Author: Wang Yanhua
HO CHI MINH — On the second day of Blockchain Festival Vietnam, founder and CEO of Ruffchain Roy Li appeared as a keynote speaker. Ruffchain is an up-and-coming startup that combines the Internet of Things with blockchain, and Block Asia was eager to pick the brain of the renowned entrepreneur from China.
Li began his speech with a story that he loves telling to explain why he founded Ruffchain:
“In an ancient village, villagers who are able to swim cross the river to collect food everyday and then distribute it to everyone. One day, one villager feels very tired and wants to build a bridge. However, the other villagers thought that it was meaningless. Only after the bridge is built up, do the villagers realise that the people who can’t swim can also cross the river, so that they can get more food and make the village more prosperous.”
Li likened his work to building up the bridge, so common developers can get the food as well along with the seasoned ones.
Here is the edited transcript of Block Asia’s full interview with Li in Vietnam.
Q: Why do you believe in building the “bridge”?
A: I believe that the future belong to developers, not miners, not investors. The beauty of Ethereum is that it’s so easy to use. If you make it easy to use for ordinary developers, you’re going to change the world.
But I realised that neither Ethereum nor EOS is good enough. Ethereum can be easily jammed by Cryptokitties, while EOS is not decentralised enough.
Q: But a lot of smart contracts are so easily hackable, so how do you think we can let more developers access blockchain?
A: There are many smart contracts that are not designed properly. You should not open low level APIs (application programming interface) to everyone. A lot of protection needs to be done with the low level machines. it’s never easy to build a virtual machine–that takes years.
You need a lot of tests. It’s not easy to modify a test network, as any small modification may cause a hard fork. The tolerance is relatively low.
In general that’s the old school approach of IT–you cannot make it bug free in one version. It’s like changing wheels while speeding. For example, Oracle lost almost all its data in its early version. That just how it’s like.
Q: How long do you think it will take for something better to emerge?
A: Less than 2 years, and something a lot better should come out. Once the infrastructure is sophisticated enough, the developers can unleash their creativity.
Q: Do you think blockchain is a bubble in China?
A: Blockchain in China is growing fast for a reason. The Chinese market is big enough for a lot of projects, and a lot of projects will want to land in China anyways. There is a bubble but in a big country it’s acceptable. The size of the market will cushion it.
Actually, everything is a bubble. Like Hermes bags, why are they so expensive?
Q: What do you want to see improve in the blockchain industry?
A: A lot of people are willing to accept blockchain simply because they don’t want to fall behind. They just want to catch up. Many companies have no idea what they actually want. They want to use blockchain but they have no idea how it’ll help their businesses grow. That is very scary. They just want it to help with their stock prices.
At the end of they day we need the technology to work in applications and we should focus on that?
Q: Do you think Chinese regulations sufficiently encourage innovation?
A: Yes. The government encourages the technology. But it doesn’t encourage anyone to issue tokens without any actual business behind it.