Brian Lio： 在当前的区块链技术格局中，我们看到许多新的趋势已经出现，但有三个并行发展的趋势需要特别关注：企业/机构区块链、数字证券（Stos）和一系列更加去中心化的举措（公用代币、基础协议、IEO等）。这些技术中的每一项都代表了区块链技术在比特币之外的重要应用成果。
金融界： 对加密货币交易的有效监管是世界各国政府面临的一个共同问题，美国一些地区最近甚至呼吁禁止加密货币。您认为与传统的支付方式相比，加密货币交易有哪些优点和风险？ 政府有必要严格监管吗？
Brian Lio： 监管是必要的，具有积极意义。当监管适当时，它为参与者给出了明确的指导和清晰的框架，这为公司投资开发这些技术提供了信心，也让用户对安全、追索权和风险有明确的期望。但由于这个呈指数增长的行业具有广阔的前景，在行业发展和演变如此迅速的情况下，制定出全面而明确的监管方案是不可能的。成功的关键让是监管机构、企业、企业家和终端用户之间通过透明的方法进行公开对话，重视信息披露和信息标准。当一项技术和市场同时有如此多的侧面时，提高活动与参与的质量和标准的一个更关键的方法是集中精力确保参与者能够获得他们决策所需的信息，包括关于披露、教育和信息的标准。技术的增长是全球化的、去中心化的、而且极其迅速的，传统的监管方法往往不奏效，因此行业和监管机构需要共同努力，确保在创新的同时，保留适当的保护措施。
Brian Lio： 企业采用和应用区块链技术的最重要方面是平衡其当前状态的现实情况与技术的快速采用和开发速度。
Brian Lio： 我们有一个基本观点，即区块链行业在整体上，大概每六个月就会在框架、流程或主题方面取得一次有意义的发展。通过这样一项开辟诸多新领域的技术——不仅在技术方面，而且包括商业模式、监管、组织、资金等——空间复杂度发生了复杂的变化，而技术的分布性、全球化和开源特性更放大了这一点。
JRJ： What are the recent achievements in the development of blockchain technology？
Brian Lio： In the current landscape of blockchain technology we are seeing the emergence many trends， but there are three parallel developments of particular note. These are enterprise/institutional blockchain， digital securities （STOs）， and the spectrum of more decentralized initiatives （utility tokens， base protocols， IEOs， etc.） Each of these represents key developments in the evolution， adoption and impact of these technologies as they move beyond Bitcoin.
Enterprise blockchain typically revolves around the use of these technologies to increase efficiency and remove intermediaries through a trusted system governed by a federation of constituents. We see adoption and development of these systems in organizations ranging from Fortune 100s to a variety of governments. While in the early stages， large organizations are more and more seeing the potential benefits of the efficiency that blockchain can bring to enterprise.
In digital securities and STOs， we see a natural progression of many current financial systems and structures. Securities can benefit from the effectiveness， security and liquidity of blockchain technologies. The first wave of STOs that are adopted and actively used will likely closely resemble existing offerings； their real potential lies in combining the vast potential of cryptoeconomic systems design more often found in so-called utility tokens with the tools and value systems offered by securities. Once the infrastructure is in place and investors become more comfortable with the idea of a digital asset， we see the real innovation taking place in this second generation of digital securities where novel， exotic and genuinely powerful structures can be created and used.
Though traditional players and business models， such as enterprise and traditional finance， have a large advantage in resources to implement these technologies， we see much of the most interesting and disruptive developments coming from the vast landscape of non-traditional projects. These projects are non-traditional in how they find users， build community and raise funds. We observed this in fundraising efforts with the first waves of genesis mining events， ICOs and now IEOs. Further， we see areas such as Web3, fully decentralized exchanges， prediction markets， private currencies， non-fungible tokens and decentralized autonomous organizations （DAOs）， to name a few. All of these are new frontiers in their own way and have growing communities around their exploration and development.
When looking at the current state of blockchain technology it’s important to aPPreciate how rapidly technology is moving and how it’s application to any two areas can be wildly different. There’s a common desire to reduce the whole industry to an analogy of the adoption of the internet. "It’s like the internet in year x"， we often hear. However we already have a robust global internet and these ideas are already being applied at different rates， by different organizations and in different ways across dozens and dozens of industries. The next big development， application or mechanism could come from any of them.
JRJ： ?Effective regulation of cryptocurrency trading is a common problem for governments around the world， with some parts of the United States recently even calling for a ban on cryptocurrencies. In your opinion， what are the advantages and risks of cryptocurrency transactions compared with traditional payment methods？Is strict government regulation necessary？
Brian Lio： Regulation is necessary and positive； it creates guidance， direction and a clear framework for participants when done well. This gives companies the necessary confidence to invest and build on these technologies， and users clear expectations of security， recourse， and risk. . Since this is an exponential industry with so many frontiers， it’s impossible to develop comprehensive and clear regulation while the industry is in such a rapid state of development and evolution. The key to success will be both open dialogue between regulators， enterprise， entrepreneurs and end users through transparency-based approaches that value disclosure and information standards. When there are so many new aspects to a technology and market， one of the more critical ways to improve the quality and standards of activity and participation is to focus on ensuring participants have the information they need to make informed decisions and that there are standards around disclosure， education and information. The global， decentralized and extraordinary rapid advancement of these technologies mean that traditional approaches to regulation simply are often not effective both industry and regulators will need to work together to ensure that appropriate protections can exist alongside innovation.
JRJ： Microsoft， facebook， IBM and other world-renowned enterprises are committed to the blockchain strategic layout. In your opinion， what efforts should enterprises make in blockchain-related technological breakthroughs， user development， investment attraction and other aspects？
Brian Lio： The most important aspect of enterprise adoption and application of blockchain technologies is to balance the reality of their current state， （as they relate to a specific business， industry and environment） with the rapid rate of adoption and development of the technologies. Too often， we see companies moving into the space treat blockchain as the next enterprise must-have technology and a box that must be checked. In reality， applications of blockchain technology vary wildly in how ready they are for adoption and the timeline for returning value to the organization. This is a technology that must be looked at in context； the right strategy for each organization will need to be their own. We are too early for a playbook or even best practices. We see the greatest opportunities in enterprise blockchain for those organizations that invest in thoughtful research， investigation and analysis in their exploration of these technologies. Even if an organization does not see blockchain technology as part of their individual roadmap， its ability to disrupt or reshape industries is too large to be ignored. Companies can rarely afford to be reactive to disruptive innovation and the development and adoption of blockchain based systems will be a particularly powerful example of this. While a full mapping of the entire blockchain industry would be a daunting prospect for any group， there is opportunity and significant value to companies working to develop an understanding of the unique applications of the technology to their own business， industry and key processes.
JRJ： Blockchain has great potential in changing human lifestyle and present business model. In the process of studying blockchain， what changes have taken place in your understanding of blockchain？ What are the implications and difficulties in advanced research for the development of blockchain？ In order to improve the research ability of blockchain， how to build the cooperation model between academic institutions and commercial institutions？
Brian Lio： We have a fundamental thesis that the blockchain industry as a whole goes through a meaningful development in framework， process or theme about every six months. With a technology that presents so many new frontiers - from not just a technological perspective， but business models， regulatory， organizational， funding， and so forth - there becomes a compounding effect on the complexity of the space. This is further amplified by the distributed， global and open source nature of the technologies. Ideas， new innovations and practices rapidly spread as groups around the world learn from each new network， mechanism or release. As an organization， we’ve been following the space for six years and from the first day have challenged ourselves to build a company， infrastructure and expertise that allows us to identify these key trends and then to explore and analyze them.
It’s hard to overstate the complexity and potential that exists within the application of these technologies. At Smith + Crown we’ve had a particular focus on cryptoeconomic design and analysis over the last few years. This area of study effectively didn’t exist just a few years ago. Blockchain technology enables an immutable system of control over capital， and a programming language for human governance. Even at the most local levels or in specific applications this represents a whole new frontier of scientific and practical exploration， research and study. We have only begun to explore what’s possible and there will be incredible demand for the kind of research that will be necessary to understand and implement these technologies.
For the past six years we have published free， open and independent research because we believe that it’s critical that this type of research is available to those looking to participate and contribute to the industry. We always ask ourselves: what is the research and format for that research that will have the greatest impact？ To that end we focus on cryptoeconomics， global trends， and asset intelligence through in our work and via an intelligence platform （sci.smithandcrown.com） that will launch later this month， We also work directly with organizations in an advisory capacity to help ensure that we understand the set of practical challenges and opportunities faced by teams around the world. We see it as critical that research is both open to participants and thoughtfully applied in collaboration with organizations that are working to build the next generation of infrastructure， applications and businesses.