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Blockchain Economic Forum Presentation by Eran Eyal, CEO and Founder of Shopin

I want to invite to the stage Eran Eyal Eran is a very interesting person

Actually, Eran is a serial entrepreneur He launched and successfully exited three businesses already And now Eran is developing a new one, which is called Shopin, which is actually the future of Amazon, the Amazon on blockchain that is decentralized to Amazon But to that, Eran will tell, himself, about the project Thank you

Is there a clicker? Yes, sure Great Thank you very much Thanks for joining us today I know it's been a long day

And I hope what I have to sell you is going to excite you because, earlier on today, we talked about applications that make a big difference for users, not crypto people but the average user By the way, I'm really proud to announce that we were actually, just last week, the winners of Coin Agenda Global We're building a decentralized Amazon on the blockchain Well, here's the interesting thing So we all know that– One second, I think this thing is skipping slides

OK, so we all know that e-commerce is a massive opportunity But here's the rub– only 7% of retailers can actually identify their users across different channels and different devices Doesn't that sound ludicrous to you? If you don't know who your customer is, how can you possibly sell to him or her? So there are massive inefficiencies And it's time for the retailers to wake up because this man over here is coming to eat their lunch I'm not an Amazon hater

I own Amazon shares I think it's amazing And Amazon consumes 30% of the e-commerce world, but there's 70% that's pushing back What we do at Shopin is that we give retailers the thing that they're looking for– user verified preferences from the user and the full purchase history from all the retailers that that user exists on to drive perfect product recommendations on marketing So how it works– basically, the retailer works with us to advertise Shopin to their own marketplace of users

The user opts in And we take in the inventory, the verified preferences via quick a shopper IQ game And we take in all their previous purchase history from the retailer We then create an enhanced consumer profile I apologize

I don't know why, but there's a whole bunch of slides that are missing here Right, so what we do from that point is– I'm sorry I apologize Is there something wrong with this machine because all my slides are missing My slides are missing

Sorry [INAUDIBLE] Yeah, sorry about that So I'll move on But basically, what we do is that we take in all the purchase history from the retailer We then go into our real time network of all the retailers who joined

And we check to see if your data exists there And all we do we call in the purchase history that exists with all the inventory information, and we give it to you, the user, the perfect person to own it And what happens from this point is that– I really apologize Nothing seems to be working here There's supposed to be a video here

So what we do is basically we then serve a page on the retailers site called the Just For You page, where we take in their inventory and we show you the inventory that matters so all the stuff that is relevant to all your purchase history from across the web And we can do that because you're the owner of the purchase history We have a really interesting team, some of which are clearly missing from these slides So I'm going to– You know what? We don't need these slides So OK, who's our team? Myself, I've had three exits

But the more interesting people inside our team executing on this vision is my CTO and longtime friend He was the first and principal engineer at Priceline who for 14 years engineered Priceline solution, the same solution used today He engineered and architected that Sitting alongside him is Mike Rizzo who was the VP of engineering of Priceline for 15 years, responsible for all consumer-facing technology, as well as Abhishek Yermalla And Abhishek was the VP of engineering at Priceline for 10 years

They've done this before in a massive scale Also, joining us today and sitting right over there is Michael Herman, our CRO He used to be the president of global sales at Elie Tahari as well as SVP at Valentino, DKNY And I spent a long time inside the retail industry So we can go directly to about a list of 55 retailers

And we speak to people at the CMO and CEO level and go directly to the people who matter, who can really make a decision on moving forward We have a very interesting group of advisors as well, including Steve Nerayoff, the architect of Ethereum, Ethereum's ICO Jeff Pulver, invested in over 350 startups All these people help us to make better decisions Now here's the interesting thing, this is a real project

This is not something hypothetical We have almost 3/4 of a million users who joined us in 30 days The interesting thing about these 30 people– about these people is that we saw a 22% increase in transactional lift from the retailers How did it work? Zegna and Bed, Bath, and Beyond sent out their emails to their database A million people from Zegna 4 million people from Bed Bath and Beyond

120,000 people out of the million people of Zegna joined within 30 days They generated $17 million for Zegna, representing a 22% increase and lift in transactional conversion of users purchasing the same product Why? Because they see the products that are relevant to them With Bed, Bath and Beyond, 505,000 people joined within 30 days

And we generated $13 million for them, representing a 22% increase in transactional conversion These are numbers that can save the industry What is also interesting that we saw is that we've got a really cool feature where users can share their shopping profile with friends and family So when it comes time for gifting, I could share my shopping profile with you and I could share my shopping profile with you You can switch on my filter and look at all the different participating retailers on their own websites, by me the things that are perfect for me

My profile becomes enriched And you don't wind up buying me this Was super interesting to us Why? Because when we started looking at return rates at retailers, who here knows what the return rates at Saks Fifth Avenue is every day? Anyone? 10% in the back 10% in the back

20% to the person over there, [INAUDIBLE] 20%, 30%, is it 30%? 45%, very close You know, I'm going to give it to you 40% every day of what goes out of Saks Fifth Avenue comes right back

In season, 65%, 65% return rates Can you understand why this industry is going bankrupt at one retailer a month? You know why? Because people don't know their size of cost brands So they order multiple of the same items Or you wind up getting gifting from other people, who give you the same gift as another person or they give you gifts that don't fit your style and size I know this because the ex-CTO of Saks Fifth Avenue corroborated this

So these are some of the issues that are assailing the industry So we can bring greater efficiencies to the industry as well as higher margins and revenues Why do users love this? Well, first of all, you get an activity feed in your app showing you who's accessing your data And you're in control Secondly, you get Amazon-like benefits on every website that you go to

One click checkout You get one wish list for the entire web Go back to your shopping profile and you can see all your orders from all the different websites And you can control the returns from one place And of course, you've got the really brilliant feature to share your shopping profile with your friends and family

And finally, you get the gifts that you love So as a user, you have an incredible experience And to access the data over time, we're launching a shopping token, which the retailers can pay you for your data to access your data Because we're starting to understand something really special, we're starting to understand what the true lifetime value of a user is based on purchase data across the entire web Do you buy at full price? Do you buy at a lower price? Do you return a lot? How are your margins changing? And we can equate that

And this means that our token is backed by the value of data converted into dollars We've already built our real time ingestion engine It can ingest 25 million SKUs in real time You switch us on, we've ingested 25 million SKUs, broken them down to 25 to 36 key identifiers and made them applicable to your profile immediately What we're doing that's quite interesting to kickstart the market, is we haven't gone to the retailers and said, we want to tokenize your system

We all know that's not going to work What we're doing instead is saying, pay us, $15,000 to $50,000 a month for the product recommendations that you're going to be receiving, and percentage of lift These are basic models that they're very used to Nothing weird and nothing strange But what we're doing is we're taking a large chunk of that money they pay us and we're actually going to be purchasing tokens directly out of the exchange, thereby creating frothiness from the people who matter, the people who are going to create utility

So not just the speculators that are going to drive up the value of our token, it's going to be the actual people who are going to drive utility So we give the retailers the tokens, and then they start to give it to the users in order to generate– to accept adverts, and for loyalty, and referrals, etc I'm not going to go too deeply into this So our initial token offering is going to be in about 28th of February next year However, we are already conducting a very successful private pre-sell that is almost sold out

We are giving a 66% bonus to people who are participating now over half a million dollars, 40% for people below And then when we go into the actual sale itself, we'll be doing a $50 million token sale And the first 10 million, we're going to give a 20% bonus on, the next 10 million, we're going to give a 175% bonus on, and so on So everybody gets a lot of value and there's a lot of distribution

We are already being backed by some incredible people, like Galaxy Investment Partners, NEMA capital We're a venture backed company And we are here to open the doors of shopping to you so that you can shop in all the places that you love without someone controlling the pricing, squeezing the margins, or taking the brand language away from the brands into a new era So please feel free to reach out to me I'm Eran from ShopIn

And thank you for your time today Apologies for the technical difficulties [APPLAUSE] Thank you, Eran Questions? Yes, sorry, are there any questions from the crowd? [INAUDIBLE] My contact information was up You can contact me at Eran, echo, romeo, alpha, November, eran@shopin

com S-H-O-P-I-N com Any questions to Eran? Yes, sir? How you doing I'm actually very excited for this project It definitely feels like something I could use and I would like to use

What I wanted to know is that, are there retailer profiles? Or can I browse SKUs? It just feels like I might want to know what's upcoming or what I've missed Also, are any plans to implement a reward system? Yes, exactly So thank you very much for the kind words and for the question So first of all, dealing with the retailers, any retailer that you've authorized has the ability to tell you that things are there You can also wish list an item

You'll know when the price has changed You will have all these kind of wonderful things but it's decentralized You know, the ShopIn profile is there for you to have control of your data, to have all the efficiencies, to log onto every web site, or every single app We don't sell anything inside ShopIn, because then we'd become another centralized system that disenfranchises the brands So you will be able to get alerts from the people that you authorized

And in your activity feed, you'll be able to change the permissions settings This also, by the way, makes any retailer that joins us instantly GDPR compliant, which is super important to them But we don't go out to sell them something on the sell side of the business We give them something on the buy side of the business We make them something which is amazing

We give them something which is going to make money With regards to the reward systems, that's with the whole point of the ShopIn token Point systems today are broken The points have no value There have to be burnt every single year, generally

100 points at J Crew means nothing in J Crew Canada to J Crew USA They don't mean the same thing You can't transfer points from one person to another They're not backed by anything and you can't use the point systems across brands Oh and by the way, they're like fruit

They go bad Nobody told me about that, which kind of sucks because you use my money and use my time to make more money as a brand So rather what we do is we have a cryptocurrency And the cryptocurrency relates to the value of your data as it's become known over time, translating into converted dollars and cents, and an understanding of the difference between revenue and margin And based on that, this becomes, essentially, a token for you to access the person's data

And that token can be swapped around from person to person You can share it with your friends and family It goes up over time as there's greater market adoption And there's no borders And there's no commissions or middlemen involved

The retailer receives the token They have the option to shapeshift it immediately down to the dollar value on the day against the the purchase price of the item, or to hold onto it as an asset Thank you, Eran Thank you very much for your time today You know where to find Eran

[APPLAUSE]

Blockchain tutorial : The Spine of Bitcoin and Cryptocurrency

Hi all, this is Rajesh There has been astronomical growth in bitcoin's price

and recently it touched $11000 USD So hows does it work? Today we'll be seeing the platform on which bitcoin runs And its called Blockchain You can say that Blockchain is the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto The main idea of blockchain is to have distributed and not centralized database So that it cannot be controlled by a single entity And has no single point of failure Bitcoin uses P2p network for transactions For any transaction to take place, it must be verified by chain of computers called 'Nodes' transaction is added to a block and then it is completed Block in blockchain contains a digital fingerprint known as 'HASH', along with timestamp and the hash from previous block This was it makes a chain So every transaction must be verified by all the "blocks" eventually making it more robust

Now consider this: Bitcoin was invented in 2008 Since that time, the Bitcoin blockchain has operated without significant disruption Well there are various application of Blockchain Technology Blockchain technology is not limited to the financial sector But many other areas too For example, Land title registration Recently Honduras government has put all land records on a public ledger – in the Blockchain The minute there is a change in ownership, it gets recorded publicly Likewise, The Australian Securities Exchange (ASX) announced this year that it would move Australia's equities clearing and settlement system on to blockchain In October 2015, Nasdaq unveiled Linq, a solution enabling private companies to digitally represent share ownership using

Blockchain-based technology Alright guys, that was about Blockchain if you liked this video, please give it a thumbs up, and for more vidoes like this, do subscribe to our channel Thank you!

Now on BLOCKCHAIN! First test version of BMCHAIN platform released

Good evening my name is Andrey Mokeyev, I am the leading developer of the "Analitica Insight" company Today we will present the beta version of the BMCHAIN platform

It works on blockchain already We took the Steemit fork as our basis and added our functions and mechanics to it Also we completely rewrote the client app of steemit so it is the BMCHAIN client now We made it on Angular 40

Now I`ll show you how it all works starting from the registration process and up to posting, giving a Like and charging bonuses So this is how the platform looks like Let`s click on Register button, and here we have an option to register using the social networks, and using the email Now we register using Vkontakte If the account get confirmed for the registration, you will be asked to write your new login wich will be saved in blockchain and your private key will be shown here

It is necessary to save this key, since afterwards you could transfer your money only by using this key It is saving nowhere just displaying in client app in your browser Enter our private key once again and click on End of Registration button Now we`ve become the Registered user We have no post and 2 basic points of Reputation and no tokens

Let`s try to post something! We'll take some existing post We can also add pictures to our posts Here our post is and it is already published in blockchain You can watch it Can give a Like to it

Can write a comment All of this are being saved in blockchain Some time later you will be able to check your bonuses for this post This post that I`ve just wrote is already have two Likes Here is written that it had earned two Rubles for two comments

And in the post list we have the last three comments displayed The last three comments of the upper level In this case only first comment is displaying This is how the beta version of the platform works You can find a link to this platform on our official website – bmchain

io and use it to register and try the platform by yourself All the tokens on this platform are for testing while the beta version is going on But there are some bounty programms for those who help us in testing most actively and make our platform become better Thanks for watching!

Is Bitcoin Just About Money? Find Out the Benefits of Blockchain and How They’ll Improve Our Lives!

VIDEO: Benefits of blockchain hi guys Nick here my friend Eric guys today we're going to talk about the utilization of blockchain in the news today there's a lot of talk about Bitcoin and other currency applications for blockchain but what a lot of people don't realize is there is some really really really big up-and-coming applications through the utilization of blockchain that people aren't really talking about or listening to so today we're going to cover some of those topics so listen up smart contracts are a huge utility of blockchain technology today and even more so into the future what smart contracts allow us to do is create a contract similar to a normal contract that you would sign today say for a law contract between two individuals we have a certain set of rules that are written out and you agree upon them with your signatures and this is done using black chain technology digitally so the advances of that are going to be one it's cheaper to transact than paying lawyers or say – it's also much more secure because it's decentralized software applications in blockchain technology are gonna be completely decentralized in Spain unencrypted in the blockchain itself this will go from video games Google to let's say service exchanges in Google for any kind of let's say a platform for social media any kind of digital and software development is going to be encrypted in the blockchain decentralizing file storage has obvious benefits by distributing data throughout the network it protects files from getting hacked or lost blockchain technology guys is gonna revolutionize the insurance market tricky aspect to pay attention first cheaper second less intermediate on third security each policy is going to be a smart contract encrypted inside the blockchain technology the use of crowdfunding in blockchain technology has raised over 1 billion dollars in 2017 alone outpacing venture capitalists this year look for crowdfunding and blockchain technology to be a big player in the future to come identification big utility here passport driver's license IDs this information will be encrypted in the layer of the blockchain and you will be able to access from ammo from your computer blockchain opens up the door for direct interaction between parties and it does this by having a peer-to-peer value of transfer thus opening up the door for a truly decentralized network creating a sharing economy are you guys so now that we've discussed the utilities of blockchain technology besides just its use as a currency we hope you understand the full range of utilities that blockchain can envelop and into the future we will only see more and more utilities come into fruition so if you guys are interested in some other topics that we didn't talk about please leave those down below we'll comment on it possibly Eric and I will make a video on it and also if you guys are interested in other things to do with blockchain technology and want to get a little bit more information click the link below and check out our website block capital insider or me and Eric oh and a much more in-depth about blockchain technology its uses and many many more things so thanks guys for coming out today we'll just really appreciate it Eric and I wouldn't be here without you guys we do I just want to say thank you so check back again for our next video

CEOs of Alibaba, JD and 58 com Talk About Bitcoin and Blockchain

Just recently, Alibaba founder Jack Ma said that he doesn’t have much interest in bitcoin In a new series, the CEOs of Chinese e-commerce giants Alibaba, Jingdong Mall (JD) and 58

com shared their insights on bitcoin and the blockchain technology “I Am Not Shameful that I Don’t Know About Bitcoin” On November 10 Papa Ma talked about his movie the Art of Attack and Defense (Gong Shou Dao) in the public event “Dialogue with Jack Ma” in Shanghai An actress whose brother is obsessed with bitcoin asked the billionaire how he looks at the future of bitcoin Mr

Ma commented that he tried to understand what values bitcoin can bring to the society, but he is not a big fan of bitcoin “We should be cautious about bitcoin Its underlying technology, however, is really powerful I pay more attention to a cashless society and the blockchain technology And I am not shameful that I don’t know about bitcoin

” Following the initiatives of leading financial institutions and enterprises such as Nasdaq and IBM, Alibaba has become increasingly interested in blockchain technology Over the past two years, the e-commerce giant has turned to blockchain to boost transparency in the country’s philanthropy sector, to fight food fraud and to secure health data in the medical sector And this October, CTO of Ant Financial Cheng Li offered a public enunciation of the company’s technological strategy “BASIC” for the first time at the Computing Conference 2017 The acronym BASIC stands for “Blockchain, Artificial Intelligence, Security, Internet of Things and Cloud Computing” “If Customers Accept Bitcoin, Then I’m Fine with It

” As a major competitor to Alibaba, JD joined the race in the blockchain industry in 2016 The second largest e-commerce firm in China has so far utilized blockchain in its big data ecosystem, an asset management system and supply chain As early as in 2014, Mr Liu said at a Chinese financial talk show that bitcoin were used to buy plane tickets in the United States, but he never bought any bitcoin or stocks and had no interest in virtual economy The host asked him if Jingdong would accept bitcoin or create JD coin in the future, he replied that: “It depends on our customers

If they are ok with it, then it’s fine with me” It has been three years since Mr Liu last talked about bitcoin We can assume that no enterprises in China would try to be a standout and support bitcoin at the moment “If I Had My Own Country, I Would Definitely Use Bitcoin

” Compared with Jack Ma and Liu Qiangdong, Yao Jinbo, CEO of 58com (NYSE: WUBA) is more supportive of bitcoin MrYao has been telling people around him to buy bitcoin But he admitted that he never actually bought any

“I never bought any bitcoin myself That’s just sad Bitcoin is a great technology with great thoughts Satoshi should be awarded the Nobel Prize in economics I believe that some countries, especially African countries and small countries will abandon their fiat money and adopt bitcoin in five years

If I had my own country, I would definitely use bitcoin” He added that the blockchain technology could be something as big as the Internet And he is urging the entire company to probe the usages of blockchain technology

Discover New Value of the Blockchain World

It’s been five years I still remember it was in May 2014 that I organised the first Global Bitcoin Summit at the Beijing International Convention Centre How time flies In the next couple of minutes, I will share with you a story that’s exciting informative and even passionate about blockchain I think for those who are not here you may regret some time later because this speech can be the most exciting speech of today I am confident Thank you But before my speech I want to show you a short video about our journey before we talk about the present and the future ok? If I have three minutes, I want to say that I love blockchain, why? Because I am emotionally attached to it I witnessed the development of bitcoin and blockchain in China I have a lot of feelings Today I am seeing a lot of old friends but more new friends So I really look forward to it ok, Let’s start The topic of my sharing is blockchain&new dimension building Mainly, I will cover 4 sections About me, blockchain, nebulas chain and the evolution that is happening It won’t take too long But I promise it will be very informative It will be gist May be a little bit hard to understand But I want you to really think about it I want to give you truly useful stuff The first section is about myself Where was China’s blockchain born? I think It was born in the Bitsclub that I started at the end of 2013 It is China’s first blockchain technology community the first blockchain technology community In 2014 I started NEO It’s China’s first blockchain project I also initiated China’s first ICO But let’s leave it for now I will talk about it later In 2015 I started Gempay China’s first cross-border bitcoin payment and wallet app In July 2016 before joining Ant Financial I founded ICO 365, China’s first ICO intermediary service platform It is poised to become the portal to the blockchain world You will see its development going forward At the end of 2016, I was invited to join Ant Financial of Alibaba Group to form and was responsible its only blockchain team its only blockchain department I think it was valuable experience But today, standing here, I represent the Nebulas a new blockchain project Then why did I choose to leave Alibaba? Was I not paid enough? I will explain later Here are some pictures of the summits that I organised I hope I can do a better job going forward If you are not happy with some details of today’s meeting Please bear with us But the most important thing is that I am here ready to share with you something valuable I will try These are pictures of our previous summits A lot of people The picture on the top left is the summit at Beijing International Convention Centre in 2014 Next to it is the one in HK Down below is our summit last May The one at Renaissance Beijing Capital hotel had more than 1000 attendees Here are 6 of the 7 founders of Bitsclub Including Da Hongfei, he is the head of NEO now Juxie, Me, Lan Ling, Feichuan, also a founder of Nebulas chain, and Chu Xiahu The picture was taken in 2014 if I remember correctly It brings back a lot of memories But has Ethereum anything to do with us? A little bit Why? When Vitalik made his first China trip He was to speak at our Bitsclub at a sharing event In May, he attended our first Global Bitcoin Summit and gave a speech about Ethereum After the summit, I went back to Shanghai thinking, Vitalik had this blockchain project named “Ethereum” It was fun At Bitsclub, since we had held more than a dozen sharing events Maybe, maybe in China We could launch an equally interesting blockchain project They then elected me to act in the capacity of CEO We then launched our own project On the left-side of the screen is a post I tweeted in my Wechat’s Moments on June 9th 2014 I spent a whole night thinking about it It was NEO v1 NEO version 1 I decided to name it NEO(the Chinese means Small Ant) more powerful than Ant But When I named my project “Small Ant”, Ant Financial was not called “Ant Financial” yet So, anyways It was a happy coincidence As NEO’s founder What should I do? Two things stroke me as being very important To find the right people and to find enough money In terms of people, we found NEO’s current CTO He is also NEO’s co-founder, Zhenwen Zhang With regard to money, things became interesting I have some stories Around June or July 2014 I talked with almost all major angel investors, individual and institutional in China Including the famous Charles Xue who is now an enthusiastic blockchain investor But back then, barely any investor was willing to give us money Why? Because they couldn’t wrap their mind around this thing We said we were a non-profit project We didn’t have a company We would invest for some tokens No, at that time it was still investing to get shares But still, nobody understood With the exception of only one, Pre-Angel’s Wang Lijie in Shanghai I talked with him for an entire afternoon He said he thought this thing is cool It reminds him of the “Matrix” So he said,”ok, we will give you 200,000” But was 200,000 enough? Obviously not

If we were to launch this project, 200,000 was far from enough Then what could we do? So I told my co-founders If we think this is cool if we think this is something we can do Then we do it! So we pitched in I contributed 50,000 RMB There were 9 co-founders Each contributed from 10,000 to 50,000 In total, we got about 600,000 So we started NEO very fun That’s how China had its first ICO ICO is never a result It is a process Because we didn’t have money Because on one would invest in us We were forced to do it Had someone told me that what we were doing could generate thousands of times of return Did I dare to believe him? No We only thought it was fun and that it would create value That’s how China got its first ICO I see there are a lot of ICO projects today but you need to ask yourself What is it that ICO can bring and what is our ultimate goal? I hope you can seriously think about this question Rather than blindly following the trend The second section of my speech is about blockchain Here I try to use three slides to explain what blockchain is It’s challenging Then what is blockchain? I only have three slides Each slide only has one or two sentences I think, blockchain is really about confirming your ownership of data For the first time your data belongs to you We have BAT, Baidu, Alibaba and Tencent Our data is analysed by Alibaba and Tencent everyday But can you say that you own your data? No But blockchain Based on a decentralised relationship of cooperation allows you to own your data Is it possible that in the future assured that we own the data we use AI we feed our data into AI like our location data so that it would run some analysis and give us some BTCs or ETHs Wouldn’t that be more fun? That’s why I say blockchain is a confirmation of ownership of data Then what is the Internet? I think Internet is about communication of data Then what is token? That might sound a little bit hard to understand Token is a carrier of ownership For example, I sing a song It might sound awful But I can still turn that song into my data and share it with others eople can give me rewards But what if I share this song with an AI a machine my data A picture I draw A song I sing All my information is my data So to some extent, bitcoin is just a type of data The second slide That is the core spirit of blockchain It has three parts The first is community Blockchain in essence is bottom up It’s not top down When we started NEO The philosophy was to make it open, open-source, shared and non-profit None of the BAT companies No major institution can do that At Ant Financial During the half a year I was there Our team filed for about 70 blockchain patents Why did we do that? Was it necessary? It’s just big company’s mindset Community We see a lot of blockchain communities A lot of ideas like this come from a community The second part is Token Token is a flow of value I have already covered this part Then what is the third part? Tool When people talk about blockchain, they talk about enterprise-level blockchain But what is enterprise-level blockchain? I think enterprise-level blockchain only sees blockchain as a tool But should we agree? No

For example, 20 years ago, what was Internet to people? I remember in 2000, when I was in college we did something called company website We would polish a company’s information put it on a website, then you got a company website Companies would boast that they had a company website on the Internet! It was just like putting out an ads on a TV or over the radio something like that But how many people would still visit these company websites? Even the website of a company as powerful as Ant Financial When the Internet users reach 1 or 2 billion What can be born out of that? Tencent, QQ, Facebook, Uber, Airbnb, Every app could creates more value than the companies and teams that did company websites collectively could So I think, for blockchain being a tool is part of its value, but is by no means the entire story The third aspect is classification of blockchains As I just mentioned we have public chains, private chains and consortium chains Public chains include Bitcoin, Ethereum and Nebulas They represent an open, open-source and sharing spirit You see here, the words marked in yellow less, what is less? Trustless, Permissionless It means you don’t need trust and there is no privilege Even if Satoshi Nakamoto, the creator of Bitcoin were here he can’t change any code Why? Because he doesn’t have any privilege That’s the basic spirit of public chains Then what are consortium chains? They are enterprise-level blockchains including private chains, featuring TrustBased and PermissionBased What are TrustBased and PermissionBased? To put it simply It is based on trust and privilege For example, both Alibaba and Ping’an want to build a consortium chain Both want to be the boss Both want to have a super-administrator account Both want to have control But is that correct? I think we need to think about it I think the best representative of blockchain is still public chains They are a totally disruptive innovation Only disruptive innovations can create the greatest value The third section, Nebulas chain What is Nebulas chain? In two sentences First, it is the world’s first blockchain search engine And the second? It discovers a new dimension of the value of blockchain Let me explain We talked about what blockchain is Now let’s look at the problems facing the blockchain world I will use another graph with 6 words to explain The first problem is standard or criteria to determine what blockchains are good ones Now we don’t have a standard Everyone claims that their blockchain is the best and is No 1 in the world But really, what kind of blockchains are good? If you target a specific area, you can always find untapped value So we have to think about what kind of standards we want to build Secondly, the upgrading of system and protocols Blockchain systems are different from ordinary systems At Alibaba, or at Ant Financial Around 3 or 4 in the morning when most people are sleeping these companies are upgrading their servers All systems and all software are written by men So they are prone to bugs or mistakes So they need fixes Then, system upgrading If you go to an App Store you would find some software that needs to be upgraded But can blockchain be upgraded? No Why? Blockchain has to be online 24/7 otherwise it will split, into several coins To put it simply, if blockchains are not online the system will break down That’s why people have been debating about the expansion of bitcoin but have yet a conclusion There are divisions among communities That’s why after Ethereum was upgraded it split into two coins one is ETH and the other ETC So upgrading of system, fixing of bug are a very important issue What kind of blockchain systems have the potential to become a good blockchain system? Any idea? For me, I think a system that can keep iterating has the potential to become a good system This system should be able to change itself, self-evolve and iterate fast This is important Bitcoin has not changed nor iterated for years That’s why we have Ethereum But Etheneum’s problems have remained unsolved for several years So you have Nebulas Then what is the third problem? It’s the search of contracts and DApps In the future, there will be a lot of addresses, smart contracts and DApps Then how do you know what Dapps are valuable for you or what DApps are useful for you? How can you quickly find out contracts that will be helpful for you and DApps that will be useful I think that’s an important issue This picture, in my opinion, is a classic one It summarises the three problems I just explained Each represents a property or a quadrant We say digital assets are one dimensional They are a line What do they represent digital assets like bitcoin? Bitcoin is basically digital cash something that I transfer to you and you transfer to me But what about the Y-axis? It’s DApp Thanks to Ethereum for proposing the concept of smart contract as a result,we have many more contracts and apps It opens a space in which there are a lot of apps and a lot of contracts But if there are millions of contracts and apps ordinary people will have no way to judge which one is good and which one is bad like the Internet before Google came out you only got some personal recommendations for some websites You could’t find apps or contracts that are truly valuable for you So at Nebulas, we put forward the idea of criteria of value and established a Z-axis we try to mark on this axis all the addresses, contracts and DApps in the blockchain world to find the addresses, contracts and DApps that are truly valuable for our users So you will see when there are good contracts there will be some criteria of value I will quickly walk you through this We will release our technology white paper soon It is a self-evolving mechanism As I mentioned how could you ensure that a blockchain iterates fast and how could you ensure its quick evolution? We have our own protocol We call it Nebulas Force At the bottom layer we will build a Virtue Machine on which the entire protocol will be built If there are new features we will test them on sub-chains If they pass the tests they will be smoothly moved to our main chain and be integrated into our main chain This is our incentive Because developers in the blockchain world do not have any incentives On the contrary, if you develop a DApp you will have to pay for its fuel So for developers we will put in place a DIP Developer Incentive Protocol as a reward for your DApp We work like an Apple Store We share revenue with you You don’t have to do an ICO You will have your value monetised on our Nebulas chain Here is proof of devotion It’s our new consensus algorithm It’s not to render the poor poorer and make the rich richer Nor will it consume electricity or computing power We use this measurement of value to find truly influential things that will truly contribute to the system thus creating value Here is a picture of the Nebulas World If we say that Nebulas has established a rank then what can it do? You can develop an DApp Store or a search engine or an ads platform on it If what it offers is a measurement of value then the room for imagination is huge This is our core team we will update their information on our new website We have many Tsinghua students that are developing some core algorithms for us with some PHD students ands some former SQL China employees and some former Ant Financial employees We have two co-founders Me and Robin Zhong We were colleagues at Ant Financial’s blockchain team Aero Wang is a good friend Me and Aero are co-founders of NEO I have said a lot But the last section is the most important to be frank So I will be very serious It will take a few minutes if you are willing to hear me out thank you! I entered the blockchain world at the end of 2012 By 2013 Bitcoin users in the world, not blockchain because there was no blockchain amounted to 2 million At the beginning of 2017 when I was still at Ant Financial, I saw a report saying that the number of digital assets and blockchain users reached 20 million you know that in April, May and June and July and August ICO was all the rage Maybe I can make the judgement, that now there are 50m uses of digital assets and blockchain But even if it’s only 20 million, compared with 2 millions back in 2013 in just 3 years the number increased 10fold So we have reason to expect that, in another 3 years, by 2020 our user number will go up 10 fold again from today’s 20 million to 200 million and by 2025 we will have more than 1 billion users I think that is highly likely and we are preparing, planning and making arrangements for this new era Why? With such a conviction You will view today’s blockchain and digital assets from a totally different angle

Bear in mind if you think that blockchain is the next internet with 1 or 2 billion users then what should you make of blockchain and digital assets today? How can you prepare for that? You need to ponder over this Today the size of global digital assets is 100 billion dollars I think soon before 2020 when user number will have increased 10 times this figure will also increase 10 times to a trillion dollar level A trillion dollar marke does not disappear without any reason What can a trillion dollar market create? Blockchain grew from a community to an segment all the way to an industry I was lucky that I rode all the trends A trillion dollar market will create a truly large value chain with relevant services Let’s compare Because I was talking about blockchain and the Internet all the time So let’s compare the two first the Internet in 1997 only had 12m users all over he world in 2007 the number was more or less 130m and in 2017 it is 37 billion So it went through three stages The first stage, or stage 10 is Internet of Information with portals such as Sina and Yahoo providing information and news as well as catalogues to users Google was born during that stage It was just born and was poised to be the main player in the next stage of Internet development or the Internet of Applications represented by Apps such as Google, Facebook and Twitter These are apps that were born on the Internet So I call this stage the Internet of Applications In 2007 iPhone came out and looked set to play a main role in the next stage the Internet of Mobility People use phones everyday They can not live without their phones It is the era of mobile Internet represented by iPhone, Wechat and Alipay In 2017 The idea of bitcoin emerged This graph shows my understanding of blockchain 10 is value flowing represented by cryptocurrency such as bitcoin It is digital cash which you can transfer or transact it’s a flow of value 20 represents value programming What was the 000001 added to 1

0? It was Satoshi Nakamoto He wrote a paper in 2008, yet no one believed him In 2009, he spent about 1 year getting about 1m bitcoins Starting from 2010 more people started to join him By 2013, there were 2 million users Now its 50m In 2013, we call it value programming Ethereum put forward the idea of smart contract to program value and judge conditions in a decentralized eco-system of contracts and apps Now maybe I can make a bold prediction on value measuring represented by our Nebulas Rank that allows us to rank and analyse all the content, contracts and addresses in the blockchain world This is the most important takeaway from this section So what is it? Blockchain is a living organism Blockchain an economic entity A lot of times we ask what blockchain can do for us as a car dealer or real estate salesperson or people doing other things What can blockchain do for us? But that’s wrong You need to think in the way that when the world of blockchain becomes enormous what you can do for it Just like they way you treat Internet You can’t say, I want to make a company website so what the Internet can do for me? 20 years, it could only host a company website for you but you need to have a longer-term view, by thinking what you can do for the Internet We have Wechat QQ and Facebook So what I am trying to say in the fourth section is this It is a living organism It in itself represents value It is a new eco-system that’s truly driven by technology It is a brand-new world I remember a year ago I was here hosting “Chain Show” Global Blockchain Projects Roadshow A year ago, on 6th of August at the Shanghai International Convention centre One year later, even to my surprise I am standing here sharing with you something serious about blockchain I don’t think I am doing a commercial or promotion for Nebulas and I hope you can identify with it I hope we stay in touch and hope to see you next year Thank you!