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The Newton Project Brings Blockchain-based Infrastructure For The Community Economy [Interview] - LuvCrypto

The Newton Project Brings Blockchain-based Infrastructure For The Community Economy [Interview]

A good infrastructure is the skeleton of a good economy. And in the blockchain industry, the Newton project is bringing this infrastructure. It touches upon the fact that monopoly exists in the current system — and the goal is to move away from this monopoly and towards transparency, openness, and fair rules.

Through the “community economy” infrastructure built on blockchain, Newton shows how even the contributors can benefit — thereby establishing a better economy. As described in the 17-page whitepaper: “Newton, as the infrastructure of the community economy, provides complete governance, collaboration, incentives for establishing a community economy.

How does it do that?

Through its technical framework that includes the application layer, the protocol layer and the foundational technology layer. In fact, to learn more, we got in touch with Mr. Xu Jizhe — the founder of NewtonProject.org.

In this complete interview, Mr. Xu shares everything you need to know about Newton, its community economy model, the NEW token, the current and the future expansion strategies.

Read on to know more about this fascinating project!

1. Can you explain Newton in a simple language?

Newton (website) is infrastructure for the community economy. By the technology of blockchain, we wish to create a new economic model that everyone benefits from economic growth. This new kind of economy will cut out middlemen and put more money in the pockets of both consumers and retailers.

For example, our first use case is blockchain-based online mall NewMall, which will launch at the end of 2018 or in the early of 2019. NewMall platform and AD fee will be under 10% of GMV, while traditional platform charges above 20%. Since NewMall is managed by Newton non-profit foundation, platform fee will be shared with users and retailers in the form of NEW tokens – not just for shopping, but also activities like viewing advertisements and popularizing the platform.

We also planned several other use cases in supply chain, finance, entertainment, etc. These use cases are expected to cover many countries with multiple models.

2. What is so exciting about the Newton project that everyone should know about? 

I believe the future era of the social economy will be the community economy. And the goal of Newton is to be infrastructure for the community economy. Newton’s technology stack, protocols and use cases will enable a community economy that fights for the public good.

We are different from the other projects for these perspectives:

Firstly, our architecture is not only blockchain, but rather a less commonly seen combination of several technologies. We are simultaneously a public chain, digital wallet, IoT, distributed storage, and digital economy. These are based on our five basic technologies: NewChain, NewNet, NewIoT, NewAI and Atom Hashing.

Newton-Project-Products.jpg

We all know that blockchain should serve the real economy, but real commercial use cases are complex. Without support from a sufficiently complex, integrated, and complete bottom layer, empty talk of commercial use cases is just nothing.

Secondly, other projects only modify the blockchain technology and wait for commercial use cases to land on it, while we have already planned our own commercial use cases at the beginning. At our website, you’ll see the seven main application areas we have planned: chain-commerce retail, payment, supply chain, self-finance, games, agriculture, and public welfare.

Newton-Project-Applications.jpg

Thirdly, we design human-machine community mechanism. In current blockchain world, machine get reward by keeping the ledger, but ordinary people still have not get incentive via his popularizing project. In Newton ecology, everyone’s contribution will be measured and rewarded by Newton POC (Proof of Contribution) mechanism.

3. Where is the Newton (NEW) token used for? What are its advantages? 

Blockchain is not just a technological revolution, but also a revolution in incentives mechanism. From a business perspective, blockchain has three dimensions in decentralizing.

The first is on a technical level: For example, Bitcoin doesn’t have a centralized banking system or centralized database, but it has 10,000 distributed ledgers. This is the thing most people think about when it comes to the decentralization of blockchain.  The second dimension is decentralized organizational structures – the decentralization of “people”. The third dimension is Decentralization of the net profits of a centralized organization through the token.

Newton needs the tokens to motivate the nodes to contribute to the whole ecosystem. The motivation of NEW will be calculated basing on NewForce. Through comprehensive evaluation of the credit, token, human-power, and computing power of the node, the node’s NewForce, which can be used as a measurement system of continuous contribution, can be computationally assessed.

Our transaction speed is fast, you can get NEW in 3 seconds. Newton token design is quite reasonable, which must align with the nature of blockchain. I believe that a good economic model should be left blank, with continuous incentives. Scarcity must be guaranteed in the initial stage.

So in Newton’s token model, we’ve set 60% of the total tokens to be released over the next 50 years through various reward mechanisms, ensuring that contributors continue to receive incentives.

4. What is the ONE biggest challenge Newton is facing and solving right now?

I think we have spent a lot of time on designing the ecosystem incentive plan.

Incentives are the foundation for integrating talents and resources. Under the traditional companies’ organizational structure, capital gains have far exceeded labor income. A new generation of giant commercial institutions which have developed along with computers and the Internet are accelerating the accumulation of capital gains. This business model, in which most people contribute to the benefit of few people, often creates monopolies and hinders continuous innovation.

Chain-commerce is the basic business model of the Newton community. In this model, any behavior contributing to the human-machine community will be rewarded. Service providers, consumers, users, customers and other economic actors can effectively participate in formulating and implementing business rule, establish smart collaborations and operate in an automatic, open and transparent manner.

Human-machine nodes are self-driven and automatically motivated, thereby forming a business model where everyone contributes goods and services and are fairly remunerated for such contributions through a transparent and programmable incentive system.

5. What led to the foundation of Newton?

The current economic model is “Most people contribute and only a few people benefit”, but a better economic model should be “everyone contributes, everyone benefits”. Based on that, Newton Project was conceived in early January this year.

At that time, blockchain technology was developing from a primitive idea and undergoing developments and improvements, like enhancing consensus algorithms and increasing transactions per second. But to gain tangible value, technology serve the real economy and our daily lives.

From this year on, if a project is to succeed, it must serve people’s daily lives. The 2018 will be the turning point. Before 2018, the blockchain was still in its technical exploration period. From 2018 onwards, it is entering the commercialization stage. Based on this, I started the Newton Project, an infrastructure for the community economy.

This new economy will cut out intermediaries and put more money in the pockets of consumers and retailers alike. We make this happen with our Hyper Exchange Protocol, a set of high-level blockchain libraries for all industries, and create distributed apps on top of that, like NewPay (our wallet), NewMall (our blockchain based online retail platform), and many others.

You could say that we position Newton in terms of “people” rather than “chain”.

6. What barriers of entry have you identified during the process of launching Newton?

I believe that “all good blockchain projects are inseparable from the design of the token model and the business economic model.”

A blockchain project ultimately targets an industry-based economy. Token plays a role in measuring, storing, and transferring value. All economies are relatively small in the early stages. Your token needs to cope with the growth of the value of the economy for a long time to come.

For example: At Newton we plan to release Token to the economy in the next 20 years to cope with the growth of the Newtonian economy. A good economic token model needs huge reserves. These reserved tokens are continuously released into the economy through incentive mechanisms, through effective incentive mechanisms, and through broad mining activities. In the design of Newton’s economic token model, 60% of our tokens will be released into the economy in the next 20 years through various incentive mechanisms. Only in this way can the project grow and thus there is the possibility of sustainable development.

Furthermore, the business economic model also plays an important role. Chain-commerce is the basic business economic model of Newton. In this model, any behavior contributing to the community will be rewarded. Service providers, consumers, users, customers and other economic actors can effectively participate in formulating and implementing business rule, establish smart collaborations and operate in an automatic, open and transparent manner.

Human-machine nodes are self-driven and automatically motivated, thereby forming a business model where everyone contributes goods and services and are fairly remunerated for such contributions through a transparent and programmable incentive system.

7. Can you please tell us about your background and your team?

I was in charge of mailbox technology in the early years of Sina.com, served as CTO of an e-commerce platform and started doing business in 3D printing, smart hardwareand other fields. In 2005, I established the Zeuux community to promote free and open-source ideas, technology, and community culture China. In 2017, I co-founded the Elastos Project before establishing the Newton Project in 2018.

We have a long list of adviser board members. Our advisers are Theodore Gray, Co-founder of Wolfram Research; Willson Lee, Bitcoin Ambassador; Han Feng, Visiting Scholar & Researcher at Columbia University; Hu Dinghe, PhD of Economics of PBC School of Finance, PhD tutor of Tsinghua University; Gu Xueyong (Benjamin Koo), Deputy Professor of Tsinghua University and PhD in Engineering Systems in MIT; several veteran entrepreneurs of E-commerce industry; etc.

8. How do you perceive blockchain technology? Where do you think it is it heading in the next five years?

I believe that 2018 will be the first year of blockchain commercialization.

From an economic perspective, I divide economic development into three stages: The first stage is the imperial economy, while the second is the capital-driven economy, which comprises the economy of the past three hundred years. With the development of blockchain technology, I believe we will transition to the third stage: The community economy. Each of these economic stages has its own particular infrastructure. For the imperial power era, it was armies and machines, which the state relied on to manage the entire economy. In the capital-driven economy, it was laws that governed companies, contracts, and so on. The future era of the social economy needs its own infrastructure, which I believe to be the blockchain. Newton’s goal is to be this infrastructure for the community economy.

9. Great. Would love to know about partnerships?

We have confirmed our partnerships in several aspects, including a one of top 3 state owned grain enterprise and China’s largest footwear e-commerce platform OKbuy.com for the cooperation of commercial, a NASDAQ listed company for the cooperation of NewNet, several well-known international makers for technology cooperation, several blockchain research institutes for industry cooperation and so on. We will release more info. at the appropriate time.

10. In the next six months, how are you going to attract people to Newton Project? 

Newton will release ecosystem incentive plan, under the program, community member can get token as incentive by this contribution like inviting, I think these two plans are most attractive part for our community members.

In addition, We have already had strong communities in Japan and several cities in China. The head of the communities actively do some promotions and hold the events all by themselves. We will also copy the path to other important regions.

What’s more, just as every project does, we will release large promotions of news via all kinds of channels including news platforms, YouTube and social networks in the forms of articles, videos, pictures, so that more people will be attracted to Newton community.

Based on the strong global community, if needed, our core team will communicate with members face to face in the events held by the head of local communities.

Newton-Project-Community.jpg

11. What’s the next big update?

NewChain TestNet was released in September, and the TestNet is currently running in dozens of nodes in the US, Tokyo, and Singapore, with TPS stabilized around 5,000.

On October 29, Newton has opened the third-round token exchange.

In November, we will release our public chain NewChain, our official wallet NewPay and the NewExplorer browser will also be released at that time. After that, token will be distributed.

Later, we will announce our ecosystem incentive plans – the user growth plan and the Newton economic model.

On December 11, 2018, Newton Community Node Conference will be held in Macau. Welcome community members from around world to campaign for Newton super nodes.

Our first use case NewMall will be launched after that, which will reach the Gross Merchandise Volume of 3 billion in 2019.

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