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A. FISCO - Golden Chain Alliance creates a new era of public alliance chain

Public chain, alliance chain (permission chain) and private chain can be said to basically include blocks Three ways to use chain technology. In recent years, the planning, financing, development and ecological construction of public chains can be said to have been carried out in a noisy manner. Some are real, and even more are deceived. It is noisy, noisy, muddy and sandy, and investors' money has really gone in. But not many are online, and the ecological construction of the few public chains that are online is also sparse. There are very few DApps, and the daily activity is even less. In short, not many current public chain projects can or are willing to survive. Ecological construction is even further away.

Private chains are self-built and internally operated blockchain structures of respective companies and institutions. Very little information is disclosed, but I believe that using your own money to do your own things and solve your own problems will not cause any problems. What a big deal.

The development of the alliance chain has always been low-key. Since blockchain technology was recognized by the mainstream economy and society, pragmatic mainstream economic institutions have been solidly carrying out research, development and application for about 4 years. During this period, the backbone of the alliance chain was formed, and another correct path was found for the implementation of blockchain applications and ecological construction. In a certain sense, the alliance chain has passed its infancy and has begun to solidly move towards the "public alliance chain" new era. The alliance chain's naturally strong relationship with mainstream economic industry resources also determines the alliance chain's mainstream status in the application prospects of blockchain technology.

With the dawn of the digital economy era and the popularization of distributed business models, blockchain technology has also been able to give full play to its advantages and become a representative of cutting-edge technology. In 2016, three companies, WeBank, a member of the Golden Link Alliance, Shanghai Wanxiang Blockchain, and Matrix Yuan, a member of Chinaledger, reached a strategic cooperation and jointly committed to exploring blockchain technology, and

The full name of Golden Link Alliance is Financial Blockchain Cooperation Alliance (Shenzhen). It was jointly established on May 31, 2016 by more than 20 financial institutions and technology companies including Shenzhen Financial Technology Association, Shenzhen Qianhai WeBank, and Shenzhen Securities Co., Ltd. Non-profit organization established. As an open organization, Financial Institutions that voluntarily abide by the charter and companies that provide technological services to financial institutions can apply to join. So far, members of the Golden Link Alliance include more than 80 institutions in six major industries including banks, funds, securities, insurance, local equity exchanges, and technology companies.

On November 26, 2016, Golden Link Alliance released the "Financial Distributed Ledger Proposal", proposing five major principles such as legal compliance, traceability, security, privacy protection, and business orientation, as well as a value alliance , autonomous and controllable, safe and trustworthy, efficient and available, business feasible, flexible configuration, intelligent supervision and other seven propositions.

Purpose: Integrate and coordinate financial blockchain technologytechnical research resources, form a synergy and coordination mechanism for financial blockchain technology research and application research, improve the research and development capabilities of member units in the field of blockchain technology, explore, develop, and implement financial alliance blockchain suitable for financial institutions, and Application scenarios based on this.

The General Assembly of the Golden Chain Alliance is the highest authority; the permanent body of the General Assembly is the Presidium, which leads the alliance to carry out daily work during the intersessions of the General Assembly and is responsible to the General Assembly; the Presidium has a technical committee (chaired by Application project work), Standards Technical Working Committee (presides over the establishment, formulation, review and release of standards), Advisory Committee (organizes external experts to participate in technical and standards discussions).

Jinlianmeng has established research directions in the fields of credit, equity, points, insurance, bills, cloud services, digital assets, financial product issuance and trading, and some of the projects have now been implemented or products have been launched. prototype.

The FISCO BCOS underlying blockchain platform is jointly built by the FISCO open source working group. Members of the working group include Beyondsoft, Huawei, Shenzhen Stock Exchange, Digital China, Sifang Inextron, Tencent, WeBank and Yuexiu Jinke and other members of the Golden Link Alliance, aiming to create a secure and controllable blockchain suitable for the financial field. The underlying platform of the chain.

Financial services are one of the earliest application areas of blockchain. Blockchain technology brings advantages such as safety and reliability, simplified processes, cost savings, reduced operational risks, and increased trust, and has the potential to reconstruct and sublimate the original financial industry infrastructure. The financial industry focuses on multi-party reciprocal cooperation and has strong supervision and high-level security requirements, which require node access and authority management. Therefore, the technical direction of the alliance chain has become the main choice for the financial industry.

At present, my country's financial industry is opening up to the outside world with unprecedented intensity, and the pace of financial innovation is also accelerating. Therefore, how to effectively balance the relationship between open innovation and risk prevention and firmly maintain the bottom line of no systemic risks is an important issue for the industry. challenges that urgently need to be addressed.

From the perspective of financial IT infrastructure, there are still some shortcomings and pain points in operational risks, moral hazards, credit risks, information protection risks, etc.

First, financial IT system data may still be tampered with, forged, or have consistency differences.

Second, the infrastructure structures and business processes of different financial institutions are different, and even still involve many manual processes, which greatly increases operating costs and is also prone to operational risks and ethics. risk.

Third, financial business and financial cooperation may involve multiple participants or intermediaries, which can easily increase trust costs and friction costs. There is also a certain degree of mutual trust and coordination.cooperation or cooperation equivalence issues.

Fourth, financial business is often highly complex, and it is easy to miss records of all business elements. Sometimes it is difficult to trace the entire business process, and it cannot meet the needs of supervision and auditing.

Fifth, the data between different financial institutions are relatively independent, making it difficult to achieve safe and efficient interaction, resulting in high costs for repeated KYC, anti-money laundering, and anti-fraud, and also indirectly causing the loss of user data. Risk of disclosure by certain intermediaries.

Sixth, the availability and adaptability of centralized IT infrastructure are weak, and distributed technologies need to be used to improve robustness or adaptability.

As a combined infrastructure solution, blockchain technology can in principle respond to the needs of the financial industry. However, because the requirements of the financial industry are more diverse and strict, as a financial version of the blockchain solution, it needs to be based on the blockchain technology of the universal industry and according to the special business needs of financial institutions, existing technical levels, and laws and regulations. Requirements or conditions in other aspects shall be comprehensively considered from multiple dimensions such as business suitability, performance, security, policy, technical feasibility, operation and maintenance and governance, and cost.

First, the appropriateness of the business scenario. Not all financial business scenarios require the use of blockchain technology. Generally speaking, when it comes to scenarios involving multi-party participation and peer-to-peer cooperation, the traditional centralized system architecture is often difficult to meet the needs, so you can consider using blockchain technology. This will increase multi-party mutual trust, improve business operation efficiency, and reduce business operation costs and friction costs.

Second, the performance of the blockchain system. Financial business often has characteristics such as massive transactions, high-frequency transactions, and timely confirmation. Therefore, the blockchain open source platform in the financial industry needs to analyze the business volume, potential business growth scale, and potential business growth scale that the blockchain system needs to support based on the current business scale of financial institutions. Technical performance index requirements such as concurrent business volume and response time. Since blockchain platforms using different technical modules, such as different consensus mechanisms, have greatly different performance support, it needs to be evaluated based on business performance requirements and combined with blockchain performance efficiency indicators.

Third, the security of the blockchain system. Blockchain can ensure the credibility of recorded data from a technical level and prevent data from being tampered with, forged and other risks. In addition, in terms of data sensitivity and security, it is necessary to evaluate the content encryption strength of the on-chain data, as well as access control, etc. Financial institutions need to choose mature, appropriate, and secure encryption algorithms based on the specific security requirements of their business.

Fourth, policy compliance. Blockchain is a set of technical solutions that, with reasonable design, can provide good support for existing businesses or complement existing centralized systems. However, when financial institutions use blockchain to conduct business, they must implement it within the country’s existing regulatory requirements and legal framework..

Fifth, technical feasibility. Blockchain technology has already been implemented in some financial scenarios, but it is still an emerging technology. It is necessary to fully evaluate the fit of the technology with specific businesses and its advantages and disadvantages compared with traditional systems before finally choosing the appropriate area. Demonstration and trial operation of the blockchain platform.

Sixth, operation and maintenance and governance capabilities. Since there are differences in operations and management between blockchain-based businesses and traditional centralized systems, and the continuous governance requirements of financial businesses are extremely high, corresponding planning and adjustments are required to evaluate the feasibility and sustainability of the new governance structure. , evaluate the impact of version iterations and the official launch of the system, monitor the operation of the blockchain system in real time, and ensure business controllability and financial environment stability.

Seventh, costs are controllable and economically feasible. Blockchain applications use technical features to solve specific problems in actual business. Applications that effectively solve pain point problems can bring great benefits to financial businesses, and the value of the application itself can also be revealed; on the contrary, if it cannot solve important problems in the industry , you need to face a trade-off between costs and benefits.

If a safe and reliable underlying financial blockchain platform can be built to meet the special needs of the financial industry, blockchain technology will be of great use in the financial industry.

For example, from the perspective of banking institutions, the key exploration directions are generally to apply blockchain technology to reduce clearing and settlement costs, improve middle and back-office operational efficiency, improve process automation, and reduce operating costs. In addition, in cross-border financial scenarios, blockchain can help realize ledger sharing among cross-border financial institutions, reduce reconciliation and settlement costs and dispute friction costs between cooperative banks, thereby improving the processing speed of cross-border business. and efficiency.

From the perspective of non-bank financial institutions, blockchain can be used to improve the authority of rights registration and information storage, reduce counterparty risks, solve data tracking and information anti-counterfeiting issues, and reduce audits. operating costs, etc.

From the perspective of financial regulators, blockchain provides regulators with consistent and easy-to-audit data. Through data analysis of inter-institutional blockchains, the audit process can be faster and more efficient than traditional audit processes. Precisely regulate financial operations. For example, in an anti-money laundering scenario, the balance and transaction records of each account are traceable, and no aspect of any transaction will be out of sight of supervision, which will greatly strengthen anti-money laundering efforts.

Designed an efficient, reliable, message communication protocol based on the blockchain network, referred to as AMOP (Advanced Messenger On-chain Protocol), focusing on the following functions:

 Based on the blockchain network, it supports inter-bank and point-to-point real-time message communication;

 Provide standardized interfaces for the interaction between off-chain systems and blockchain;

 The blockchain system can actively call the business interface of the off-chain system;
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The technical characteristics of this protocol are:

 In a point-to-point blockchain network topology, plan node communication paths to ensure message reachability;

 It can quickly detect node abnormalities in the blockchain network and automatically switch paths to resend messages;

 Use encryption technology during the communication process to ensure privacy at the communication layer.

Designed the contract naming service CNS (Contract Name Service). The design goal of CNS is to name the correspondence between the business layer and smart contracts, so that the business layer no longer cares about the relevant contract addresses. Similar to DNS on the Internet, the use of domain names makes it easier for users to remember how to access a website, and also gives the website great flexibility in terms of clustering, migration and expansion.

Parallel PBFT Consensus

Standard RAFT Consensus

Parallel Computing and Hot Account Solutions

FISCO BCOS in Data Integration Conduct in-depth exploration in analysis, transaction control, identity authentication and other aspects to meet the financial industry’s high standards for supervision, risk control and other aspects.

Risk data integration

Based on immutable, traceable, distributed and highly consistent data on the blockchain, regulatory agencies can be given sufficient and transparent information and transactions Participants, transaction details, transaction process and transaction history are all recorded on the blockchain ledger, which can completely and properly preserve massive historical data, solve the problem of data islands, and meet the needs of structured, clear, accurate and complete risk data. requirements.

Risk modeling, analysis and prediction

Organically combine the data completed on the blockchain with big data mining, machine learning and other technologies, and then integrate market data, industry Data can be used to formulate more accurate risk models, improve risk prediction capabilities, and meet the requirements of comprehensive risk management of institutions.

Real-time transaction monitoring, reporting and interception

Identity recognition

Special Prize: ODRchain - a typical application of public consortium chain

The most watched champion project - ODRChain, based on FISCO BCOSThe underlying platform uses blockchain technology to solve the pain points of traditional judicial processing of online disputes, such as the difficulty in verifying the authenticity of electronic data and the inability to digest a large and rapidly backlog of case disputes.

At present, ODRChain has shortened the time it takes for customers to go from clicking "one-click arbitration" to receiving the arbitration award, from the traditional arbitration process that lasted several months to about 7 days. , and the arbitration fees that originally cost tens of thousands of dollars have been reduced to a few hundred yuan. As of December 2018, ODRChain has completed the deposit of over 10 million contracts, involving hundreds of billions of funds.

First prize: JustSign - a white-box cryptographic algorithm that turns a mobile phone into a USB shield

The project that grabs the first prize in the competition - JustSign, is based on FISCO BOCS It is an electronic contract signing and certificate storage system. Its original JustKey white-box cryptographic algorithm realizes "mobile phone as USB shield", which solves the problem of limited compatibility of traditional CA, inability to protect key security on the mobile terminal, and vulnerability to attacks in centralized data storage. question.

Expert reviewers commented that electronic contracts involve complex legal relationships and ownership of interests, and it has long been difficult to achieve a balance between security, integrity and portability. The team’s original white-box cryptographic algorithm is really conducive to improving security in blockchain certificate storage scenarios.

Second Prize: Internet of Things Trusted Interconnection Solution - The Picture of Smart Life Looks Like This

The Internet of Things Trusted Interconnection Solution competed by Sichuan Changhong Security Laboratory depicts Come up with a smart home blueprint that requires almost no extra worry on your part. When analyzing the blockchain technology behind it, a team representative said that an inter-enterprise cooperation alliance is established based on the alliance chain to open up the interconnection and mutual trust of IoT devices between different manufacturers, and based on insights into typical business scenarios of smart life, through smart contracts Implement smart terminal registration, scene rules, trust rules and linkage rules.

Expert judges of the competition believe that this project has practical hardware and scenarios in the field of Internet of Things, and is expected to further promote the implementation of application scenarios such as distributed AI assistants, resource sharing, life cycle management, and multi-channel payment. Truly usher in smart life.

Among the projects that won the third prize in the competition, they accurately targeted the characteristics of blockchain in terms of security and efficiency improvement, and provided practical solutions for the industries they represented. Tsinghua University The team of teachers and students found a new way to develop cross-layer full-stack blockchain security detection technology to protect other blockchain applications comprehensively, and its technical strength was highly praised by the judges.

The third prize winners were the trusted electronic certificate platform of Shenzhen E-Commerce Security Certificate Management Co., Ltd., the real estate registration platform of Wuhan Liandong Times Technology Co., Ltd., and Shandong Guanhai Data Technology Co., Ltd. The company’s Rongcheng blockchain service platform, the livestock industry blockchain traceability of Quanliantong Co., Ltd., the tourism finance alliance platform of Shenzhen Youxun Information Technology Co., Ltd., and the copyright safe deposit box of Beijing FamilyMart Technology Development Co., Ltd.

Shanghai Jiuyaojiu Information Technology Co., Ltd.’s first-responder mutual aid first aid, “Yongteng Group My Innovate”’s HaveFund, Qianhai Life Insurance Co., Ltd.’s blockchain policy management, “Huazhong Technology The university's Guanshankou Hulu Brothers' Book Campus and the Cloud Block project team's "Yun Block" account system also won the competition's Outstanding Social Value Award, Outstanding Business Design Award, Outstanding User Value Award, Outstanding Creativity Award, and Outstanding Application Integration Award respectively.

Ma Zhitao, chairman of the Golden Alliance Technical Committee, elaborated on the concept of the “Public Alliance Chain”. He believes that the alliance chain should achieve self-sublimation and should be able to evolve into an ecosystem that provides services to the public, that is, a "public alliance chain."

Different from the public chain project’s idea of ​​“coming up with a plan first, raising funds, vigorously promoting it, raising the price, and finally investing in development”, the alliance chain project adheres to the idea of ​​“investing in development first with its own funds” , go to the production environment to verify, accumulate real customers and users, run steady trials and errors, and finally carry out promotion and publicity.” However, due to the focus on practical implementation and focusing on real applications, there is a lack of publicity, and it has no choice but to fall into a passive situation of "many people have implemented it, but few people have praised it". Golden Chain Alliance hopes that through this competition, the project team of the alliance chain will come to the stage to show their results, enhance the influence of the alliance chain, and let the public know more about the real application implementation and sustainable development of the alliance chain project.

B. What is Taiyiyun Dengdi’s personal assets?

Taiyiyun Dengdi’s personal assets are 42.8985 million. Deng Di is still the largest shareholder and actual controller of Taiyi Cloud, accounting for 81.8166%. Public information shows that Taiyiyun Dengdi’s personal assets are 42.8985 million. Taiyi Cloud was founded in 2006. Its main business is technology development, technical services and applications related to blockchain technology. It is the first blockchain company listed on the New Third Board. The company is operating normally, with objective funds and personal assets. Increase accordingly.

C. Xianshengwen | Which companies can survive better in the cold capital winter

Well-known female investors talk about the investment market and investment life

The full text has a total of 4320 words, and the reading time is about 11 minutes

Image source|Pioneer

Written by|Pioneer

Produced| Pioneer

After the popularity of “mass entrepreneurship and innovation” subsided, it is generally recognized thatAs the “capital winter” approaches, venture capital has reduced its investment in start-ups. It has become a consensus that start-ups should "winter" carefully.

However, few people can tell clearly how long the "capital winter" will last, what types of companies are currently most favored by capital, and whether there are any companies worthy of attention in the recession. Economic growth points and other issues.

At the 2018 "She Loves Technology" Global Entrepreneurship Competition and International Forum, several well-known female investors discussed the above topics at the "Investing in the Future" roundtable forum.

How do these top investors who invest in different modules view the “capital winter”? What kind of investment life do they each have? Please read the highlights of the report brought by First Voice.

Shan Lihong: Managing Director and Head of China of HarbourVest Partners, former Managing Director of JP Morgan Asia Pacific Investment Banking Department and Head of Asia High-tech Investment Banking Department.

I am Shan Lihong, currently responsible for the business in China of HarbourVest Partners, the world's largest private equity parent fund. Before that, I spent more time as an investment banker in the technology industry and worked in the US stock market for ten years. I have been working in Asia for six years, and I have always focused on the field of technology and technology investment, whether from upstream or downstream.

Zhang Lu: Partner and Managing Director of JRR Crypto.

My name is Zhang Lu, from JRR Crypto. I started my business when I was a sophomore in college, and finally chose blockchain, a very young field. The blockchain field is a bottom-up track and will be a very good financial outlet in the future.

Tong Mei: Managing Director of Fosun Health Holdings Group, former Vice President of M&A Strategy of Walmart China.

I am Tong Mei, from Fosun Health. I am mainly responsible for home entrance investments. Before that, I worked for Wal-Mart in marketing and mergers and acquisitions.

Pu Xiaoyan: Managing Director of Sequoia Capital China Fund.

My name is Pu Xiaoyan, and I work at Sequoia Capital. Sequoia Capital is a venture capital institution with a history of 46 years, and technology is a major theme of Sequoia Capital’s investment. Before joining the venture capital industry, I had many years of working experience in the cultural entertainment and media industries, so it should be considered a relatively big transformation in my career.

Zeng Xun: Partner of Cole Law Firm in the United States.

My name is Zeng Xun, and I am a partner at Cole Law Firm in the United States. Our headquarters is in Silicon Valley. Whether in the United States or in China, it is our mission and our spirit to support startups, join hands with venture capital capital, and help startups grow from small to large. So we are very honored to cooperate with She Love Technology and hope that China canThere are more female entrepreneurs and female leaders.

Q. The capital winter has arrived. What are the biggest growth opportunities in the next two years? What types of startups attract investment?

Shan Lihong: I am probably the most upstream here. As a fund of funds, we invest in funds. We have access to the sources of capital, and we can see whether there is a cold winter for capital.

From my personal experience, I have actually experienced several real capital winters. For example, after the explosion of the technology bubble from 2000 to 2002, it was actually a capital winter. At the highest peak, VC and technology companies really had no funds for several years. That was a very significant trough.

In the entire global capital market. The second is that after the financial crisis, investment companies around the world have been cold for several years, but now they are rising again. I feel that the current China is not a capital winter compared to the two I just mentioned.

But why does everyone feel that it has become significantly colder this year? Maybe it’s because of the massive growth of domestic funds in China in the past two or three years, which has led to some irrational and abnormal prosperity. But if you compare the amount of US dollar funds invested in China’s PE market and VC market with the quality of RMB funds, The volume of US dollar funds is relatively stable, and only RMB has grown rapidly in the past two years.

On the US dollar side, we believe there will be no significant change. Therefore, it is true that the amount of capital invested in China will decrease in the next stage, and may not reach the peak of the past two years for a long time. But if there is an experienced CEO, he is still very likely to get good funding.

In this case, extreme situations may continue to occur. For example, for a fund like Sequoia Capital with a good history and a good team, financing may be easier than before because it will encounter less competition. But it is very difficult for a new fund and an inexperienced team, which is also a normal phenomenon.

Actually, from my perspective as an LP, I think this is a good thing. If everyone in the market who has never invested starts investing, it will actually be detrimental to a very healthy valuation environment. So I don’t think it’s a capital winter now, but such a cooling down may make everyone more rational and selective. An experienced person who focuses on doing what he is good at will definitely do better in the long run.

△From left: Shan Lihong, Zhang Lu, Tong Mei

Zeng Xun: My background is not in the investment industry, I am a lawyer, but it can be seen from my observation , I have some facts to share with you. In fact, investors this year, especially institutional investors, are still very optimistic about the Chinese market. I can describe the fundraising of our US dollar fund this year as smooth. The fundraising environment this year is very healthy. Although there are strong winds for funds every year, those winds blow against the better top VCs.

The trend of advantageous resources moving closer to top funds is very obvious, but at the same time, it can also be seen that it is still quite difficult for fund managers who are raising funds for the first time. Another point is that we feel that even funds with relatively good performance in the market are rushing to raise funds this year because everyone has great uncertainty about next year's policy environment and economic environment.

△Zeng Xun

Q. You come from different aspects of investment fields such as VC, blockchain, and law. What made you enter this investment field?

Pu Xiaoyan: Our talent background at Sequoia is divided into two parts. One is from the financial field, investment banks or the Big Four firms, or consulting companies. The other part is the industry, which you need to have a very deep understanding of. So from this perspective, my career development path should be equivalent to another change in the industry.

As of today, I have been working at Sequoia Capital for 7 years. Before joining Sequoia Capital, I had almost 12 years of working experience in the cultural and entertainment industry, mainly in the operation and management of cultural and entertainment enterprises. Before that, I was the deputy general manager of Caijing magazine. If you want to do particularly well in the private equity, PE, or VC industries, we welcome people with deep industry experience to join us. They will have a thorough understanding of the entire ecological chain, industry development trends, and the corresponding resource network. There is a deeper buildup.

△From left: Zhang Lu, Tong Mei, Pu Xiaoyan, Zeng Xun

Tong Mei: I transitioned to the investment field in 2014. Before 2014, as a professional in mergers and acquisitions, I actually accumulated a lot of similar experience in post-investment management and pre-investment work management.

What is the difference?

I think the entire investment industry in China is showing a trend of becoming more and more professional. We have seen many professionals with investment banking backgrounds complete transactions, but more challenges come from how to truly create value for your investment companies after investing. I think Sequoia should be the leader in this field.

In Fosun, especially in the field of Fosun Pharma, we have also learned that after making a good investment decision, the most important step is post-investment management, especially post-investment management. Enterprise empowerment. This does require you to be deeply involved in an industry. I came back from studying abroad in 1998 and worked in China for 20 years.

In the past 20 years, I have not left the consumer goods and retail industry. The transformation of the entire consumer goods and retail industry from PC to mobile, including the current discussion of users and traffic portals, is related to us in the 90s. For China's consumer brands in the personal care field that were pioneered in the 1990s, there is no fundamental difference between the research on users when building the brand, where to find users, and how to provide the best products that consumers like. Just you haveWithout a good product, can you clearly understand where the market segment of your product is? Can you go to that market segment and provide this product to them most efficiently?

Many of the traffic portals we talked about today, including blockchain, many APPs, and mobile solutions, are all based on their roots. So I think as someone with a consumer goods background, the best investment idea is whether you put customers first and whether you can serve customers most efficiently and best. I still think these past professional experiences are very relevant and meaningful to this day.

△From left: Zhang Lu, Tong Mei, Pu Xiaoyan

Q. What is the most important consideration for you in the investment decision-making process?

Zhang Lu: Blockchain decisions often change because it is such an emerging industry. At the beginning, we believed that it was very important for the right people to do the right things at the right time. This is the most important thing.

Then we began to make specific decisions based on the project. For example, whether you have used blockchain or not. Recently, we have seen many traditional good projects doing blockchain. We need to make judgments. Do you really use blockchain, or do you want to get some other benefits in this industry?

In fact, the blockchain has recently caught up with the bear market situation. The entire market is a bit cold, but at this time, one of the key points when we look at the project is the layout and approach of the project team in the bear market. I think this is a sense of responsibility, that is, in a bear market, as a blockchain enterprise, or as a founder entrepreneur of blockchain, how do you drive this market, or what do you want to do.

If you only think about this is a bear market every day, and then go on a trip or stop and do anything first, it may not be right. So when we looked at projects before, a good project did the right thing at the right time. Now we look at whether this project has the ability to withstand bears in a bear market and its future layout in a bear market. This is something we attach great importance to. .

△Zhang Lu

Tong Mei: One of our recent holding transactions is Baihe.com. We discussed it with the chairman of Baihe.com. During the investment process, we invested The capabilities that people can bring to the company and the help the company needs, as well as what is the appropriate distance between investors and entrepreneurs.

I would like to share this idea with you. In fact, every business has its life cycle. Whether you are an investor or an entrepreneur, when choosing your investor, you must think about what this investor can bring, and whether it is what you need most at this time and at the development stage of your company. This match is very important, both for subsequent post-investment management and as an investor’s consideration of future investment expectations and returns.

As an entrepreneur, choose youWhen you are an investor, you need to have a good understanding of the investor's expectations for your control after the investment. As investors, we also need to understand whether we, as investors, are the most suitable investors at the current stage of development of this company, and whether the financial returns we expect can be obtained through the most reasonable form of post-investment management. I think the resonance between these two aspects should be obtained through such an important judgment.

Shan Lihong: We have just talked about many factors, but people are very important. As an LP, when we invest in funds, people may be the only factor. We judge where this person comes from, where he is going, who he is, why he does what he does, and what kind of person he wants to be. I feel that being a fund is too tiring. To be an LP, I only need to analyze people, which I like and am good at.

So I spend a lot of time chatting with people instead of reading things on paper. What I want to see more is whether I can predict through his behavior and thoughts whether he can do well in the next phase of the fund, what kind of team he chooses, and what kind of decisions he makes. This is actually quite interesting. thing. But in the final analysis, people decide what strategy they choose and what they can give up under various temptations. Therefore, the essence of investment is ultimately to invest in people.

Q. Do you think there are many obstacles for women in the workplace as investors? Or is there a unique advantage?

Shan Lihong: The obstacle is actually yourself, whether you dare to say I can do it and I want to do it. Because in fact there is no completely non-competitive environment, whether it is a woman or a man, but many times women will choose to retreat. If I don’t do it perfectly, I won’t do it. Boys always feel that I am better than the actual situation, and girls always feel that I am not as good as we actually are. Case. This is what we have to ask ourselves, are we willing to take this step? I think the obstacle is actually myself.

Second, the so-called success, success in career, if you can do what you like and do what you are good at, this field is also a very good field for development. These three If all of them are present, I think it is a success. I feel like I've been doing what I love and what I'm good at. So when people you like do what you like, I feel successful, so I am very successful, but others have different ways, so I feel happiness still comes from the heart, and each of us can achieve success on our own. So I also want happiness to come from within.

Zeng Xun: The biggest obstacle in the world is not the social system, the external environment, or your competitors. It’s more about your mindset. If you ask a boy why he is successful, he will say because I am great. But if you ask a girl why she is successful, she will say because I am lucky and have many people helping me. I think this is a matter of mentality.

So I think our Chinese families in our generation don’t pay much attention to girls’ self-esteem.The development of confidence. So in fact, on the way to growth and in the workplace, we actually have to rely more on ourselves to build our own self-confidence.

Especially at important decision-making moments in life, such as when you are pregnant or giving birth to your second child, there will always be some little voices beside you saying, why are girls working so hard? Family should be the priority. heavy, or you look like you're going to be successful. I think girls are more likely to be affected by these external little voices. But believe in yourself, you can do it. I think this is a question of cultivating self-confidence.

As for the unique advantages of girls as investors, my observation as an external professional is that girls can hold up half of the sky in China’s investment circle. Although the proportion of girls among front-line investors is not very high. However, most of the people working in the investment circle, especially in the financial and legal affairs of the middle and back offices, are girls, and it is they who make this industry operate very smoothly. It is they who use their softness to overcome toughness and their patience to make the entire industry move smoothly. The investment process is smoother. I think we hope that there will be more female entrepreneurs in this industry in the future, and I am very optimistic about their future.

D. Is there a war for blockchain to grab people?

Blockchain has become a hot trend. Although focusing only on the trend will often lose a forest, any change in the trend will Generating new dividends. At this time, the word "change" spread rapidly: investment institutions, hedge funds, listed companies, academia, top technical personnel, and ordinary job seekers were all involved. A large number of newly established investment institutions have poured into this vigorous investment feast, and competition for talents has become a key to the current layout of the blockchain. So, who loses and wins in this game?

Funds rush to enter: tens of millions of yuan in financing is no longer surprising

How fast does capital rush enter the blockchain market? ?

“The most popular programming languages ​​​​for blockchain development are C++ and Go, and talents who are proficient in cryptography and distributed computing also have innate advantages for blockchain development. "Ding Song said, "I have never studied blockchain, but I have studied and studied in this area for a long time." Regarding the newly entered blockchain training institution, Ding Song revealed that the salary offered by the company is also very "special." : In addition to a small fixed salary, there is a floating bonus of 0.1 to 0.35 Bitcoins every month. When recruiting, "having speculated in coins" has become a bonus.

“Using Bitcoin as a salary, to put it bluntly, even the salary is full of uncertainty, just like this industry. I feel that I am still young and can take a gamble, but I don’t see much of the future. Clear." In Ding Song's view, the popularity of a new thing will naturally be mixed with irrational bubbles, but what can survive in the end must be something truly valuable. However, what is the chance of winning if you invest blindly?

E. Business review and analysis of Hundsun Electronics

Hundsun Electronics’ product line can be divided into two major parts: 1. Business ( traditional business)—— Provide application software for financial institutions such as securities, futures, funds, trusts, and insurance, and collect software licenses and annual service fees; 2. Business (innovative business) — mainly cloud computing, Internet, artificial intelligence, such as financial information business, Jincongsantingrong database business, intelligent investment advisory business, financial cloud business, etc. charge IT management service fees. Hang Seng has a high market share in core trading systems for securities firms, investment management systems for asset management, comprehensive financial management systems for banks, and TA systems for financial institutions.

Hang Seng Electronics’ traditional businesses mainly include asset management business, brokerage business, wealth management, banking business and exchange business. Currently, the three core products account for the largest share of revenue:

UF series, O series, TA series

1. UF series: The full name is "Securities Comprehensive Financial Platform System Software". The main functions are securities trading, settlement, account management, asset custody, clearing and settlement, etc. The one-stop brokerage business platform UF3.0 is the latest product and has the characteristics of "high capacity, large concurrency, low latency" and can support The market volume is 5 trillion yuan to 10 trillion yuan or even larger. When investors open an account at a certain securities firm, buy and sell stocks, and perform margin trading and other operations, they will first be processed by this system. This system will submit instructions and transmit data to the Shanghai Stock Exchange and Shenzhen Stock Exchange. The UF3.0 system is the core trading system in the entire brokerage business. On the basis of expanding the brokerage business, wealth management has become a hot topic in the securities industry in recent years. Hundsun Electronics launched We6, a digital wealth management and fundraising service platform, to provide digital services and capabilities to asset management institutions and wealth management institutions.

2. O Series: The full name is "Fund Investment Management System". Its main functions are stock trading, new stock subscription, bond trading, margin trading, warrant trading, ETF trading, LOF fund trading, and open-end funds. Subscription, etc.; this system was originally developed for the investment management of fund assets. That is, fund companies want to invest money in stocks or bonds. They need a system to help fund managers manage financial assets. This system is this Functional. This latter system gradually evolved into an asset-side management tool for fund assets, brokerage asset business, insurance assets, trusts, futures and other businesses. The new generation asset management product O45 not only continues Hundsun Electronics' technological leadership in the field of asset management systems, but also innovates in system architecture, coupling, system performance, system capacity, openness, etc. O45 is currently being fully and rapidly replaced O32 has become the core hub for investment transactions of asset management institutions.

3. TA series: The full name is "Fund Share Registration System". The main application software includes investment management platform, product recruitment platform, customer service and marketing service platform related systems. TA5.0 is the latest product. When investing in a fund, investors need to open an account, register fund shares, calculate position returns every day, etc.This system handles these businesses. The fund company registers shares through this TA system. If it is a public offering fund, it also needs to transmit the fund share information to China Registration and Calculation Company (Zhongdeng) for share registration. If it is a private equity fund and does not require on-site trading, it can only Just keep the information with the fund company. Both TA5.0 and O45 systems will be used by fund companies. The former is for C-side fund warrant registration and settlement, and the latter is for B-side asset management.

These three systems are the main products of Hundsun Electronics and the main source of Hundsun Electronics’ revenue. In addition, i2 built for the institutional service business and the corporate financial product C9 and the compliance risk control product Rtec, We also help financial institution customers solve business problems through leading digital capabilities and services in their respective business areas. Hang Seng has many other layouts in the entire financial industry chain, such as asset assessment and valuation systems, over-the-counter sales systems, Juyuan Data, Hengyun overseas asset management systems, and a series of innovative business products such as financial cloud and blockchain.

Services provided for different industries:

1. Securities industry

Hang Seng Electronics provides retail brokerage, institutional brokerage, trading and capital investment, It provides comprehensive solutions for investment banking business, overseas markets, OTC markets, etc., and its products cover important areas such as securities trading, settlement and custody, financial risk control, data center, customer marketing services, financial terminals, investment and financial management, etc.

2. Futures penetrates hidden industries

Hang Seng Futures’ overall solution integrates domestic and overseas businesses, supports 7X24h continuous trading, supports multi-active trading centers, supports mixed operations, Support heterogeneous system access.

3. Fund industry

Hang Seng Electronics provides fund companies with overall business solutions for the fund industry, including fund business platform solutions for public offering business (including self-construction and custody outsourcing), There are four major solutions: investment advisory service solutions, fund segregated account business subsidiary solutions, and Internet financial business solutions.

4. Banking business

Hang Seng Electronics has complete solutions in the three vertical fields of personal wealth management, corporate financial management, and institutional asset management, as well as at the two levels of payment and network The application area has a complete range of products and services.

5. Trust business

Hundsun Electronics is engaged in front, middle and back-office operations such as product research and development, marketing, customer service, project management, asset management, risk management, financial accounting, and resource allocation. Provide products and services to trust companies in other aspects.

6. Insurance industry

Hundsun Electronics provides insurance companies with integrated investment platform solutions for asset management business, public fund solutions for public fund issuance, and Internet financial solutions. plan.

7. Exchange

Hang Seng Electronics provides overall technical solutions and consulting, operation and maintenance services for exchanges and related pan-financial fields.

8. Private Equity Industry

Through its subsidiary Hangzhou Securities Investment Network Technology Co., Ltd., Hundsun Electronics provides Sunshine Private Equity with software development and sales related to financial asset operations.

9. Financial data

In 2010, Hundsun Electronics acquired Shanghai Juyuan and entered the financial information field. It is committed to serving the domestic financial information field and provides services to well-known domestic financial institutions, media, Research institutions and other units provide products and services.

10. Global development

Hong Kong Hundsun Network Co., Ltd. (Hundsun.com CO., LIMITED) is a holding subsidiary of Hundsun Electronics in Hong Kong. It mainly provides integrated services for the Hong Kong financial industry. Account, securities and futures solutions, it is one of the qualified BSS suppliers announced by the Hong Kong Exchange, and one of the qualified suppliers of the Hong Kong Exchange's new generation trading system (Navigator). It is also a mature Shanghai One of the providers of stock trading settlement system.

11. Innovative business platform

1) Hangzhou Yunji Network Technology Co., Ltd.: A subsidiary controlled by Hundsun Electronics Co., Ltd., with securities software services and business operation support as its core, it is oriented to Securities market institutions and investors provide high value-added new brokerage business platforms and technical services.

2) Hangzhou Yunying Network Technology Co., Ltd.: A holding subsidiary of Hundsun Electronics Co., Ltd., mainly in the field of financial services, providing product operations and product services to individual investors and institutional investors, including Individual investors and financial institutions such as securities companies, futures companies, trust companies, exchanges, private equity, and Internet companies.

3) Hangzhou Yunyong Network Technology Co., Ltd.: A holding subsidiary of Hundsun Electronics Co., Ltd., focusing on providing data connection, data management, data mining, data supervision and other big data business services for the over-the-counter market. IT technical services include over-the-counter trading centers, Internet financial companies, various regulatory authorities, etc.

4) Hangzhou Securities Investment Network Technology Co., Ltd.: A holding subsidiary of Hundsun Electronics Co., Ltd., it mainly provides private equity and other institutional investors with software development and sales related to financial asset operations, integrating leading IT Technology, Internet technology and financial asset operations are combined to provide institutional investors with excellent software and technical services.

5) Hangzhou Yunyi Network Technology Co., Ltd.: A subsidiary controlled by Hengsheng Electronics Co., Ltd., it mainly provides large asset management for clients such as asset management institutions, asset management outsourcing institutions, custodians, securities brokers and other customers. Innovative IT platforms and services in the field, providing new IT platforms or systems to serve customersProvide technical support to customers to develop innovative businesses.

6) Hangzhou Yunying Network Technology Co., Ltd.: A holding subsidiary of Hundsun Electronics Co., Ltd., which mainly provides new IT software and service businesses in the field of wealth management innovation. Its main service targets include securities, funds, trusts, etc. Traditional financial institutions, private equity, third-party wealth management companies, etc.

7) Hangzhou Hengsheng Yunrong Network Technology Co., Ltd.: A holding subsidiary of Hengsheng Electronics Co., Ltd., it provides turnkey cloud services for financial institutions, connecting financial demand scenarios and the supply of financial services, making The operator of the "Cloud Finance" ecosystem.

8) Hangzhou Yunlian Network Technology Co., Ltd.: A holding subsidiary of Hundsun Electronics Co., Ltd., focusing on providing cloud technology and business services to financial institutions. Focusing on providing cloud-based technology and business services to financial institutions, we are committed to serving institutions in all financial fields such as banks, insurances, securities dealers, funds, trusts, local financial asset exchanges, and Internet financial institutions, and use technology to build wealth for financial institutions. A bridge that connects management and asset transactions, allowing wealth to move.

9) Hangzhou Shanshang Network Technology Co., Ltd.: A holding subsidiary of Hundsun Electronics Co., Ltd., dedicated to providing e-commerce sellers with high-quality business management software and convenient online financial services.

Innovative business:

After years of development, the company has established a three-level R&D structure of research institute, R&D center, and business R&D group. In terms of data, the subsidiary Hengseng Juyuan has a large amount of historical accumulation in market conditions and information, which has become an important foundation for the company to develop an artificial intelligence basic platform. In terms of scenarios, as an IT supplier in all fields of China's financial industry, the company's product line is extensive and penetrates into various financial fields, helping the company to quickly find the best application direction. In fact, the company's transformation has already taken off. Judging from the data, the current revenue of the company's core innovative business has grown rapidly in the past three years, with a compound annual growth rate of more than 80%, which has gradually become a new driving force for the company's rapid growth in the future.

In 2019, four new artificial intelligence products based on Hang Seng Data Center were released: Smart Algorithmic Trading, Intelligent Algorithmic Trading, Intelligent Public Opinion Warning, and Super Intelligent Customer Service, as well as the HSL2.0 platform, Fan Tai Chain (FTCU ), trade finance platform blockchain application, supply chain finance blockchain service platform and 4 blockchain products.

Four stages:

According to the business model and correspondingly disclosed organizational structure adjustments, Hundsun Electronics’ strategy is divided into four stages, and the first three stages have achieved clear success. Each stage covers the watershed between "polishing products in the bear market" and "sharing profits in the bull market".

1. The first stage is from 2003 to 2006/07, and the business model is mainly based on solutions;

2. The second stage is from 2007 to 2012, the business model focuses on software products;

3. The third stage is from 2013 to 2016, the business model adds the Internet;

4. The fourth stage is after 2017, the business model Focus on "technology and operations"

Hundsun Electronics will focus on three aspects in the future development and deployment of financial technology:

1. Architecture upgrade, that is, infrastructure microservices;

2. Business structure reconstruction, that is, solutions need to be upgraded;

3. Data-driven, make application layout of data technology and AI technology.

Hang Seng’s moat:

1. Hang Seng’s market share is very high. The market shares of the three major products mentioned above all exceed 50%, and the TA system has almost reached 80%-90% of the market share.

2. There is never a shortage of orders, because trading rules, interfaces and details of exchanges, banks, etc. are constantly being adjusted. As a result, there are always new demands arising, and demands for system updates are endless.

3. Reforms in financial markets are of great benefit to Hang Seng. Major adjustments such as the Science and Technology Innovation Board, GEM registration system, T+0 trading, and the opening up of the inter-bank bond market will all lead to system updates. To meet demand, financial institutions must upgrade their systems if they want to do business.

4. With a broad product matrix, Hang Seng has been buying, buying, buying everywhere for so many years, constantly acquiring companies in the industry chain to expand its product matrix, and incorporating products in many fields into its own In the camp system (the product matrix needs to be thoroughly sorted out later).

5. The Sino-US trade agreement stipulates that China will accelerate the opening of its financial market and allow foreign banks, securities asset management, funds, futures, and insurance companies to enter the Chinese financial market. If twenty years ago, financial institutions could not tell which software product was better and had the possibility of diversifying their needs, then when these large multinational companies do business in China today, they will definitely choose Hang Seng System. Two options. Because Hang Seng is the undisputed No. 1 in the current market. Not only does it have an overwhelming market share in core systems, but its product matrix coverage is also very wide. Whether it is docking with external institutions or integrating various business systems within the enterprise, there are obvious advantages. These large global financial institutions are not short of money and will definitely choose the fastest and best services to carry out business.

Hang Seng faces greater challenges:

1. The controlling shareholder is the Alibaba system, and there is no national team in the entire background. For such an important financial system software supplier, it is still worrying that it does not have a state-owned background.

2. Some powerful companies have begun to gradually replace some of Hang Seng’sThe system was transformed into self-study. Especially Internet financial companies. For example, in the fund agency business, the well-known Alipay fund agency business system is not provided by Hang Seng. However, since Ant Financial is the controlling shareholder of Hang Seng, it is likely to be on Hang Seng’s system. Conducted secondary research and development. The fund sales products in Tencent Wealth Management Connect are not provided by Hang Seng. Instead, it conducted secondary research and development on the system of Tencent Holdings subsidiary Jinzheng. For example, Dongcai's Tiantian Fund and Snowball's Egg Roll Fund have begun to develop their own systems to replace Hang Seng products.

3. There is a gap between Hang Seng’s technical capabilities and personnel quality compared with Internet companies. In 2019, its R&D expenses were 1.56 billion, the number of R&D personnel was 4,867, and the average annual expenditure per person was 320,000. This 320,000 yuan is not the actual salary of employees, but should include the average expenses of social security, provident fund, amortization of work station water and electricity, etc. The actual per capita annual salary before tax should be just over 200,000 yuan. This salary is probably the starting salary for fresh graduates in first-tier Internet companies.

4. In terms of personnel composition, among the company’s 7,357 employees, only 638 have master’s degrees or above, accounting for 8.7%. This ratio is still very far from that of first-tier Internet companies. Talents for software companies are the core assets, and Hang Seng still has a way to go in this aspect.

F. BlueFocus and Blockchain Data Foundation cooperate to explore marketing blockchain applications

Recently, the Blockchain DATA Foundation and BlueFocus reached an agreement Strategic cooperation, the two parties will work together to build the marketing blockchain laboratory of BlueFocus Kunlun Hall Research Institute. The two parties will cooperate on the technical implementation of the DATA project in data anti-fraud in the field of digital marketing, and will also jointly explore the broad application prospects of blockchain technology in the field of advertising and marketing.

BlueFocus was founded in 1996 and listed on the GEM in 2010. In addition to having branches in major domestic regions, BlueFocus also has an international business network in North America, Europe and other countries and regions in the Asia-Pacific. Asia's largest marketing communications company. In the context of the era of big data and social media, BlueFocus continues to increase data genes and technology genes through business innovation and investment and mergers and acquisitions, and achieves the integration of content, creative services and product technology capabilities, forming new core competitiveness. In 2017, BlueFocus achieved total revenue of 15.2 billion yuan, of which data technology business revenue accounted for nearly 90%. More than 20% of the ideas have been completed by independently developed intelligent service robots, and the intelligent management service platform has taken shape.

The DATA project is a decentralized terminal data credit protocol based on blockchain and driven by AI technology and P2P mobile storage architecture. The DATA project is committed to using blockchain technology to solve the problems of inefficient cooperation, waste of ecological resources, and uneven value distribution caused by data fraud and lack of trust in the global digital ecosystem.serious problems faced. Through terminal-level data trustworthiness assessment, the DATA project hopes to solve the problems of data traceability, confirmation of incentives, and quality control.

In March of this year, BlueFocus and Lakala Group jointly established the Kunlun Hall Big Data Research Institute, which consists of four major laboratories: cloud computing, artificial intelligence algorithms, service robots, and blockchain applications. And set up a research center in Silicon Zen Valley. BlueFocus hopes to integrate various forces to build a smart operation platform. In the future, it will rely on big data construction capabilities to realize the output transformation and in-depth application of scientific research results, provide a powerful engine for the intelligent development of the entire marketing system, and ultimately empower customers with smart operations. Ability to achieve business model innovation.

The two parties will carry out the following cooperation on the implementation of the DATA project and the exploration of blockchain technology in the field of digital marketing:

On the one hand, based on the accumulation of marketing communication services over more than 20 years , BlueFocus has a deep understanding and strong demand for digital marketing effect monitoring. BlueFocus will try to use the Data Authentication Protocol and other related technologies provided by the DATA project within the system to build the underlying blockchain infrastructure for terminal data quality monitoring and traffic fraud prevention. For example, its mobile intelligent marketing integration service company Domob focuses on mobile brand advertising, performance advertising and APP distribution, and has a one-stop programmatic advertising platform. By combining DATA, Domob can not only further improve its traffic anti-fraud system, optimize service processes and improve marketing efficiency, but also become a DATA ecological certification node and work with ecological partners to jointly govern the ecosystem.

On the other hand, the two parties will combine the actual needs of BlueFocus and its subsidiaries in the marketing field to explore more application scenarios of blockchain technology, and will be jointly organized by the Blockchain Data Foundation (Blockchain DATA Foundation) leads the research of the institute’s blockchain laboratory in the field of marketing. Through core mechanisms such as blockchain-based consensus engines and smart contracts, the two parties will conduct research on marketing alliance chain research and development, intelligent marketing, settlement and payment, and data privacy security. By combining AI and big data technologies, we jointly improve digital marketing efficiency and create more value for customers and ecological partners.

In this cooperation, BlueFocus will also join the Global Data Trust Alliance as a strategic partner to jointly build a true, mutually trusting and efficient global data ecosystem. The Global Data Trust Alliance was initiated by the Blockchain DATA Foundation to establishThe alliance aims at a true and mutually trusting data ecosystem. Currently, the American marketing data monitoring and analysis company Kochava, the XCHNG global blockchain digital marketing platform, and the global mobile monetization optimization platform Yomob are all members of the alliance. At the same time, Kunlun Hall Marketing Blockchain Laboratory will also work together with members of the Global Data Trust Alliance to explore potential vertical application scenarios that blockchain technology can really empower in solving data trust.