Virtual currency skyrocketed, the achievements earned 16 billion annual myth

Bernstein said that the bitter continent in 2017 operating profit of 30 billion to 4 billion US dollars; the same period, chip maker giant Nvidia’s operating profit of 3 billion US dollars, the lower limit of the aforementioned range.

First, difficult to re-stealth wealth empire

If it were not for Bernstein’s February 21 report, the bitter continent could still be “muffled” and not known to the general public.

According to CNBC, assuming a conservative estimate of 75% of the gross margin and 65% of the operating margin, Bernstein said that the operating income of the Bitcoin continent in 2017 will be between US $ 3 billion and US $ 4 billion. In the same period, , Chip maker giant Nvidia (Nvidia) operating profit of 3 billion US dollars, the lower limit of the aforementioned range.

NVIDIA took this step for 24 years, while the bit continent only took four years, Bernstein said.

If the above estimates are accurate, according to the exchange rate at the time of this article’s announcement (March 2), the operating profit of the bit continent for 2017 will be 19 billion yuan to 25.4 billion yuan. If the blockchain and virtual assets are also included in the financial technology category, it is widely acknowledged that the financial profit of the financial technology giant in China is $ 13,189 million in 2017, which is dwarfed by the mainland continent, not to mention the past profits Cash loan company.

However, the bit mainland told the media Bernstein’s prediction is not correct, and said that in 2017 operating income of about 2.5 billion US dollars (about 15.9 billion yuan). Even so, the bitter continent has become a wealth empire that can not be ignored.

Second, with mining machine landing “New World”

Said the bit continent, can not get around its helm – Wu Ji cold.

He was born in 1986 and graduated from Peking University with a double degree in economics and psychology. He was a former private equity fund investment analyst / investment manager. Participate in the Bitcoin community in 2011. She is the co-founder of Babbitt, a key media in the blockchain and digital asset community in China. She is believed to have translated the bitcoin white paper as earliest in China. In 2013, she founded the Bitmain company, Director and Co-CEO, Mainly responsible for marketing, sales, strategic investment and investor relations.

One possible way for Wu to complete the accumulation of primitive wealth is to invest in cat roaster, which has brought tens of millions of returns to it. At that time in 2012, roasted cats (Chiang Hsin-yu, friedcat, graduated from CUHK Junior Class) raised bitcoin shares in bitcoin forums (which is considered as China’s first tokens issuance project) Into the cold into the tens of thousands of dollars. Another possible route is to invest bitcoin. Legend has it that he saved his first pot of gold by investing all his savings in Bitcoin through Taobao and the Mt.Gox Exchange in 2011.

He got acquainted with the chip specialist Jennifer (now the CEO of Bote continent) in the streets when the clerk at DivaIP was selling set-top boxes to Wu Ji-han. They co-founded the bitter continent.

This is exactly what kind of company?

According to the Bote continent official website, it is headquartered in Beijing Ao North Science and Technology Park (Orson Park northeast), in Chengdu, Qingdao, Shenzhen, Wuhan and other places with R & D center at the same time, in Hong Kong, the United States California, Israel Tel Aviv, Netherlands Amsterdam To set up branch offices.

Bit mainland focused on high-level, low-power custom chip design and development, successful design, production of a variety of ASIC (Application Specific Integrated Circuit) custom chips and integrated systems, sales and service network covering more than 100 countries and regions. Among them, ASIC chip is suitable for bitcoin mining, which has a large amount of computation, repeatability and so on.

Specifically, its products and services are as follows:

  • Hardware device support – Antminer (ant miner, not only to dig bitcoin, you can also dig Litecoin and the DST. The mainstream S9 ant miner contains 189 ASIC chips .Motor is loaded with strong power chip Machine, mining body. Mining refers to the virtual currency through the calculation of the right to claim in order to obtain virtual currency rewards.);
  • Bottom Agreement Support – (Mining Pool. Pool refers to the collection of mining machines, mining machine distributed according to the distribution of profits);
  • SHA256 high-speed integrated computing solutions – Antpool (Ant pool, referred to as Ant pool);
  • Cloud Computing Services for Overseas Users – HashNest.

Bernstein said the main income from the bitter mainland comes from the sale of mines, “and it adjusts the price of miners based on the price of bitcoin.” It estimates that the bit continent has 70-80% market share in bitcoin mining machines and ASICs.

Ant Mines can dig three kinds of virtual currency in 2017 there has been a surge in the environment, the bit of continental wealth engine has strong support. Among them, Zero One Finance calculated in accordance with Coinmarketcap data, denominated in US dollars, bitcoin rose more than 12 times, once more than 17,000 US dollars / piece, the current market value of nearly 1.2 trillion yuan; Litecoin rose more than 50 times, reaching nearly 86 Times

Bit mainland mining machine “Legion” has far left behind competitors: roasted cat running in 2014, has not yet appeared, the production of roasted cat miner’s Shenzhen Bit Springs Information Technology Co., Ltd. is no longer dazzling; the first Taiwan ASIC mining machine – Avalon mining machine manufacturer Jia Nan Yun Chi has not successfully landed on the new board, 2017 revenue more than 2 billion yuan; butterfly mining machine has no audio …

Third, forked bitcoin

According to the “Finance and Economics” to sort out, because the 1MB block is too small, less expensive to block the block by malicious transactions, other transactions can not be normal, bitcoin expansion, but there are differences in the technical route.

The Core team of bitcoin core developers advocated Segregated Witness (Segwit) and set up a lightning network outside the main chain. The former divides the block information into transaction information and witness information. The main chain only carries the transaction information , The latter put the transaction outside the traditional block. The expansion needs to be 51% computational support, which means that the master of the power of the discourse weight.

However, “big mine owner” Wu Jihan failed to reach a consensus with the Core faction, and he hoped to play a more powerful advantage. On August 1, 2017, bitcoin led Bitcoin Cash (BCH, formerly known as BCC) under the control of the bit continent. The main difference between BCH and Bitcoin (BTC) is that the former has a larger block size than the latter (1MB) and is currently scalable up to 8MB (up to 32MB as early as May 15). BTC and BCH fans each think they are “real bitcoin.”

Wu Jihan’s mine and mine machine has not given up digging bitcoin. According to the block network data, as of the publication date of this article (March 2) within a month, the bit mainland China’s own pool (ants pool, and its investment pool viaBTC market share of the force ( The number of blocks dug into the whole area) were 17%, 13.32% and 11.93% respectively, ranking No. 1, No. 2 and No. 4 respectively, with a total share of 42.25%. It is reported that Zhongtangzhaoer owns the mine pool which is also inextricably linked to the mainland of bitter China. Its market share in the same period was 13.32%.

In BCH power, Wu Jihan also has a considerable voice. As of this writing (March 2), Ant pool,, viaBTC, market share of 11.6%, 2.7%, 2.5%, 2.4%.

Recently, head Cobra and Wu Jihan on Twitter for a war of words. Tencent “Deep Web” claimed that the site was originally registered by Satomi Nakamoto and Martti Malmi (bitcoin developer) to provide bitcoin white papers and other content, and prior to the disappearance of Nakamoto, the management of the domain name was handed over to two administrators They Theymos and Cobra.

Cobra’s ability to focus on Wu Ji-han is a departure from the original intention of Bitcoin to be decentralized, calling for a change in Bitcoin’s consensus mechanism, Proof of Work (PoW). Wu Kui-hang laughed at the proposal to improve the ERC20 agreement in Ethereum. While many other blockchains were busy developing R & D, Cobra was still busy playing political games. Changing PoW would make bitcoin’s market share in the virtual currency world fall below 10 %, Prospects worrying.

Fourth, in-depth artificial intelligence industry chain

In fact, the boundaries of the bit mainland have far exceeded the virtual currency.

By the end of 2017, bit Continental “marched” to AI, and it is actively developing AI hardware and software products such as Deep Learning Accelerators and servers with the goal of enabling big data users to more quickly develop and deploy their deep learning with their cloud platform application.

It not only upstream of the industry chain – chip, but also the acquisition of downstream – application service providers (such as early childhood robot service provider carrot technology).

The bitter continent encountered the new continent of bitcoin, but also more than that. It connects the “classical” manufacturing industry, but also closely follow the forefront of financial technology – the blockchain, the future is difficult to limit.

Attachment: Bian continent is not completely chronicles (zero one financial comprehensive self network)

Established in 2013

In November, the company launched “AntminerSI”, a mining machine equipped with ASIC chips. According to Haitong Securities, this year saw an 432-fold increase in bitcoin power driven by ASIC chips.

Year 2014

April, ant S2 mine production and sales;
June, the first version of 28nm chip BM1382 successful development;
July, equipped with 28nm chip ant mines S3 production;
In September, the acquisition of the cloud mining platform was completed and renamed HASHNEST.COM;
In November, on the line ant pool (Antpool);
In December, ant miner S5 production

2015 year

In August, the fourth generation of Bitcoin chip BM1385 released;
November, ant miner S7 production

2016 year

June, release ant miner S9

2017 year

April, set up a mining company in Israel;
In early November, the release of artificial intelligence chip brand SOPHON (count abundance, take “count heaven and earth, Feng cognitive cognitive intelligence,” meaning, in Liu Cixin’s science fiction “three body”, count abundance is a locked earth science and technology Strong artificial intelligence) and the first tensor acceleration chip BM1680, the latter is the world’s first dedicated tensor computing chip after GoogleTPU. Bit mainland based on BM1680 accelerator card SC1 / SC1 +, intelligent video analysis server SS1 and other products are also mass production shipments, SS1 server-based face recognition system has begun to accept the customer’s order;
December 8, the acquisition of intelligent robot company Beijing radish technology, the latter has introduced a small number of children and other children early education robots. Radish mainly focused on children’s education scene, based on self-developed natural language processing technology, the selected enlightenment knowledge, early education courses, integrated into the voice and motion control based intelligent interaction.


Mines are being set up in Canada and Switzerland and regional headquarters in Singapore
March 2018, already has 1,500 employees (data from the bit mainland China microblogging)

Regard to “de-centralization,” you may know all the wrong things

After compiling this article, I understand a bit why Vitalik Buterin, a 94-year-old guy, was able to start Ethereum at the age of 20.

I can not say that Vitalik’s understanding is correct, but I really feel some of his superiority from this article. Vitalik behaves differently than many young people in his way of thinking. “Decentralization” is a concept of selective demise of ordinary people’s metropolis. People think they fully understand the meaning of these four words, but Vitalik chooses to grab the word in an attempt to give it a more standardized definition.

I am glad that Vitalik expressed his thoughts because, whatever the final point of view, the retrospective and discussion of this basic concept is the current scarcity in the context of the novel concept of various blockchains Content.

System design has always been a huge and fascinating thing. As small as a community, a company, a city, a country, the world we live in is surrounded by a variety of sophisticated systems. But the interior of these huge machines, sometimes imperfect, can even be very crude.

Believers in the blockchain believe that there is a loophole in the seigniorage of the functioning of the global economic system in fragile and unreliable humanity and therefore require an alternative centripetal approach. Vitalik, on the other hand, starts with the concept of “decentralization,” revealing how complicated a decent decentralized system is, how much resistance it needs to fight against, and how many obstacles to remove.

The world we live in is very complicated. More and more systems are being packaged as a black box. It is difficult for people outside to see how the gears inside the box work. With Vitalik’s discussion of the concept of decentralization, we can take a closer look. So, if you are not interested in the blockchain but have a lot of curiosity about the design of complex systems, read this article too.

This article in order to facilitate the reader to understand, at compile time some of the contents of a small amount of censorship and adjustment. If you want to read the original English article, please click “read the original.”

“Decentralization” is probably the highest frequency term mentioned in the blockchain, but the definition of the word is also unclear.

In fact, think about it quite incredible. The blockchain consumes a large amount of computationally expensive hashing power just to keep the network decentralized, but when people are arguing about whether a token or blockchain network is good or not, However, the term “change” is often used as a gunsmoke to simply concisely say “you are not decentralized.” You can easily end a debate.

So, what does “decenterization” mean?

Not many people can really make it clear. In fact, not many people are conscious or willing to go deep into the true meaning of the word.

When facing questions, most people are accustomed to citing the following three pictures to explain the so-called “deconcentration”:

But unfortunately, the above three pictures as a common explanation, the basic is invalid. It is not essential to our understanding of “decentralization.”

We need a more bottom-up approach, and we need a clearer standard of judgment to define “decentralization.” Because only by understanding the true meaning of the word, we can better understand the blockchain.

Judge “to decentralize” three rulers

In the software world, the so-called “decentralization” can actually be divided into three dimensions for discussion. These three dimensions are also the three rulers to judge whether a thing is “decentralized.”

It should be noted that these three rulers, at first glance may seem indispensable, but overall, they are independent of each other.

  1. Architecture layer: In the physical world, how many computers a system consists of? In the process of running this system, how many computers can withstand the collapse of the system is still unaffected?
  2. Politics: How many individuals or organizations have ultimate control over the computers that make up the system?
  3. Logic layer: From the system design of the interface and data structure, it looks more like a complete single device, or more like a cluster composed of numerous units? – This dimension may be abstract, not very well understood, and we can judge it in another simpler way: If we divide the system in two halves and include both producer and consumer in both parts, then the two parts Can I continue to run completely as a stand-alone unit?

The three rulers, a system design used to measure the architectural layer, used to measure the control of the political layer, one used to measure the logic layer belongs to form.

To sum it up, it might be clearer to use a chart to show:

Can see that there are some representative examples in the chart. It should be noted that the classification and emission of these examples are still relatively crude at the moment, and there may be many logically controversial issues. Nevertheless, we can still try to follow these examples once again, which helps us to understand “why these three criteria “Good thing:

  1. Traditional companies: Traditional companies are centrist at the political level (one CEO per company) and centripetal at the architecture level (one for each company) and are still centralized at the logical level You can not really split the company in half.
  2. Law: Modern law has two systems, one is the civil law, one is the common law. Continental law relies on a centralized legislative body, which is centralized at the architectural level. Compared with the common law, the common law is made up of many precedents formed by many judges who act as individuals. Although many courts now have a great deal of freedom to decide on their own, continental law has a small “decentralization” at the architectural level, but compared to common law, a system of individuals with many judges, The decentralization of the law is clearly higher. Of course, both are centralized at the logical level (law is law).
  3. Language: Language is decentralized at the logical level. The English spoken between Alice and Bob, and the English spoken between Charlie and David, need not be the same. At the same time, the absence of any kind of language requires a central infrastructure for support, and English grammar rules are not created by any single individual nor controlled by any organization (you may say that World English initially Invented by Ludwig Zamenhof, but from now on, the communicative function of English is more like a living language that constantly evolves itself. It grows out of itself.)
  4. BT: Like English, BitTorrent is also decentralized at the logical level. The same is true for content distribution networks (cdn), but they are all subject to the independent control of a single company.
  5. Blockchain: Blockchain is decentralized at the political level (no one or organization can control the blockchain) and decentralized at the architectural level (no single server can be attacked), but at At the logical level, the blockchain is central (each blockchain has its own universal consensus and the system behaves more like a separate computer).

Well, we succeeded in smoothing out whether various things are decentralized.

Once again, you should already have the first discovery:

When it comes to the benefits of a blockchain, many people often mention the benefits of a “central database” (or public ledger). But the blockchain is not decentralized, why is there a concept of “central database”, is this a contradiction?

With the standards provided by our three rulers, it is easy to understand that the so-called centralization of the “central database” is actually the centralization of the logic layer.

In most cases, the centralization of the logic layer represents a better choice. However, many people also claim that the logic layer needs to be decentralized as much as possible. For example, Juan Benet from IPFS thinks so. His reason is that the logic-centric decentralized systems tend to be more viable on the network partition. To explain in a human-speaking way, it is “de-centralization of the logic layer.” In a less connected world (such as a remote area), it will perform better.

Why do we need to “decentralize”?

We have mastered how to judge the “decentralized” approach. The next question is why it is important to be decentralized? What is the benefit of it?

Decentralization has three advantages:

  1. Fault Tolerance: It is unlikely that a decentralized system will cease to work because of a localized accidental failure because it relies on many independently working components for greater fault tolerance.
  2. Anti-attack: the cost of attack and destruction to the decentralized system is higher than the centralized system. In economic terms, this is the difference between looting a house and looting a village.
  3. Anti-collusion: To centralize the system participants, it is difficult to collude with each other. However, the leadership of traditional enterprises and the government tend to collude with each other for their own interests and in ways that harm the interests of customers, employees and the public.

We try to talk about the above three points, one by one in more detail.

Fault tolerance

The core of fault tolerance is actually “the ability to withstand errors and reduce the probability of system crashes.” The probability of a computer failure, and the probability of failure of five of the ten computers at the same time, which one is bigger? Obviously the former. This is actually a way to spread the risk. In real life, such fault tolerance has been widely used, such as jet engines, backup generators, and hospitals, military infrastructures, diversified financial portfolios, computer networks and many more.

However, decentralized, fault-tolerant capabilities, while effective and important, are sometimes far less useful than a simple mathematical model. The reason is that “common mode failure.” Four jet engines are less prone to failure than one jet engine, but what if all four jet engines were made in the same factory? Or that all four jet engines are made by the same unqualified employee? This is common mode failure.

So, the current blockchain, to withstand common-mode failure?

Really not necessarily.

If you do not believe it, take a look at these examples:

  • All nodes in a blockchain run the same client software, and the client software has a BUG.
  • All nodes in a blockchain run the same client software, and the client software development team is in collusion with corruption.
  • The research team that proposed to upgrade the blockchain network protocol is in collusion with corruption.
  • In a POW blockchain, 70% of miners are in the same country, and the government of the country decides to take over all the mines for national security.
  • Most of the mining hardware is produced by the same company, and the company is bribed or threatened, opening a back door to the mining hardware so that all the mining hardware can be shut down at will.
  • In a POS blockchain, 70% of the currency is held by a single exchange.

Obviously, in order to ensure decentralized fault-tolerance, these issues should be minimized to the extent possible.

How to minimize it?

Here are some things that might be helpful:

  • As much as possible to maintain multi-party competition;
  • The technology and knowledge needed to upgrade the agreement must be democratized so that more people can participate in researching, discussing and criticizing changes in apparently unhealthy agreements;
  • Core development and research staff should be employed by multiple companies or organizations (or many of them can be volunteers);
  • Mining algorithm should be designed to the lowest degree of centralization;
  • Ideally, we use the proof of place (POS) approach to get rid of the hardware-centric risk (of course, proof of equity may also bring new risks).

It is worth noting that we tend to focus on decentralized design at the architectural level as we look at more elementary fault tolerance, but if you start to consider fault tolerance in the longer term of a system’s evolution and evolution , Then decentralization at the political level is also important.


Now, let’s look at the anti-aggression.

In a purely economic model, it is not important to be decentralized. If you create an agreement that “a verifier will lose $ 50 million in the event of a 51% attack,” it does not matter whether the verifier is controlled by one company or 100 companies. The $ 50 million is the marginal cost of securing the economic security of this agreement, and $ 50 million is $ 50 million. In fact, game theory tells us that centralized systems can even maximize this notion of marginal cost of economic security (the current blockchain transaction selection model also reflects this view because miners / block makers Packaging deals into blocks is actually a very swift process of authoritarian rotation.)

But if it is in a richer economic model, especially if there is a potential for coercion in this economic model (or a targeted DOS attack on a node), decentralization will become very important. When a person’s life is threatened, $ 50 million is extra-physical to him and you can easily take away his money, but if the $ 50 million is spread out in a dozen, you have to threaten the extortion The number of people, instantly soared to 10 times, and this 10 times the workload, but also at the same time to complete, this is a nightmare for any one robber.

The interesting point, however, is that in most cases the world we live in is characterized by asymmetry in “attacks / defenses” and often more predators. For example, a $ 10 million building built at a cost of $ 100,000 can easily destroy it. But the leverage effect of such attacks / defenses is often sub-linear: $ 100,000 is needed to destroy a $ 10 million building, $ 30,000 to a $ 1 million building, and then further down, while a smaller building needs a higher ratio.

And so on, knowing these things, what’s the use for us to understand the blockchain?

Of course useful. This truth at least allows us to understand the three key points of the blockchain mechanism design:

  • First, the Proof of Entitlement (POS) is more secure than the Workload Proofing (POW) mechanism. POWs need to mine computers that are easy to detect, manage, or attack, while POS targets proof of entitlement, which is tokens, which are easier to hide relative to computer hardware;
  • Second, the more profitable the distribution of blockchain teams, including the geographically distributed ones,
  • Thirdly, when designing a consensus agreement, it is necessary to consider both the economic model and the fault-tolerant model.


Finally, we can finally discuss the most complex of the three above: anti-collusion.

The word collusion sounds a bit weird, because the word collusion itself is hard to define. To put it simply, we can conclude that “collusion” is “what we do not like about coordination.” Ideally, we want perfect coordination between everyone, but when some people are perfectly coordinated and others are uncoordinated, the situation becomes dangerous.

For example, antitrust law is an example. In order to prevent market participants from pooling together, colluding with each other, monopolizing, damaging the interests of market consumers and society, and thereby gaining excess profits, the antitrust law has deliberately set regulatory obstacles in the operation of the market.

Another example is the anti-active coordination rules between the U.S. presidential candidate and the PAC. The PPCA is equivalent to an independent support candidate community, mainly used to help candidates to raise unlimited funds for the election. In order to prevent it from colluding with candidates, the United States stipulates that there should be no direct link between the PAC and the elected political party, that is, an anti-active coordination rule. Of course, these rules are actually hard to implement in practice.

A further example is the rules set by chess games that prevent two players from playing frequently with each other in order to improve their respective scores.

As you can see, this “anti-collusion” attempt is ubiquitous in all kinds of complex systems in the real world.

In the blockchain agreement, the mathematical principles and economic principles behind the establishment of consensus security usually rely on this “anti-collusion” setting.

“Anti-collusion” is to avoid as much as possible coordination between nodes, in other words, it assumes that a block chain network is composed of many independent decision-making nodes.

Advocates of the blockchain believe blockchain is more secure because no individual in the blockchain network can arbitrarily change the rules of the protocol itself. However, if the developers of software and protocols serve the same company and belong to the same family and work in the same office building, it is very difficult to prevent this situation.

The most crucial point to truly guaranteeing security is to prevent the system from becoming a self-serving centralized monopoly. Therefore, the more fragmented a blockchain network, the harder it is for them to collude and be safe.

However, this actually reveals a fundamental contradiction.

Many communities, including Ethereum, exist because they have a strong community spirit and have the advantage of quick coordination in implementing, distributing and activating hard-fork. The question we need to think about is how to nurture and improve this good coordination while at the same time preventing those poor coordination relations from accidentally evolving into “collusion” with each other (for example, miners are trying to collude with each other , Repeated 51% of attacks, in order to implement fraud).

To solve this problem, may need to do the following three points:

  • Do not try to reduce the collusion, use the agreement to completely eliminate the collusion.
  • Try to find a balance that provides enough coordination to help the agreement develop better, but at the same time not enough to evolve into collusion and attack.
  • Try to distinguish between “good coordination” and “harmful coordination” and then find ways to make the former easier and harder for the latter.

The first of these guidelines was used in many places in the design of Etper’s Casper mechanism. However, the first point alone is not enough, because economic reliance alone can not solve the other two types of centralization disruptions;

The second method is difficult to design a clear, but it often happens by accident. For example, Bitcoin’s core developers generally speak English, while miners generally speak Chinese, which can be called almost “a happy accident” because it inadvertently creates a “two-chamber” governance mechanism. On the one hand It makes collusion between each other difficult, on the other hand reduces the risk of common-mode failures – English and Chinese communities, because of communication difficulties, to some extent, they are more likely to have their own independent Thinking, therefore, is unlikely to make the same mistake at the same time.

The third method represents a sociological challenge that may need to be accomplished:

  • Social interventions, that is, attempts to increase participants’ overall loyalty to the blockchain community in lieu of or to limit the direct loyalty that each market participant has to each other.
  • Promote different market participants to communicate in the same context, so that no matter the verifier, developer or miners, they are less likely to classify themselves as a class, thus reducing their Coordination against other classes, the possibility of protecting the interests of their own class.
  • When designing an agreement, try to avoid or reduce the one-to-one “special relationship” between the certifier and the miners, or to form a centralized relay network and other similar super-protocol mechanisms.
  • The basic nature of the agreement should be, and what should not be done, or what can only be done in the most extreme circumstances, these agreements should be standardized in their own very clear and clear.

To prevent collusion, anti-collusion to the center, may be the most difficult to achieve the.

To really achieve it, some trade-offs and trade-offs are inevitable. Perhaps the best solution may be to rely heavily on a group that is most likely to guarantee decentralization: the user of the agreement.

to sum up

Well, if you read here, congratulations you’ve beat 99% of the other readers.

Let us review some of the main points of “decentralization”:

  • Three rulers to measure the degree of “decentralization”, three independent criteria: architecture, politics and logic;
  • Three “decentralized” benefits: fault tolerance, anti-aggression, anti-collusion;
  • Among them, the fault tolerance needs to solve the problems caused by common mode faults at present;
  • Offensive resistance is not important in the pure economic model, but it is very important in the richer economic model.
  • “Anti-collusion” is the most difficult to achieve in the three decentralized advantages, and it requires constant trade-offs and trade-offs.

It is noteworthy that the article’s view may not necessarily be correct, but at least it has helped you to re-examine the “decentralized” these four simple words.

No matter what the so-called coins and chains, their time differences and the real world are one or a year. After a series of new nouns and new concepts, the fundamental concepts that many people think are taken for granted are analyzed Discussion, we think there is still some value.

Any new words, should be able to apply the existing words, the most simple explanation. This article may not be good enough at compile time due to our own limited ability, but we are also content if you are inspired by it.

On the blockchain, this is the big three guys fighting for contention to the three core issues

Two days ago, a friend told me that I now see all kinds of “three o’clock” micro-channel group chat history do not want to click in again, one is bombarded by information for a few days, there have been emotional fatigue; two Is because the group’s point of view is greater than the real dry goods, said so much, or people in the fog.

The blockchain popular science out of countless articles, but no matter how blockchain let these big guys how crazy, onlookers said they could not understand. When I saw a blockchain practitioner on Monday, he saw me saying, “You certainly do not believe in the blockchain. The people you believe and the people you do not believe are completely different.”

In the short span of ten days, the controversy over the blockchain has taken place for several times. In the three o’clock group, it can be called “chat in the arena” and not in the group called “off-site chatting.” All people’s views are in collision, truth or fallacy, everything is still unknown.

Debate on the first off: Every day that blockchain, application scenarios where?

One of the most important reasons why the blockchain has been challenged by people is that there are no practical scenarios and ordinary people can not see the value that may exist. So in the eyes of these experts, blockchain application scenarios most likely to appear in where?

Qia Qun, the founder of Quantum Chain, said: At present, the evolution of the whole blockchain technology is still at an early stage, just as the Internet era was 20 years ago. At that time, we could not imagine that there would be applications such as Uber on the Internet. The development of technology gives us a richer diversity. The possibility is the future.

Now, cryptocurrencies are relative to the blockchain, similar to Email versus Internet. The future development of the blockchain will certainly not stop at cryptocurrencies. From a scene perspective, the biggest feature of blockchain technology is the Trustless Platform, guaranteed by a variety of technologies, reducing the cost of all business transactions.

The most famous bearer of the blockchain, Xue Manzi, is similar in concept to Shuai Man. He also believes that the current landing of all applications is still quite difficult. The reason is that there are still many problems in the chain, including bitcoin and Ethernet Square appeared on the transaction costs, transaction confirmation time, scalability and other issues. Now quantum chain, EOS and other public chains have tried to solve these problems, but it is a long-distance race.

What exactly can the blockchain do for that? In the early prediction, the following scenes are relatively easy to fall:

1, the game industry (virtual props and game channel changes);

2, the field of digital content (video, audio, text);

3, ID change;

4, the financial sector (everyone through the smart contract to provide insurance services);

5, organizational structure change, instead of the company system;

6, investment areas VC / PE;

7. Opportunities to serve digital assets (wallets, exchanges, derivatives and liquidity).

Jiang Guofei, vice president of Ant Financial said that from the proof of concept to the actual commercial use of blockchain may appear in the financial services and supply chain management, the time may be this year.

Zeng Ming, Dean of Lakeside University, gave several possible answers based on the technical characteristics of the blockchain:

1, the most important advantage of the blockchain, is transparent, can not be changed, distributed books. Some areas are areas that the Internet has never covered, such as acceptance bills.

2, another big advantage of blockchain, from the perspective of smart contract, it is in this level of point to point, it is possible to form more efficient mesh coordination. Such as crowdfunding.

3. In the field of innovation, the blockchain will definitely be closely integrated with the development of the Internet of Things, artificial intelligence and other fields, including cloud computing, edge computing and so on.

Debate second off: virtual currency worth?

Bitcoin prices skyrocketed and more air currency was introduced. ICO is considered more deceitful than marketing. All these views point to the question: Is virtual currency worthwhile?

Because of the quarrel with Zhu Xiaohu and the increased visibility of fast taxi founder Chen Weixing, said the encrypted currency will never cash, never cut leeks. However, he has strong confidence in these virtual currencies and also believes that “there will be no future money in non-cryptocurrencies.”

The reason is that the existing currency is the credit currency, and blockchain is used to create credit technology. It has created a lot of people’s consensus, we can create what everyone believes, and then through the trading liquidity, we define a price as a unit of measurement.

According to Chen Weixing, the traditional macroeconomics is based on the theory of a single currency. However, the multi-currency system in a blockchain environment does not always pay for each payment in a single currency. Therefore, excessive savings of bitcoin will not cause Relative Bitcoin deflation, because we can use eth, qtum thousands of thousands of means of payment. In this way, in future worlds, bitcoin is no longer a “single currency,” but a measure of various other values ​​that measures relative prices.

Xue Manzi’s idea and Chen Weixing completely different. He claims he is not a bitcoin believer and recommended Ruipo Coin three years ago because of Ruipo Coin’s ability to deal with the problems of cross-border deals such as cost, inconvenience and time-consuming.

Murphy’s founder Lily’s point of view is also different from Chen Weixing, and Xue Manzi similar. He said Bitcoin is a starting point for the “big era” of the blockchain and has an antique value, that is, asset value, not monetary value.

Two days ago, the value of bitcoin was strongly criticized by Microsoft founder Bill Gates. Gates said that the “anonymity” of electronic cryptocurrencies poses great social problems that may lead to a lot of capital flows that are difficult to legally track, supervise and exploit for offenders.

“This is a rare technique that causes death,” Bill Gates said.

Debate on the third pass: Blockchain will subvert BAT it?

The Internet has become known as the “classical Internet,” and it seems that the blockchain will be replaced immediately. Anxiety has changed the mentality of Internet practitioners, and now have to worry about BAT.

In a conversation, Cai Wensheng, the founder of Meituxiu Xiu Xiu, asked Zeng Ming: Is there any major move by BAT (in the area of ​​blockchain) at this moment because of policy reasons or is it time for the blockchain to land?

Zeng Ming responded: “The core is not to see the entry point, big business innovation mechanism and the market is different. Who found the actual application, who became a large company.”

There is no answer to this question as to who can become a big company. However, the key to determining the potential of the blockchain is whether to nurture big companies or even to subvert BAT. When answering Wang Feng’s question about Wang Feng’s interaction last night, Tsang also added a passage:

“To judge whether the blockchain is a disruptive technology or not, I personally think it is hard to make a more informed judgment at this stage or to take some time to observe.”

Xue Manzi once said that everybody investors are looking forward to casting a Ali, but this is really hard. But he has no doubt about the disruptiveness of the blockchain. He said the blockchain is a big deal that really turns the table and crouched all the mahjong tiles on the table. Everything is zero. Up to BAT down to the small business in the same starting line. Everyone has the opportunity to dry out a BAT, especially BAT can not play this now. This is a big chance!

The impact of the blockchain on BAT is essentially the impact on the Internet. Shuai’s advice is: after decades of development of the Internet, people’s eating and drinking, clothing, food, clothing and transportation and other fields, all Internet companies have made a very easy-to-use products, I personally feel blockchain in these basic areas of demand is not Too many opportunities. From this perspective, the blockchain is very difficult to impact on the BAT in a short period of time.

In addition, he also believes that, from a scenario point of view, at this stage have not seen the subversion of BAT core business opportunities, because BAT has solved some very basic human needs.

The three-o’clock group has been active for half a month, and blockchain believers have modeled more groups. Every classical Internet practitioner, as long as a little show of interest in the block chain, will soon be pulled into the professional and unprofessional groups, see all kinds of people understand and do not understand the group, brave real truths Fake news is in discussion.

All discussions can not avoid these three issues. For example, some people want to ask the ICO in the end is not lying, we must first discuss the value and significance of virtual currency, and then understand the possibility of success of the project, the last look at the prospects of the industry. Even the most insightful scholars can not guarantee the correct answer. At this time, the confrontation of views is particularly precious.

The SEC has issued a large number of summonses to allegedly violating ICO Bitcoin and other cryptocurrencies fell

The U.S. securities regulators’ control of cryptocurrencies has not dissipated, but intensified – The Securities and Exchange Commission (SEC) tightened its fraud for the first time in the issue of tokens (ICO), according to The Wall Street Journal, Has issued a large number of summons to industry players suspected of violating securities laws. This is because the SEC has been worrying for months, and some ICOs are raising funds for those non-existent businesses.

The Wall Street Journal reported that the SEC issued a subpoena to get information from technology companies and consultants who are involved in the cryptocurrency market.

Most ICOs are securities

CoinDesk data show that the ICO market has become increasingly hot in the past year. The SEC is therefore concerned that in many cases, some investors with smaller financial resources have not adequately studied the risks associated with the ICO. In addition, the Wall Street Journal quoted sources as saying that the SEC is investigating the structure of the ICO, in part because the ICO does not need to follow as many provisions as the IPO.

After the news came out, major cryptocurrencies, including bitcoin, etheric and ripple, crashed.

SEC spokesman Judith Burns did not immediately respond to a call seeking comment. However, the Daily Economic News reporter noticed that SEC chairman Jay Clayton has been critical of the ICO’s fund-raising practices. Clayton has also said on many occasions that the vast majority of ICOs should register with the SEC because these cryptocurrencies are traded on the secondary market just like any other SEC-regulated securities, but the ICO has been slow to accept SEC regulation. In an interview in January of this year, Clayton promised that “if the ICO company does not change the way it operates,” more will be sanctioned.

In addition, in early February, when Clayton made a speech in the U.S. Senate, most of the ICOs are securities. Clayton also said at the time that he was concerned about the regulation of the types of crypto-assets under the SEC’s current currency trading framework.

In a speech to the Senate, Clayton said “Investors are entitled to the protection of state and federal securities laws when they participate in securities transactions, and this is true of investors involved in the ICO. In addition, ICO financing Both the parties and the market participants must abide by these laws and we are willing to discuss with Congress and other countries whether there is a need to strengthen the federal government regulation of cryptocurrency trading platform.But we also support the regulatory and policy aspects of the promotion for the ICO And greater transparency in the cryptocurrency space. ”

“Many ICOs are unlawful and the ICO companies do not comply with the securities law, and some say this is because the securities laws do not explicitly state the ICO and we do not think so.” Clayton The Senate added:

How to manage is not clear

The Daily Economic News reporter noted that ICO has been a controversial fund-raising model ever since its inception, and that securities regulators have sounded countless warnings to ICOs. The SEC warned before that it was not enough for a tokens issuer to classify cryptocurrencies as “utility, utility” categories, enough to circumvent the federal securities laws.

But beyond the SEC, it is unclear how ICO and cryptocurrency will be effectively regulated. For the time being, the cryptocurrency trading platform is not under the jurisdiction of federal agencies such as the Commodity Futures Trading Commission (CFTC). In contrast, these ICO-financed companies are licensed and regulated at the state level. In addition, although the SEC is tightening its regulation of ICOs, ICO’s financing model is not in the regulatory framework for stock IPOs.

Ordinarily, in the ICO process, a company sells digital currencies that can eventually be redeemed for goods and services. ICO allows companies to get millions of dollars from investors. For example, a telecom application operator called Telegram is trying to raise $ 1.2 billion by issuing tokens.

The SEC has already made a number of cases involving the ICO, including allegations against a Texas-based company in January of this year, claiming that former Boxing Champion Evander Holyfield (World Class Champion ) Successfully raised 600 million U.S. dollars as a celebrity spokesperson. The SEC said the company, known as AriseBank, allegedly raised funds illegally from investors without filing with regulators.

The Daily Economic News reporter also notices that in the past year, the rise of cryptocurrencies and ICOs has caused soaring prices of major digital currencies such as Bitcoin and Ether. According to Autonomous NEXT, a financial technology analysis provider, in January 2018 companies in the industry raised a total of $ 1.5 billion through ICOs. In 2017, this figure is more than 6.5 billion U.S. dollars.