The Future of Blockchain Technology: From Infrastructure to Practical Applications

On June 5th, a leader in the Blockchain industry testified before the U.S. Congress on the important topic of "The Future of American Innovation and Digital Assets: From Blueprint to Functional Framework." He called for a clearer regulatory framework for the digital asset market to promote innovative development.

The CEO emphasized that tokens are the core of the operation of Blockchain infrastructure. He pointed out that, unlike centralized networks, Blockchain applications are built on distributed networks that are jointly participated in and maintained by validators, developers, and users. Digital assets and tokens are crucial for the operation of distributed networks; they provide incentives and governance mechanisms to keep the network running securely.

The native token of this blockchain platform serves three key functions: securing the network, recording transactions; enabling decentralized decision-making; and paying transaction fees. These functions ensure the security, decentralization, and practicality of the network, allowing the blockchain to support real-world applications on a large scale.

Currently, there are over 1,000 developers building applications on the platform, covering various fields such as finance, business, entertainment, and infrastructure. Some of the world's top financial institutions have launched regulated tokenized currency markets and funds on the platform to enhance transparency, enable real-time peer-to-peer transactions, and improve operational efficiency.

From an application perspective, the platform demonstrates the practical applications of Blockchain in various fields:

• Provide on-chain loan services for developing markets
• Collaborate with entertainment giants to build a fan interaction system
• Put physical product information on the Blockchain to enhance supply chain transparency.

These cases not only demonstrate the high scalability and composability of Blockchain, but also confirm that Blockchain is becoming the "operating system" of the new internet.

The CEO stated that in order for blockchain innovation to develop responsibly in the United States, developers need clear and explicit regulatory guidance regarding token issuance and distribution. He called for the establishment of consistent rules to ensure that blockchain networks can operate as intended while allowing U.S. developers to innovate while remaining compliant and competitive.

During the Q&A session, the CEO further elaborated on several key points:

1. The actual value and function of tokens: Tokens are the means of interaction on the Blockchain, providing functions such as governance, staking, payment, and digital identity. They are the lifeline of global infrastructure.

2. Financial Reach in Remote Areas: Blockchain technology can be used in environments without internet access, enabling an "offline interaction, online on-chain" payment experience, which helps to improve financial services in remote areas.

3. User Privacy Protection: Developing blockchain features that support user privacy to balance transparency and privacy needs while complying with regulatory requirements.

4. Blockchain and Agriculture: Blockchain payment infrastructure is more efficient than traditional methods and can achieve fast remittances globally at a very low cost. This is of great significance for various industries, including agriculture.

5. The Impact of Regulation on Innovation in the U.S.: A clear regulatory framework is crucial for retaining developers in the U.S. and maintaining an innovative edge. Currently, the lack of clear regulations poses challenges for many entrepreneurs.

Overall, this congressional hearing showcased the practical application potential of blockchain technology across various fields, from fintech to decentralized identity, from entertainment marketing to global payments. It also highlighted the importance of clear regulation in promoting the development of the "next generation internet." In the context of global competition, how to provide a coordinate system for developers and policymakers to co-build the future will be an important issue faced by the industry.