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Trend analysis of blockchain development and stable currency

Time : 01/12/2021 Author : 46ovls Click : + -
        As early as 2008, Nakamoto published bitcoin: a peer-to-peer electronic cash system, which started the development of the whole blockchain. On January 3, 2009, Satoshi Nakamoto dug out 50 bitcoins in the first block of bitcoin, which is also the most important node in the development of the blockchain. Since then, the blockchain has been developing vigorously. The period from 2009 to 2013 is a stage of forming consensus and influence, but its development is relatively slow at this stage. 1.0 represented by bitcoin realizes programmable currency. In the digital world, it is valuable to build a trust based network by consuming a certain amount of electric energy, because every bitcoin in this system has a trust carrier for endorsement during its generation or circulation.
        In the real world, there is often a problem in the communication between people or between institutions. How do we establish a trust mechanism? The cost of trust establishment is very, very large. Therefore, the establishment of trust mechanism is very important in the real world from the information internet to the value Internet. Here is a new concept: Information Internet and value Internet. We should all be sympathetic to the current development of the Internet. For example, blogs, Tiktok and other applications are all Internet applications. In fact, he realized the dissemination of information, while the blockchain realized the transfer of value. At the beginning, the Internet was designed in the pipeline mode of information transmission. Therefore, his underlying technology was the P2P protocol, the underlying switch, the router and so on, which directly set off the tide of the Internet.
        In the early 1990s, there was a big foam in the Internet, including the mobile Internet, which has entered our lives and has changed the world. The revolution of the Internet is no less than that of the steam engine and other industrial revolutions. What is the transfer of value? The blockchain can no longer own the ownership of a data after sending it to another person, thus using these systems to realize the transmission or transfer of value. From 2009 to now, after the birth of bitcoin network, its advantages have been increasingly recognized by people. For example, it is decentralized, transactions do not need to pass through the center, transactions cannot be tampered with, and inflation will not occur. It is highly recognized globally, and it is also one of the currencies in circulation in many exchanges.
        Its disadvantages are also obvious: long transaction cycle, large amount of resources to be consumed, and many future risks, such as whether its encryption technology is safe with the development of technology. In 2013, you may know that the Russian genius V God released the Ethereum white paper: the next generation of intelligent connection and decentralized application platform, which first mentioned the concept of Ethereum. Starting from the creation node of Ethereum, we understand it as the 2.0 era of blockchain. It realizes the programmable application of blockchain and adds smart contracts. Smart contract extends from the blockchain from the currency system to the registration and transfer of equity, creditor's rights and property rights, the execution of securities and financial contract transactions, and even various financial fields such as gambling and anti-counterfeiting.
        One of the changes is that after the smart contract was introduced to the blockchain, the script of bitcoin was very complex in the past. Now, you can specify your direct trading behavior through the contract. For example, in Alipay and Taobao, you buy something on Alipay, and then you need to transfer it to Alipay. After your receipt is confirmed, Alipay will transfer the corresponding money to the seller, and all this can be well realized through the smart contract of the blockchain. It is equivalent to adding some logic to it. It can complete the whole thing completely automatically, and there is no centralized organization such as Taobao and Alibaba. After that, digital assets based on erc20 and erc751 continued to appear. In 2017, the so-called ICO was in full swing, and countless people's money was taken away. The root of all this was mainly the introduction of smart contracts.
        Smart contracts can be said that anyone can create a desired decentralized application on the Ethereum network, and it is easy to create their own tokens to issue. On September 4, the 17th year in our country, seven national ministries and commissions issued an announcement prohibiting any activities of ICO. The coin circle began to start a cliff waterfall, and then of course, various forms of ICO such as private placement began to rise. You should not be unfamiliar with EOS. EOS has gradually developed since 17 years, and it represents the application of blockchain 3.0. 3.0 does not have a specific concept so far. I personally think it is a programmable society. Whether it is the earliest bitcoin, Ethereum or smart contract, their performance or other aspects are very limited.
        It can only be used for some applications, but it is difficult to be used for large-scale high concurrent and high-performance applications. Bitcoin has a maximum of 7 or 8 transactions per second. After reaching Ethereum, it can reach 20 transactions per second. This is far from our actual application, or it can only be applied to some special fields. But EOS appears to claim millions of transactions per second. The concept of millions is like tmall's double 11. There are at most 20 transactions per second. Therefore, if EOS can support millions of transactions, it can do a lot of things. At present, EOS, AE, BTM and many other projects claim to represent blockchain 3.0. However, at present, blockchain 3.0 is not a complete and mature landing project. Some people say that blockchain 3.0 is a networked computer collaborative artificial intelligence operating system. Others say that all applications beyond smart contracts in the financial field can be called blockchain 3.0.
        At present, there is no final conclusion. At least so far, it needs the continuous evolution and strengthening of the underlying technologies, such as the improvement of encryption algorithms, multiple intervention methods including multiple consensus mechanisms, and performance improvement. Only in this way can the coordinated development of all aspects be perfectly integrated and the project be implemented. Blockchain applications have many landing projects in China, but they are all vertical fields or some small fields, such as the application ecosystem of blockchain. In the financial field, assets and interests can be digitized, distributed through point-to-point transactions, transfer transactions, clearing and delivery, etc. Other applications: medical health, IP copyright, education, Internet of things, sharing economy.
        Everyone is familiar with the sharing economy. For example, bike sharing and car sharing are all sharing economies. What you may know now is still limited to digital currency. In fact, the technology of blockchain has already been recognized by the society. Although various countries are cautious about digital currency, they are very open to blockchain technology, and they all hope to land some fields through blockchain. The first problem: low efficiency. In the process of transferring coins, we will find that it takes a long time to receive them, and all nodes need to be synchronized. For example, due to the influence of the network or miners, the time for each confirmation of bitcoin is about ten minutes or more, and it takes one hour for six confirmations. Therefore, there is a big delay in the medium speed. At the same time, he uses a computer composed of thousands of mining machines, and the method of using computers to complete decentralization is relatively inefficient.
        Second problem: energy consumption. Because mining requires a large amount of electric energy, some people predict that the power consumption of bitcoin mining in 2020 will be the same as the current global power consumption. Third question: privacy protection. In the public chain of the blockchain, every participant can obtain a complete data backup. All data is open and transparent. If you know some accounts and transaction information of commercial institutions, you can know all his wealth. Of course, there will be some private or cross chain methods. The fourth question: regulatory game. The decentralized and qualified characteristics of the blockchain dilute the concept of national supervision. In the case that the regulation cannot be effectively managed, it is difficult to avoid the market's profit seeking use of blockchain technology to enter some illegal fields, such as the black industry chain, including money laundering.
        In the future, blockchain 4.0 will be deeply integrated with supercomputing, artificial intelligence, big data collection and analysis, and finally establish a virtual city. The world is still far away. It is not known when it can be realized, but it is not always expected that such a city will be finally established. In the future, blockchain should have the value of interconnection. In view of the current situation of transaction congestion, high transaction confirmation time and long time in the existing blockchain infrastructure, the next thing to be improved is the protocols and mechanisms at all levels to realize the support protocols for the interaction of all layers of the value network, which will be smoother and greatly improved in performance, including the underlying structure, including the distributed consensus mechanism.
        It has been greatly improved at the level of underlying data structure, distributed consensus mechanism, anti quantum attack, anonymous transaction, smart contract, cross chain communication and multi chain integration, ecological incentive and industrial application. With the sharp increase in the market value of digital currency assets, more and more countries have brought the bitmarket into the regulatory scope, with different attitudes. On the whole, the United Kingdom, Vietnam, Singapore, Australia, Canada and Zheng countries are relatively friendly to the exchange rate; The attitude of Russia and Thailand has experienced from strict prohibition to gradual relaxation. The first hospital in the UK to accept digital currency payment; Tzuebii, a used car trading platform in India, accepts bitcoin payment; Illinois will support bitcoin tax payment; The Korean tourism website cooperates with the large cryptocurrency exchange in Florida, and more than 50000 hotels will accept 12 currencies.
        Stable currency is a kind of cryptocurrency with stable value. The background of the birth of stable currency is that the price of cryptocurrency fluctuates greatly. As a medium of exchange, it connects the digital currency world and the legal currency world. Advantages: the process is simple, the price is stable, there is no collateral on the blockchain, it is not easy to be attacked by hackers, and the cryptocurrency plays a safe role in the overall decline. Disadvantages: high settlement cost, high policy risk and Centralization & mdash& mdash; There is a need for a trusted custodian to store legal assets and regular reviews are required to ensure transparency. Advantages: the mortgaged assets are more fair and transparent on the blockchain, which can be accelerated and low-cost liquidation as collateral for encrypted assets and can be used to realize leverage.
        Disadvantages: it will be affected by specific cryptocurrencies, and will be automatically cleared as collateral when the price plummets. Compared with the legal asset type stable currency, the price is not stable enough. Advantages: no collateral, the highest degree of decentralization and the most independent & mdash& mdash; Not limited to any cryptocurrency. Disadvantages: the demand for stable currency continues to grow, which is vulnerable to the decline or collapse of crypto assets and cannot be liquidated. GUSD: on September 10, 2018, the Financial Services Department of New York approved two stable currencies based on Ethereum, namely GUSD issued by Gemini and PSD issued by Paxos.
        On August 1, Wal Mart applied for a patent for the "system and method for realizing digital currency through blockchain". As stated in the patent application, Wal Mart seems to be applying for a standard stable currency linked to legal currency. According to the latest report released by Forbes, the Central Bank of China will officially launch digital currency in the next few months. Initially, it will be issued to industrial and Commercial Bank of China, China Construction Bank, Bank of China, Agricultural Bank of China, Alibaba, Tencent and UnionPay. Once this digital currency is launched as scheduled, the people's Bank of China will become the first central bank in the world to officially release digital currency. Why does the international community attach importance to the development of blockchain and issue its own digital currency as soon as possible? Because of the international situation, no country wants to be threatened by other countries and wants to occupy its own scientific and technological highlands.
        There are currently 1.7 billion people in the world without bank accounts, accounting for 31% of the global population. In the traditional financial field, cross-border transfer and remittance are very cumbersome and require 3-5 working days to complete. Moreover, because of the use of cash, the United States steals 40 billion dollars of cash a year. In order to participate in social finance, these people without bank accounts have to pay more than US $4 per month. The emergence of Libra stable currency can enable all people to participate in the financial world. It has the functions of stable value, fast transaction, expandability and security, which have the characteristics of both blockchain finance and traditional finance. This time, Facebook redefined "money" and changed the global economy.
        Facebook just released this stable coin called Libra, which is actually managed and issued by an organization called Libra Association. This organization was initiated by Facebook and operated by dozens of organizations. It is divided into investment institutions, blockchain, social media, communication companies, e-commerce, shared travel, non-profit organizations, music, travel, payment and other fields. These industries have high expectations and participation in digital cryptocurrency and its related payment business. So far, the currency address of the US dollar is gradually declining, and China is growing stronger.
        The institutions that issue money in the United States do not belong to the state, while the money issued by the central bank belongs to the state. Every time the United States issues a dollar bill, the foreign exchange of other countries will depreciate. The blockchain technology solves the problem of excessive issuance and effectively reduces inflation.
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