ICOs have just been blocked, Liu Dahong announced to make China’s first blockchain technology sharing platform

After the joint announcement of a ban on ICOs on September 4th, all kinds of token issuance financing activities must be stopped immediately. The strict administrative instruction directly forces out the unrestrained ICO. In this delicate period, Liu Dahong insisted on publishing this interview, stating that he is going to create a bold vision for the blockchain technology sharing platform.

Since the beginning of 2013, Liu Dahong began to focus on the blockchain industry. In 2016, he started his new undertaking Overlord Technology (Lingzhu Technology), the earliest social game based on blockchain technology. Whilst it is the blockchain financing boom, Lingzhu is very keen to get a Tsinghua Tongfang investment which, in the past, has had good relations with the state. This is strongly suggestive of its long-term vision and strategy. Despite its ties with the, Lingzhu Technology once fancied joining the subsequent ICO frenzy, but gave up a few days later. At present, the Overlord Technology positions itself as the first blockchain technology landing platform. It has a very complex structure combined with technology and application.

According to the whitepaper, Lingzhu’s blockchain peration system consists of three parts: Ofstructure, Ofbank and Block-chain Apps.

Whitepaper Interpretation from China Crypto News:

  1. Real – name distributed account system

In the OFstructure, all traders must go through the account system with real-name registration and check. Transactions without registration audit cannot be inserted into the block. Users can also require transactions to be regulated. In this way, each verification node will be submitted to the transaction supervision, and only after the regulatory authorities confirm the legitimacy of compliance of the relevant person can they sign their block.

  1. Block-chain wallet

Ofbank is not a “commercial bank”. It is, in essence, a settlement system. In the design concept of Ofbank, the “market” is everywhere, and what is important is the trade settlement. OFBANK can store, convert and carry out cross-border transactions of various types of digital assets, such as mall points, APP points, game equipment, account number, etc.

OFcoin, the power of the entire system is an integral reward, not a real currency. Money can be settled directly, but points can only be redeemed. But there is a problem with the exchange points: a system is difficult to integrate points from the B system and so the blockchain technology makes the two open up. For example, Wal-Mart’s points can be redeemed with Carrefour points.

  1. Block-chain application business

Block Chain APPs will be open source code, leave interactive interfaces, and helping them in the OF system to develop third-party applications. Applications will be subjected to regulatory review, management and protection.

It is understood that Lingzhu technology has more than 30 developers, who once worked in Google, Tencent, Baidu, IBM, AMD, microblog and other well-known enterprises. They come from Peking University, Tsinghua University, Carnegie Mellon University, Fudan University, Harbin Institute of Technology, Academy of Art University, San Jose State University and other first-class institutions at home and abroad.

According to Liu Dahong’s default description, Lingzhu technology’s plan for next year is: real-name registered users to 100 million, weekly active users up to 10 million; the number of active smart contract (call at least once a day) more than 50; daily average OFcoin trading more than 15,000 times.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

?php /** * @package WordPress * @subpackage Magazilla * @version 1.0.0 * * Website Footer Template * Created by CMSMasters * */ $cmsmasters_option = magazilla_get_global_options(); ?>
?php get_sidebar('bottom'); ?>