Thank you all for your valuable input. Here is my understanding.
I think first off we could do an analysis into what this 'I' is. If
we think that 'I' is our body, then if your hand and legs are
amputated, your 'I' would have disappeared, or amputated along with
it 
. But it is not. If you
say, 'I can see', then what exactly is this 'I' you are refering
to? If the 'eye' is part of 'you', if you are blinded, then does
the 'I' disappears as well?
LinYu also made a good point that 'I' exists in attachment. In
reality, 'I' does not exist, naturally car does not belong to 'I',
then there is no attachment, only Mindfulness. From this we can see
'I' is the root of all perceptions, all craving, etc.
So eventually we conclude that 'I' is a form of mind consciousness,
or egoic/self consciousness, is known as the 7th Consciousness
[terms based on the Yogacara/Consciousness-Only school]... based on
the illusion of a self of which does not exist. The 7th and 8th
Consciousness is not found in the Theravada school, although 7th
and 8th consciousness is the extension of the Mental Consciousness
mentioned in Theravada. This 'self illusion' is the root of
ignorance. it is also the root of countless discrimination,
dualism, of 'I' and 'other'. Because this 7th consciousness is not
our body, and is linked with our 8th consciousness [alaya
storehouse consciousness] which Bodhiruci has pointed out, when we
die our 7th consciousness, conviniently called the 'soul', carries
along the karmic seeds of the 8th consciousness into rebirth.
Whenever we do something with self-attachment [7th consciousness],
we will plant a karmic imprint into the 8th consciousness, which is
similar to a ever-recording tape recorder. To cease the cycle of
rebirth is to cut off the root of ignorance, where the self
illusion [7th consciousness] is dissolved. Bodhiruci states that
only the 8th consciousness gets reincarnated. It is true, however
the 8th consciousness gets reincarnated because of the 7th
consciousness, of an egoic self. In Mahayana and Vajrayana, we know
that there is an intermediate stage between death and rebirth,
called the Zhong Ying Sheng, or antarabhava, bardo [zhong you].
When we die, our 6 sense organs and therefore 6 sense consciousness
cease to exist, our 7th consciousness leaves our body in the form
of Zhong Ying Sheng in search for the right conditions to be
reborn. If we are liberated from that 7th consciousness, we will be
part of Dharmakaya. In Tibetan terms, it is called the Clear Light.
In Pure Land terms, it is called 'Ji Guang Jing Tu'. It is also
commonly known as Nirvana. That is also your True Nature; Buddha
Nature; True Self.
In Chinese we often hear of 'Da4 Chan2 Qi1' literally translated as
Hit Chan Seven. It means hitting the 7th consciousness, making it
cease its function.
