Kong Jianping (Twitter: @punk8185), who once led the first stock in the blockchain industry " Canaan Technology " and the first stock " Nano Labs " in the Web3 universe to be listed on NASDAQ, recently accepted an exclusive interview with Bittweet. He has been in the blockchain industry for more than ten years. He is currently the founder and CEO of Nano Labs, a director of Hong Kong Cyberport Management Co., Ltd., and once served as the co-chairman of the board of directors of Canaan Zhizhi .
In an exclusive interview, he said that Bitcoin is not just a store of value, it will play a greater role in the Web3 field and serve as the anchor of the Web3 world; the focus of the encryption ecology is gradually shifting from financial applications to underlying technologies; The double return just proves the value of the blockchain infrastructure, which can obtain global Liquidity and user network effects in a short period of time.
The following is the content of the interview:
Bitui : You have been exposed to Bitcoin since around 2012. At that time, the concept was still quite esoteric and difficult to understand. For a liberal arts student in a law school, how did you think about this industry at that time, and how did you continue to walk firmly?
Kong Jianping : I think this is a relatively promising industry. It has changed some things from the bottom up. Bitcoin’s very convenient transfer transaction model, including global access, payment and interaction, is a very Groundbreaking technology, I thought this might be the future.
Bitui : How has your understanding of it changed in the past ten years?
Kong Jianping : I think there are two huge changes. One is that 10 years ago we thought that Bitcoin was used for offline payment, but today we think that Bitcoin does not necessarily need to be used for offline payment in the next 10 years, because a new technology Technology is used in a new field and a new group. We believe that it should be the anchor of the Web3 world, not necessarily the anchor of the real world . The real world can still be reserved for US dollars, gold or RMB. When a new digital world emerges, Bitcoin is the best choice.
In the past 10 years, we thought that Bitcoin may be a carrier of real things, but now I personally think that it should be the carrier of the digital world in the future. It does not need to anchor the amount of coffee, but it can anchor the value of NFT in the digital world. money.
There are various solutions in realistic scenarios. Bitcoin and digital currency may not necessarily be the best. Although it can be used as a supplement in many African countries with imperfect payment systems, it is not the best choice in the United States and China.
In the second aspect, I found that the entire encryption ecology is becoming more and more complete, from the past Bitcoin to the Ethereum ecology, and it is becoming more and more abundant. I also divided the ecology into 4 stages. The first stage is the blockchain era dominated by Bitcoin. There are no more than 5 things that can be done in that era, such as mining machines, ores, minerals, chips, etc.; the second era It is the era of financial applications based on Ethereum, and there may be hundreds of things that can be done at this time; the third era I think may be the native era of Web3, slowly moving from financial applications to technology; the fourth era is In the era of industrial Web3, we found that many industries and resources want to integrate with Web3. We believe that we may be in the process of transitioning from the second phase to the third phase.
Tweet : Since around 2012, you have grasped many trends in the industry, including investing in Canaan Technology, serving as the chairman, and now turning to Metaverse. From your personal experience, how can you grasp the industry as a whole? Chance?
Kong Jianping : I think the biggest opportunities in the entire blockchain track are actually divided into three categories, one is chip mining machines, holding coins, and the other is exchanges, because all speculators cannot do without exchanges, that is, individual Liquidity pool, the third is industry.
We think that the exchange is more sensitive to financial nature, and both China and the United States will have an impact, and many users may lose money when speculating in coins. This is not in line with our early investment value and philosophy, so we have not had it in the early days. Intervene in the exchange business, but make chips, and go to the path of compliant listing.
We believe that if a company is opposed by both China and the United States, it will be under greater pressure, but chips and mining machines happen to be an area where China and the United States do not have many legal problems in supervision.
Tweet : From the perspective of the general environment, there is a chip war between China and the United States, including many restrictions imposed by the United States on Chinese chips. Does this affect you?
Kong Jianping : There must be a macroscopic impact, but no direct impact. We are not subject to sanctions by the United States, and there is no problem with chip technology, but from a macro perspective, it is definitely not as easy for the Chinese to do this than for the Europeans and Americans, but the advantage of the Chinese is that they are more efficient.
Bitui : Nvidia and Intel have basically withdrawn from the mining machine business, and many companies are also transitioning to artificial intelligence. Do you have any considerations in this regard?
Kong Jianping : Our original company started to make artificial intelligence chips in 2015. This kind of stronger computing chips is actually in demand. When it comes to Nano labs, we think that the network foundation that can capture better industry dividends may be In terms of infrastructure, we have made the iPollo platform. The entire chip supply chain cycle will be relatively long, and if the network infrastructure is built early, your advantage is huge. So we did an infrastructure for AI and metaverse earlier.
Tweet : Many people think that the future world is the world of the Metaverse. This concept was very popular last year, but this year it has receded a lot. Meta lost more than 13.7 billion US dollars in the Metaverse business last year. This is very important for you to build a network. What will be the impact on infrastructure?
Kong Jianping : Because the first point of our iPollo network is computing, not only for real-time rendering of the metaverse, but also for AI, so although the demand for the metaverse is not so great recently, the demand for AI is increasing. Many customers have contacted us actively, hoping that we can provide this kind of service, and use GPU to do calculations for these projects that require GB.
Tweet : Recently, Hong Kong’s Web3 New Deal has been highly discussed. However, there is a view that Hong Kong is more of a financial center, and the United States is more advanced and has a deeper foundation in terms of technological innovation and application implementation. As a director of Hong Kong Cyberport Management Co., Ltd., what do you think of the future prospects of Web3 in Hong Kong?
Kong Jianping : In terms of finance, I think Hong Kong is popular because the Hong Kong government issued a policy statement and a cryptocurrency licensing system at the end of October last year. Hong Kong needs to issue licenses; and Hong Kong was originally a financial center, so of course it will have a relatively large advantage , but we have also told the Hong Kong government that if Hong Kong only has finance but no technology, the financial center will not be established. In the past, it was able to become a financial center because the mainland has technology and industry, but now if the mainland regulations do not allow it, the industry is still in the United States , Singapore and other countries, you cannot become a real financial center.
So you can see that the Hong Kong government is very keen. Its budget released in February is called Web3. Web3 is not just finance. Our definition of Web3 is AI+blockchain, not just finance. In the past Web2 era, if you want to start a business with technology, the company has to grow bigger and bigger, because it is a barrel theory, and if there is a shortcoming, it can’t be done. Either let the giants invest in the ecology to make up for the shortcoming, or the people are getting bigger and bigger. The more, but in the Web3 era, a few people can also be a company, which is particularly valuable. Hong Kong's ecology is suitable for the development of companies with a few people to a few dozen people.
I think Hong Kong must be an innovative place, because where there are people, there will be innovation, and if you look at the entire crypto ecosystem, for example, the exchange track is still dominated by Chinese. Overall, the Chinese are actually doing more than the American ones, so When we look at specific applications, the Chinese still have an advantage.
Bi Tui : You are now deeply involved in the field of technology. Does your study experience in law school help you now?
Kong Jianping : I think the biggest help is the understanding of the law. You know which things can be done and which things may be more strictly regulated. We can focus more on technological innovation and technical thinking.
Bitui : What is the principle of your business?
Kong Jianping : The general direction is that we hope to do something that really improves efficiency or reduces costs in a profitable track.
Bitui: From the perspective of career development, you pay more attention to the opportunities that may be brought by the macro level, or opportunities in an industry.
Kong Jianping : In the early days, it was more on the macro level, because when I was practicing law, I definitely couldn’t see a certain detail at the beginning.
But with a long enough time in the industry and continuous iteration of ideas and cognition, opportunities in the industry may be grasped in advance.
Bitui : From your point of view, what do you think is the biggest misconception people have about the crypto industry? What is the biggest misconception about the mining chip industry you work in?
Kong Jianping : Everyone is looking at each other through a window, so this is not a misunderstanding. I think it takes time. When the bull market comes, everyone will not misunderstand it. The rush is faster than anyone else. When it comes to a bear market, it is useless for you to explain ,right?
For the mining industry, I think the biggest misunderstanding is that many people think that this industry is useless and consumes energy.
Tweet: But overall, society’s acceptance of Web3 is actually getting higher and higher than before.
Kong Jianping : Because it has a wealth effect, people continue to make money here, and young people rush in, and the acceptance will definitely increase, which also shows that this industry is good.
If there is no continuous wave of enthusiasm in the industry, it is impossible for anyone to pay attention. Open AI is also attracting attention, because its financing valuation is tens of billions of dollars. Many people have seen new business opportunities, and the reason is the same.
Bitui : Yes, recently Pepe coins have brought ten thousand times the return on wealth. What do you think of this upsurge in meme coins?
Kong Jianping : This just proves the value of the blockchain infrastructure. It can obtain global Liquidity and user network effects in a short period of time. This is just like the Internet. The value of the Internet is proportional to the square of the number of network users. Web3 The dimension will be higher, so once these coins have a certain user base, if the exchange is listed, the bull market will rise sharply, and of course the bear market will fall sharply.
If you don’t develop Pepe coins on the blockchain, the same method may not be able to get out of the circle. Everyone doesn’t know what’s going on, and they don’t know how to buy it or where to buy it. As the old saying goes, “you can’t get out of that village.”
Bitui : So do you think this meme currency still has real value?
Kong Jianping : It has no value. Its value comes from the value of the entire infrastructure of Web3 . The infrastructure gives it a "shell value" and a Liquidity value. For example, if you buy a "shell" [listed] in China for $1.5 billion (the most expensive time), a shell may only have 20,000 shareholders, and your trading volume is 10 to 100 times that of that shell. Your users The number is 5 to 10 million. How much do you think such a "shell" is worth?
Bitui : It has been almost 10 years since you paid attention to Bitcoin. During the 10 years of entrepreneurship and exploration, what do you think is the greatest experience and feeling?
Kong Jianping : My personal feeling is that if you are optimistic about this industry, you will continue to iterate in this industry for a long time. You may be wrong today and wrong tomorrow, but there will definitely be a chance to be right if you iterate more;
The second point is not to use leverage to speculate in coins;
The third point is not to regard luck as ability. You bought pepe today not because of your ability, but because of luck; or you bought it by accident, but if you go to buy another pepe, you may not be able to buy it.
Bitui : Do you have any advice for a young person who wants to start a business in the blockchain industry?
Kong Jianping : As long as you continue to work hard, you will definitely succeed. His probability of success will probably be higher than in other fields, because everyone is biased against this industry, which means that you are firmly optimistic about this group of people. Under the same ability conditions, your chances are higher than There are many others, but it depends on the individual whether they can really make it, but the probability of failure will be smaller and the probability of success will be higher.
Bitui : Bitcoin and the entire encryption industry are already an industry that has attracted the attention of everyone in the world. Do you think there are still many opportunities in this industry?
Kong Jianping : Yes. If this is 100 points, I think it will be 0~1 in the past 10 years, and 1~100 in the next 10 years, which is equivalent to about 2000 years of the Internet web2.
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