAST.CC 