The co CEO @ BPIV400 of Cosmos has an understanding of enterprise blockchain (enterprise on chain), Summarize a few key points: -The beginning of the large-scale trend for real enterprises to build their own L1 blockchain -Cosmos is in talks with some large enterprises (including some major Fortune 500 companies) regarding the construction of L1 chains -They are considering launching their own L1 blockchain -Last cycle, the enterprise blockchain (enterprise on chain) failed due to incorrect scenarios. The previous scenario focused on traceability, while this time the focus is on payments and stablecoins -Additionally, thanks to Circle's IPO and upcoming regulatory requirements, they view stablecoins as a powerful and secure technology that can help them reduce costs and streamline operations -Why do they need to build L1? The technology maturity is higher than L2, and the enterprise hopes to have greater control (which is also consistent with the recent trend of several large enterprises launching L1) -Engaging in encryption already carries risks for these enterprises, so the logic behind choosing is to minimize platform risk The detailed content is as follows: -So why now? -Why are mature enterprises starting to build blockchain again? -Why do they prioritize building L1? There are two main reasons for the return of enterprise blockchain: 1/Stablecoins are maturing: The finance team we interviewed no longer feels intimidated or unfamiliar with stablecoins. Thanks to Circle's IPO and upcoming regulatory requirements, they view stablecoins as a powerful and secure technology that can help them cut costs, streamline operations, and increase returns on cash reserves or customer deposits. Most large companies are establishing infrastructure for holding and transferring stablecoins. The United States, Japan, and many other countries are pushing for stablecoin regulation, and the current situation is favorable for us. 2/Payment, not traceability: In the previous wave of enterprise blockchain boom, most use cases revolved around traceability (i.e. tracking the origin and lifecycle of certain cross company processes, such as tracking raw materials in the supply chain or tracking the use of donated funds). This has always been a strange use case that can be technically implemented using a database. The problem lies in trust. Nowadays, almost all companies we interact with, regardless of their industry, consider payment as their primary use case. Most B2B and B2C payment providers and networks charge high profits to merchants and businesses, with settlement times lasting several days and actual settlement risks. Once it involves cross-border transactions or the need to handle foreign exchange, these issues become even more serious. Therefore, for multinational corporations, especially platforms like Airbnb, blockchain based internal payment solutions can save billions of dollars in expenses and provide better experiences for customers, employees, and gig workers. -Why do they need to build L1 instead of L2 or smart contracts? Layer 1 has been tested for a long time and technology decision-makers are very familiar with it: as a technology platform, Layer 1 has been fully understood and familiar to people after more than ten years of development. Ethereum, Bitcoin, Solana, Sui, Aptos - all blockchains known to non industry insiders are Layer 1 (Base may be an exception). Cosmos technology alone supports over 200 blockchains and $70 billion in assets across almost all vertical fields, and last year's biggest breakthrough, Hyperliquid, solidified this position. (In addition, the most successful enterprise blockchains like Canton are Layer 1). L2 is exciting, but in comparison, they are still in their infancy and have a lower level of understanding. (Try to explain to the CTO of the consumer market enterprise the difference between the first stage Rollup and the second stage Rollup, or what a validation bridge is). Decision makers of mature enterprises are usually unwilling to take risks on emerging platforms. They have already taken on sufficient risks in entering the cryptocurrency field, so it is necessary to do so in a way that is easiest for stakeholders to understand. 2/Minimize platform risk: Most of these companies do not want to bet on ETH, SOL, TIA, or anything else. They just want to bet on themselves. Building L1 is the best method. Remember, large companies often use multiple cloud service providers to mitigate platform risks from AWS or Microsoft. And you can be certain that they consider the risks of Ethereum or Solana to be greater than those of these partners. 3/Control and Connectivity: The open and transparent Layer1 provides these companies with a good balance between control (so they can have their own platform) and connectivity (so they can connect and interoperability with the development of the crypto enterprise landscape). The interoperability between Layer2 and other blockchains such as Solana relies on third parties and often faces finality issues due to fraud/zero knowledge proof windows and Ethereum's slow finality. Layer1 does not have this issue. Settlement is instantaneous and deterministic, so interoperability can operate in the same way. This is a killer feature, and if combined with having one's own walled garden, any necessary KYC/AML and application specific logic can be implemented within it. Looking forward to the next wave of blockchain Internet https://(x.com)/BPIV400/status/1955618142220067255