After the waterfall, we should watch those things that are more important than Bitcoin reaching new heights

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The appearance of this stuff has turned the world upside down, everyone knows it, Bitcoin. Acceptance by traditional futures exchanges has catapulted Bitcoin to its recent victory in price. With the barrage of news stories on Bitcoin scaling new heights, investors have demonstrated their bloodthirsty side in their relentless pursuit of profits.

This is particularly evident in the South Korean market, which has seen the biggest gains in the rally. At one time, its price differential with sell order prices exceeded USD 700, and even “housewives were talking about Bitcoin”, a telltale sign of the market sentiments. Last night, the market markers swooped in for the high-leverage long contracts, leaving a deep impression. Following this step, Bitcoin will edge even higher as expected.

Yet, is this something that we people in the token and chain circles hope to see? The market nerds should still remember that in late 2013 the price of Bitcoin shot from USD 13 at the beginning of the year to USD 1,242, on par with the price of gold. However, it plunged to less than USD 200 later, and the cold spell lasted quite a while.

Similar bubble bursts have happened to Bitcoin a couple of times, apparently under the influence of regulation and other external factors. As a matter of fact, it all boils down to the industry’s euphoria that has come with the sharp price increases, as well as its neglect to bring the ecosystem up to speed. The development of blockchain applications as part of the supporting infrastructure requires the involvement of each and every one within the circles.

Whereas the advent of the Internet marked an epoch-making event that laid the foundation for information communication, the blockchain is the evolution of the Internet, designed to resolve the problems in the delivery of value.

Speaking of the ONEROOT Project, a blockchain team that I’ve focused on lately, I had a chat with Wang Bo, a member of the project, about the evolution of blockchains, and the project piqued my interest.

The mission of the team is to “co-build a value and data network suited to the characteristics of the era of asset digitalization”. Blockchains will drive financial reforms, automating the financial industry in a highly efficient and secure manner. To this end, ONEROOT will provide the underlying infrastructure for digital assets on the basis of consensus protocols, with a view to shaping the emerging shared ecosystem and delivering greater win-win results for society. Specifically, ONEROOT seeks to achieve consensus among all co-builders in the ecosystem of digital assets, co-build an equal and open platform for blockchain information and data, and share the earnings generated by the full circulation of resources in the industry.

In addition, on the basis of consensus protocols, infrastructure for digital assets will be built to provide customers with information, investment, transaction and liquidity solutions and to facilitate the flow of greater external resources into the blockchain industry. This will help create a blockchain economy ecosystem characterized by sustainable development, sharing, and win-win results. As I see it, injecting blood into the blockchain ecosystem while growing itself is a positive feedback.

Progress of Development

1. The investment and financing solutions have been launched. We have published nearly 100 professional analytic reports and a large amount of industry information, building up a solid user base. Our standardized smart contracts for digital assets have been launched as well, and we have completed token currency sales for multiple projects, turning a profit.
2. The framework for decentralized exchange protocols has largely been completed, serving basic transaction functions. Decentralized exchange ROOTREX based on these protocols has moved into the phase of internal tests.
3. As for digital asset management solutions, ROOTOKEN digital wallets have undergone internal tests and will soon be launched.

As planned by the team, the APIs of all infrastructure will be opened in the first quarter of 2018, the main chain will be put online in the second quarter, and the entire ONEROOT ecosystem will be completed in the fourth quarter.

Eliminating Sore Spots

From the R&D perspective, elimination of the sore spots of the industry holds the strongest appeal. I see three highlights in this project.

1. Smart contracts hold a strong advantage in trust as it eliminates investors’ asset risks, which are common in the traditional proxy investment process. Moreover, mature solutions are provided, avoiding the wasting of development resources within the industry.

2. One-stop services are provided for financing, transaction and asset management, reducing costs of use.

3. Support is available to individuals or teams with limited resources who participate in the co-building of blockchains.

If you are interested in the ONEROOT Project or would like to find out more about the project, you can read the project’s whitepaper on its official website oneroot.io.

『Co-building a blockchain ecosystem』