YeeCo 1st AMA
Anything you want to know about the upgraded whitepaper and YeeCo’s big plan
YeeCo held an AMA event on the theme of “YeeCo White Paper Upgrade” at the Chinese community on 07/05 19:30 Beijing time. We invited YeeCo CIO David to give a detailed introduction to the upgraded whitepaper and answer any questions that the community members are most concerned about. The AMA was done in an open and honest manner and has achieved its goal — the support of YeeCo’s vision and belief in YeeCo’s future.
The editor has compiled the Q&As and translated them into English to let our English community catch more info about YeeCo. The Q&As are as follows:
- What problem does YeeCo blockchain aim to solve?
The upgraded whitepaper has a very accurate description of YeeCo’s goal: “YeeCo’s goal is to become a decentralized, high-performance Internet infrastructure that allows value to circulate freely in the Internet of all things that’s constructed through 5G.” There are a few key points in it. We are building a public chain, not a consortium chain. In the future that is led by 5G, in the context of massive data connections, what role the blockchain is going to play in it. The answer is to be an infrastructure.
How did we get the conclusion? In fact, I can share with you the process of positioning and thinking. Since the birth of Bitcoin, there are thousands of cryptocurrencies created with various purposes and interpretations. We roughly divided them into three categories.
The first category is represented by Bitcoin. In the whitepaper, Bitcoin was supposed to serve as p2p cash, but with its development, I believe there are more people regarding as an option of investment rather than an option of payment. The value of it is more of a consensus value worldwide, so it is this value of consensus that drives the price of Bitcoin to rise. This rising price is actually overwhelming its payment feature. That is to say, when everyone feels that the currency in their hands is constantly appreciating, no one will ever regard it as something that can be spent in daily shopping.
The second category is represented by stablecoins that came into being and became popular in the second half of last year. Stablecoins, including Libra, which has recently been launched by Facebook, are dedicated to serving for global clearing, settlement, and trading. It is characterized by a stable currency, so to some degree, it plays a role that Bitcoin was meant to play at the beginning.
The third category is what we believe to be a huge field in the future, that is, the integration of the blockchain technology and physical industries. There are some pioneers in this field, but they are facing two major problems at present. The first one is at the technical level, which is whether the public chain is able to support the development needs of these physical industries. The second problem is the business model. We have observed that some have not found a real match between the blockchain and the physical industry, and some have encountered great resistance in promoting business cooperation after finding a match. We’ve also seen that some existing enterprises, such as some logistics enterprises, developed a blockchain to meet their own industrial needs. But that is more of a consortium chain and not a public chain that can serve as an infrastructure for industrial needs on a global scale.
In the past decade, most people in the cryptocurrency and blockchain field mainly focus on the crypto price and the profit in it. We believe that in the next decade, the combination with physical industries is the only way out for the blockchain, and the only way to grow into an enormous enterprise from it.
5G technology makes it possible. With the Huawei issue, people all over the world get to know and take interest in 5G technology now. 5G technology has two core features. The first one is fast transmission speed and low latency. The speed of 5G is ten times the speed of 4G, and the end-to-end transmission delay is only two milliseconds. It’s basically a game changer, which can completely change the connection mode of many hardware that we can imagine now. The second is the massive connection of devices. In the unit area, 4G can connect thousands of devices, but 5G can connect millions of devices. This is the first time that we have the ability to connect things around us. The Internet of Things industry will see explosive growth in the 5G era. Massive connections and high-speed transmissions have broken through the connection between people and people. Connections between people and things and between things and things will be a normal phenomenon. Using the blockchain technology to empower these scenarios, we must build a future-oriented infrastructure to deal with a wide range of industry data. This is a high-performance public chain that we propose with 5G as the background.
In the 5G era, we have a bold speculation that many of the scenarios we have imagined in the past, such as smart healthcare and smart transportation, will be realized. Taking smart healthcare as an example. The development of wearable devices, the Internet of Things, and the processing and utilization of data will create a new business model and construct a new value transfer network among hospitals, insurance companies, medicine, and relevant value enterprises, etc.
The existing public chains are mainly used to develop games and financial projects, such as DeFi which is a hit in these days. When big players like Libra enter the battlefield, there is not much room left for them. After we’ve reviewed existing public chains and hundreds of whitepapers and discussed with other experts in the industry, we decide to adjust our goal and technical methods to meet the industrial needs in the 5G era. We’ve included all our thoughts in the upgraded whitepaper.
2. What is the short-term, medium-term, and long-term plans of YeeCo?
Our short-term plan: we’ve made some adjustments to our goal, our whitepaper, our team, and our pace. As you can see, we have some new marketing moves recently. We’re attracting and gathering more people who recognize our vision and are willing to join us. We’re fully equipped and running forward in a new direction.
The medium-term goal can be defined as the release of mainnet. We have to leave time for the devs to do the R&D work. At the same time, our BD team is also stepping up to build the business ecology around YeeCo, and you can see news coming out whenever we make a major progress. Unlike other public chains that are limited in the financial industry, we are a public chain that plays as an infrastructure of various industries. You will see that our business partners are mainly from real vertical industries, and we’ll carry out interesting cooperations.
Long-term plan is to achieve our ultimate goal, to become a decentralized high-performance infrastructure for Internet of Everything and transfer value in the high-speed massive interconnection scenario realized by 5G. This is a very ambitious goal. It is not just to promote the development of one or two industries, but to promote the upgrading of the entire industrial economy.
You can see the project update in our weekly report. Our team has also done a lot of work around the Tetris consensus in the past year. Tetris, the newly proposed “shard + layer” architecture, and CRFG are quite complex and take a lot of time. Tetris will also be the preferred solution for layer 2 of our public chain in the future, because it has some strong features and is suitable for some scenarios of the consortium chain.
To sum up, the development of the blockchain industry has led to many upgrades, the cognitive upgrade of practitioners, technological innovation, and the continuous exploration on the combination with the physical industries. Everyone is asking about when the mainnet is online. It is important to bring the mainnet online as soon as possible, but it is more important that we can promote industrial upgrade with our public chain. Otherwise, it’s meaningless even though it’s released quickly. So from this perspective, pace is very important, because pace being too fast or too slow may bring different problems.