Bill Yao, the founder and chairman of PPLabs, participated in the 2019 Year Ahead Summit organized by the Bloomberg Businessweek on December 8, 2018, and accepted an interview. Bloomberg is a leading provider of global business and financial information, focusing on cutting-edge technological innovation and business insights.
This summit covers many cutting-edge technology topics. In the blockchain sector, Bill Yao and the founder of the PlatOn, Lilin Sun, and Kevin Xu, founder of the token fund BlockVC, discussed on the commercial value and social significance of the development of the blockchain and the rational observations on the current crypto market downturn.
In fact, the underlying technology of the blockchain architecture is based on the decentralized Peer-to-Peer technology. It was Satoshi Nakamoto’s paper “Bitcoin: A P2P Electronic Cash System” published in 2008 that announced the birth of Bitcoin. The PPTV team (formerly PPlive) is one of the world's first practitioners to build large-scale networks using Peer-to-Peer technology, serving more than 450 million users. PPTV was sold to Suning Group, a famous Chinese life service provider, in 2014. In June 2018, Bill Yao and some of the PPTV core team members set off again to form the PPLabs.
At the meeting, Bill Yao shared his personal journey in the blockchain field. After the sale of PPTV, He joined the famous VC BlueRun Ventures as an investment partner and the fund LP. He has been paying attention to various cutting-edge technologies and established an “AI BootCamp” to help start-ups with hardcore technology grow. After several years of observation, Bill Yao believes that related technologies such as AI are more suitable for large companies with massive data and computing power; while the current blockchain field is more like the Internet that was in its infancy 20 years ago, most of the people don't realize its potential power of evolving the way human beings live. Some people even regard it as a threat, full of bubbles and frauds. A few people fully exploit the opportunities new technology/concept brings along, and they define the entire Internet age - the way people acquire and interpret information, build social relationships and make transactions. After 20 years, chaos in the blockchain field has begun, and all infrastructure and industry standards are to be established. It is precisely the current ambiguity of people's perception of the industry that makes the speculation of the market quickly return to silence, but it is the best time to do research on technologies and develop products. When the position of a technology is over the crest and stays at the bottom of the valley on the Gartner Curve, it is accumulating power for the next round of technological maturity and application.
The above is also the philosophy of Bill Yao and the PPLabs team. Although having not earned income by investing in the cryptocurrency, Bill Yao is the true believer of the blockchain technology concept. Back to 14 years ago, in the university dormitory Bill Yao and his friends were using decentralized peer-to-peer technology to build China's first P2P network, providing video distribution services for hundreds of millions of users. In Bill Yao's view, only by constructing a decentralized system from the physical layer can data sovereignty and privacy protection be guaranteed from the source. Frequent user private data leakage incidents in recent years, whether being caused by misuse or malicious attacks, especially related to top technology companies such as Facebook, Dropbox and so on with the huge amount of user data, are very difficult to eliminated by legislation and supervision. The goal of PPIO is to fully mobilize the idle disk and bandwidth resources of thousands of millions of households and to aggregate them into a fully decentralized large-scale sharing and collaboration network through distributed ledger and P2P scheduling technologies - 70% of the world idling computing and storage resources will be fully utilized; at the same time, all private data will be segmented and end-to-end encrypted, except for the data owner, not available to anyone. As the Internet service penetrates into everyone's life, and the awareness of rights to data is gradually awakened, distributed infrastructure will become inevitable, signifying the next generation Internet – this is the future that the PPLabs team is committed to.