Elastos’ S-trinity Transcends Dfinity
The following is an interview with Sunny Feng Han, current CR (Cyber Republic) Council member running for the second round of CR Council elections.
1. How do you feel about your work on the CR Council over the last year? What did you learn from the experience? What’s your code of conduct?
It’s been a very pleasant experience working in the first round of the CR Council. Council members have carried out a process of building a decentralized community through CR consensus (CRC). We resolved three major issues for Elastos through CRC this past year. First of all, more than 13 million ELA were successfully burned. This was an issue of high concern in our community and it hindered the development of Elastos. Secondly, the CR unanimously adopted the new token economics that proposed a limited supply. The new tokenomics basically mirrors BTC’s design with block rewards for mining new ELA being halved every 4 years. This greatly advances community consensus. Thirdly, we raised the level of transparency including EF’s (Elastos Foundation) asset management, which is now more open to community supervision and is moving towards further decentralization.
All things considered, I believe these three achievements are the most favorable decisions made by the CR council for continued community development. I learned a great deal from the process, further strengthening my faith in the continued success of Elastos. The future is clear in that we must follow Rong Chen’s call to establish an Elastos community with decentralized consensus.
2. Do you think CR is an efficient design? What do you think can be improved?
From my point of view, CR has an efficient design, yes. As I said earlier, three main issues affecting the future development of Elastos have been resolved, or have begun to be resolved. Of course, there is still plenty of room for optimization. In this regard, I believe that the CR will continue to improve as we move into the future. This is part of the iterative process of Elastos’ growth.
3. Over the past year, what did you contribute and what do you feel proud of accomplishing for the Elastos ecosystem?
In the past year, I made contributions I’m quite proud of to the entire Elastos ecosystem. First of all, since August 2019, I’ve been working with Long Wang, vice president of Tencent Cloud at that time. Together with Zhijun Zhang, chief security architect for the World Bank, we launched a data capitalizing campaign at Tencent headquarters. In retrospect, this initiative has had a profound effect, directly incubating large scale projects such as CreDA, a decentralized data credit oracle. Long Wang also joined in this project. Zhijun agreed to carry out in-depth cooperation in the future as well, which lays the foundations for long-term strategic development of Elastos.
Additionally, I completed my new book The Wealth of the Quantum Era (Chinese edition). This book fundamentally structures a theoretical framework for how we can reach a new wealth consensus through Web3.0 and privatized data to promote prosperity in the global economy. Currently, the Chinese edition has been published and members from the international community are translating it into English, Indonesia, Korean and even German. I intend for this book to be published in these different languages later this year.
From my perspective, this book provides a historically informed theoretical foundation for the future development of Elastos. It lays out, to a large extent, a new theory for the decentralized Data Wealth internet, which adheres to Rong Chen’s technological conceptions, aiming to protect personal data and turn it into wealth for the individuals who create and own it. This viewpoint, theoretically and logically based in quantum mechanics, has become more complete and clear through the process of the book’s creation.
The quantum mechanics content in this book has been confirmed and applauded by the Institute for Advanced Study at Tsinghua University. In the coming months, they will invite me as a visiting scholar. Coupled with three years of hard work by the Elastos core team, all these achievements have laid a solid foundation for Elastos’ future development.
In regards to specific applications, we launched FilDA, which is currently one of the top twenty DeFi platforms in terms of total value locked (TVL) in the world. FilDA recently had an all time high TVL of 2 billion USD. With ELA, FilDA and the upcoming CreDA, we’ve formulated a strategic plan called ‘S-Trinity’. The name was originally proposed by a community member and is accurate and catchy, as the elements in S-Trinity actually form a closed business loop. S-Trinity will implement Mr. Rong Chen’s mission to build a new decentralized Internet and allow everyone to protect and benefit from their private data. Through S-Trinity’s closed-loop model, the mining of personal data value to achieve credit-based wealth, utilizing various innovative financial services such as DeFi, will be realized on Elastos.
I’m very confident in S-Trinity. This real life application will allow everyone who participates in the Elastos ecosystem to access decentralized financial services, protect their data and turn that data into their own assets through credit NFTs.
In my opinion, this year is very crucial. It is highly important to promote S-Trinity for the development of Elastos in the coming 12 months. This year, as a representative project of Web3.0, and after successful capital operations, especially confirmed by large-scale venture capital in the U.S., DFINITY debuted in the top ten cryptocurrency projects worldwide by market cap. This shows the capital market’s hunger for projects committed to building a decentralized Internet. In general, this is good for Elastos. Donnie (Donald Bullers) made a wonderful analysis of the technical trajectories of these two projects. Rong Chen and I also discussed this. The basic agreement is that if we want to change the current situation of Elastos, the value of which is seriously underestimated, we must make great strides in ecosystem projects. We will let our millions of users tell the world about Elastos and its groundbreaking value proposition. In the past three years, Mr. Chen has made steady progress in technical strategic layout and theoretical deduction. The core team has established a basic framework for the new Internet. The World Economic Forum (WEF) invited Elastos to join the Digital Economy Innovation Group. If our S-Trinity strategy is successful, and there are tens of millions of users on Elastos DID, Elastos will have the basic conditions to take flight and claim its rightful status in the marketplace. It’s particularly noteworthy that when FilDA debuted earlier this year, it achieved great success quickly. For a time, it was ranked in the top five in global DeFi lending; we fully expect FilDA to return to this position once again. This is a strong starting point for the implementation of the S-Trinity strategy.
4. Over the last year, what proposals passed by the CRC do you feel will have a great and lasting impact on the Elastos Ecosystem?
As for the proposals in the past year, I’ve mentioned the three above. I believe they are crucial to the development of Elastos. The first proposal was to burn more than 13 million ELA. The second was to modify the Elastos token model, fix the total supply, and halve the block reward, mirroring BTC’s tokenomics. This initiative passed with community consensus. This is obviously very helpful for building a new global consensus for ELA. The third proposal is the recent Proposal 46. The proposal discloses the private addresses of the BTC wallets held by EF and calls for the entire project to be open, transparent and subject to community supervision.
Proposal 46 undoubtedly plays a very important role in advancing Elastos’ decentralization process. I think these three proposals are important milestones for the future development of Elastos.
Basically, the entire concept of EF decentralization is a plan proposed by Mr. Chen two years ago, and specific plans and implementations in this direction have been enacted. The CRC, which was launched two years ago, was formulated based on Rong Chen’s concept of decentralization. In this regard, I admire Mr. Chen’s mind, vision and determination to build a decentralized community.
Since the establishment of the CRC, especially with the three proposals just mentioned, I think it has greatly promoted the entire Elastos ecosystem as a decentralized community and the decentralized Web3.0 that Mr. Chen advocates. This makes us more determined to achieve this great vision in our way, which is to rely on a decentralized community to build a decentralized Internet.
5. Why do you think the community should vote for you?
First off, let me make a declaration. Just as in the last election, I will not use any of my ELA to vote for myself. My election outcome has been and will be completely decided by the community.
So, should community members want to vote for me? Certainly, every community member has voting rights. Electing me to the CR Council will allow me to promote the Elastos community more effectively, realize the vision of Mr. Rong Chen, build a decentralized second-generation Internet and actualize the S-Trinity strategy. I hope everyone will vote for me and once again give me the honor and opportunity to serve the community.
I will not let everyone down.
6. What are your expectations and outlook for the maturation of the Cyber Republic this coming year?
I think the CRC’s vision is quite clear. It’s aim is to realize the vision of Mr. Rong Chen, which is to build Web3.0 to protect everyone’s data and turn that data into personal wealth. I feel this to be a profound mission.
In 2016, I had numerous discussions with Mr. Chen. When I learned that he’s pursued this goal unwaveringly for nearly 20 years and has laid a solid foundation to do so, I decided to firmly commit to this cause. I was Elastos’ first angel investor, investing 100 BTC. My determination has only grown stronger since then.
As for the purpose of participating in the Cyber Republic, it’s also very simple. I just stated that the CR proved to be a very good platform last year. It made great strides in realizing Rong Chen’s vision, promoted the decentralization of the entire Elastos community and continued to move forward in fulfillment of Elastos’ mission to build web3.0 for the future.
CRC is becoming a better technical tool for mutual supervision and management, and an effective and transparent platform for reaching community consensus. We hope that everyone will cherish the Cyber Republic more, improve it and make better use of it to grow together.
7. Are there any proposals that you’re currently excited about?
Among the recent proposals, I think the most exciting proposal is Proposal 46, which discloses the addresses of two BTC wallets held by EF. This is to promote the entire Elastos community to become more transparent, more decentralized and ultimately to realize the vision that Mr. Chen has always adhered to. This is also the first step that EF has taken towards complete decentralization. When Satoshi Nakamoto disappeared, BTC flourished. Proposal 46 has played a very important role in realizing this decentralization process.
8. Who else would you support being on the Council with you?
Considering my opinions on the future direction of Elastos, I’d undoubtedly choose people who have similar ideas, are proactive in nature and have a solid theoretical background in order to promote a more transparent community and decentralized ecosystem.
As for the members and teams from our Western community such as Adem Bilican, the Strawberry Team, and the Orchard Team, I admire them very much. There is a community member from Germany whose Twitter name is Ilije, and we often communicate with each other. I think we share a very similar philosophy, and I hope that he/ she will participate in this election. Brittney Kaiser, the co-founder of the Own Your Data Foundation, and Jennifer Scott are very influential in the field of data privatization, and both of them have expressed their intent to participate in the CRC election. I support them all very much.
For members of the Chinese community, I support Tyro. He’s always been a core and active member of the community and has made many contributions. Additionally, I support ELA Cloud and Zhang Feng, both of whom played a very important role in drafting Proposition 46. I support Lao Mao who has a good theoretical foundation. He has been studying Hayek’s free market economy theory for a long time, including the concept of non-sovereign legal tender. My many discussions with him inspired me. My new book The Wealth of the Quantum Era is influenced by him. Additionally, he has a Master degree in Physics from the Chinese Academy of Sciences. On top of his solid theoretical foundation, he is very active in the community. I support his participation in the election.
Zhang Feng has contributed a good deal to the planning and construction of Elastos as a whole. Of course, there is also Brian’s DMA team, which has consistently contributed to the development of the ELA ecosystem. If the DMA team can participate in this round, I think they’re also very worthy of support.
All in all, I hope that the new members of the CR Council can work together to build a decentralized second-generation Internet for the entire Elastos community and world as soon as possible, to serve more users with truly innovative applications, and to build a strong global community. Let’s work together. Thank you.
This is a revision of the original article available at this link: https://cyberrepublic.press/cr-council-candidate-interview-sunny-feng-han/
Sunny Feng Han has added a few more comments to better express his thoughts.