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Hi everyone, good morning! It is great honor to do a presentation here. First of all, I will show you a phone. It looks like very much an Android phone, but this is actually an Elastos phone. And we made it about three years ago, this is c++ version of Andriod. Very much look like Andriod and wechat , but then the underlying operation system is done in C++，what is that? Because obviously there are people doing similar things about applying blockchain to IoT, Smart phone, and other areas. Today I will give a bigger perspective of what we are thinking.
Well. Before we start about Elastos, I will give you a bigger perspective. If we look back to 1992, there is Sunmicro invented Java programming language which is used in Andriod phones. The inventor of Java programming language actually came up with the slogan “the network is the computer”. Then, when we fast forward to about 2015. Ethereum wrote out in 2015 when they proposed something called the world computer. That is the computer based on the blockchain. Now we try to compare these two items. What is the network computer and what is the blockchain computer? So when we look at the operating system, actually you see Windows, you see Linux, that was back to the early 80s. now we are seeing operating system running on virtual machines, like on Linux, you can run multiple virtual machines and on windowns, you can do the same. On Ethereum, you do the EVM, you do the virtual machines as well. Why we are saying that two? In Ethereum, what is basically saying we have this program, it is autonomous driving, it runs by itself, no one is controlling it. Then there is smart contract running to dispense the remittance, to keep track of the items, such LV bags, green foods. But the drawback of blockchain is extremely slow, because every 10 minutes it takes a block, and so 10 mins actually in the computer world is very long. Extremely slow is no way to do the transactions, like stock market or in china when it is spring festival of Chinese new year, all peole are going home , they buy tickets every second they sell like million of them. The computers of blockchain computer could not keep up.
That is when we need the network computer. So we see the Internet what it is. But on the other hand, when the Internet got some problems, like 30 or 40 years ago, when the Internet was invented, the inventor of Internet also had this vision of decentralized, everyone with the computer can connect the Internet without any government organization’s approval. You could be adding a note to the Internet. But then that was 40 or almost 50 years ago, since everybody can add a computer to the Internet, and there is no way we can know whether there is Malaysia code in the new computer, or it is a middle man attack or DDOS attack or virus, it is ubiquitous everywhere on the Internet. Now we combine these two, the blockchain computer with the network computer, the blockchain computer is very slow but yet we can keep track of everybody, and everybody has anonymous ID and wallet, we can identify one person from the other and we can send money from one person to the other guy without the middle man. On the blockchain computer, first of all, we do the anonymous and management, secondly we keep track of the time stamps.
For example, if we write a check, very simple from person A send money to person B, time stampe when and writing a note or remark, for what reason. This is a very simple entry of a ledger. Now we don’t talk about the technology behind it. It is just as simple as that, so blockchain is not that complicated. The only thing is writing this letter is immutable, it is non-changeable, secondly, when you send money from one person to another, it is double spending problem, when you send the money from person A to person B, the person A will lose the money and the person B will gain the money. So applying the same idea, you could send a book from A to B, when person gives the book to B, person A does not have the book anymore. Very simple idea. Secondly there is a remark, so when you write the remark, why you want to give money to B, actually you could start doing something we called hash. So any document could generate with hash, and hash is non-mutable and cast in stone in history. So given the three properties, autonomous driving, the time stamp notarial public for the Internet, and third, the double spending problem. If we send something from somebody to somebody, then the first guy loses it. So we can create the scarcity of the smart economy, what I am saying is that the blockchain has three properties, yet the blockchain can be directly used in real life. That is my conclusion. Applying the three principles to the Internet, So we can create the scarcity of the smart economy.
Then we also have a notarial public, and it archives for every 10 minutes. So we know the history of the Internet, then we can keep track of who is doing what, if the part wants the document, there is record in case that there is argument between A and B, they can always go back. So to the judge and lawyer, and prove who has what. Then we can create the trust between the communities, that is how important the blockchain technology is. So now we repeat, the blockchain has three properties, autonomous driving, creating scarcities, and the notarial public keeps time stamp. And the blockchain cannot, I repeat, it cannot be directly used in real life. And then so we combine the network computer with blockchain computer, so we are being to create a new Internet where everyone has an ID, yet the ID is not issued by any government, secondly, we do transactions off the Internet, if the application wants to be authorized or notarial public to witness the signature, you could. So we can create the smart economy where people can trust each other. And thirdly of course, the Internet is running anonymously and without having to resource to any middle man, such as wechat, facebook or google for that matter. So we don’t need to have any single organization to control the Internet. Now we come to the name, why Elastos? Elastos of course the English meaning is elast compute, in 2006，there is a company called Amazon, saying cloud computing is elast computing, and actually it is about virtual machines spreading in the cloud. Virtual machine you can create on demand and destroy on demand. Secondly, if spell Elastos carefully, it is E-last-OS. Basically, it means Ethernet OS, the reason why it is Ethernet OS is because when designing the operating system for Internet,
And it is not just us, a lot of people now try to overlook the importance of Mircosoft because google is so powerful, because apple is so powerful now. But yet a lot of people are ignoring Windows 10 was saying that there is no more Windows 11. Windows 10 will be the internal operating system because it is operating system designed for ambient computing, for IoT and for the Internet. What I am saying is that the technology is mature enough right now to be used for this new Internet. For some of the officials here, I don’t think we will go to details, but that is the conclusion which is very critical to the forward looking. Because when we look at the blockchain, we often focus too much in the details of properties of blockchain and ignore the bigger picture how important is blockchain to the Internet.
The blockchain is actually taking a snapshot of the world every ten minutes. It is slow but it is acceptable, because right now with the given computer technology, crashing is not that frequent. The power failures are not that frequent as well. A lot of people concern about the slowness of blockchain, I don’t it is an issue at all. Then the bigger picture is can we have a safer Internet, can we have a new economy where all the virtual items, virtual assets are tradable. And which is never existed, the new market opportunity is there. So we should look at the new market more than the blockchain itself. That what I am saying. So last year I started this project, I mean this project Elastos started actually year 2000, which is 18 years ago. We design this operating system like a phone, smart roader, and peer-to-peer network. Actually we did new interation in 2012 till today, about 6 years of efforts. Last year we did a private token sales, and also on 1st-Feb Elastos coin is on huobi trading right now. So we are easily the largest application using blockchain technology in the world. now in about one week, we will have the first DApp meet-up in San Francisco. Our angel investors are Bitmain, NEO and huobi. We did a presentation, we did a meet-up last November. And we are planning another meet-up for the DApps in 15th March which is next week.
We are going to have few partners, three of them, and one of them actually has about more than 400 million register users. And we will have about 400 million active users for the app and we are going to put the app to Elastos. If you look at the blockchain world, and hardly any application could deal with like 400 million at a time. We expect to be the first platform host multi-million users within this year. The meet-up we will introduce three partners and all of them have customers with one more million, so by end of the year, we are hoping to build the smart economy where we have the website, we have the new browsers and we have the mobile application running without intermediates. Hopefully we have hundreds of thousands of users by end of the year. I am pretty much looking at a new web such as 1995 there is web, there is a new browser and website. We are going to create another one of the web, the smart web is web that runs applications, by end of this year, we will have at least hundreds of thousands of users in this web. And all the users, all the websites, all the digital assets will have IDs registered on the blockchain. So then I want to introduce one of our partners, Xu Jizhe, here. On this website, of course we are going to have decentralized markets, we have decentralized file system, and they are going to do their decentralized e-commerce.
