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Ten thousand words long text analysis - what is the possibility of blockchain except the legend of sudden wealth? (next)

Time : 18/08/2021 Author : epxcqo Click : + -
        Lei Feng: the prevalence of various opportunism has made blockchain a successful "street word" comparable to AI. The sound of this word can be heard from bus radio, office buildings, and even the vegetable market. However, apart from getting rich overnight, what else is worth paying attention to behind this mysterious technology? How is it different from credit card payment on the Internet? What are the real challenges blockchain faces now? From information technology to the Internet to mobile Internet to the current blockchain economy, what is the most important sector that people have missed. A few days ago, the New York Times published a long article "beyondthebitcoinbubble". StevenJohnson, the author, told us the answers to many questions about blockchain.
        After reading this article, I believe you will have a more rational understanding of blockchain, bitcoin, Ethereum, ICO, etc. This article is jointly compiled by Peng saiqiong and Li Xiuqin of Lei Feng. Due to its long length, it is divided into two parts. This is the next part. Therefore, in this era when large technology companies have attracted billions of users and are sitting on hundreds of billions of dollars in cash, how can we effectively apply grassroots agreements? If the Internet is currently causing significant and increasingly serious damage to society, how can people adopt new open source technical standards? This seemingly abstruse problem will have serious consequences. If we can't try to introduce new and competitive infrastructure at the grass-roots level, we will be blocked by today's Internet.
        The only thing we can hope is that the government will intervene to restrict the power of Facebook or Google, or consumers will resist and encourage the market to turn to neglected and fairer online services. Neither of these two methods will threaten the stability of internettwo. The challenge to the era of closed agreements came in 2008, shortly after Facebook's corporate headquarters was put into use. A mysterious programmer (or a team) named Satoshi Nakamoto sent a paper to an encrypted mailing list. This paper is called "bitcoin: a peer-to-peer e-cash system". In this paper, Nakamoto introduces a clever digital currency system, which does not require centralized trust institutions to verify transactions.
        At that time, Facebook and bitcoin seemed irrelevant &mdash& mdash; One is the booming social media start-ups that are popular with investors, where you can share birthday greetings and connect with old friends, while the other is the peer-to-peer cryptocurrency program that comes from nowhere. But ten years later, Nakamoto published this idea through a paper, which posed the biggest challenge to the supremacy of internettwo like Facebook. The paradox of bitcoin is that it may become a real revolutionary breakthrough, but as a currency, it may be a big failure.
        As I mentioned, bitcoin has increased its value nearly ten million times in the past five years, making early investors a lot of money. At the same time, it also makes it an extremely unstable payment method. The process of producing new bitcoin also requires amazing energy consumption. The final use of new technologies is always very different from their initial application, which seems to be a historical law. Similarly, the current discussion of bitcoin as a payment system may be just a cover up. Nakamoto called bitcoin "point-to-point e-cash system" in his paper, but this innovative theory proposed by TA has more general characteristics at the core, with two key characteristics:.
        First, bitcoin proves that you can create a secure database &mdash& mdash; Blockchain &mdash& mdash; Scattered on hundreds or thousands of computers, there is no highest authority to control and verify the authenticity of data. Secondly, Nakamoto has designed bitcoin, so the work of maintaining distributed ledgers will receive small and increasingly scarce returns from bitcoin. If you spend half of the processing cycle of the computer to help the bitcoin network calculate correctly, so as to resist hackers and fraud, you will receive a small part of bitcoin. Nakamoto designed this system, making bitcoin more and more difficult to obtain over time, thus ensuring a certain amount of scarcity in the system.
        If you help bitcoin maintain database security in its early development, you will get more bitcoin than the latecomers. This process is called "mining". For us, we don't need to pay attention to the enthusiasm of bitcoin, but just keep these two characteristics in mind: what Nakamoto Cong has introduced to the world is a mechanism for all nodes to reach an agreement on the content of the database without anyone controlling the database. At the same time, it is also a mechanism that can compensate people who have contributed to the development of the database without using the means of group interest distribution. These two features together solve the problems of distributed database and capital. As a result, an open protocol that didn't appear in Facebook's early days suddenly appeared.
        These two features have now been replicated by dozens of new systems inspired by bitcoin. One of the systems is Ethereum. Vitalikbuterin proposed this system through a white paper at the age of 19. Although Ethereum has its own currency, the core of Ethereum is not to promote electronic payment, but to enable people to run applications on Ethereum's blockchain. At present, hundreds of Ethereum applications are under development, ranging from market prediction, social networking, and crowdfunding services. Almost all of them are in the testing stage and can't really be put into use. Although these applications are in their infancy, there has been a reduced version of the bitcoin foam in eth, which is likely to make buterin a huge fortune.
        These currencies can be cleverly used. Juanbenet's filecoin system will rely on Ethereum technology and reward users and developers who adopt IPFs protocol, or relevant personnel who help maintain the shared database required by the protocol. Protocollabs is issuing its own cryptocurrency, the filecoin mentioned above, and plans to sell these coins on the public market in the coming months. (in the summer of 2017, filecoin raised $135million in the first 60 minutes of the pre-sale stage, which benet called "pre-sale" of tokens by authorized investors).
        Many cryptocurrencies are open to the public through a process known as initial token issuance (ICO). The abbreviation of ICO can be said to be a response to the first Internet IPO foam in the 1990s. But there is an important difference between the two. Speculators can buy during ICO, but they do not buy shares or proprietary software of private companies like traditional IPOs. After ICO, the system will continue to issue money in exchange for labor. In the case of filecoin, these labor forces are anyone who helps maintain the network. Developers who help improve software can earn electronic money.
        Ordinary users who sell hard disk space to expand network capacity can also get electronic money. Filecoin establishes a system that reflects someone's contribution to their network somewhere. In order to emphasize that this technology is not intended to replace the existing monetary system, advocates like chrisdixon have begun to use "token" instead of "currency" to refer to the compensation of the reward of this system. He said:. I like this metaphor because it shows that electronic money is like game money. You only use these game coins when you play arcade games. We are not trying to replace the government. Electronic currency is not to become a real currency, it only acts as a pseudo currency in the virtual world.
        Danfinlay, the founder of metamask, holds a similar view to Dixon. "For me, what's really interesting is that we can design new value systems. These systems are not for money," he said. Whether it's fake money or not, the emergence of ICO has led to many suspicious issuing behaviors, including some token issuance, and even initiated by celebrities who don't seem to be followers of blockchain. For example, djkhaled, celebrity Paris Hilton and Boxer floydmayweather. Fredwilson, the founder of unionsquareventures and an early blockchain revolution advocate, wrote in a blog in October 2017, "I hate it," and added that most ICOS are scams.
        "Celebrities who hype on social media in order to get more wealth have behaved very badly, and they may have violated the securities law." It can be said that among the craziness of ICO, the most surprising thing is that some platforms that have not yet had any effect on ordinary users can attract a lot of financial investment. At least in the Internet foam in the late 1990s, people could still buy books on Amazon or read newspapers on the Internet, and people could also determine that the Internet might become a mainstream platform. Today, the hype is so rampant that a large amount of money has poured into this technology that laymen hardly understand and have not used.
        For discussion, we can assume that hype is necessary, and blockchain platforms such as Ethereum have become the foundation of our digital infrastructure. How will the distributed ledger and token economy challenge the current technology giants? Bradburnh, one of the partners of fredwilson, a venture capital firm in Union Square, gave an example: Uber, which attracted the attention of regulators and public discussion. Burnham said, "Uber is essentially just a coordination platform between drivers and passengers. Uber is really creative. At the beginning, Uber had many problems to face, such as making people believe that drivers will participate, and the problem of maps.
        There are many other places that deserve our affirmation. " But when new services such as Uber become popular, the market has a strong incentive to consolidate its leadership. The growth in the number of Uber users has attracted more drivers, and the addition of more drivers has attracted more passengers. People bind their credit cards with Uber accounts, install apps, and there are a large number of Uber drivers on the road. Therefore, when users try to switch to other Uber competitor services, the cost becomes very high, Burnham said: "to some extent, the innovation around coordination has become less and less innovative.
        Blockchain puts forward different things. Imagine that an organization like protocollabs decided to add another "base layer" to the heap. Just as GPS allows us to discover and share locations, this new protocol will define a simple request: I am here and want to go there. The distributed ledger may record all users' past travel records, credit cards, favorite places and other metadata that will be centrally saved by Uber or Amazon. For the convenience of argument, we can call it transit protocol. The standards for sending transit requests to the Internet will be fully disclosed; Anyone who wants to build an app to respond to a request can do so.
        Then, all cities can establish application programs for taxi drivers to grab orders. Bike sharing groups or rickshaw drivers can also rob. Developers can create apps for this shared market, and all potential vehicles using the transit protocol can compete. When you want to take a taxi, you don't have to be limited to one platform. Just announce your current location and where you are going. Then you will receive a lot of quotations. In theory, you can even see the services provided by the subway to remind you that taking the subway may be cheaper and faster. If Uber and LYFT have dominated the shared travel market, how can transit gain a position in this industry? This requires talking about tokens.
        Early users of transit will receive tokens of transit rewards, which people can use to buy transit services or convert it into traditional currencies. As in the bitcoin model, with the popularity of transit, there will be less and less tokens awarded by the whole system. In the early days, developers using the iPhone application of transit may see the unexpected harvest of tokens; Uber drivers who start using transit as a second choice to find passengers can collect tokens as a reward for hugging the system; Adventurous consumers will be rewarded when using transit in the early stage, and there are fewer drivers available than existing proprietary networks such as Uber or LYFT.
        But when transit becomes popular, it will attract speculators, who will price these tokens and make it more popular by boasting the value of the system, which will attract more developers, drivers and users. If the whole system can finally operate as its supporters say, the result will be more competitive and the market will be more equitable. The economic value generated through this system will not be concentrated in the hands of shareholders or large groups, but a broader crowd: early developers of transit, APP makers, drivers and passengers who took the lead in using this system, and the first wave of speculators. Token economy brings elements that are not in the traditional economic model: it does not create value by owning something, but by improving the underlying agreement.
        The boundaries between founders, investors and users have become increasingly blurred; It appeared to stop taking all winners. At the same time, this economic model also requires speculation by people outside the community. Even decentralized cryptocurrencies have their key nodes. For Ethereum, one of the nodes is at the Brooklyn headquarters of consensys. Consensys was founded by Joseph Lubin, a pioneer of Ethereum. Last November, cmoamandagutterman, 26, of consensys, took the author to visit here. Consensys is headquartered in Bushwick.
        It's not like the headquarters of a company at all. Its front door is covered with graffiti and stickers. The last renovation of their stairs was in the 1920s. Consensys, which has just been established for three years, now has more than 550 employees in 28 countries around the world, and this operation has never been solved through financing. As an organization, consensys is very special: technically speaking, it is a company, but it also has characteristics similar to non-profit organizations and collective workers. The common goal of consensys members is to strengthen and expand the Ethereum blockchain. They support developers to create new applications and tools for the platform, and metamask, which generates Ethereum addresses, is one of them.
        They also provide consulting services for enterprises, non-profit organizations or governments, hoping to integrate Ethereum's smart contracts into their systems. The real test of blockchain, like many online crises in the past few years, will revolve around the issue of identity. Nowadays, people's digital identities are scattered in dozens or even hundreds of different websites: Asia
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