When Bitcoin was first born, there was no block chain, and people used bitcoin(lowercase b) to represent Bitcoin, with bitcoin(uppercase B) represents its underlying technology, which is what we now call block-chain technology. 2015 year, the Economist released the cover article “Reshaping the world of block chain Technology”, block chain technology in the world set off a financial technology frenzy, the world’s major financial institutions, banks scramble to study block chain technology, only 2016 There are billions of dollars invested in block chain related enterprises in the year.
In September 2017, Chinese government Network (www.gov.cn) published articles “China’s block chain industry is expected to walk in the forefront of the world,” open support for block chain technology development, and to the 13 the billion Chinese people popularized the block chain technology. Block chain in the financial, insurance, retail, notarization and other real economic areas of application began to accelerate the landing. According to statistics, the 2018 year 2 month, the global block chain project Total 1286 , of which the United States accounted for 36.0%, ranked first; UK project ratio 14.3, ranked second; China only accounts for 4.6%. According to the third place in the world.
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The vast chain in this block chain in the context of the main aim to create a completely real sense of the central service block chain system. The paper deals with the problems of the traditional third party trading platform, such as high fee entry transaction, complex authentication and cumbersome procedures. The vast chain itself is an open to the central platform, is a value-protected block chain platform, through the global circulation and transformation, to achieve the goal of the global central transaction.
The VAST following seven principles are designed according to the characteristics of the block chain:
1. Networked Integrity networked Integrity: Trust comes from within, not from outside.
2. Distributed Power distributed The Power principle: the system allocates authority through a point-to-point network without any single point of control. No participant can shut down the system.
3. Value as an incentive value as incentive principle: The system combines the rewards of all stakeholders.
4. The safety Security principle: security measures embedded in a network do not have a single point of failure, they guarantee confidentiality and guarantee the authenticity and non-repudiation of all activities.
5. Privacy Privacy principle: People should control their own data. They can decide which identity information, at what time, in what way, how much to others.
6. Rights protection Rights preserved principle: ownership is publicly transparent and executable. Personal freedom can be recognized and respected.
7. Inclusive / General Benefits Inclusion principle: the best form of economic development is that it takes care of everyone. In other words, to lower the threshold for the participants, create a platform for the distributed development of capitalism, not just redistributive capitalism.
According to the 2018 Annual block chain white paper published by the Ministry of Industry, from upstream hardware manufacturing, platform services, security services, to downstream industrial technology application services, to protect industry development industry investment and financing, media, personnel services, the various fields of companies have been basically complete, block chain industry chain has been formed.
You can foresee that the Chinese block-chain track will sail and into the intense gold track, the vast chain will tightly grasp the block chain tuyere, and in its independent design of the seven principles under the guidance of China is expected to strive for the next block chain track of the right to build a more secure, transparent, reliable and honest society.
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