This is an internet conference hosted by big names like BAT, so why did they invite the Duoduo team?

The birth of Duoduo system can be traced back to January this year. In just half a year, Duoduo system has been built, including朵朵节点钱包,朵朵ATM ,朵朵币and朵朵传感器. Duoduo coin, as a part of Duoduo system, is used for IoT payment in Duoduo system. It is based on peershares and realizes asset dividend function in addition to general wallet.

Recently, the Duoduo team entered the finals of the 4th National Innovation and Entrepreneurship Competition and was invited to the World Internet Conference to be held in Wuzhen in October. How did the Duoduo team, which has been low-key for half a year, enter the finals and be invited to participate in the exhibition?

The only cryptocurrency team to enter the finals

The China Innovation and Entrepreneurship Competition is a national entrepreneurship competition with the theme of "Technological Innovation, Great Achievement" jointly organized by the Ministry of Science and Technology, the Ministry of Education, the Ministry of Finance and the All-China Federation of Industry and Commerce. Its expert guidance committee is composed of well-known people in the venture capital industry, well-known entrepreneurs, financial institutions and well-known industry experts, including Lenovo's Liu Chuanzhi, Tencent's Ma Huateng, Xiaomi's Lei Jun, Northern Lights' Deng Feng, Zhen Fund's Xu Xiaoping, etc. This year is the fourth edition.

How fierce was the competition for Duoduo Team to enter the finals? Among the 3,400 Internet teams in the country, only 82 teams entered the finals. Duoduo Team passed the provincial semi-finals and provincial finals, and entered the industry competition with the first place in the provincial Internet category.

Previously, Gempay's Bitcoin cross-border payment project from Shanghai Jinfu Information Co., Ltd. also entered the semi-finals of the Shanghai competition area, and Duoduo entered the finals of the National Innovation and Entrepreneurship Competition this time, which is the first time for a cryptocurrency project. Speaking of the reason for participating in this competition, Duoduo system developer Gu Jiangtao said, "My partner said at the time, sign up for a competition to see if there is a problem with your direction."

In this way, he made it to the finals. In the provincial semi-finals, no one understood and the score was not high. In the provincial finals, the judges knew about Bitcoin and asked: What if you can't get venture capital? What if there are policy risks? Gu Jiangtao replied that as long as the law allows, he will do it regardless of whether he has money or not. In the end, the project of Duoduo's team won the first place in the Internet category.

After the competition, several venture capitalists who contacted Gu Jiangtao all emphasized that the application of重点提加密数字货币技术, and the application of virtual currency must not be mentioned. The vice president of Harbin Equity Investment Association, the largest investment association in Heilongjiang, told Gu Jiangtao: First, this thing must be kept secret, and don't make too many detailed publicity before it is formed; second, it is recommended to find BAT.

The World Internet Conference is also well-known in the industry. Last year, Jack Ma's passionate speech at the Wuzhen Internet Conference, "In the last century, we competed on IQ, but in this century, we compete on what?" ignited the enthusiasm of many Internet industry practitioners. How rare this conference is, just look at the conditions for participation. Aside from the fact that the speakers are all BAT bosses, even the audience is invited, with limited flow, and can only stay for half a day. The Duoduo team entered the World Internet Conference's dual innovation exhibition area this time because it was one of the 18 corporate teams that won awards last year and one of this year's outstanding teams. There are 100 companies in this booth worldwide, and participation is by invitation only.

Duoduo system and smart devices

The DuoDuo system was born in January 2015. Before the establishment of the community and the formation of the smart device project team in July, Gu Jiangtao completed it in his spare time with the help of like-minded friends. The DuoDuo system that has been built so far includes four parts: DuoDuo node (DuoDuo wallet), DuoDuo smart sensor, DuoDuo coin and DuoDuo cloud. The entire DuoDuo system is also a part of the PPC ecosystem.

When the Duoduo team was first established, they first completed the prototype基于加密数字货币的物联网支付; in February, they made Duoduo wallet that can mine PPC with Raspberry Pi, and then they made Duoduo ATM machine, proposed a hardware-based multi-wallet ATM solution, and applied for发明专利. So far, the Duoduo team has submitted five invention patents, one of which is under substantive examination, four will be submitted to the Patent Office soon, and the other five trademark registrations have been submitted.

One of the five patents has been made public: a multi-virtual currency exchange machine based on hardware isolation. Due to the different quality of current virtual currencies, some wallets may even carry Trojans, and the transaction system is placed in the same computer as the wallet. If the computer is hacked, it may cause a lot of losses to the user. This exchange machine uses hardware isolation to isolate the wallet from the main control system. Even if a wallet is hacked, it will not affect other wallets, let alone the main control system.

In the China Innovation and Entrepreneurship Competition, the Duoduo team's solution is "Smart Home", which is to complete the evolution of smart home through the autonomy of smart devices, part of which is the Internet of Things payment based on encrypted digital currency. Gu Jiangtao introduced: "This solution is mainly to solve the last mile strategy of supermarkets and e-commerce. This is a complete solution. The concept is simply: payment problems that cannot be solved by third-party payment can be solved by encrypted digital currency technology."

The Duoduo team is very optimistic about the technology of encrypted digital currency. Gu Jiangtao said,

"In fact, many banks also plan to expand their business based on the digital cryptocurrency technology they have developed. They are studying business expansion in the financial field, and we are studying the field of Internet of Things payment. What we have in common is that we are both studying technology applications, not virtual currency value applications."

Why is no one interested in the cryptocurrency circle?

Although the national award attracted the attention of venture capitalists, it did not stir up any waves in the cryptocurrency circle. This made Gu Jiangtao a little confused. As the only cryptocurrency project that entered the finals among more than 3,400 Internet projects, it received a lot of attention from the outside world, but no one in the cryptocurrency circle was interested. Is there something wrong with the cryptocurrency circle itself?

Gu Jiangtao said:

“The reason for applying for a patent is that I feel there is a lot of copycats in the cryptocurrency world. Many people don’t feel ashamed of it, but are used to it.
What disappoints me most is that the cryptocurrency industry has become a place where talent and popularity are seriously lost, and it is not interested in developing technology at all. It is evolving into a big casino and pyramid scheme center. "

Gu Jiangtao looks at the current status of the industry at home and abroad:

"On the one hand, China's virtual currency transaction volume accounts for the largest share in the world; on the other hand, as the most important application, the domestic share of Bitcoin ATMs accounts for less than 1% of the world. None of the top ten virtual currencies by valuation were made by domestic teams. China is speculating, mining, and running exchanges. Foreign countries are applying and developing technology. We have fallen far behind."

Previously, the Duoduo team had done two public fundraisings in the community, but the amount raised was not large and was sponsored by a small number of supporters in the community. But who knows, applications similar to Duoduo Coin in the Internet of Things may open up another world for encrypted digital currency technology?