300,000 talents flow into the blockchain field, and believe in a firm future

April 30, 2023

Postdoctoral Research Center of Applied Economics, China Academy of Finance

“The current blockchain talents are prematurely bubbled. This kind of belief or some gambling tastes when the technology is not yet mature and the industry is not yet clear.”

“Conservatively, in the past six months, at least 300,000 people have poured into the blockchain field.” A headhunting company once counted – this is just the statistics of formal recruitment agencies, and a large number of entrepreneurs and other incomers are not listed here. A head technology company is preparing to build a blockchain team. The responsible person, Cheng Hao, has an annual salary of about 600,000 yuan, but has given the interviewer an annual salary of 1 million yuan. Many interviewers frowned and said they would consider it again. Hu Lina, head of a headhunting company, said that the technical director, operation director and product director of the blockchain have an annual salary of 400,000-1.5 million yuan.

300,000 talents flow into the blockchain field, and believe in a firm future

On the surface, or a high salary has triggered this vigorous “talent migration”, which is actually not because of high salaries. The author believes that the unique decentralization, openness, autonomy and information modification of the blockchain is the belief in the minds of 300,000 talents in the field of blockchain. However, the current blockchain talents are prematurely bubbled, and this belief or some gambling tastes when the technology is not yet mature and the industry is not yet clear.

In a nutshell, blockchain technology is an algorithm-based data structure that combines data blocks in a sequential manner into a chained data structure in chronological order, and cryptographically guarantees that it cannot be tampered and unforgeable. Distributed ledger. The practical application of blockchain technology starts with virtual currency bitcoin, but the application of blockchain technology is far from being limited to virtual currency.

The blockchain has attracted so many convinced believers because its role in the future of the market is enormous and the industry's prospects are bright.

First, the unique nature of the blockchain makes the data in the platform more trustworthy. In the traditional mode, data is usually stored in a centralized manner by a certain interest group, and at the same time, sharing is formed through a certain profit model. But profit-driven barriers to the equal sharing of business data. When there is a lack of social supervision, and the centralized interest groups have greater profit-seeking expectations, it will lead to subjective changes in data disclosure and malicious tampering.

Blockchain technology links all data change histories through blocks in time. If you want to subjectively change the data, you need to master at least 50% of the nodes. Tampering with data is almost impossible due to the fragmentation of data holding. This can effectively reduce the risk of trust in the current market and improve market efficiency.

Second, the blockchain smart contract maximizes the spirit of the contract. Under the traditional model, the performance of the contract is mandated by law. When the benefits are far greater than the cost of default sanctions, the spirit of the contract will be abandoned. In addition, the time compensation costs incurred by the defaulting party and the judicial process will result in wasted market resources.

The intelligent contract of the blockchain is unmanned management, and the account data of all participating entities is digitally transferred according to the contract related requirements through a computer program. This contract fulfillment mechanism can maximize the spirit of the contract and reduce the risk of default.

Furthermore, blockchain technology will make transactions more transparent. The data operations generated by all trading activities in the blockchain are permanently burned in the chain along with the time of the occurrence and cannot be erased in any way. In the current situation of insider trading in China's market and the spread of interest in related parties, the emergence of blockchain technology can make all trading behaviors transparent and accept the supervision of all participants, which regulates trading behavior and improves trading system. Has a vital role.

This group of participants with faith is also gambling. Virtual currency is one of the important manifestations of current blockchain technology. According to authoritative companies, there were 902 ICO projects in the world in 2017, the first currency issue, and 46% of the projects failed. Many Internet giants such as Ali, Tencent, and Jingdong have invested heavily in the layout of blockchain business, and have launched important exploration and practice around technology research and development and application scenario planning. Stock performance related to the blockchain is also very strong.

However, the blockchain technology has yet to be matured, the technology popularity is far from enough, the industry development is scattered, and relevant regulations need to be improved. The future of blockchain technology, as its believers say, will certainly bring more beauty to the world. However, in the process, there are a lot of killings and gambling, which can be seen from the failure of half of the ICO issue.

Stealing that new things must always develop in the rugged. I hope that believers will be more determined about the future, and they hope that excessive speculation and speculation will not ruin the industry in the midst of it. The big waves are left with gold, and only the blessings are sent to the blockchain elites.

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