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Gu Yanxi: Embedded banking services will be ubiquitous in the future



The application and development of Internet technology and blockchain technology are enabling future banking services to be provided by different types of providers in a broader manner. Banking services will be embedded in many application terminals like communication services. Such services will be performed by non-bank institutions, individuals, or even automatically through programs. Such an evolution of banking services would be very similar to the improvement of software programming methods. The improvement of software programming methods has gone through several major development stages. From the waterfall programming method at the beginning, to the later entity-oriented programming method (Object Oriented Programming, OOP), to today's service-oriented architecture (Service Oriented Architecture, SOA). In the early days of computer development, that is, the period when IBM mainframes dominated, programming methods were mainly waterfall in nature. The software program compiled in this way has a huge number of software lines, which is very difficult to repair and upgrade. With the emergence of more flexible programming languages such as VC++, the programming method has also turned to the OOP programming method. The characteristic of this programming method is to map the entities in reality to the components in the program. The properties and functions of these entities are also mapped to program components. When a new application is developed, such program components can be applied directly. New applications can be built like Lego blocks. For example, a bank component can have static attributes such as name and address, as well as the functions of accepting deposits, providing loans and providing payment services. When a new business application is developed, such a bank component can be directly applied to the new program. Since these components are modularized, the maintenance and upgrade of each component can be completed within the component. Such changes have relatively little impact on the overall software. New applications can thus be developed more quickly. Gu Yanxi: The investment views and decisions of the founder of Bridgewater Fund on BTC are not applicable to ordinary investors: On February 1, Gu Yanxi, a researcher of blockchain and encrypted digital assets, published a column saying that the current market value of Bitcoin The total amount and compliance status are not suitable for Ray Dalio, the founder of Bridgewater Fund, as his main investment product. But that doesn't mean the average investor makes the same investment decisions based on his opinion. On the contrary, because the investment decisions of ordinary investors are more free and flexible, they can invest in some early but very promising products, such as Bitcoin, before him. He pointed out in the article that Ray Dalio listed three risk factors for Bitcoin, namely volatility, regulatory risk and liquidity. These three factors are the main obstacles preventing Bridgewater and its clients from investing in Bitcoin. Gu Yanxi believes that among these three factors, financial regulators around the world will definitely cooperate to further regulate Bitcoin transactions. But these regulatory measures will regulate the bitcoin market and make bitcoin a mainstream trading product. As a result, the liquidity of Bitcoin transactions will be greatly improved, and the volatility will be correspondingly reduced. This therefore makes it easier for asset managers like Bridgewater to start investing in Bitcoin. For ordinary investors, it is possible to obtain the value-added income of this part of assets if they hold Bitcoin before institutions such as Bridgewater Fund. Finally, Gu Yanxi also said that as the pioneer and leader of encrypted digital assets, Bitcoin has an irreplaceable position, and this position will only become stronger. For investors, this directly affects the proportion of Bitcoin in their investment portfolio. If investors have a correct judgment on the status of Bitcoin, it will invest more funds in Bitcoin instead of diversifying funds into other encrypted digital currencies. [2021/2/1 18:34:30] When software programming is further developed, the limitations of OOP programming methods begin to appear. In software architecture, often only one kind of service is needed, but the specific service provider needs to be determined according to the situation, and cannot be determined in advance. Taking loan service as an example, if an individual user needs a loan, his loan service may be provided by a bank or by his friend. But in the way OOP is programmed, lending services are usually fixed to be provided by banks. But in some specific applications, if individual users seek loans from other individual users, then this bank component is not suitable for use in this new application. Such problems have prompted the emergence of the SOA programming model. Gu Yanxi: BTC is becoming a trading product accepted by the market, and the long-term rise is a high probability event: On December 11, Micro Strategy issued 550 million US dollars of bonds to buy Bitcoin, blockchain and encrypted digital asset researchers Gu Yanxi published a column saying that MicroStrategy is just more radical and bold than other institutions. He stated in the article that in the current global context, more and more financial institutions are beginning to provide related services based on Bitcoin. For Bitcoin, a product that is traded globally, the recent entry of these mainstream financial institutions has provided a more solid foundation for the growth of Bitcoin transaction prices. Gu Yanxi pointed out that bitcoin transactions can be viewed from at least two dimensions, compliance and non-compliance, retail customers and institutional customers. At present, Bitcoin has been recognized as a mainstream trading product. Its nature is no longer discussed in the market. This phenomenon shows that Bitcoin has been accepted by the market. The market is more concerned about whether it can be conveniently traded, how its price will be affected, whether there is sufficient liquidity, and other specific issues about trading products. He also stated in the article that the judgment of the US market on bitcoin trading products is inseparable from the attitude of supervision. The surge in the issuance of digital dollar stablecoins in the U.S. market is also conducive to the active-zce bitcoin transactions. All of these factors are what have propelled the recent rise in the price of Bitcoin. Gu Yanxi finally said that it is precisely because of these developments in the market that Bitcoin is becoming a trading product accepted by the market, and more funds will enter this product. Even if there will be sharp shocks in the future, its long-term rise is a high probability event. Therefore, there is such a seemingly crazy buying behavior of Micro Strategy in the market. [2020/12/11 14:53:08] In SOA-based software architecture, the system is built on the basis of various services. The provider of the service will be determined according to the specific situation. For example, the loan service can be determined in advance, and the loan service is a basic service in the software system. However, the provider of this service can be provided by different service providers according to different application scenarios. Such a service provider may be a bank or an individual. Such a design is more flexible and more able to meet the needs of practical applications. In current software engineering, SOA programming mode has become the mainstream programming mode. Such a programming party can better support software design that provides services to the outside world in the form of an API. Gu Yanxi: Digital asset transactions on the future blockchain should be free: On July 24, Gu Yanxi, a researcher of blockchain and encrypted digital assets, published an article "Digital asset transactions on the future blockchain should be free The" stated that based on the development of the Internet era, the current development of the securities industry, and the benefits that can be generated from the application of blockchain technology, future digital asset transactions should be free. He said that first of all, future digital asset exchanges must be based on distributed ledger technology. Distributed bookkeeping technology will fundamentally change the securities industry. When blockchain technology and digital currency are used in securities transactions, transactions will be settled. Therefore, there is no need for clearing and settlement companies and registration companies in the current securities market, and the overall cost of securities transactions will therefore be greatly reduced. Trading commissions are therefore bound to drop significantly. Secondly, in the future securities market, DeFi applications will further reduce the cost of the securities market. Finally, since the blockchain technology directly supports peer-to-peer transactions, many digital asset transactions in the future can actually be completed directly between the generator of the asset and the buyer of the asset. There is no need for a financial intermediary such as a brokerage, and the cost of asset transactions will be further reduced. [2020/7/24] With the application and development of Internet technology and blockchain technology, banking services are also loosely coupled with banking institutions. That is, banking services are not necessarily provided by banking institutions, and it can be provided by more types of entities, such as non-bank institutions, individual users, or even a piece of hardware on the Internet. In the Internet age, such a development trend has been well known. Payment services embedded in social applications are growing rapidly. Payment services that were previously only available through banks are now also available through social application terminals. With the development of such payment services, users' deposits are also attracted, and they migrate from the bank's account system to the account system of third-party payment. This is actually the beginning of third-party payment institutions to provide deposit-taking services. So in the Internet era, more types of institutions have begun to provide traditional banking services. However, in the Internet era, these institutions still provide such services on top of the banking system. The underlying financial market infrastructure is still provided by the banking system. However, with the application and development of blockchain technology and digital stable currency, the current banking business can be carried out on another financial market infrastructure. In terms of technology, the traditional bank deposit, loan and remittance business can be provided by more types of subjects, and the ways in which these services are provided and used will be more diversified. Value exchange can be carried out between individual users and institutional users, between different types of institutional users, and between Internet hardware and hardware, which is traditional banking business. In such a development process, the application and promotion of the current digital stable currency will accelerate such a process. Voice | Gu Yanxi: The blockchain has a fundamental impact on the securities industry: Recently, Gu Yanxi, president of the CBX Research Institute, said that the blockchain has a fundamental impact on the securities industry. He said that blockchain technology essentially supports transaction-based settlement. The most direct application in the securities industry is clearing and settlement. At present, they are completed by clearing and settlement institutions. In China, there is China Securities Regulatory Commission. DTCC and options trading have OCC. The biggest problem of the centralized settlement and clearing institution is its low efficiency and high cost, because it adopts a two-tier clearing system: the centralized clearing institution directly clears the clearing members, and these clearing members are usually first-class financial institutions and retail brokers. Customers are billed separately. The application of blockchain technology can allow trading users to settle directly, which does not require a centralized clearing and settlement institution, and the efficiency of the entire market will be greatly improved. In addition, blockchain technology can also have an impact on the primary market. In short, blockchain technology and encrypted digital assets can provide a more effective primary and secondary market. (Guosheng Blockchain Research Institute) [2020/2/18] The current digital stablecoins in the market such as PAX, USDC and the upcoming Diem USD stablecoin are all circulated on the basis of different blockchain support. Examples include Ethereum and the upcoming Diem blockchain. These digital dollar stablecoins are generated in a 1:1 manner with the US dollar. The U.S. dollar reserves on which it is based are hosted in institutions with custody mechanisms. These dollars are circulated and used on different blockchains in the form of digital stable coins. And such an underlying market infrastructure is completely independent of the existing banking infrastructure. Entities that provide various financial services based on these digital stablecoins on these chains are no longer limited to banks. Non-bank institutions, individual users, and even hardware on the Internet can provide a certain kind of banking services. For example, payment services are directly supported by this underlying blockchain. Applications developed on these chains can directly use the digital stable currency payment services provided by this chain. Some applications can also provide services that can generate fixed income, such as purchasing government bonds. Of course, services such as savings accounts can also be provided. Individual users can also use DeFi to carry out loan business among each other. Since the user's digital stable coins are stored in their own wallet addresses, this provides great convenience for users to use these digital stable coins. Voice | Gu Yanxi: After undergoing major changes, Libra may be the first to launch a stable currency based on the US dollar: Gu Yanxi, the founder and dean of the CBX Research Institute, said in the community today that the analysis of Libra should pay special attention to the following three points. First, Libra is essentially blockchain technology and encrypted digital assets on it. It's just that Libra has raised the application of these technologies to an unprecedented level. Second, Libra is actually in the process of changing. This project has undergone great changes from its initial appearance to the official announcement of the news. There will still be great changes in the future. Third, American society is a commercial-driven society. It will not completely prohibit the launch of such a project, and Libra will still be launched after making great changes. The high-probability event Libra will focus on the underlying blockchain, and will definitely provide technical standards for the implementation of stable coins. It will first launch the corresponding stable coins based on the US dollar, and then more types of stable coins will be gradually launched. [2019/11/29] At present, the most influential and large-scale applications in this area should be the various applications that will be produced in the Diem ecosystem. Application developers in this ecosystem can directly support users to use their digital stablecoins in Diem wallet addresses. Among the various members of the current Diem Association, there are applications in the social field such as Facebook, and companies in other fields, such as Shopify, a cross-border e-commerce company, Tagomi in the field of encrypted digital currency transactions, and checkout, a cross-border payment service. com, ride-hailing app companies Uber and lyft. Companies in these different fields can directly embed payment services based on digital stable coins into their respective application terminals. On this basis, these companies can provide a variety of diverse applications. In addition to payment applications, companies in the field of encrypted digital currency are likely to be the first to start asset management and lending services. And if these services are carried out in the form of DeFi, they do not even require human participation, and can be completed automatically through smart contracts. Moreover, such a business method is more credible and reliable than manual methods, so it will attract more users to operate their funds and assets in these ways. Due to the global availability of the Internet and the trust mechanism of blockchain technology, these financial services can be carried out between any two users worldwide. This kind of financial business is no longer restricted by geographical regions, and the volume of banking business will therefore increase significantly. Judging from the development trend of digital stablecoins in 2020, the number of digital stablecoins is increasing significantly.


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