[Comparative Interview] Kong Jianping, founder of Nano Labs: Bitcoin will be the anchor of the Web3 world; the 10,000-fold increase in the meme coin Pepe comes from Web3 infrastructure

It has successively led the listing of “Canaan Technology”, the first stock in the blockchain industry, and “Nano Labs”, the first stock in the Web3 metaverse, on the NASDAQKong Jianping(Twitter: @punk8185) Recently, I was interviewed by Twitter. Mr. Kong has been in the blockchain industry for over 10 years and is currently the founder and CEO of Nano Labs, Hong KongCyberportDirector of Management Co., Ltd., formerJianan YunzhiCo-Chairman of the Board of Directors.

In an exclusive interview, he said in a comparative review,BitcoinMore than just a store of value, it will play a greater role in the Web3 field and act as an anchor for the Web3 world; the focus of the cryptographic ecosystem is gradually shifting from financial applications to underlying technology; the recent 10,000 times return of Pepe coins just proves the value of blockchain infrastructure, which can obtain global liquidity and the network effects of users in the short term.

The following is the content of the interview:

Comparative: You've been exposed to Bitcoin since around 2012. At the time, the concept was still quite esoteric and difficult to understand. For a law school liberal arts student, how optimistic were you about this industry at the time, and have always been determined to move forward?

Kong Jianping: I think this is a relatively futuristic industry. It has changed a few things from the bottom up. Bitcoin's very convenient transfer transaction model includes access, payment, and interaction without access on a global scale. This is a very pioneering technology, and I thought this might be the future at the time.

Comparative: How has your understanding of it changed over the past ten years?

Kong Jianping: I think there are two major changes. One is that 10 years ago, we thought Bitcoin was used for offline payments, but today we don't think Bitcoin will necessarily need to be used for offline payments in the next 10 years, because a new technology is being used in a new field and a new group.We think it should be the anchor of the Web3 world, not necessarily the real worldThe real world can still be left to the US dollar, gold, or renminbi. When a new digital world is on the rise, Bitcoin is the best choice.

In the past 10 years, we thought Bitcoin might be a carrier for the real world, but now I personally think it should be the carrier of the digital world in the future. There is no need to anchor how much this cup of coffee is, but it can anchor how much an NFT in the digital world is worth.

There are various solutions in the real scenario. Bitcoin and digital currency may not necessarily be the best. Although it can be used as a supplement in many African countries with imperfect payment systems, it is not the best choice in the US and China.

Second, I found that the entire crypto ecosystem is becoming more and more complete, from Bitcoin in the past toEthereumEcology is becoming more and more rich. I also divided the ecosystem into 4 stages. The first stage was the blockchain era, which was dominated by Bitcoin. There were no more than 5 types of things that could be done in that era, mining machines, mining, chips, etc.; the second era was an era of financial applications mainly based on Ethereum, and there were probably hundreds or thousands of things that could be done at this time; the third era was probably the native Web3 era, which slowly moved from financial applications to technology; the fourth era was the industrial Web3 era. We discovered that many people with industries and resources really wanted to combine it with Web3. We believe that we may currently be in the process of transitioning from the second phase to the third stage.

Comparative: Since around 2012, you have seized many trends in the industry, including investing in Canaan Technology, and now moving to the metaverse. From your personal experience, how can you seize the opportunities of the entire industry?

Kong Jianping: I think the biggest opportunities in the entire blockchain circuit are actually divided into three categories. One is chip miners, coin holders, and the other type is an exchange, because all coin traders are inseparable from an exchange, which is a liquidity pool, and the third is a public chain.

We believe that exchanges are financial, sensitive, and that regulations in China and the US will have an impact, and that many users may lose money in coin trading. This is also not in line with our early investment values and ideas, so in the early days, we never got involved in the exchange business, but instead made chips and followed the path of a compliant listing.

We believe that if both China and the US oppose it, the pressure will be quite high, but chips and mining machines just happen to be an area where China and the US don't have many legal issues in terms of regulation.

Comparative: Judging from the general environment, there is an ongoing chip war between China and the US, including many US restrictions on Chinese chips. Does this have an impact on you?

Kong Jianping: There is definitely an overall macro impact, but there is no direct impact. We are not the target of US sanctions. There is no problem with the chip process, but at the macro level, it is certainly not as easy for the Chinese to do this thing as the Europeans and Americans, but the advantage of the Chinese is that it is relatively efficient.

Comparative: Nvidia and Intel have basically withdrawn from the mining machine business, and many companies are also transitioning to artificial intelligence. Do you have any considerations in this regard?

Kong Jianping: Our original company started making artificial intelligence chips in 2015. There is actually a demand for these stronger computing chips. Speaking of Nano Labs, we think network infrastructure may be able to capture better industry dividends. As a result, we created the iPollo platform. The entire chip supply chain cycle will be relatively long, and if the network infrastructure is built early, your advantage is huge. So we started building an infrastructure for AI and the metaverse relatively early on.

Comparative: Many people think that the world of the future is the world of the metaverse. This concept was particularly popular last year, but the popularity has declined a lot this year.MetaThe metaverse business lost about $13.7 billion last year. What impact will this have on your network infrastructure construction?

Kong Jianping: Because first of all, the first point of our iPollo network is computation, not only for real-time rendering of the metaverse, but also for AI, although the demand for the metaverse has not been that great recently, the demand for AI is increasing. Many customers have taken the initiative to contact us, hoping that we can provide this kind of service and use GPUs to calculate projects that require computing power.

Comparative: Recently, there has been a lot of discussion about Hong Kong's new Web3 policy. However, there is an opinion that Hong Kong is more of a financial center; it is still more advanced and has deeper roots than the US in terms of technological innovation and application implementation. As a director of Hong Kong Cyberport Management Limited, how do you see the future of Hong Kong Web3?

Kong Jianping: In terms of finance, I think Hong Kong's popularity is actually because the Hong Kong government issued a policy declaration and cryptocurrency licensing system at the end of October last year; Hong Kong was originally a financial center, so of course it would have a big advantage, but we also suggested to the Hong Kong government that if Hong Kong only had finance and no technology, a financial center was not established. In the past, it could become a financial center because the mainland had technology and industry, but now if mainland regulations don't allow it, you can't become a real financial center.

So you can see that the Hong Kong government is very keen. The budget released in February is called Web3. Web3 is not just finance; our definition of Web3 is AI+ blockchain, not just finance. In the past, in the Web2 era, if you wanted to start a business with technology, the company had to grow bigger and bigger. Because it was a wooden barrel theory, you couldn't do it. Either the giants invested in the ecosystem to make up for the shortcomings, or there were more and more people, but in the Web3 era, a few people can also be a company. This is particularly valuable. The Hong Kong ecosystem is suitable for a few people to develop in a company of a few dozen people.

I think Hong Kong is definitely an innovative place, because where there are people, there is innovation, and if you look at the entire crypto ecosystem, for example, the exchange circuit is still dominated by Chinese people. Overall, the Chinese are actually doing more work than the US, so when we look at specific applications, the Chinese still have an advantage.

Comparative: Now that you're deeply involved in the field of technology, did your law school experience help you now?

Kong Jianping: I think the biggest help is understanding the law. You know what things can be done, what things may be regulated more strictly, and we can focus more on technological innovation and technology thinking.

Comparative: What are your business principles?

Kong Jianping: The general direction is that we want to do something that really improves efficiency or reduces costs on a racetrack with dividends.

Comparative:In terms of career development, you're focusing more on the opportunities that may be brought at a macro level or within an industry.

Kong Jianping: In the early days, it was more of a macro level. Because I did the law, I definitely couldn't see any details at first.

However, with enough time in the industry and continuous iteration of ideas and perceptions, opportunities within the industry may be grasped in advance.

Comparative: From your perspective, what do you think are the biggest misconceptions people have about the crypto industry? What is the biggest misunderstanding about the mining chip industry you work in?

Kong Jianping: Everyone is watching each other through a window, so this isn't a misunderstanding. I think it will take time. When the bull market comes, no one misunderstood it. They rush faster than anyone else, and it's useless for you to explain when it comes to a bear market, right?

As far as the mining industry is concerned, I think the biggest misunderstanding is that many people think this industry is useless, consumes energy, etc.

Comparative:But overall, society's acceptance of Web3 is actually getting higher and higher than before.

Kong Jianping: Because it has a wealth effect, people are constantly making money here. As young people rush in, acceptance will definitely get higher and higher. This also shows that the industry is good.

If the industry doesn't have a continuous wave of popularity, it's impossible for anyone to pay attention. Open AI is also receiving attention because its financing is valued at tens of billions of dollars, and many people have seen new business opportunities. The reason is the same.

Comparative: Yes, recently Pepe coins have brought 10,000 times the return of wealth. What do you think of this meme coin boom?

Kong Jianping：This just proves the value of blockchain infrastructure. It can obtain global liquidity and user network effects in a short period of time.This is just like the Internet. The value of the Internet is directly proportional to the square of the number of Internet users, and the dimension of Web3 will be higher, so once these coins have a certain user base, once the exchange is listed, they will rise dramatically when the bull market comes. Of course, when the bear market comes, it will drop very much.

If you don't buy Pepe coins on the blockchain, you probably won't be able to get around with the same method. Everyone doesn't know what's going on, how to buy them, or where to buy them. As the old saying goes, “You can't get out of that village.”

Comparative: So do you think this meme coin still has real value?

Kong Jianping: it has no value,Its value comes from the value of Web3's entire infrastructureThe infrastructure gave it “shell value” and gave it liquidity value. For example, if you buy a “shell” in China [go public] for 1.5 billion US dollars (when it's most expensive). One shell probably has only 20,000 shareholders. Your trading volume is 10 to 100 times that of that shell, and your number of users is 5 to 10 million. How much do you think such a “shell” is worth?

Comparative: It's been almost 10 years since you paid attention to Bitcoin. What is your greatest experience and feeling during the 10 years of starting a business and exploring?

Kong Jianping: My personal feeling is that if you are optimistic about this industry, you will continue to iterate in this industry for a long time. You may be wrong today and tomorrow, but with more iterations, you will definitely have the right opportunities;

Second, don't use leverage to trade coins;

Third, don't treat luck as an ability. You bought Pepe today not because of your ability, but because of luck; or you bought it by accident, but if you go buy another Pepe, you won't necessarily be able to buy it.

Comparative: Do you have any suggestions for a young person who wants to start a business in the blockchain industry?

Kong Jianping: As long as he continues to work, his chances of success will probably be higher than on other tracks, because everyone is biased against this industry, which means that you have more opportunities than others under the same ability, but whether you can actually do it depends on the individual, but the probability of failure will be smaller, and the probability of success will be higher.

Comparative: Bitcoin and the entire crypto industry are already an industry that has caught the attention of everyone in the world. Do you think there are still many opportunities in this industry?

Kong Jianping: Yes. If this is 100 points, I think the past 10 years will only be 0 to 1, and the next 10 years will be 1 to 100, which is now equivalent to about 2000 of Internet Web2.

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