Zhu Jiaming: The computing power industry is facing a long cycle of ten years.

On April 17, "Supercomputing·Integration, 2021 Global Blockchain Computing Power Conference" officially opened in Chengdu, Sichuan. This conference is co-hosted by Babbitt, Chainnode, and Biyin, co-organized by Wu Shuo Blockchain, and named by Hashpower 360.

Zhu Jiaming, an economist and chairman of the Academic and Technical Committee of the Digital Asset Research Institute, attended the conference and delivered a keynote speech "Basic Features of Computing Power Industrialization". He said that computing power has formed a complete industrial chain and formed a trend Due to the mature industrial system and industrial ecology, this situation is unprecedented in the history of human economic development. Under such a background, we can clearly foresee that the computing power industry is facing a long cycle. It was in the early stage before last year, so it should be said that since last year, we have seen a long cycle. How long, to a large extent, is combined with the cycle of the digital economy that is closely connected with it, and it should be at least a cycle of about ten years.

Zhu Jiaming, Research Institute of Digital Assets: The technological revolution in the next five years will begin to show a state of superposition: On October 24, the 6th Global Blockchain Empowerment Summit and the 2020 Huobi University Autumn Graduation Ceremony were officially held in Shenzhen. The summit was jointly hosted by Huobi University and Zhanlu Culture. Zhu Jiaming, chairman of the Academic and Technical Committee of the Digital Asset Research Institute, attended and gave lectures on the theme of "The Global Technological Revolution Entering a New Stage".

Zhu Jiaming reviewed the scientific and technological revolution since the millennium, and said that in the next five years, the scientific and technological revolution will start to show a superposition state, the computing power revolution represented by quantum computing, the intelligence revolution represented by artificial intelligence, and the lifestyle revolution represented by the Internet of Things. The future is no longer an evolution, but an explosion. Digitalization, digital economy and digital society are accelerating. Data will be a major challenge that human science and technology will face. Only blockchain can challenge data and make data accept rules. [2020/10/24]

Zhu Jiaming: The "mining circle" needs to break through into the "mining industry" to form a computing power industry system: Jinse Finance live report, on August 22, at the "Global Blockchain Computing Power Conference and New Infrastructure Mining Summit" held in Chengdu, the economic Zhu Jiaming, an expert and chairman of the Academic and Technical Committee of the Digital Asset Research Institute, gave a speech on the theme of "Computing Power Revolution and New Wealth". Zhu Jiaming said that the essence of the computing power revolution is the expansion of the scale and speed of data-based information storage. In the past less than half a century, the storage unit has increased from KB to TB. Mining is a test area for computing power and algorithms. It is necessary to achieve a breakthrough from "mining circle" to "mining industry", build an infrastructure supporting the digital economy, and form and develop an industrial system for computing power. Future mining machine applications should be more intelligent , miniaturization, and popularization, and reduce energy consumption through computing power technology. [2020/8/22]

The first feature is that the computing power technology system is becoming mature. We know that computing power starts from the CPU, passes through the GPU, and has now reached the stage of professional integrated circuits. It is found on the Internet that the technical foundation of an industry has been upgraded at such a high speed within ten years, including the graphics card we have seen to the mining machine, and then to its replacement. The reason why the supply of mining machines is very insufficient today is because of the need to meet such requirements. The supply of high-tech mining machines is insufficient.

Zhu Jiaming: Digitization supports hard technology, and blockchain empowers digital: Recently, Zhu Jiaming, chairman of the Academic and Technical Committee of the Digital Asset Research Institute, said that hard technology, digitization, and blockchain are the three major characteristics of the new wave of industry. Among them, digitization refers to the digital transformation of the industry. Blockchainization refers to the establishment of a new industrial infrastructure with blockchain as an important component. At the practical level, the development of hard technology, especially at the software level, is inseparable from data support, and blockchain has always been regarded as a distributed database. It can be said that digitalization supports hard technology, and blockchain empowers digitalization. (Tencent.com) [2020/7/15]

The second issue is the continuous growth of the scale of computing power, so here of course refers to the computing power of the entire network, and the third is the value of computing power and the expansion of the computing power market. We saw that everyone was discussing this at the dinner table today, so behind this situation, we can see that it is now based on the progress of computing power driven by mining, the wealth spillover effect formed, and the expansion of the market are completely beyond the people's expectations and imaginations. I have made an adjustment now. It is not written on this PPT. The three sets of consensus mechanisms of computing power, PoW, PoS and PoC, have become its three forms. This change is very obvious. The essence of what we are talking about today is actually Talking about PoC, we also see a trend, that is, the influence of PoW is relatively weakened, because the proportion of PoS and PoC is increasing. Then the current 2.4 has become 2.5, which is the income of computing power producers, and the profit sharing has generally increased. The increase in the income of groups doing effective work in the industry is closely linked to the improvement of the right to speak and the ability to participate in distribution. 2.6 is the industrial blockchain formed by computing power, and the entire area of the industrial blockchain formed by computing power tends to be stable.

Live | Economist Zhu Jiaming: People who own Bitcoin are immersed in the illusion of currency every day: On August 10, the "Libra: A Financial Innovation Experiment" reading forum and new book launch conference was held in Beijing. Economist Zhu Jiaming pointed out on the spot that the emergence of Libra enables us to understand the impact and challenges of the current digital currency on classical monetary theory and new monetary theory from a larger historical perspective, and we must treat this issue with an open mind. First, the biggest problem in the history of monetary thought is the discussion of monetary neutrality. If Libra can be considered as a form of currency, then Libra will never appear in a neutral form. In addition, when it comes to the illusion of money, people only respond to the nominal value of the currency and ignore the illusion of changes in actual purchasing power. People who own Bitcoin are immersed in the illusion of money every day. On the question of the optimal quantity of money, the quantity theory of money is first and foremost a theory of the demand for money. But in fact, I think the imbalance between money supply and money demand will become the biggest phenomenon in the future economy, because it is difficult to find a measure of money demand. Digital currency makes this problem more complicated. Money is complicated, but this does not prevent money. derivation. [2019/8/10]

As an industry, what are the basic factors that affect the computing power industry?

I think there are four of these. The first is currency price. There is no doubt that currency price and computing power are mutually related. It should be said that computing power is lagging behind and currency price is leading. Coming to affect the currency price, this kind of interaction does not exist in other industries, which is why the computing power industry is a characteristic of an emerging industry.

The second point is the supply of semiconductors, the core of which is chips, the third is energy, especially electricity prices, and the fourth point, I added a point, is what kind of method it uses. This problem always exists, and it is proposed by Ethereum. Is EIP-1559 a temporary plan or a long-term plan, or if it is not a long-term plan, then what is the long-term plan? Of course, the last point is the system, legal and policy environment, especially the overall development of the global digital economy. Situation can have a major impact.

The last question, how do you view the future choices of the computing power industry?

It should be understood today that the computing power industry is an important foundation that spans the digital economy, the real economy, and the traditional economy. On the one hand, it has all the characteristics of the digital economy, and on the other hand, it has the characteristics of an asset-heavy industry in traditional industries. So this is what we see, the important position of the computing power industry in the digital economy. For example, today, because of the intervention of computing power, how do we evaluate advanced countries and relatively backward countries in the computing power economy? Now there should be an indicator, at least I think so, that is, the distribution of computing power, Especially if the computing power nodes owned by millions of people are used as an important indicator, then according to this indicator, many big countries will have no advantage. For example, we can see that countries and regions such as Hong Kong, Singapore, Finland, and the Netherlands are relatively leading in terms of computing power, because they have more computing power nodes per million people than we understand in absolute terms. Limited price.

The second point we see is the choice based on computing and storage network consensus, which will be the core contribution of computing power in the digital economy in the future. Then there is another point, that is, the computing power industry is closely integrating with artificial intelligence, and is accepting the influence and input of quantum technology. Another point is the relationship between the computing power industry and green energy. It is necessary to solve the current problems of the computing power industry such as the integration of carbon and zero carbon emissions. This is a very urgent and serious condition for the computing power industry and will become a very important one in the next round. Where is the direction.

I finally make a conclusion, as I said at the beginning, in about 12 years, about ten years, from the PoW that originated in Bitcoin to today, the computing power has formed a complete industrial chain, and has formed a tendency A mature industrial system and industrial ecology are unprecedented in the history of human economic development. Under such a background, we can clearly foresee that the computing power industry is facing a long cycle. It was in the early stage before last year, so it should be said that since last year, we have seen a long cycle. How long, to a large extent, is combined with the cycle of the digital economy, which is closely related to it. The cycle of the digital economy is different from the cycle of traditional industries, and it should be at least a cycle of about ten years. Then we should see that in the next ten years, especially in the next one or two years, the computing power industry will have innovations beyond our imagination and explosive power beyond our imagination. Thank you everyone.

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