Industry Observation | Cocos-BCX’s Co-Founder Chen Haozhi: Digital Content Assetization will Get People’s Attention After the Wuhan Coronavirus Subsides

This article is reprinted with permission from Mars Finance.

At the beginning of 2020, a new type of pneumonia epidemic came unexpectedly, which not only threatens the lives and health of the people throughout the country, but also challenges to economic development.

When the Wuhan coronavirus broke out, the blockchain industry actively responded to the national call to extend the Spring Festival holiday timely. At the same time, we implemented distributed work and delayed offline work date. In addition, more and more blockchain companies donate money and medicial materials to jointly fight the epidemic.

During this special period, Mars Finance launches an interview topic – “Industry Observation: China’s Blockchain Industry in Wuhan Coronavirus Epidemic Situation” and exclusively connects with blockchain practitioners, directly analyzing the industry’s current situation, and discussing countermeasures.

This article is the 15th article in a series of reports, taken from Chen Haozhi, the co-founder of the Cocos-BCX, a blockchain game public chain project.

Chen Haozhi is a well-known serial entrepreneur of the Internet in China. Since 1999, he has founded and participated in many famous Internet company like Joyo, A.xcar, Yeeyan and Chukong Technologies. Chukong Technologies, a China’s leading game development publishing company, and is the main maintainer and supporter of the global Cocos open source game engine and developer community.

What are your concerns?

What kind of issues your company is facing?

What countermeasures have you taken to deal with these problems?

What new challenges may you predict in the foreseeable future?

Chen Haozhi:

Under the current epidemic situation, almost the entire Chinese economy has stalled, although most companies have started remote work. However, the stagnation of business cooperation has a large impact on many small and medium teams, whether it is the traditional economy, the information industry or the blockchain industry. This impact is, on the one hand, business efficiency decline, and on the other hand, most teams are in an early stage, there is a lack of an good environment for participating in business opportunities.

Cocos-BCX started to be established in 2018. It is relatively large among the Chinese blockchain team and has a relatively stable status. We pay more attention to the survival status of these small and medium teams in the future ecology. On the one hand, we actively participated in the rescue of the epidemic situation and contributed medical materials; on the other hand, our team also actively started remote work. It is hoped that through the work of the community, small and medium teams participating in the MainNet ecology and making contributions have the possibility of obtaining continuous income and community returns.

In the next two to three months, it is estimated that the current inefficient business environment will not recover in short term. Whether the project goes global, participates in global activities, or promotes the project offline salons, hackathons in the future, it will be directly affected. Therefore, as a technology-based project with an ecological operation model, new operation methods and promotion methods need to be explored. This is currently the biggest challenge for all teams.

Mars Finance:

In terms of the entire blockchain industry, which segments and businesses do you think will be effected by the Wuhan coronavirus epidemic?

And why?

Chen Haozhi:

Blockchain is an emerging industry. At present, the worldwide markets are still in their infancy, although the project participants and developers involved in entrepreneurship and operation already have a certain scale. However, the epidemic has not yet affected the blockchain industry or development. Here are the reasons why the industry is relatively small and early. More importantly, the ecology of the blockchain industry is currently more of a global ecosystem, and the application of blockchain technology in the country is more in the fields of finance, government affairs, and IOT, progress may be delayed, but demand is still expanding.

Mars Finance:

Although this epidemic has caused a huge impact on the offline service industry, it has also indirectly promoted the development of new business formats such as video conferences. At the same time, it has a positive pulling effect on medical, gaming, and online education. Specific to the field of blockchain, what opportunities do you think will generate?

Chen Haozhi:

We see 200 million people now in video remote conferences, and even work, check in, and collaborate. This scenario will be a trend in the future, even as the development of Taobao after 2003 made e-commerce a rapid development of China’s Internet. And this epidemic has given the opportunity for rapid development of remote conferences, remote collaborative offices, 5G-based cloud computing, and IOT in the future.

From the most basic scenario, the core problem many companies are facing today is whether the employees’ workload is full and the assessment of employee contributions. Today, our labor management is still based on traditional labor contracts. The work hour of employees is not an individual assessable and tradable resource. The human resource assetization, registering, statistics, management, and even exchanges and transactions through the blockchain will be an important direction for blockchain.

With the development of the epidemic, most government departments, including justice and banks, have also begun to work remotely. In this environment, more data submission, authentication, fairness, and evidence chain management will start to be realized electronization rapidly in the future. These materials based on personal information, corporate information, or project progress require blockchain multi-node trusted data, verifiable data management, and new structures that can share, verify, and manage multi-node data to improve the work efficiency of e-government, regulation, and financial fields. Fintech and regulatory technology will also develop rapidly on the basis of blockchain technology.

Under this epidemic, the gaming and digital entertainment industries may be the few beneficiary industries, and the overall scale of the digital entertainment industry in China will double in the next five years. The blockchain-based game digital props assetization that we expected in the past will also have predictable development and transaction requirements, and will play a huge role in the next 5G-based game and digital entertainment industry.

In general, the assetization of human resources, the assetization of digital content, and the development of financial technology and regulatory technology will truly attract the attention of the entire society and achieve faster development after the epidemic has gradually subsided.

Mars Finance:

Affected by emergencies such as wars and epidemics, the beginning of 2020 is certainly adverse, but this cannot represent the situation throughout the year. What are your expectations for the development of the blockchain industry this year?

What are the predictions for the secondary market trend?

Chen Haozhi:

We believe that although various black swan incidents have occurred around the world since 2020, the worldwide public chain environment is still developing in an orderly manner.

The secondary market will have good expectations in the first half of the year, and even BTC may break through past highs. However, from the perspective of the environment, there is still no large-scale entry of new funds into the secondary market. This year’s market is expected to rebound and pull back, not a bull market or a new round of upswing. This is relative to the fact that the blockchain public chain and the global technology environment are still precipitating and iterating. The implementation of applications is still slow. The expectations of central bank digital currencies for the impact of the public chain market are not clear. The development progress of compliance projects like Libra is opaque.

However, no matter how you look at it, the blockchain industry has developed rapidly and continued to iterate in the past three years. We are still optimistic about this field and look forward to getting more attention.

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