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Why is NFT a shining pearl?

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To better understand the meaning of non-homogeneous assets, just consider most of the assets you own.

原文标题：《为什么说 NFT 是一颗闪亮的明珠？》

Original author: Intelligent chain venture capital fat son

NFT 即非同质化代币，是指一个拥有区块链管理权，独特的区块链项目。例如，收藏、游戏物品、数字艺术、活动门票、域名，甚至是实物资产的所有权记录。要更好地理解非同质化资产的含义，只需考虑你所拥有的大部分资产。

1. Preface

After the emergence of the Internet, human society has ushered in a rapid development, subverting the production and transmission of information, and changing the performance of civilization. In the direction. But in the decades after the singularity, cling to human on the base of the Internet tinkering, the new protocol standard, programming languages, and the innovation of technology hardware, network equipment and other details, already let people struggling to find the next storm swept across the entire civilization, we have not seen for a long time can be comparable to the birth of the Internet of the new changes.

Twelve years ago, the birth of Bitcoin and Blockchain allowed people to actually own their own assets for the first time, making it possible to deliver value without boundaries. If the Internet is the infrastructure of the information civilization era, then blockchain is an exploration of the future value society, which enables human civilization to shift from the transmission of information and content to the interaction of assets and value, and opens a new upward channel for the evolution of civilization. On the eve of the revolution of the blockchain era, we saw the emergence of many assets on the original chain, and also witnessed the madness of Defi, a financial system independent of the real world. But we still don't have the convergence of the on-chain and off-chain worlds, assets and values. Closed-loop circulation can only be achieved in mutually independent systems. The key to solve this problem lies in the asset-on-chain. I think the best asset carrier is NFT.

In the previous NFT market, people tended to focus on the application of its scarcity, which was the biggest misunderstanding of NFT. It was completely due to the thinking constraint brought by empiricism, and the development process of blockchain and NFT was viewed in accordance with the law of the real society.

Every evolution of human civilization is not only the evolution of technology, but also the evolution of thought. This paper will try to break the seal of thought and expand the imagination of the crypto world on NFT from the perspective of "NFT structure".

2. Value Transmission & NBSP;

2.1 Delivery of Content & NBSP;

Once upon a time, the chariot is far away, the letter is slow, the life is only enough to love a person.

Nowadays, with the progress of science and technology, information has no boundaries and communication across time zones has become routine. The Internet has become the rigid need of our basic society, and the transmission of network information has become an essential component of communication. The communication logic of Internet information lies in the conversion of traditional different types of information into machine-readable 0/1 binary data through technical means, and then the information interconnection is achieved through data transmission among networks.

With the continuous development of science and technology, the Internet also evolves along with it. The cable network has undergone five changes from ADSL dial to LAN broadband and then to optical fiber. The performance of physical hardware has made rapid progress with the repeated effect of Moore's Law. It is reflected in the two dimensions of content, form and ideology.

Rich content and form

The development of content digitalization is a process of continuously expanding the amount of information that can be carried. From text digitalization in the early stage to pictures, audio and video, the content forms that can be carried and transmitted by the Internet are constantly enriched, and the functions and services derived from it are increasingly permeating into daily life.

An ideological shift

In the Web1.0 era, the Internet only serves as an information sharing platform, and the generation and consumption of content are often in a 1-to-N relationship. The discourse power groups and early Internet enterprises control the role of content producers, and netizens, as consumers, can only passively accept information from the Internet. This stage is equivalent to the functional reproduction of traditional books, newspapers and other information carriers by the Internet, without the help of the characteristics of the Internet and endowed with new connotations.

In the era of Web2.0, the Internet has shifted from "information sharing" to "information co-construction", and the power of Internet users has been promoted from "read-only" to "write", and concepts such as UGC and PGC have been derived, which are equivalent to ideologically decentralizing the main body and discourse power of the Internet to individual users. Everyone is both a consumer and a producer of content. This has brought about the explosion of Internet content level, led to the demise of portal websites with PV, UV and other parameters as assessment indicators, and the birth of community-based Internet platforms with user quality as the core competitiveness. From BBS and Blog, which were popular in the early PC Internet, to YouTube, Facebook, Twitter, Quora and other content production communities on the mobile Internet today, they are all products of the Web2.0 era.

To sum up, we can say that the development of the Internet is equal to the development of digital content. In the past decades, the Internet has brought subversion to the inheritance of human civilization, but this has also set shackles for the future of the Internet. After all, its application has not been separated from the scope of content (information) transmission. And one of the most important propositions of the Web3.0 era -- the Internet of values. In other words, while the information of binary data transmitted over the Internet can generate value, the Internet cannot carry value itself.

So where does the value come from?

In the real world, the best expression of value is assets, such as real estate, stocks, bonds and Copyrights. These assets do not have real integration with the Internet at present, and there is no "real asset" on the Internet. For a simple example, Usera passes its house ownership certificate to UserB through the Internet, but UserB can only get one picture, and there will be no transfer of property value.

In response to the development dilemma of the value Internet, the simplest idea is to transfer assets to the parallel world of the Internet and achieve efficient transmission of real assets in the network, which can be understood as "assets online". However, due to the difficulty in confirming the rights of assets and other problems, this idea is obviously not valid. At this point, the support of blockchain technology may be able to bring some new ideas for the transfer of assets.

2.2 Transfer of Assets & NBSP;

Native on-chain assets

Definition of assets on a native chain: Assets that originate in the blockchain world, are decoupled from real assets and are completely decentralized. For example, BTC, ETH. But USDT isocentralized stablecoin is not in this category.

Just as assets in the real world need to be protected by the letter of the law, sales contracts, and regulators, legal loopholes, fraudulent contracts, and institutional misdeeds can make your assets evaporate or change ownership in a moment. For assets on the original chain, there is no need to consider this problem. The decentralized blockchain network can make the ownership and disposal of these assets belong to you forever, and there is no possibility for any third party to forcibly expropriate the assets.

Two phases of asset delivery on the chain

In terms of the development path of on-chain asset transfer, there are two stages:

Digital assets: that is, the manifestation of the property of assets on the original chain. For example, the current BTC and ETH have their own asset properties, which are mainly reflected in the transfer and transaction in the early stage of development. Subsequently, with the development of DEFI, more extensive financial activities such as lending and financing have been realized. The stage we are currently in is a period of digital assets. The innovation of DEFI in each track is to build an on-chain financial system independent of the real society, in which the assets on the original chain can achieve an inner cycle of value. However, this relatively closed approach to growth is clearly not enough to shake the foundations of the traditional financial system, the crypto market is only $400 billion market cap is the future of its growth ceiling.

Asset digitization: that is, real assets on the chain circulation. This is a stage full of imagination. If the assets with value attributes in reality can be reflected on the chain and can circulate freely like the assets on the original chain, then it is equivalent to the direct transfer of human economic aggregate to the blockchain. Although this idea seems shocking now, given the development trend of blockchain, especially the development direction of NFT, it is completely possible to realize, and everything on the chain may become a novel point of human civilization after the birth of the Internet in 1969.

We can also see that in the current blockchain industry, there are already some DEFI projects that have a sense of change and are exploring the possibility of on-asset chains. In the near future, there will be more and more such projects, and the line between the real world and the crypto world will blur until it disappears.

Chain management

The significance of asset digitization and on-chain is to move the valuable assets in the real society to the chain, so as to realize the actual use scenarios such as the confirmation, payment and circulation of real assets on the chain. But on our way to the vision also runs along a mountain - how to conduct assets appraisal, now the encryption of the world and the real world are fully isolated, "predicts machine" is needed to transfer chain of credible information to the chain, as the bridge of the two, but we are still unable to find the real reliable prediction can provide this service machine. If the assets or information on the link itself is fake, then the link will be meaningless and the spam will not be converted into valid information because of the link.

On this issue, the prevailing view is to let a centralized regulator take on the role of prophet, to evaluate the assets, to certify the authorization, and then to chain. This may seem like a perfect combination of reality and on-chain, but the biggest BUG is that regulators act as black boxes.

For example, one of the main culprits of the 2008 subprime crisis was Moody's, Standard &NBSP; & Poor's and Fitch, the big three rating agencies, took the banks' money and bundled C and A bonds together into B+ asset bundles. How can the lessons of history be assured that they will not be repeated on the chain? Who oversees the regulatory agencies? Who regulates human nature?

The centralized approach to capital verification is to use traditional empiricism to deal with the new thing of blockchain, in which the centralized institution plays a decisive role, making the chain on assets itself a false proposition.

In contrast, in the crypto world built by assets on the native chain, due to the rendering of decentralization ideas, DEFI is more inclined to the emergence of collective wisdom. It decentralizes the governance rights to participants in the form of governance tokens, and then implements governance decisions through smart contracts to achieve the purpose of decentralized governance. The design of this seemingly equality and democracy also is not foolproof, a few giants can still rely on a large number of capital input, to occupy the most easily management tokens and monopoly management rights, the Matthew effect of the real world and pareto law will come into force in chain again, now look many DeFi programs are so, covered with decentralized coat of the new financial order, Back in the car of traditional finance.

Existing decentralized governance just so-called "rule" is mapped to a chain of a periodic solution, we can only hope that those who hold a lot of governance tokens croc to to provide fair and the right decisions for the project development, the world trend, they will represent the encryption as centralized a few people came to power in the real world. At this stage, people only have the blockchain technology, and do not really have the "blockchain thinking". To take the crypto world to a higher level requires the evolution of all people's thinking, so that the civilization on the chain can fully transition from a "society ruled by man" to a "society ruled by Law". Code is Law is the past, and only Law is Code is organizational evolution. The advantage of human beings is not intelligence but "collective wisdom". Are we living in the current "country", "money" and "ideals" necessary for survival? In fact, they are not, they are the creation of our imagination, the illusion and the real bubble from the moment of the birth of our intelligence are not separated, only imagination is the core competitiveness.

Therefore, when we think about the logic of the blockchain world, we may have a dialectical mentality and refer to the reality. The existence of the world on the chain does not necessarily need to compromise with the reality. Maybe it's not the blockchain going to humans, but the humans going to the blockchain. Sometimes a big change will tear up the old world. What really needs to change is the old financial system, and we should not get it wrong.

The products of the on-chain world are very different from our experience. It should have its own way, not a summary of our financial experience. The financial system of the old world was full of flaws.

3. Use and definition of NFT

NFT stands for Non-fungible Token, which is a relative concept of a Token (FT). The biggest difference between the two lies in "unique" and "divisible". That makes NFT more suitable for benchmarking assets in the real world -- after all, the evolution of civilization has given everything a different description, and even a mass-produced consumer product has a different production date and a different print code.

The existing view tends to describe the NFT market as a separate racetrak, preying on its scarcity, with encrypted art and game cards as the main outlet for value. This is actually a very strange phenomenon, as no one would regard the FT as an independent market.

The reason for this misleading statement is that empiricism limits the imagination of the entire industry. NFT has experienced a short period of high light in 2017 to slow development in recent years. Many people get lost because of the popularity of Cryptokitties and force NFT to be bound with art, cards and scarcity in their thinking set, but they do not realize that this is only a small part of the application scene of NFT.

The future application of NFT should be very extensive. Its existence enriches the breadth and depth of the use of Token. Its rise should be subtle, and all categories can be related to it. Compared to FT, NFT should be a larger concept, just like the real world non-standard goods trade far more than the standard goods trade.

The rise of DEFI in 2020 has pushed NFT to the forefront again. DEFI +NFT has provided a reeducation for the market and has led many to rethink the more valuable future of NFT. In particular, Dego quotes the core idea of "structure description", which lets us see that NFT, which has been shrouded in the shadow of "collectibles" for a long time, is returning to its original appearance.

3.1 NFT Structure Description & NBSP;

A leaf

"The value of NFT is not in rarity, but in the description of the structure."

Let's take the leaf as an example to discuss how structure description gives new ideas to NFT.

No two leaves are the same in the world. Every leaf we pick up on the ground is special. If I own a leaf, and I think its veins are beautiful and unique, and I think it is worth 2000 yuan, and you recognize this value and are willing to buy it, then it is worth 2000 yuan. This is our "consensus". If you think it's only worth $1, then our agreement doesn't match, so I can either sell it at a lower price or wait for someone who agrees on the $2,000 value to come along and buy it.

This is an example of the scarcity of NFT, the crude "abstract consensus" that crypto art now often relies on to inflate prices. While there are undeniably a few pieces of crypto art that have unique artistic appeal, most of them are simply dumb, with the intention of finding someone willing to pay a higher price.

If we turn this leaf into a "structure" that wraps the asset and adds more attributes than the "abstract consensus" of rarity, the structure description might look like this:

0. Picture: leaves

1. Name: mulberry leaves

2 face value: 10000USDT+500ETH

3. Category: Synthetic assets

If we don't take into account the premium 0, 1, 4 puts on scarcity and practicality, then the reasonable price of the leaf is its "face value." If the first two attributes are taken into account, the value will be greater than the "real face value". That is to say, the leaf has both the minimum value brought by the basic face value and the consensus value with premium space. The "universal certainty" brought by the face value and the "rarity" of the leaf itself can enable it to be priced rationally within a controllable range.

If the leaf is an NFT asset on a chain, then the structure description can enrich its value connotation. The first thing to apply is a structure wrapped around an FT crypto asset, such as using BTC and ETH to cast an NFT into an asset bundle, which is the equivalent of a real-world index fund wrapped around multiple stocks. If you assign a functional value to the NFT (such as DeFi mining) or bind a painting to it, then its value is higher than the face value of the FT spent in casting.

Corcorresponding to the real world, the best example is the "school district house" with Chinese characteristics. The house with the same size and floor may be different in the school district because of the difference of a street, and the price may be high or low. The floor area and floors are the "face value" of the minimum, while the location and school district attributes are the "consensus value" that triggers the premium.

NFT blind box

Blind boxes, more than half of them are "blind", and less than half of them are "boxes".

Many people liken the blind box to a manual or a model, even though they have similar properties. But buying a blind box isn't just about getting the cute doll inside. It's more about the moment you open the box and see if the doll inside is the one you want.

As we all know, scarcity is more valuable, and the value of an object is determined not only by its cost, but also by its rarity. Each series of blind box has one or two popular, and the number is relatively rare, coupled with some people deliberately hype, these styles are often sold at 50% more than the original price! Not to mention the extremely rare "mystery" items in each collection, which are sold for even more outrageous prices.

CryptoKitties in 2017 can be called the founding father of NFT. The weakness of CryptoKitties is only its intrinsic value, and its scarcity can be fully guaranteed by the decentralized consensus algorithm. Show a picture of a kitten and say it is a rare cat with a probability of 1/10,000 or 1/100,000. Then there are really so many probabilities that no one can fake; If you can't copy, you can't copy -- the ERC721 standard is also open and there is no problem with counterfeiting.

Even the founders of the game can't go against the rules of the algorithm and secretly generate countless rare cats for arbitrage. However, traditional blind boxes are produced by an enterprise centralization, and the so-called "rarity" is completely guaranteed by the reputation of the enterprise. If the price of rare blind boxes reaches 10,000 or even 100,000 times, the producers of blind boxes expect that the market will not get better and the bubble will burst soon. It would be easy for them to churn out rare blind boxes on the shop floor and sell them on the market for an arbitrage.

For example, the scarcity of CryptoKitties is a simulated natural scarcity, just like a stone in the earth or a fish in the water. After the development team sets the probability, the online version becomes a smart contract on the Ethereum chain, and the development team cannot easily modify it. The scarcity of the blind box is artificially created, just like a man who deliberately pinches the water pipe with a big mouth to the size of his finger, and then pours the water bit by bit to sell it for money, and says he will always be so fair to pinching, and will not secretly pour water into anyone.

What would happen if a structural design was introduced into NFT?

In 2020, DEGO and Aavegotchi endow intrinsic value on the basis of the past Cryptokitties, which not only preserves the scarcity, but also solves the problem of usage scenarios. In particular, DEGO makes reasonable use of "structural thinking" and organizes an unprecedented "shovellifting" activity.

Players are required to complete an official task during the event. After completing the task, they can cast a NFT shovel wrapped with a random number of Dego for free. These NFT shovels have the property of structure. The added value of the premium.

Due to the difference of random "face value" and "level", this activity becomes a NFT "blind box". In theory, NFT with high face value has higher basic pricing and premium space. Players will continue to draw blind boxes driven by curiosity and speculation, and invisibly become the creators and contributors of the construction of NFT world. These NFTs don't depreciate due to high production, and later versions of these lower-tier shovels can be used in more scenarios, such as "casting", "synthesizing", "forging", etc.

With the introduction of "structural thinking", the value of the Dego NFT goes beyond "scarcity" and allows the NFT to sink from difficult-to-reach castles in the air into more practical application scenarios.

3.2 Application assumption of NFT structure & NBSP;

Proof of NToken Interest

CToken is a Compound The V2 tokens are also certificates that users use to deposit assets in a Compound. Ctokens were originally designed to simplify the experience of earning interest on on-chain lending markets.

Before CTokens, lenders had to lock their money into a pool of funds to earn interest. Thus, funds locked up in the lending market can only be used after they are unlocked, and withdrawing them reduces the amount of money available for lending. With the introduction of CTokens, this side-effect can be avoided, as funds stored on the Compound platform circulate as Ctokens on the open market without affecting the funds locked up within the platform, thus not reducing the amount of money to the borrower.

If we replace the FT common in DEFI with NFT, that is, mortgage NFT for lending, financial management or liquidity mining, then a certificate of ownership similar to CTOKEN (temporarily named NTOKEN) can also be generated along with the casting of NFT, which has similar advantages to CTOKEN. When the NFT asset is in a certain agreement, the user can take the Ntoken to other agreements to get more income without unlocking it, or trade directly. In the real world, similar to Usera mortgage in the bank, the house is directly transferred to the bondholder to the name of UserB.

Of course, Ntoken can also use more imagination to explore the possibility of more applications of its own beyond Ctoken. For example, since NTokens are cast with NFT, can multiple NTokens be combined together to form a new asset portfolio to capture more value?

Shape the value distribution system of differentiation

In the Compound, based on factors such as the number and duration of the user's CToken, we (or the smart contract) can judge the user's participation, contribution and understanding of the product from the side. However, the dynamic information that FT can hold is limited. If CToken is presented in the form of a "structure" of NFT, Then more dimensions of data can be added, which can be used as a basis for smart contracts to assign differentiated revenue coefficients and governance weights to different users.

Similarly, NFT can also reshape the LP Token of AMM-like DEX. Take Uniswap as an example, the income of liquidity providers is only related to the amount of capital invested. No matter old players or new players, no matter loyal believers or speculators, everyone is equal before the rules. This apparent equality will increase and enhance the monopoly effect of capital, and invisibly damage the interests of the real contributors. If LP tokens are presented in the form of NFT, time dimension is added, and additional weight is calculated according to the duration of liquidity provided by users, similar to the age of coins in POS, players with consensus can get higher bounty, and platform governance tokens will be distributed to players with governance ability more often.

The mining computing power zoning and speculative punishment mechanism currently used by DEGO is a preliminary exploration on the differentiated value distribution system. If the subsequent DEFI can present multiple factors involving user revenue and power, such as computing power, LP Token, and governance right, in the form of NFT, Then there will be a radical change in the governance system of the entire DEFI world, where capital rules everything and consensus will completely replace it.

Introduce the concept of bond pools

Although NFT is non-fungible Token, in fact, the contract can set the "NFT framework" other than the "NFT standard". Assuming that under the same "NFT framework", this framework can become a "pool", and NFT can be mortgaged into "bonds" to generate FT. NFTs can trade in bulk just like FTs, so the liquidity problem that has plagued NFTs for a long time can be solved.

For example, all kinds of consumer goods in the real world are NFT, such as iPhone, the same iPhone12, the same color, size, memory and even the same Foxconn, but the IMEI of each phone is different, they are just like the *** *. Here if there is a "NFT framework", set some important parameters and secondary parameters, then you can do a one-time bulk purchase of the iPhone12.

Expansion of Gamefi's assets

Gamefi is gamified finance, with false teeth in the future. Monetary policy may become more gamified, and the user's assets will become the equipment used in Defi games.

We can from the use of the existing NFT block chain to get some inspiration in the game, the game often exist different types of assets, such as characters, roles, accessories, weapons, accessories, pet, etc., these assets can be mapped to different "classification" in contract assets, thus can produce more differentiation of game scenes, such as threshold can be set in the game, A player must have "Category" as "Character 1" and "Pet 1" to enter a given dungeon.

On this basis, it is also feasible to further introduce "GameFi thinking" into the real world financial market.

In the real world, Banks will be sorted out various types of assets, such as ABS scenarios have a variety of "classification", asset securitization can be divided into real estate securitization, securitization of accounts receivable, securitization of credit assets securitization, future earnings, securitization of bond portfolios, such as category, the bank will according to different asset classes and exposure to do all sorts of rational allocation of assets. We can classify different types of securities into different "categories", just like the "equipment" system in GameFi, where banks write rigid access or payment clauses in the contracts in advance. With the help of smart contracts, all participants can configure them freely in a fair, just and open environment.

3.3 Future use scenarios of NFT & NBSP;

Separation of ownership and use right

As a structure, NFT has more application attributes than FT due to its complex bearing value. If the prophecy scheme is mature enough, it is possible to realize the on-chain NFT of assets in the future, then the application boundary of NFT will expand again, and the application scenarios of commodities, real estate and other assets in the real world will have the opportunity to transfer to the chain, such as real estate leasing, commodity trial, precious metal pawn, etc. Unlike peer-to-peer asset transactions, these apps do not involve a transfer of ownership, but instead give other users limited access.

Tracing back thousands of years of history and civilization, human beings have established a relatively complete legal system under the chain. In the section concerning civil real rights, we divide the ownership and use rights of assets by means of a black and white contract.

Smart contract, namely, the law is restored by code, without human intervention, we can directly integrate the contract into NFT, and create a new regulatory path. Balance justice, efficiency and fairness to achieve code governance.

There are NFT standards that claim to support the separation of ownership and use rights, but they often lack the "time" dimension, meaning that the owner of the NFT cannot specify the time of use when granting the use rights to other users, which makes the separation of ownership and use rights a mere concept. For example, Cocos-BCX has launched the BCX-NHAS-1808 NFT standard for blockchain games.

NFT pawn

In the real world, pawn means to obtain certain funds by pledging valuable assets, and to recover the assets by paying the principal and interest before maturity. If the principal and interest cannot be paid in time, the assets will be owned by the pawnshop. Applying this logic to the crypto world is similar to overmortgage lending, but the difference is that lending is an interaction between an individual and a pool of money on the platform, whereas pawning can be a peer-to-peer transaction. When Usera makes a pawn request, the smart contract transfers the right to use the NFT to the pawn shop or the individual user UserB who accepts the pawn business. Usera gets a certain amount of money according to the asset value of the NFT parcel. If Usera fails to pay the principal and interest when it is due, The ownership of NFT will be transferred to either the pawnshop or UserB.

NFT lease

Renting is extremely common in the real world, such as the traditional rental business, as well as shared bikes, charge banks and electronic devices generated in the sharing economy. Here we take renting as an example. Usera has an idle property, and generates a NFT wrapped in the property through the on-chain confirmation, and sets the location, rent, lease and other relevant information of the property through the smart contract in the NFT. When UserB wants to lease the property, it needs to pay the deposit and rent to UserA to obtain the right to use the NFT of the property. If the rent is broken during the period, the right to use the property will be taken back by UserB. If the rent has been paid normally, the right to use the property will be taken back by UserB and the deposit will be returned when the lease expires.

The transition from an information society to a value society

The application of the Internet has changed the way of information transmission and civilization inheritance. People's communication, content production, knowledge acquisition and ideas dissemination have all been integrated into the binary code, which has contributed to the modern information society with big explosion of data.

The emergence of Blockchain allows us to see more possibilities of value generation and transmission. We have witnessed the process of digital assets from nothing to existence, and we are also exploring the prospect of value from zero to infinite in the digitization of assets. It is the evolution of thought driven by scientific and technological progress that makes us no longer content with the current stable and boring social, economic and financial systems. Instead, we start from the ideological anchor point of "NFT+" and look up to a deeper starry sky.

The transformation of assets and values will not only involve the evolution of information interconnection to value interconnection, but also promote the whole chain of human society to move from a centralized information society to a decentralized value society with the support of blockchain. As a result, a new on-chain governance system and value distribution method will be derived. Assets and values will no longer be restricted by law or rule of man in narrow territories or territories. Instead, absolute privatization and free circulation will be achieved on the basis of no boundaries, and human civilization of higher dimensions will be created by governance of collective wisdom.

With the introduction of structural description in NFT, we are not far from this future. Perhaps after the centenary of the birth of the Internet, we will be able to break down the barriers of the chain, to achieve a large range of assets on the chain, the value of the chain will occupy the majority of human economic aggregate. At that time, the stranglehold of civilization by centralized institutions will be greatly weakened, society will embrace blockchain, and mankind will move towards a new world.