1. Four "technological paradigm revolutions": mechanization, electrification, informatization, and digitalization.

Four “capital paradigm shifts”: consortium capital, financial capital, venture capital, and crypto capital

2. The first principles of blockchain: a new accounting method

The Millennium Change of Accounting Methods: Single Ledger, Double Ledger, Distributed Ledger (DLT)

The three elements of an accounting system: accounting method, account system, and accounting unit.

The distributed accounting system first has a set of accounting methods. Double-entry accounting and distributed accounting are both accounting methods. At the same time, there is an account system. Double-entry accounting uses bank accounts to record, store and transfer value. In the Web3 era, bank accounts have been transformed into encrypted accounts. Whether it is Bitcoin's UTXO or Ethereum's account system, they are all encrypted accounts. In addition to the account system, there are also accounting units. The accounting unit of the double-entry accounting method is the legal currency of each country. In the distributed accounting system, the accounting unit becomes digital currency.

Double-entry bookkeeping is the core of capitalism and the origin of the capitalist economic and political system. If the accounts cannot be kept, the capitalist economic civilization system will not be born, and the company system, partnership system, financial markets, including taxation, will not be born.

3. The Internet’s 1995 Moment

Almost all the large-scale Internet platforms that are now well-known were born in the decade between 1995 and 2005, with a few exceptions. The period before 1995 was precisely the mature period of the Internet's basic system architecture.

Maturity is reflected in two aspects: first, the Internet has shifted from the architecture of ARPANET to the architecture of the World Wide Web, establishing the TCP/IP model of the Internet architecture. Second, browsers and graphical operating systems that are very friendly to end users have also been gradually improved, allowing end users to use the Internet well.

4. Web3’s “1995 Moment”

In 2015, the hot topic discussed in the blockchain circle was "the relationship between blockchain and AI". Everyone came to the conclusion that "AI is a revolution in productivity, and blockchain is a revolution in production relations". The two complement each other.

5. Disruptive innovation

From the underlying logic of disruptive innovation, whether it is e-commerce, social networking, Didi Taxi, or Meituan Takeout, they are actually doing the same thing. The most basic and essential thing about the disruptive innovation of the Internet platform is "information matching", while the most essential thing about the disruptive innovation of the Web3 platform is "value matching", creating a virtual world and a digital native world.

In the digital native world, through distributed ledgers, all participants have data sovereignty in their hands and are no longer deprived by the platform. Everyone can have their own data sovereignty, and the rights to these data can be taken away. Then in the Token economic model, everyone can create and share value through the stakeholder economic system.

There are three token models: one is the functional token, which is the tokenization of usage rights; the second is the security token, which is the tokenization of ownership; the third is NFT, which is the tokenization of digital goods and digital services.

Technical architecture: The basic public chain L1 is only responsible for decentralization and security, and scalability and performance are solved through layering. Innovation at the application level is to carry out application innovation of Web3 based on the modules and protocol stacks built in the past decade.

6. Bridge between traditional finance and Crypto finance

Crypto asset ETF, fiat stablecoin, STO, RWA, licensed exchange.