Foreword:Dr. Li Wancai is the founder and director of Waterdrop Capital and the co-founder of EOS Gravity Zone. He recently shared his thoughts on some key issues in the development of blockchain. He believes that the token model and community vitality are the core driving force and key competitiveness of the blockchain economy. Through the argumentation and thinking of these two forces, he proposes that the development logic of the future blockchain will be a competition for community vitality. Blockchain Competition among chain consensus economies is coming. Gao Finance is excerpting the original article here, hoping it will be of benefit to our readers.

Recently, I discussed some topics about the development trend of the blockchain economy with senior fellow student Tao Quming from Wanxiang, as well as Wang Dapao, Jin Ma and other students in the industry. Interestingly, everyone unanimously talked about the value of the community to the blockchain economy. It has given me a new sublimation in my understanding and knowledge of the future development logic of the blockchain economy. In order to have a more in-depth discussion with industry colleagues and the community and demonstrate the future development logic of the blockchain economy, I will write down some of my insights for reference.

Before talking about the future development logic of blockchain, we need to first clarify what the core driving force and key competitiveness of the blockchain economy are.

The core driving force of the blockchain economy – Token Module

The essence of blockchain's so-called change of production relations is to create a new collaborative relationship. As for the transformative characteristics brought about by this new collaborative relationship, I usually use a metaphor that is not very appropriate to describe it: "tap water." The water here is like the three roles that constitute the great collaborative relationship of production in our human society: investors, producers and consumers. Under the blockchain economic model, these three will continuously enter the blockchain economic system due to some driving force, and this driving force comes from a logical and self-consistent token model. Its embedded tokens, firstly, can prompt all parties in the blockchain system to actively create value, accelerate the circulation of value within the system, promote the expansion of the overall economic scale, and be reflected in the external appearance of token appreciation. ; The second is based on the appreciation of the token, which will continuously attract people outside the system (investors, producers and consumers) to enter the system, participate in the process of value creation and value circulation, and promote the development of the entire system. The economic scale is showing a spiral upward trend.

The reason why the metaphor of "tap water" is not so appropriate is that in real life, tap water relies on pressure, while the "tap water" of blockchain relies on "gravity", which brings people and resources from the traditional business system into the area. Blockchain economic system. It can be said that if the start of a blockchain project is to open the valve of the faucet, then whether water will flow out of the faucet continuously and the speed of the flow must depend on whether the gravity generated by the project's token logic is strong. Therefore, the core driving force of the blockchain economy is to have a logical and self-consistent token model.

The key competitiveness of the blockchain economy-Community Motivation

Having self-consistent token logic does not mean that a blockchain project can successfully implement, develop, and grow, because in any field, every blockchain project faces competition from other projects of the same nature. This kind of competition will be all-round and full life cycle, mainly in the three fields of consensus mechanism, token model, and community vitality. Judging from the current situation, the focus of competition is still mainly focused on the first two items. Based on the characteristics of blockchain, different projects can quickly learn from the advantages of other projects in consensus mechanisms and token models to quickly improve themselves. , so I think that for any project, the consensus mechanism and token model alone cannot effectively form a head effect. Here, we may have to switch a point of view. Usually we are talking about the competition of blockchain projects, but in fact it should be said that it is the competition of blockchain economies (groups). As for the competition of economies (groups), if the system (consensus mechanism) and model (token model) do not produce substantial generation differences, then the energy of the group within the economy (community vitality) will determine the competition of the economy. force. Community vitality includes several aspects. First, the community group's recognition of the consensus mechanism of the blockchain economy, which determines whether the goals of community members are consistent and whether they can use most of their energy to create more value; second, It is the activity of community groups in participating in the ecological construction of the economy, that is, whether the community groups actively and self-motivatedly participate in the construction of various ecological systems in the economy. For example, new micro-communities are constantly emerging in the community, and community members actively promote new Dapps. Application development, knowledge dissemination, improvement suggestions, etc.; the third is whether the community has warmth, that is, whether the exchanges and interactions between community members are frequent and valuable to the development of the economy, whether individual members have a sense of belonging to the community, etc. I believe that a community with high consensus, high activity and warmth will be the decisive force for a blockchain economy to quickly occupy the competitive high ground. In other words, the core competitiveness of any blockchain economy will be Its community vitality determines.

So what do I think is the future development logic of blockchain? That is, community vitality will become the focus of competition in the development of blockchain—the competition for the “consensus economy” (Community economy) is coming.

Throughout the development history of blockchain, whether it is the early Bitcoin and Ethereum, or most current application-level projects, we see that all communities and their community consensus are basically based on the consensus mechanism and token of the project. It is formed after the model is basically finalized. On the one hand, due to the inconsistencies in various interests, rights demands, and cognitive levels among community groups, various ideologies will inevitably form inconsistencies. If ideologies cannot be unified in the early stages of project launch, there is a high probability that they will occur in the later stages. Economic divisions such as Bitcoin forks occur. Second, since the project consensus mechanism and token model are generally determined by the project team, not only may there be flaws, but it may also give community members a sense of passive acceptance, resulting in insufficient community vitality and thus making the entire economy anti-fragile. Sex is not high.

These problems arise precisely because we always operate according to a "project" rather than according to an "economy". Why do I say this? It should be that EOS has inadvertently revealed some internal logic of the development of the blockchain economy during its development process.

I remember that in the early days of EOS crowdfunding, Ocean and I, the founder of EOS Gravity Zone, simply judged that the one-year crowdfunding period of EOS would have various impacts on the market and investor expectations. Many people questioned whether EOS was a Air coins, especially the high price plunge after 9.4, have deepened this doubt. However, after rationally thinking about the various design ideas proposed by EOS, we vaguely feel that the consensus mechanism design of EOS is advanced and universal. After all, it will take a long time for human society to transform from a centralized organizational model to a decentralized model. The process even requires the explosion of another key technology to achieve it. Therefore, small or weak centralization will inevitably become a common phenomenon in the next blockchain economic development cycle, or a transition model that can be accepted by the current mainstream business community. The sharp plunge in the price of EOS after 9.4 prompted us to think about another issue, which is the anti-fragility of blockchain projects. The idea at the time was very simple, that is, could we organize everyone to work together to promote the ecological development of EOS and achieve The value of holding tokens increased, so the EOS gravity zone was established on 9.4.

Looking back, when the community number was around 60,000 in December, what proposition were we facing? First, the construction of community is very different from the traditional big IP and big V model. I think that before the emergence of the community economy, although traditional big IP and big V occupied the main channel of blockchain communication, The "one-dimensional" structure is too obvious, resulting in too strong promotional attributes. What’s the explanation? , if compared with social economic culture, the word media has no "temperature", let alone "dimension". The traditional media publishing and reading model can carry hundreds of thousands or millions of traffic, but the workload of organizing a large-scale community is too great. When the size of the Gravity Zone exceeded 50,000 people, we thought about a question, we are It’s not that there is no warmth. When the communication and interaction of the community are stretched infinitely on the one-dimensional axis, will the masses not feel a sense of belonging? Second, the establishment of consensus, the establishment of community values, and the output, communication and interaction of value content. What is value content output? You can understand why I didn’t use the word “propaganda” here. The output is analogous to the blood vessels of our body. It is not only a channel but also carries nutritional genes, nourishing every inch of the body. At the same time, our blood also needs to return after being exported. This is interaction and communication. The community forms a culture based on a certain consensus of values. Through the resolution of these two propositions at this stage, community values have been synergized with historical significance. At that moment, I was gradually thinking about a question, the significance of community ecology to blockchain.

Now that the community has reached more than 100,000 people, I have gradually understood what kind of economic form the blockchain economy is. Quoting Wanxiang Tao Quming’s statement, in the future blockchain will actually form a large number of In economies large and small, organizations are powerful. This economic form is the consensus economy (Community economy), and the core essence of the blockchain economy is a consensus economy composed of large and small communities. This cross-country, cross-field, and even cross-ideological consensus economy has an immeasurable ability to transform social production relations.

What does the future look like? My thoughts went back to the one-year crowdfunding time of blockone design. During this year, several concurrencies were achieved: first, the concurrence of fund raising and community building; second, the concurrence of technology development and Dapp ecology. what does that mean? The community ecology of public chains such as the second-generation Ethereum was formed after the technology was implemented, and EOS inadvertently explored a path in which the community ecology and technology were formed simultaneously. Of course, there have been some twists and turns regarding the recent election, and the multiple revisions to the election mechanism have also caused a lot of controversy, and may even have led to the departure of some community members. However, it is undeniable that the EOS community is still the largest and most active community. Therefore, is it possible to imagine that future blockchain projects will be an era in which community ecological construction and project operations operate concurrently, and the consensus mechanism and token model of the project will also be determined by community consensus? Regarding this, we will wait and see.

【About the Author】

Li Wancai: Ph.D., graduated from the Computer Science Department of Fudan University. He has more than 10 years of technology development experience in scientific research institutes and dozens of patent papers. He is an expert in the fields of data encryption, network security and the Internet of Things. A core member of a well-known chip mining machine in the early days, with 4 years of experience in the digital currency industry. Founder and Director of Waterdrop Capital. Co-founder of Equation Capital and co-founder of EOS Gravity Zone. Mainly dedicated to blockchain project incubation, investment and technology development.

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