 How do you think the industry will develop in 2020? I expect to see existing blockchains connecting with each other. Proof of work is a perfect consensus mechanism for a big point. The Chinese government, the financial authorities are definitely not encouraging people to possess or use cryptocurrencies. Major cryptocurrencies like Ethereum and Cardano are planning to upgrade their systems to a proof-of-stake system. Do you think that proof of work as a system on which cryptocurrencies are based on is destined to be replaced, it is destined to be outdated by different kind of systems? No, not really. I think different consensus mechanism fits different purpose. Proof of work is a perfect consensus mechanism for Bitcoin, which mimics the gold. Bitcoin is sometimes called as a digital gold. And I still believe proof of work is the best consensus for Bitcoin. But for NIO, for example, NIO is the digital asset protocol. So we need the consensus to have finality, to have certainty about whether transactions go through or not. So we decided to choose a different consensus, other than proof of work or proof of stake. The consensus we used is called DBFT. It's a BFT-style consensus. It will provide one block finality to the blockchain. So different consensus will serve different purposes. Recently, the Chinese government announced that they are interested in embracing blockchain technology. How do you think this statement from the top levels of the Chinese government is going to affect NIO, and how is it going to affect the industry in general? I think it's a positive signal to the industry. I think the Chinese government just reaffirmed that the government is very pro-technology itself. Although the regulators from China does not encourage any speculative business, but it still encourages the development of technology itself. And NIO is the protocol for digital assets. With the government promoting blockchain technology a national priority, I believe there will be more and more business to issue digital assets, to issue native digital assets. And at the end of the day, more assets can be managed by the new blockchain. So I think it's a very positive signal to NIO, to the whole industry. Do you think that the recent surge in price of NIO was directly related to these statements by the Chinese government? I can't say for certainty, but I guess it definitely affects the market. Thanks. And there are concerns that these statements by the Chinese government are not necessarily a good thing for the crypto industry because China, as we know, is not a democratic country. So many are concerned that it could use blockchain as a way to enhance surveillance instead of giving this kind of economic freedom to people, which is the ideal at the basis of most cryptocurrencies. Are you not concerned that the ideal behind cryptocurrencies can be misused by China? There are definitely different ideologies between China and the Western world. I think China is implementing a different kind of democracy, other than the Western definition. But the government, we still have freedom to do business, to do blockchain development, so it doesn't affect our business. Okay, but what about in terms of projects that can be born out of China? Can actually something like Bitcoin really take place, really become widespread in a country like China where Bitcoin is about mainly financial freedom, decentralization. Do you think this kind of project can thrive in China? I think at this moment it's more difficult to thrive in China than in many other countries because we still have capital control. The Chinese Yuan is not freely interchangeable with other foreign currencies. But Bitcoin and other cryptocurrencies are a global asset. It's not controlled by the Chinese financial system. So it will be difficult for the regulators in China to manage those cryptocurrencies. I would not say the Chinese government, the financial authorities, are definitely not encouraging people to possess or use cryptocurrencies. But the Chinese central bank are inventing or building their own digital currency called a DCEP, Digital Currency Electronic Payment System. How do you think the industry will develop in 2020? What are your expectations? I expect to see existing blockchains connecting with each other. Currently different blockchains are separated. There's no interoperability between major blockchains. I hope we will see major blockchains can be connected next year. For example, which ones? For example, if Ethereum can connect with Bitcoin, can connect with NIO, then assets can flow between each other. And then there will be more defined business models to be invented. So that's a good thing for every business. And also if they can also connect to ontology, the digital identity solution, then we will probably have a better regulatory framework ready for the blockchain business. Do you think this is not exceedingly ambitious target for 2020, this interconnection between major blockchains? Is it something that can happen in such a short time period? I don't think we will see everything connected in 2020. It's just one year time. But we will start to see some blockchains connecting to each other. NIO can be used to build smart contracts and it aims to create the next generation internet. That's your slogan basically. What is the competitive advantage of NIO compared to Ethereum? NIO itself will not be the next generation internet. NIO will be part of the next generation internet. It's one of the building blocks. Currently NIO is working with ontology and other major blockchains that signed NDA with us. So we are working on the interoperability protocol. So NIO will be in the digital asset scope. Ontology will be the digital identity solution and there will be distributed storage solutions. All these blockchains will be linked together to become part of the next generation internet. And that's also the competitive advantage. We don't want to be everything, one block chain for everything. We just want to focus the area that we are advertised in. So NIO is kind of building something bigger than itself? Yes. I see. Thank you very much. Thanks a lot.