Kuan Capital Chairman Guan Xin talked about the trend and development opportunities of Internet Web 3.0 from the perspective of a senior Internet investor.
Speech: Guan Xin, Chairman of Kuan Capital, Vice Chairman of China and Globalization Think Tank
On October 29th, the 2020 Web3 Summit opened on the Bund in Shanghai. This is the first time the Web3 Summit has come to China. Guan Xin, Chairman of Broad Capital and Vice Chairman of China and Globalization Think Tank, delivered a speech on “Web 3: Digital Life and Digital Assets”.
The following is the full text of the speech:
Guan Xin, Chairman of Kuan Capital, Vice Chairman of China and Globalization Think Tank
good morning everyone! Mr. Xiao talked about the stage this morning, and I also talked about my stage. In 1996, at the Great Hall of the People, I was the MC at the first Chinese Internet Conference. Our team was received by Vice Premier Zhu Rongji in Ziguangge. But at that time, we had to dial-up Internet. We wanted to make a video. In the end, there was no visualization because the Internet was invisible. Probably all of you present here today are young people, and those of us below are all older people.
I remember one of the government officials said: Why is there an Internet? All things on the Internet are in English. Will my children learn English in the future? So today Polkadot and Web3 are also protocols. Are our children in the future all going to learn what protocol? This is my topic today: digital life and digital assets.
Let me talk about the definition first, my definition. We are now living in a digital age, that is how people or things, including machines, including other animals, interact, evolve, and cause and effect in a digital environment. Web3 will also be a service in the future. Second, in this process, how do you determine rights and data, what is yours, what is his, what is everyone’s, what is a machine, what is an animal, or what is a state. So I also welcome everyone to discuss this issue together.
Last year I had time to talk to Gavin Wood. I know he is learning visual music. I think only people with such an idea will create it. Stave is the earliest blockchain in China. When the world was at war 1,000 years ago, for religion and other reasons, the Italians invented the seven-segment notation, and later invented the stave, and put the tadpoles on it, you put the sounds you hear in the world on it, in another A place, another country, another ethnic group, a different language, and a different instrument can be played again. So I think one of the biggest languages in the world is the staff. When I heard the music today, I couldn’t see a string of numbers behind him. Whether it was Beethoven or Mozart, his asset for a day is the staff.
We in China have entered the digital world. All of us spend a long time online. Have you ever thought about it? We now spend more time online than in others. We can also use our mobile phones to access the Internet even at meetings. , So we now live in a digital world. So according to the latest statistics, every person spends an average of 30 hours in the digital world every week. This is an average number, but if it is a child, it is likely to spend more time on it. Many of the digital worlds are virtual. So I think we are developing new assets and creating new assets, which has a lot to do with this number. Of course, when we are doing finance, we have to move the old traditional finance to the blockchain, but I think in many places, renewal is more effective than de-renewal. On the contrary, in terms of digital assets, we are creating a new world. This world needs good digitization. This is a relatively great idea, and it is what we want to achieve now.
Everything is changing in the Web3 era. You think oil was a resource before, but now oil is actually data. Among machines and people, robots will replace us in many jobs in the future. Who will own these robots? Or will these robots be owned by society? Who should settle or distribute the services these robots provide us? The diversity of all things is diversified in a biological world. With the five elements, you can play any music, and you can even lower the key to put them together. Although they are not in harmony, they can be put together. So in the entire chain, the purpose of decentralization is not decentralization, the purpose of decentralization is to build diversity.
With data ownership, we can live forever after 29 years, that is, we can upload the data in the brain and put the ideas in the brain on the Internet. Who will own the data in the future? Can these data be genetically inherited? How can these data be blockchained? This is our new definition.
Going out of currency or minting coins. Now that the central bank releases digital currency, it actually replaces paper money. What will the future currency be after paper money is removed? A currency is not a currency, but a string of numbers. Does this string of numbers represent everyone’s online behavior? Can it represent cars, all the data generated every day, or the data generated when we play mobile phones? So the future money and figures, or the meaning of money, are gone.
I was fortunate enough to vote for the first generation of finance in China. We were in a small house in Shanghai in 1990 and moved to this hall in 1999. This hall was only used for a few years and then disappeared. Why? The technology is advanced. In the past, we wore vests and called to trade stocks. In order to let everyone see, we moved the Hong Kong exchange back. A few years later, all the transactions were automated, and these people were reading the newspapers, but they were not cancelled. In 1993, when the first generation of stock speculation was used, it was a license to buy stocks. Just like you are going to buy a license now, the 50 million ID cards of those owners were queued for 5 days in Shenzhen. It was sold out within 10 minutes of opening every day, and finally some events happened. How was the stock trading in the past? I think that when we create technology, we need to know that the transfer and form of every asset will change with the change of technology. This is the biggest business opportunity for everyone here. The DeFi we are talking about today is so hot. In fact, with technological changes, whether it is the capital pool or various extension products, you will develop easier and more Many people participated in this activity.
Our city is now composed of three parts: physical, digital, and cloud. This thing will be realized immediately. All commercial machines are now connected to the Internet. In the future, all data will be connected to the Internet after the emergence of autonomous driving. The people below us are in this data every day. Who are we? Are we bacteria living in the stomach? Or are we also the creators of assets? Everyone is a creator, and everyone is a user.
There is an invisible hand in the digital asset. Do you see any difference or commonality in this picture? None of the pictures in this picture were made by humans. They were all calculated by algorithms. These characters were made. This artwork, the figures of these people, including these masks, were all calculated by algorithms. Now we are living in algorithms, in all mobile phones and games, so the biggest economics in the future is no longer market economics, or supply, but actually behavior, how can people’s behavior be in your algorithm? A better life, maybe this is a big philosophical question.
Web3 will bring a variety of challenges in the future, because in the past, our daily life transactions were houses, cars, and mobile phones, but in the future, all things on the right to confirm, it will bring many differences in hardware and software, and the future transaction mode will not Maybe I sent you something and waited for you to come back.
Talking about what we are investing or looking at now, the first one is about lifelong learning. Hundreds of millions of us in China are on the Internet, and we young people are basically on Douyin. Now this digital time is actually a lot of eating, drinking and having fun. There is no hope for a nation to eat, drink and have fun all day long.
How can we use blockchain technology and use our protocol to use lifelong learning as an incentive? For every coin that I learned, I think we should start with Web3 first. If Web3 is in class and everyone is learning this class, if many bigwigs can use some coins to reward those students, then it will be a stock in the future. . So this year we made it a proposal in the two sessions, and now we are also drafting some white papers. So I hope to cooperate with you, because lifelong learning is likely to be a future career, and it is not very possible, it must be.
Another company we invested in is now using the blockchain to read your data around the clock 24 hours a day, and you can’t read it until the doctor. You can know how your sleep is, you can know how your heartbeat is, you You can also know if you will have myocardial problems. How to use these data? This is the world’s largest data in the future, and it is the most important data, because heart disease is the world’s biggest killer, cancer can be detected, heart disease cannot be detected. So now a large algorithm is to calculate the function of the heart, because with more data, you can read your stress, sleep, emotions, and even have something to do with love.
Now we come to the third stage of Web3. The first one is automobile production and ownership. Second, after the car is now produced and owned, everyone can rent it, everyone can drive, and everyone can share. In the third stage, the car will not be a car in the end, it may be a mobile house, and driverless, this will soon be available. In this case, there may be more data, because there are various data on the car, just like running an airplane, the data generated in one hour is 1T. Such data will give our society wings in the future and we can fly. What kind of results will this bring?
So in the future, computing power can change the world. Your computing power and your ability to compute things are very strong. Many people on the blockchain say that mining is only part of it. In the future, real mining is to use your own computing power. Take it out to calculate new digital assets. Of course, it can also be said that mining is part of the new asset.
This is a car in Shenzhen. It runs every day. I recently took a ride on it. I will show you this video for a while. In the front is the driver. He is the safety driver. Next to him is a commentator. I sat in the back. They installed a video for me. I can see all the cameras in the car. This car is in Jiading, you download an APP, you can already ride this car in Jiading. When will the driver next to this car disappear? With the police in front, the car can automatically bypass the police. I sat in the car for an hour. I was very nervous for the first 30 minutes, and I found myself looking at my phone in the last 30 minutes. So I got used to it quickly, and I feel safer than humans. I’m sitting in this car. After this meeting in the future, I may be able to take the car to Beijing. There is a dining car in the back to pick it up and I can eat on it. The car will continue to walk at night, and I can sleep in it. Working, watching the computer, etc., your car can be the interactive center with the largest data. Or we can create different digital lives, or different lives, or different data in this regard.
I go back to the essence of today. In 1996, people asked me what the Internet is. Is the Internet visible? I said that I can’t see it, but now it’s back to the Web3 era, let alone invisible. But we young people here all want to do well in the invisible, so you must have a very good philosophy in this process. In the process of creation, human beings are like understanding music or staff. What is it? The simplest things can make people enjoy the most. Can people create things together in different languages, different countries, different borders, and different ways? So I hope to participate in your conferences in the future, learn more, and discuss with you how to define our digital life and digital assets.
thank you all.
