Ten years ago, blockchain believers shouted about "everything on the chain," and now it is being revived by the world's most conservative financial forces. When Qatari tycoons pull out real money to label skyscrapers with "digital identities," this silent industrial revolution has already entered deep waters.

• The First Five Years: The Money Burning Era (2013-2018)

The absurd scene of Bitcoin mining melting Arctic glaciers is still fresh in our minds, and when DeFi yield farms exploded with billions of dollars, people only shouted "blockchain revolution."

• The Second Five Years: The Infrastructure Awakening Era (2018-2022)

The Gas fee wars of Layer 2, the billion-dollar vulnerabilities of cross-chain bridges, and the NFT minting explosion on Ethereum — technical debt finally forced compliant trading platforms and on-chain KYC to emerge.

• The Third Phase: Traditional Dimension Reduction Attack (2023- )

Qatar's $500 million "high-altitude experiment" is reminiscent of Goldman Sachs' tentative foray into the internet in 1995.

1. Physical Asset Splitting Technique: Breaking down the ownership of a 450-meter super-high-rise into millions of programmable digital stocks.

2. Compliant "Trojan Horse": Using regulatory sandboxes to bypass the capital shackles of traditional REITs.

3. Eco-binding Strategy: Dual-track advancement of fund tokenization and digital asset legislation.

We are witnessing a high-definition reproduction of the internet story from 20 years ago:

When the AOL bubble burst, no one thought Walmart would become an e-commerce dark horse; just as the mainstream financial circles mock the ruins of FTX, Qatar has already laid the cornerstone of computing power pipelines in the desert.

This move by Middle Eastern tycoons is akin to Amazon's first profit in 2003 — as the regulatory framework begins to rein in the wildness of tech fanatics, traditional capital finally understands how to leverage compliance to tap into new frontiers. The internet was ultimately not defined by Netscape Navigators, but was encapsulated in the IPO mold by the fathers of Wall Street.