99% of all assets will be registered on the block chain in the future
SHANGHAI, May 21, 2018
The advent of the block chain era was first described in Charles Dickens’ A Tale of Two Cities, in which what was a cold and chilly winter for some was a warm and sunny spring for others. From ‘block chain 1.0’, represented by the birth of digital currencies such as Bitcoin, to ‘block chain 2.0’ which formed by the combination of digital currency and intelligent contracts, to the current ‘block chain 3.0’, represented by the EOS, the extension of knowledge and expansion of action continually propel block chain technology towards a higher level. In the historic ‘public block chain argument’ of 2018, an increasing number of extraordinary challengers are bound to enter the stage. Compared with the EOS, which broke records by raising $185 million in five days, the FormulA project supported by the Chinese Academy of Sciences is a significant member who cannot be ignored.
After announcing the co-building of the Block Chain Joint Lab with the Chinese Academy of Sciences in early May, FormulA Fund Council Stephen spoke without hesitation about the joint design of the FormulA project and its own benchmark EOS. He said that while EOS is a general block chain, FormulA will be a dedicated type, and these two concepts have been very different since their inception. Thus, the definitions of ‘node’ are also diverse. FormulA’s goal is to map an authentic trading market of assets to the block chain, and eventually create a trusted “Internet of Assets (IoA)”. In this IoA, there will be supply and requisitioning parties for assets, as well as third parties who will provide the market with professional services such as legal affairs, finance, and investment banking.
When asked about the selection criteria for the nodes and the obligations to be assumed, Stephen said that the project would select nodes from a number of high-quality service providers. Rather than serving only for the verification of information, these nodes will provide corresponding professional services for others in the network and earn corresponding rewards in turn. By contrast, EOS nodes are only responsible for acting as “eye witnesses” in the DPos mechanism at the technical level. There are discrepancies in the definition of “node” between EOS and FormulA, though neither kind is superior to the other.
At present, the majority of public chains are general-purpose, and are treated as a panacea – “one chain governs all”. Under this condition, the problem of how to ensure compatibility and versatility while preserving security and processing performance arise. This difficulty is also faced by the general type of block chain when balancing the needs of different scenarios. Stephen has led his team to position FormulA as a dedicated public chain, which serves only for asset registration and asset trading without having to concern itself with versatility. This kind of “copper protocol layer + thin application layer” approach assisted in construction of the main chain, which not only brings greater processing performance, but also increases its own security and reduce operation and maintenance costs.
Regarding the vision of FormulA in the future, this “multinational force” project from Israel, the U.S. and China has not only significant industrial resources, but also a deep understanding of the characteristics and necessary supervision of various assets. With its wide range of industry resources, their first step is to embark on a rapid and substantial registration of assets after the technology has landed. Stephen is fully confident in the future development of the block chain, going so far as to directly state that “99% of all assets will be registered on the block chain in the future.”
FormulA is a leading blockchain project aiming to build a reliable Internet of Asset (IoA) which can be deployed to register and exchange the value of real assets. Based on the “Asset Digitalization Protocol”, FormulA provides a universal solution for asset digitalization and reforms the status quo of the entire asset market. We can also empower financial institutions to increase their efficiency while decreasing potential cost and risk.