In early 2017,
when initial coin offerings (ICOs) were just beginning to explode, Chinese cryptoenthusiasts
were some of the most ambitious investors in the world. Bloomberg reported that “Sixty-five ICO projects had been
completed [in China], raising 2.6 billion yuan ($398 million).” Of course, in September
2017, China took the bold step of banning ICOs altogether.
are about a lot more than just digital currency iterations. For all the attention
placed on their soaring values, their underlying technology, blockchains, may ultimately
prove to be the most valuable part of this whole movement. Even notable cryptoskeptic
and CEO of JPMorgan Chase & Co., Jamie Dimon, told Fox Business that “the blockchain is real.”
ago, the Chinese cryptocommunity took a big step toward realizing that promise.
On January 9, 2018, the blockchain project Qtum announced a collaboration with the 360 Blockchain
Research Center and the New Bitcoin (BTN) Foundation. Together, their efforts should
yield a premier blockchain laboratory in China.
according to EContent, is to “promote the development and commercialization
of blockchain technology.” Each member of the three-way pact brings unique experiences
and expertise to the table.
Based in Singapore,
Qtum is a blockchain platform that attempts to bridge the capabilities of the two
most popular blockchains, Bitcoin and Ethereum. By doing so, Qtum is pursuing an
enterprise-grade blockchain solution that is scalable and capable in ways that neither
Bitcoin nor Ethereum can function alone.
a “best-of-both-worlds” blockchain scenario, Qtum is attempting to create an enterprise-ready
blockchain. Qtum already hosts millions of users on its public blockchain, and its
role in the laboratory could help increase that platform.
is intriguing to 360 Blockchain, a publicly traded company that invests in crypto
startups. Its investments focus on e-sports, human resources, the Internet of
Things and consumer loyalty programs. 360 Blockchain’s participation in the laboratory
can help ready these categories for commercial use.
Yunfan, the secretary general of the BTN Foundation, is equally aspirational in
his hope that the research center will accelerate blockchain’s commercialization
abilities and lead to enterprise-ready blockchain solutions in the near future.
on the launch, Yunfan said, “The partnership with
Qtum and 360 reflects a broader transformation… from the Internet thinking to blockchain
thinking, from the information era to one that is characterized by network value.”
research laboratory is an endeavor by private companies, its location in China is
important as well. Despite China’s open opposition to cryptocurrencies and ICOs,
the country is thought to view the blockchain as a transformative technology that
happens to originate from cryptocurrencies. China is eager to build a national reputation
for excellence in technology, and the center will help “raise China’s authority
in the blockchain,” according to Mr. Liu Wei, vice president and chairman of 360
reflects a near-universal consensus on blockchain technology. Blockchain
technology is much more important than the cryptocurrencies that it is famous for
empowering. However, additional development is required before it’s ready to fulfill
its hype and potential. By bringing together three blockchain foundations to collaborate
on the work, new and better solutions can emerge to make blockchain ready for prime