On October 4, 2018, Vite Labs COO Richard Yan presented in a panel at the 2018 AI conference (theme: “Artificial Intelligence — Imagining the New World of AI”) in Silicon Valley with 200 attendees. The conference was organized by Silicon Valley Technology Advisory Committee + Constellar Ventures with Silicon Valley Technology Association. Richard shared insights on the blockchain and AI industry, highlighting the difference of companies in this sector between the US and China, the integration of the two technologies, and tips for selecting high-quality projects for investment.

On the differences between the Chinese and American AI + blockchain companies, Richard said the following, partially quoting Peter Thiel:

“Companies in the US tend to follow the paradigm of going from 0 to 1. Chinese companies are more like from 1 to n. China has advantages in terms of work efficiency, data abundance, and policy support. Chinese engineers work much longer hours than their counterparts in the U.S., so products launch much sooner. The speed of capital raising is also higher than that in the U.S. in terms of data, China boasts of a huge user base, and simultaneously, users’ awareness of privacy protection is not as strong as in the US. Both contribute to higher data availability in China (this point is more applicable to the field of artificial intelligence). In terms of policy, with the goal of developing emerging technology and increasing economic growth, Chinese central and local governments have invested heavily in supporting entrepreneurial innovations in several fields, including artificial intelligence and blockchain.

Richard Speaking in the Discussion Panel

The US advantage is in research and innovations. The great natural environment that retains the world’s talents, a culture of originality and measures for intellectual property protection in the U.S. play an important role in promoting innovation.”

Richard also expressed his views on evaluating investments in these two areas: “Blockchain and AI are hot topics. They are over-hyped in the investment community, but they don’t actually depend on each other. AI can be useful for the blockchain, and vice versa. For example, some blockchain projects use shared computing power to provide resources for AI computations; machine learning algorithms are used to trade digital assets at high frequencies.

However, there is no obvious cross-multiplying effect in a technology that gets involved in both areas. In fact, if an investment project touts integration of AI and blockchain, regardless of whether it’s from China or the United States, but cannot explain its real practical application in plain language, then investors should watch out. There are projects out there that look like a hodgepodge, claiming usage of artificial intelligence, blockchain, big data and virtual reality all together. Further investigation shows a lack of credibility.”

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