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How traditional VC blockchain compatible? 丨 China's block chain innovation summit forum

On December 21, 2017, the "China Blockchain Innovation Summit (Shenzhen)" co-sponsored by Babbitt, the original chain and the Dreamer Fund was grandly opened. The forum invites representatives of venture capital institutions, financial institutions, law firms and business leaders of blockchain. With the theme of "blockchain technology, value interconnection of industries and capital and ecological outlook", the forum features keynote speeches and roundtable dialogues , Conducted in-depth discussions on risk investment in the area of ​​blockchains at home and abroad, legal supervision, exploration of advanced technologies in the blockchain, and application of industrial applications.

Babbitt founder Chang Yao, than the original founder of the chain Duan Xinxing, founder of the Dream Valley Fund founder Zhu Bo, IDG Capital Partners Tong Chen, Zhong Lun Wende law firm senior partner Chen Yunfeng and other guests attended the forum .

The forum also invited stakeholders from both upstream and downstream of the industry chain to discuss the technology of the blockchain and its future development. In the first roundtable forum, representatives from investment institutions such as Time Stamp Capital, IDG Capital, Zhongtoubang, Haixiang Investment and Connected Capital launched a wonderful talk on the theme of "How can traditional VCs be compatible with the blockchain?"

The following is the details of this roundtable:

Dream Catcher Fund and Innovation Valley Partner Yu Bo : Thank you, today is particularly fortunate enough to be able to invite so many guests, from upstream to downstream, from the old to the emerging, brothers and sisters are gathered, the theme of the round table we talk about compatibility. Including the recent years ago we all went to the exam, the last two days is not to start review again, the traditional investment has a solid play, but at the moment we have a deeper feeling, the traditional VC is also a contract Form, and blockchain technology itself is a new type of contract, an innovation for our previous gameplay. We are actually mainly trying to pull everyone together to talk about common learning experiences and learning experiences. Let's start with each person's self-introduction. What projects were recently invested in the area of ​​blockchain, and we participated in the very early time, , Considered one of the early Babbitt investors, has recently cast a lot of blockchain projects, ready to continue to vote down.

Link Capital founder Lin Jiapeng : We recently cast a lot of high-quality projects, more than 35. We have recently been involved in a project that is hotter with the underlying intra-ring protocol, as well as projects where domestic project investors are using advertising to solve credit problems. Recently we have been involved in a decentralized game and we have a few more Chain equity investment, we cast a market class, for example, you can use an APP can manage all digital assets, and can be traded on digital assets. There we have cast the block chain industry media, video card mining machine management system.

Li Zongcheng, Timestamped Capital Co-Founder : Hello, everyone, I am a partner in Babbitt and a time-stamping capital leader. Our investment in the blockchain is relatively simple, focusing on the upstream and downstream of Babbitt and the original chain, Ecology to do some layout accordingly, in the form of capital to improve our related industries, in fact, pushing the agreement and standards around the standard may be subverted in the future, like Bitcoin and Ecology, it is now difficult to have other coins appear to replace it . We are in the layout, we are optimistic about their own areas, such as blockchain system, as well as relatively easy to implement projects, we think blockchain more applicable areas, we participate in the investment of these projects. Today, the topic is how traditional VCs are compatible with the blockchain. In fact, it is not how traditional VCs are compatible with the blockchain. Traditional VCs can not survive. Some traditional VCs may be some of them. Some investment institutions voted like Ripple before. They have no legal means to get , Did not get this huge benefit, when we contact a lot of traditional VC, I remember a big brother when I first chat with him his first question asked me why the blockchain and the traditional VC is Parallel to the world, why blockchain so hot, but first-line investment funds are not in this multi-layout.

Tong Chen, IDG Capital Partners : Hi everyone, I am IDC Capital Tongchen. Maybe we are the representatives of the traditional VC not to say that we may be a veteran VC, but our thinking is not traditional, we started 4 years ago, the so-called electronic money or blockchain technology VC, Only in the past few years, our efforts in this area a little less, since this year we have stepped up in this regard, 4 years ago we may from Babbitt, coindesk reported that we invested 4 years ago Circle, Including Ripple, we also invested in more well-known companies in the blockchain. In fact, the technology for blockchain itself is very grateful to the invitation to the aftermath, I personally can say in this area has not been shot for the moment, did not do too much so-called preparations for the project shot, come here mainly to communicate with you . In addition, there is a colleague under the stage Huang Feng, he will share in the afternoon, we attach great importance to the hope that in the upstream and downstream blockchain industry to cooperate. We are not a small VC fund we all started 20 years ago. We in IDG capital are becoming more and more diversified, and we can conduct in-depth and extensive cooperation in all walks of life.

Tang Shirong , chief investment officer of Haixiang : Today's theme matches with us. We are from the entire futures trading, to the secondary market investment, mergers and acquisitions to the entire industry assets, accumulated today, our assets over 10 billion in size. Our brand DNA has been combined. Our sense of risk control is very strong. Therefore, we have been paying attention to the circuit of the block chain for more than a year. However, we have always treated it with caution. Why do we use a mother fund As our investment, we think artificial intelligence is a very important track. We usually connect with these funds to do some things. Blockchain this one, to the earliest of the original, to the investment of Babbitt, today we cast a few cases, today to do some collisions with you, the latter part of the project cast, we have a Learn from

Zhu Peng Wei, chairman of public investment help : we should be alternative or venture capital agencies, innovators Ye Hao, I personally have done for many years of venture capital, we did a venture capital in 2013 2.0. I personally invested in a company in 2010 when I invested less than $ 10 million in 2013 and we pitched $ 1 million. Our venture capital community is very concerned about the new format. Also cast in the field of Chinese mining machine. The traditional venture capital industry We are emerging business models who are very concerned about the continuous. We made a blockchain in September this year and used the blockchain in the supply chain. If this logic can be established, I think the future will help many entrepreneurs and the efficiency of financing will be greatly enhanced. Today we find that we can help More entrepreneurs, very easy. So I think the traditional venture capital sector and our blockchain is a perfect combination.
Aftermath: There are mainly two major audiences in this circle, one may be an entrepreneur, of course, another type I think the buyers of these coins is actually a form of a potential investor. I think after the future development of the blockchain industry, the boundary between entrepreneurs and investors may start to blur. On the one hand, I do something with my own value, but at the same time, I also act as a participant in the community Also involved in the initiation of other projects, the process of raising, just like us. Have you ever felt yourself doing something, from the blockchain point of view do you think there are opportunities for everyone to fill the gap.

Lin Jiapeng: We made a product in 2013, currently about 1.5 million people use our products every day, and we are focused on the startup of the entire blockchain. For example, there is a lot of efficiency improvement from mining machines, and there is not a management system in terms of software. Hardware such as whether your power system can be optimized, the software also has, for example, quantified how fast the transaction, this area from all aspects, all the traditional areas of the blockchain should have, for example, is not a very mature system , Including options, futures, all traditional financial areas should have, and even more innovative and faster.

Li Zongcheng: The first year of the blockchain in China should be in 2016. Only in 2016 will the companies that start business with blockchain get financing. This year, only by the end of 2017, just two years ago, the industry is a very initial phase. Now, Most of the projects are in Angel Wheel, are talking about the ideal of time, the industry's chiefs did not appear, there are many opportunities for the industry, see the entrepreneur's understanding of the block chain, you think the block chain is suitable for themselves The background, resources, strengths, suitable for what areas, blockchain in many areas have a chance, but these opportunities have not run out of financing, if you can be optimistic about the characteristics of the blockchain, they should have a corresponding Strength.

Moderator: You judge who is currently the best in the field of application of climbing?

Li Zongcheng: the use of blockchain in real life or use some distance, the equivalent of buying things in China in 1998, it is hard to imagine, I think the development of blockchain has three stages, the first A stage block shipments point, such a surge will attract many people come in, willing to understand it, to carry out a certain degree of awareness. This is conducive to the popularity of blockchain things, everyone's acceptance. The second stage is the initial asset created by the blockchain, because the blockchain has a feature that creates competitive resources on the Internet that can be passed away from one thing to the internet and can not be passed on to others Man, is just the uniqueness. If this competitive resource has a corresponding perception of a group of people.

Moderator: You are talking about the ether cat? Afternoon, we will detail the analysis of the ether cat.

Li Zongcheng: This sense can push the establishment of the industry, the corresponding increase in digital assets will not give birth to banks based on blockchain slowly appear at the same time the realization of such things slowly government will appear a law, And then the transition to the actual assets, because the actual delivery of assets must have the appropriate legal protection, otherwise there is no way to complete, I think the block chain to go through three stages.

Moderator: Your more optimistic about the area of ​​business chain What are the opportunities?

Tong Chen: I dare not say the opportunity, I am more optimistic, indeed in the past year, whether it is the price of bitcoin rose Ye Hao, or so-called cottage currency rose Ye Hao, there will be more money into the industry among. The current size of the industry funds I think large enough, will attract more high-energy low Ye Hao, we are willing to join the business venture. From the creation of VC, or relative to the traditional VC point of view we all vote, we also hope that the powerful people together to do amazing things. From 2016 to the present, perhaps at this point in time there will be more powerful people willing to work in this industry. In fact, the application itself itself is not easy to say, because now there is nothing at all, all things are urgent need to develop and solve things. At least, in the past year, bitcoin friends have made a lot of money. Many external entrepreneurs also want to learn and infiltrate the industry. That is why I think this forum was organized in such a way that the first Many potential entrepreneurs are concerned about this sector and the second is to show investors the determination to invest in this area. Blockchain for the VC, we need to think about it, first of all, the investment threshold of the industry itself is very low, the original threshold of our LP is ten million, the future financing of the project investment, of course, did the district After the introduction of blockchain investment threshold is low, the original may we have to wait for 7-8 years of listing before it can really now the entire equivalent of the law of investment has changed, we are also self-examination, the middle of which we are the traditional Architecture, to our future blockchain company how to do in the future, this is what we always think.

Moderator: Tong total deep in this study, how do I know Tong total, a few of my good friends in Shenzhen to do the company, due to their overseas payment system is not perfect, each app in our price is not up , Tong always came to guide them you think about the blockchain, instead of them thank you.

Tang Jirong: three stages, the node of the entire blockchain today we should stand in the earliest first year of an industry stage, really let the public, so that more users understand the blockchain in 2016, but the peak is this year, This year the blockchain has really become a big industry track. What community activities have people, aunt, uncle, there are all kinds of people, this landmark is the block chain to become a big track. Today we have a lot of blockchain where you need to optimize, there are things you can do in these dimensions, including some financial games, how to help you make a better and more convenient investment, this is a great investment opportunities . The second back to the entire chain itself, I am more optimistic about the two directions, the first is what the chain as a real quick landing, today's first will be more than the original voice to the industry, and gradually Than the original shift to service enterprises to serve the public development, for technical ability, there is a project application landing service resources team is suitable for this time cut into the track. If we can make some decentralized games, or can be well-grafted with some games on the existing supply chain, this track is the key point to see. Finally, let's say something about the optimization and promotion of the underlying chain protocol. When it comes to energy waste, including the congestion of the entire chain, we think that the optimization of the protocol at the bottom of the chain can enhance the entire block chain to be easier to apply, The team that has the technology to be used by the general public is the direction of our investment and a good track.

Zhu Peng Wei: Now we imagine the blockchain investment opportunities may not have begun, why have this view? In 2012, we started to pay attention to the blockchain. In the end, what we did not know, slowly groping, we later found the transaction link, and now has done the ICO. I think from the Internet's 20-year cycle of development, WeChat, including Google , Google can exceed the main reason Yahoo, Yahoo a few years ago the model is doing well, Google experience doing well, there are a lot of future blockchain business opportunities, we see this opportunity to dare to think. We are currently working on a fund dedicated to future projects that dare to do ICO and do the blockchain creative. We are now doing blockchain PE. We have been looking for more than a dozen projects. What we dare to think may be in the area of ​​blockchain. Achieve, and it is quite challenging human wisdom, the block chain we can do the traditional field of environmental protection, if you take the block chain this concept of social co-governance, I think the future will become very good, we have this technology , Can not take this technology to do bad things, but if you hold good technology to serve the community people, this is a more profitable point.

Moderator: Our first question is what cast in the blockchain, the second is what else in the blockchain can vote, the third problem is that we share a step on the experience of the pit can be shared with you, you Do not think there will be any kind of pit to step on.

Zhu Peng Wei: Any success must certainly demonstrate a lot, we cast the project also died. The giants are sure to do can not be done, because the giant has not failed, or you see the giants, you now want to defeat Tencent almost do not think about it. So few entrepreneurs, do not think too much, unrealistic. In addition to find some really reduce social costs, the people have some good aspects. For example, environmental protection, for example, social order, the future access to information from the block chain, for example, Baidu Why deal with information? The future is very important point, you can really take blockchain technology to obtain what information collection, information collection of the future incredible, the future there will be many large companies, and now if you do not give money in Baidu, immediately become a blacklist , This kind of information is out of step with the social morality. So I think the blockchain technology to avoid the point of access to information, information processing, including the entire information who pay, I think these three points is of great value. Many Chinese, information is a lot of misappropriation, or is free.

Tang Jirong: Today, a lot of our blockchain in addition to investors and entrepreneurs outside, there are many of our community users. Here as an early home, what time to share with you. The first white paper is to see, and now many community users do not understand white paper blind vote, this pit we have to look at. Second, as an investor who has been involved in various investments early, one can see that it is patient and determined to really get hold of it. Many get hold of bitcoin in the middle of the get off, so the wallet this thing must take time to study, the key must be preserved, to make a backup, not a lot of money finally gone. Back to the project itself, the recent circle, from the mobile Internet + now to the block chain +, blockchain technology is good, but must be applied to the local area or blockchain technology with very good areas, This is the target of future investment. If we think that the periodicity of the economy will shift from the AI ​​to the blockchain in the future, we should keep our eyes open and what kind of teams come in to speculate and do what we want. In the current regulatory system is not sound enough, we should polish their eyes.
Tong Chen: The biggest pit we used to be was Ripple, which, if counted, was between 10 and 20 billion U.S. dollars. You said the future to avoid walking on the pit, the first in this line is the most critical thing is to observe the law, we are investing in the country after all, we also bear the trust of many LP, which may be the first consideration in this industry. Second, I hope entrepreneurs who work with us can really be serious entrepreneurs. Now in this industry, we really think too fast now. Everyone is a little impetuous. We are willing to say that the industry can have some positive energy and a positive atmosphere.

Aftermath: talk about step on the pit.

Guest: Babbitt stayed in this business for too long. Basically, pit trades in many industries, such as roasted cats, as well as some ideas in 2014 and 2015, now can not be reached. Now it is a bull market and all People make money, and in a matter of two years, 95% of all existing projects will disappear. When they ask about what pit to step on, they will be asked again.

Guests: Mentougou we also step, there is no one pit is the largest team financing, this is a huge blockchain market, the blockchain is not a panacea, can not only add a blockchain, the traditional investment areas, probably In the C round of the standard, your start-up companies may be 7,8, if you publicize well, you can even get 50,000, 100,000 or more, I think this is a very exaggerated thing in the bull market There may be scenes, so I think the future should be rational, I think this may be the largest pit, do not need so much money.

Aftermath: Three classic questions, where are you from, what can you do, where are you going. Today's three questions come to an end. I hope everyone will continue in the afternoon. We have more dry goods. There are other guests who can talk about all kinds of wonderful stories here. Thank you all!