On August 4th, Chinese Cardano community members held a meetup in Shanghai with the theme of “Cardano and Blockchain 3.0 Era”. This meetup was led by Cardano Foundation and organised by Chinese community members to build an ecosystem in China and to support the Cardano project. More than 100 people participated in the meetup. They were of different backgrounds such as developers, investors, and blockchain enthusiasts.
The meetup was organized into three parts.
The first part was an introduction of Cardano.
In Lei’s video greeting, he elaborated on the duties and work of the Cardano Foundation. The main responsibilities include the following items:
Ensuring stakeholder accountability
Shaping legislation and commercial standards
Educating, growing and supporting the Cardano community
The second part of the meetup were the keynote speeches
Mr. Chen Jie has been a supporter of the Cardano project since the beginning… He has been involved in the project since September 2016, when he met with the ADA sales company in Hangzhou. In the following year, he promoted Cardano, contributed to the construction of China’s Cardano community, and has made great contributions to the promotion of Cardano’s Chinese ecosystem. At the meetup, he described Cardano as a practical dreamer, learning from its predecessors. In his keynote speech, he shared with the Cardano community members on his understanding of the project and his own story around Cardano.
Mr. Hao Sun is a developer and has been assisting the construction of Cardano’s ecosystem in China for a long time.
Mr. Hao talked about the generations that are observed in the blockchain space. He described the first generation as the bitcoin systems to the second generation being Ethereum and the emergence of smart contracts, and finally,the third generation,which we have gradually seen blockchain technology evolve into.
Cardano is an open source decentralised public blockchain and cryptocurrency project. It is the only academically oriented, academic research-oriented blockchain project and is designed to provide more advanced functions than any previously developed protocol, including scalability, interoperability and sustainability.
Mr. Hao Sun also analysed the latest changes in the roadmap in detail. He touched on the release of Cardano 1.3, as well as the upcoming Cardano 1.4 update. Mr. Sun also talked on the Prometheus project.
Mr. Hao Sun went on to talk about Cardano’s Proof-of-Stake algorithm, staking and incentive mechanisms. This was a topic that many of the meetup attendees found interesting.
Cardano has adopted the PoS algorithm, Ouroboros, and the threshold for staking was discussed:
You can participate in staking as long as you have stake
No minimum stake of Ada required to participate
There is a need to stay online
When elected, you are responsible for the block
There are technical thresholds and energies required
As an honest user of the protocol, there are two ways to participate in staking. Either you can be online and participate in the necessary actions or you can delegate your stake to others (ie. stake pools).
Staking is scheduled to be released with Shelley. This feature will be performed through the Daedalus wallet. Delegation of stake will also be built into the wallet. Users will be able to simply click on a stake pool and be able to delegate their stake to the selected pool. The incentive mechanisms are being developed in a rigorous way to ensure the staking system performs the way it should. Incentives will come from transaction fees and additional funds through the treasury.
Finally, Mr. Pan Chao, Chinese Marketing Manager of MakerDao, gave a talk to the meetup. He introduced the concept of digital currency and discussed ideas around stabilizing cryptocurrencies:
The most important function of a stable currency is to reflect the fiat currency purchasing power in blockchain asset trading, acting as a unit of accounting, trading medium and value storage.
There are currently five models for stabilising currencies, namely, legal currency certificates, full asset guarantee models, partial reserve models, unsecured algorithm central bank models, and tiered funds.
It is currently caught in a minefield that mimics gold, artificial intelligence or CPI baskets of currencies.
However, he is very optimistic about the stable currency in the future to use cross-chain technology, identity system and financial system to promote development.
The third part of the meetup included time for the attendees to network and socialise with each other.
There were many discussions around the delegation, the issuance of tokens, and the future plans for the Chinese community.
There were also video materials and technical materials shared in the meetup from Cardano Foundation. The event was reported by leading crypto media in China such as Babbitt, BABI Finance, and Zero Knowledge Blockchain.
The event has received a great exposure in media such as the Huodongxing and the WeChat public account. At the same time, the blockchain content platform such as Babbitt, Coin, and Pivot also published related articles. The activity and progress of the event has also been updated on the Cardano WeChat groups. The media exposure of Cardano Shanghai meetup has been creating lots of positive energy in the Chinese Cardano community.
Company called Talk also provided a live broadcast of the meetup which allowed people to communicate and interact in real time online. Over 1000 people watched the livestream of the event and interacted online.
Some Cardano fans also presented hand-painted paintings for this meeting, expressing their love for the Cardano project and their support for this meetup.
Special thanks to Mr. Chen Jie who provided a huge help to the meetup!
For more updates, please visit Cardano official website, forum, official Weibo @卡达诺_CARDANO, official WeChat account: CardanoFoundation. We will continue to send you the most updated information on our project and the growing Cardano community.
You can watch the recorded livestream of this event here: