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Supervision is a bitter medicine, not a poison, and reasonable supervision methods and methods are expected to promote a new round of barbaric growth in the blockchain industry.
Written by: Groot
In the first decade of the birth of Bitcoin, compared with the excitement of the birth of a revolutionary new technology, the market feedback has more negative questions and criticisms. Blockchain is different from VR/AR and other technologies that have been popular in recent years. The extremely strong monetary and financial attributes of its derived encrypted assets make this industry that is still in its infancy stage directly operated by the central banks of major economies and Wall Street. The opposite of the traditional financial system for hundreds of years, and the black industry represented by the dark web using cryptocurrencies such as Bitcoin as settlement assets has made the blockchain industry “being” covered with a gray veil in the early days.
In order to better control the spread of a series of gray industrial chains spawned by encrypted assets, and to re-establish the authority of the legal currency system, major economies around the world have waved their regulatory sticks in the past few years. In the environment of “, blockchain technology has still completed several rounds of changes in just a few years, and found a real possibility of application landing in the DeFi boom last summer. As blockchain is listed by the Chinese government as an important breakthrough for independent innovation of core technologies, the “prejudice” regarding this emerging technology is gradually fading.
However, with the accelerated development of the industry, there are also frequent blockchain crimes. Obviously, from the point of view of the state or financial regulatory authorities, the moment when the policy wind can really be blown “without scruple”, maybe, or it should be, only when new blockchain-related crimes can be effectively restrained. Really come.
For the blockchain industry, should “regulation” be “bad”?
Perhaps from the moment when the special string of “9·4” was remembered by blockchain practitioners and market participants, “regulation” has become a keyword that this emerging market eschews. Based on the experience of the past few years, the governments and financial regulators of the world’s major economies have paid little attention to this emerging market, and supervision is almost equal to suppression and restriction. Because of this, the search for an unregulated environment has once become a hot topic among market practitioners.
However, in the current mature social system, this so-called unregulated environment is actually equivalent to anarchy. At least in the vast majority of the earth’s land, this assumption is impossible to hold, and that few are due to historical problems. At present, special areas where jurisdiction is still disputed often fall into chaos or even prolonged wars due to lack of clear control. Therefore, at least in today’s social context, “regulation” should not be kept away.
When we look back to the form of “regulation” in the cryptocurrency industry, we can easily find that for the authorities, due to lack of sufficient understanding, the past supervision in this area often used more “crude” means of breaking the wrist. Execution, and this is the crux of the market’s resistance. So, is there a solution to this problem?
So what kind of supervision does the blockchain industry need? How to achieve it?
The development of the industry makes blockchain technology no longer belong to the niche group of geeks, but this does not change the nature of the pursuit of decentralization that was held at the beginning of the birth of the blockchain. It is also for this reason that the supervision of the industry should not set up a centralized institution with supreme power, because once this is the case, the so-called “decentralization” will no longer exist.
In today’s society, the law governed by the state machinery is the key factor that defines the code of conduct, but for every natural person in the society in daily life, the true all-weather restraint actually comes from morality. As a form of strict standardization and intangible constraints, morality fits the spirit of “decentralization” in the blockchain world in a sense. In a specific environment, each participating individual monitors and restrains each other, which can greatly increase the cost of doing evil, and then give birth to a benign development environment.
For most public chains, the high degree of transparency of the data on the chain makes it more difficult for the perpetrators to hide their whereabouts, but because the interpretation and tracking of the data on the chain is very difficult for ordinary users, this transparency is on the contrary. To a greater extent, it provides convenience for relatively more “professional” hackers. How to make better use of this data transparency feature, so that most participants in the market can read from the public data what has happened on the chain, and what is happening. This requires the processing and integration of data on the chain, and extracting information that is truly valuable to users from the massive data, so as to create an environment in which all participants in the market can supervise each other.
As for the authorities that need to obtain more directional authority when relevant criminal acts have occurred, how to skip the higher learning threshold of the blockchain industry and directly restore the criminal path of the perpetrator from the data on the chain is actually the current situation. The most urgent needs of the regulatory authorities. To put it simply, how to use the data on the chain to restore an accurate, comprehensive, time-sensitive and intuitive and easy-to-understand picture is not only a requirement of the traditional power organs, but also an urgent problem to be solved to achieve effective supervision.
Just like the name of the main product “Sky Eye on the Chain” currently promoted by Ouke Cloud Chain, they are providing a highly open and transparent but easy-to-understand information display window for the industry itself through comprehensive monitoring and in-depth processing of the data on the blockchain. , So that market practitioners gradually form a good atmosphere of mutual supervision. At the same time, it also provides an effective means for the authority to accurately restore the criminal path after the criminal act has occurred.
Re-recognition of OKLink and “Sky Eye on the Chain”
Since its birth in August 2019, OKLink has gradually expanded from a blockchain browser to include multi-dimensional data statistics on the chain (blockchain data overview, block, address details analysis), address analysis, and transaction Blockchain “full data” products with many functions such as traceability, on-chain monitoring, address tag library, etc. With the launch of Tianyan products on the chain, OKLink’s focus has shifted from the entire chain to specific address relationships, and gradually shifts from blockchain infrastructure services to data governance and anti-money laundering services on the blockchain.
For practitioners in the blockchain industry, especially practitioners or market participants in the Chinese world, OKLink is an easy-to-use “blockchain browser pro”. While achieving effective coverage of key information on the chain, it also It greatly simplifies the process of in-depth tracking of specific transactions/addresses and drawing transaction maps.
However, with the rapid development of the new financial system, vicious incidents such as hacker theft, extortion transactions, dark web transactions, online gambling, MLM disks, fund disks, money laundering, and project runaways frequently occur on the chain. On the road of assisting the public security organs in combating a series of emerging financial crimes on the chain, Tianyan on the chain has been able to flex its muscles.
In the past year or so, Ouke Yunlian has assisted the police in detecting cases in many places. Including assisting police in Sichuan and Shandong in cracking coin-theft cases, assisting police in Zhejiang in cracking drug-related cases, and assisting Pudong in cracking coin-related cases and so on.
Take the previous case of the theft of a huge blockchain asset in Sichuan Province as an example. The amount involved in this case amounted to thousands of Ethereum, equivalent to more than 40 million yuan in RMB. Due to the large amount of money involved and the accumulation of relevant transaction addresses and recorded data layers, it is difficult for humans to monitor a large number of addresses and transactions in real time and accurately. Coupled with the anonymous nature of the blockchain itself, this case has brought the police to the case. The difficulty is not small, and it is difficult to find an effective breakthrough with traditional investigative methods alone.
It is precisely because Ou Ke Yun Lian has repeatedly assisted the police in detecting such cases, the police handling the case took the initiative to find the relevant business department of the Ou Ke Yun Lian Tian Eye, seeking technical support and help.
Relying on Ouke Cloud Chain’s Skyeye and OKLink blockchain browser products, the police handling the case will mark and track multiple addresses involved in the case, while directly locating the stolen digital assets: generated by the “Transaction Graph” function of the chain Skyeye The visual map of the flow of stolen funds, relying on the “on-chain monitoring” function to obtain real-time reminders and notifications of the transfer of stolen funds, and using the “address tag” to identify offline entities, conduct investigations and collect evidence, thereby solving the case process to a great extent The key clues to the case were quickly found within a few days, and the case was successfully solved.
OKLink’s product polishing has also gained wide recognition, and won the reputation of “2020 Best Security Service Organization”, “Best Security Service Organization”, “Guardian of 2020”, “Most Influential Security Service Organization”, “The Most Influential Information Technology Service Platform”, “The Best Data Service Organization of the Year”. In addition, OKLink has also participated in the formulation of the first anti-money laundering standard for blockchain industry applications with companies such as Baidu, Qihoo, and Xiaomi.
OKLink, as the core business of Ouke Cloud Chain, is also one of the first applications of the new national blockchain infrastructure. It has been committed to expanding the diversified application scenarios of the blockchain and giving new value to the industry for exploring “blockchain+”. What OKLink wants to do is to provide effective supervision methods for government departments on the premise of adhering to the “initial aspiration” of the blockchain, actively crack down on the small and medium-sized perpetrators in this emerging market, and promote the whole industry to accelerate the growth more benignly.
As the main product of OKLink, Skyeye on the chain, based on the in-depth analysis and continuous tracking of massive data on the chain, combined with the existing hundreds of millions of address tags, provides users with visual representations such as transaction graphs, address analysis, and chain monitoring. Effectively restore the clue chain of the truth of the transaction, which provides great convenience for the power organs to detect the case after the crime occurs, and it is also expected to prevent the perpetrators from being deterred by deterring the perpetrators.
When industry practitioners no longer shrink from potential “over-regulation”, and when regulators no longer “excessively anxious” because of unfamiliarity with this emerging market, vigorously promote the call for the development of the blockchain industry and the enthusiasm of early participants in the industry The sparks that collide and wipe out may promote the blockchain industry to usher in a new round of barbaric growth.
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