Much ado about the hyped tech­nol­ogy

China Daily (Latin America Weekly) - - 13 Business - Renx­i­ao­jin@chi­

Like me, my peers who at­tended uni­ver­sity around 2010 fondly re­mem­ber Ren­ren, a Chi­nese so­cial net­work­ing web­site in the mold of Face­book. Back then, if you were a stu­dent in China but not on Ren­ren, you didn’t ex­ist. And then ... well, WeChat — shall we say — stole Ren­ren’s thun­der. But I’m not here to rem­i­nisce.

To­ward the end of 2017, Ren­ren, un­fazed by WeChat’s dom­i­nance, made a bold move. Us­ing blockchain tech­nol­ogy, it is­sued its own cy­ber­cur­rency RR­coin in the form of pri­vate eq­uity or PE in China. Fol­low­ing the move, shares of Ren­ren surged 76 per­cent to $12.99 on Jan 5, 2018 on the New York Stock Ex­change.

But, in Septem­ber 2017, China had banned ini­tial coin of­fer­ings or ICOs, which meant any ICO-re­lated ac­tiv­ity, even that which was masked as “PE”, would not be le­gal. It is be­lieved Ren­ren took the mes­sage and quickly called off its PE project.

Come to think of it, it has be­come fash­ion­able to pep­per busi­ness dis­cus­sions and me­dia re­leases with “blockchain”. The other day, I heard some­one say­ing blockchain can be used to set up a chicken farm!

There’s more gib­ber­ish out there. Try this: “De­cen­tral­iza­tion cloud-com­put­ing blockchain net­work with high per­for­mance and de­vel­op­ment struc­ture”; and, “us­ing trace­abil­ity na­ture of blockchain to ver­ify art piece”.

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