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⑴ Multichain vs. Ethereum - the battle is ongoing

Research conducted by GrandReview shows that the blockchain market is growing rapidly, and there is no There are signs that this growth will slow in the near term. When blockchain was in its infancy, it was the domain of tight-knit communities, but it has now expanded to large enterprises, investors and even local governments. But with such rapid expansion comes a new wave of challenges, especially when it comes to scalability.

Solving blockchain scalability issues

It is well known that blockchain has congestion and scalability issues. This has far-reaching consequences, resulting in slower transaction processing times and increased transaction fees, resulting in a poor user experience.

This is not a problem unique to a specific chain, but it is particularly evident in the case of Ethereum, the second-largest blockchain network after Bitcoin. This caused some developers to become so frustrated that they moved to other networks, such as Solana or Cardano, which offered higher speeds.

At the same time, most developers believe that for DeFi to continue to gain popularity and traction, and for these solutions to be accepted by the masses, the solution lies in cooperation, not competition. Enter the idea of ​​a multi-chain universe.

What is Multichain?

Can multi-chain solve scalability issues? As the name suggests, a multi-chain ecosystem is a multi-chain ecosystem in which multiple blockchains are connected to each other with the ultimate goal of improving user experience, increasing efficiency, and allowing for wider adoption. But this requires effective cross-chain solutions. The good news is that some of them are already in production. Let’s look at SushiSwap and Aave adopting multi-chain.

Multi-chain adoption in SushiSwap and Aave

SushiSwap entered the multi-chain field as early as March this year and is now one of the largest multi-chain adopters, existing in 13 On-chain: including Ethereum, Binance Smart Chain, Polygon, Avalanche and Fantom.

Aave will follow suit. It has found success with its crypto lending products, which has led to many users locking up their assets.

Aave’s founder recently stated that the protocol is considering launching on a number of different networks. He also talked about EVM compliant solutions via Neon Labs, Avalanche and Optimistic Rollup solutions Arbitrum and Optimism at SolaExpand Aave’s lending market on na as part of its multi-chain strategy.

Where do multi-chain aggregators come from?

Multi-chain or cross-chain aggregators determine the best way to enable transactions across blockchain ecosystems. As such, they ease the burden on existing blockchain users and remove some barriers to entry for new entrants.

An example of such an aggregator is Apeboard, which enables users to monitor their portfolios across different platforms. Apeboard supports 11 chains, including Ethereum, Binance Smart Chain, Polygon, Solana, and Terra. It's great for monitoring assets across multiple chains and tracking balances.

Also worth mentioning here is 1Inch, an exchange aggregator that scans DEXs to find the lowest cryptocurrency prices for traders. 1inch provides liquidity to 78 platforms including Ethereum, Binance Smart Chain, and Polygon.

Popular multi-asset blockchains - Orbit Chain, Polkadot and Cosmos

When talking about the multi-chain future, it is important to discuss multi-asset blockchains, which use decentralization Inter-chain communication (IBC) stores, transmits and verifies information and assets that exist across the entire public blockchain. The most popular of them are Orbit Chain, Polkadot, and Cosmos.

Multiple possibilities for a multi-chain future

Currently blockchain is still defined and experienced by each of its components, which means that from a user perspective, it lacks fluidity sex. Some have even compared it to the early days of the internet. Multi-chain technology will subvert this experience to the point where users may not even know which chain they are operating on. This change is critical to enabling blockchain to transition into a high-growth industry.

Multi-chain will support the adoption of blockchain in many sectors, especially finance and banking. Without this interoperability, transactions between banks using different blockchains would be extremely complex for everyone involved. But with a multi-chain approach, transferring data is not only simple, but also fast and secure.

Similarly, in supply chain management, blockchain interoperability can bring huge benefits. The properties of blockchain allow disconnected supply chain management systems to interoperate without high investment costs. Therefore, it makes sense to leverage these characteristics to transform supply chains.

Finally, an important benefit of interoperability is that different development teams that previously worked in silos can leverage each other's solutions, thereby driving innovation across the industry.

Why Ethereum may blockStop multi-chains

Currently, the biggest development hindering the future of multi-chains is the launch of ETH 2.0 - a network upgrade that will make the Ethereum network more scalable and secure. To achieve this, Ethereum changed its consensus mechanism from Proof of Work (PoW) to Proof of Stake (PoS). The upgrade could have a significant impact on Ethereum’s price, as its lower fees and faster transactions will open the network to a larger user base.

Ethereum already allows asset transfers on L2 aggregation - an off-chain transaction aggregator within Ethereum smart contracts. Their goal is to reduce fees and congestion by increasing the blockchain’s throughput. But they also offer many solutions when it comes to asset transfers.

It is widely believed that L2 solutions played an important role in bringing Ethereum to mainstream users. It is estimated that L2 can handle 2,000-4,000 transactions per second, which is very close to Visa's processing capabilities. As Layer 1 scales with Ethereum 2.0 and Layer 2, Ethereum will take advantage of some serious economic bandwidth.

In fact, if ETH 2.0 goes into full effect, developers may not see any reason to embrace multi-chains - Ethereum will provide them with everything they need.

⑵ What are the characteristics of blockchain?

According to reports, blockchain has the characteristics of decentralization, trustlessness and Advantages such as non-tamperability.

Compared to the Internet, the blockchain network conceived by Cosmos also realizes asset value transfer while exchanging information. Through the IBC cross-chain protocol, cross-chain transfer of tokens can be achieved between blockchains developed by Tendermint Core of Cosmos. For public chains generated based on the PoW consensus mechanism such as Ethereum, Pegged Zone can be used to bridge .

Article source: Bit 110 Network

⑶ Does anyone know about the Tepleton project?

Tepleton is a new blockchain finance based on the underlying cross-chain technology. The solution is a blockchain value network that prioritizes serving the financial industry and will empower cutting-edge financial fields such as trust, banking, insurance, securities, and leasing. The DPoS consensus mechanism combined with the Byzantine fault-tolerant security consensus can not only effectively ensure the rapid circulation and transmission of information and transactions on the main chain, but also ensure that the entire network will not be destroyed by malicious attackers by isolating the Center (hub) and Area (partition) from each other. , which combines the characteristics of security, high performance and consistency. For the first time in the world, the concept of FinBlockchain, the abbreviation of Finance+Blockchain, was proposed, which is defined as "the underlying technology of blockchain".An open, credible, efficient and decentralized new financial era based on ".

Tepleton's technical features

Tepleton protocol is a full-asset decentralized bottom-level cross-chain protocol. Its technical features include, Using the DPoS algorithm combined with Byzantine fault tolerance, it can not only effectively ensure the rapid circulation and transmission of information and transactions on the main chain, but also ensure that the main chain will not be attacked by malicious saboteurs through Center and Area isolation. It is both safe, high-performance and consistent. Due to the consideration of being the first to be implemented in the financial field, the industry's PoW consensus mechanism is prone to network congestion due to its low performance, resulting in the financial industry's needs for fast settlement and high-frequency manipulation being unable to meet Implemented. The Tepleton protocol adopts the DPoS algorithm combined with Byzantine fault tolerance, which can not only effectively ensure the rapid circulation and transmission of information and transactions on the main chain, but also ensure that the main chain will not be attacked by malicious saboteurs through Center and Area isolation. It has both security and High-performance, consistent features. Tepleton adopts optimal Byzantine fault tolerance using majority voting (more than two-thirds) and locking mechanisms to ensure its security. In order for a deliberate saboteur to cause security problems, there must be three More than one-third of the voting rights, and more than two values ​​must be submitted.

Tepleton uses an architecture of two components, Center and Area, to establish a connection to the entire blockchain network. Center is a cross-chain The center of the connection, all cross-chain transactions are processed uniformly through the Center. Areas are different partitions, connected to the Center through the IBC protocol. Different chains need to conduct cross-chain transactions with each other, and they only need to be agented through the Center to complete . Center and Area are both based on Warren's blockchain. WarrenCore serves as a consensus engine so that each Area can run normally. WarrenCore shares blocks and transactions between nodes, and establishes a standardized transaction sequence. The IBC protocol is used between Center and Area Message and value transfer. Relying on the timely and final characteristics of the IBC protocol, the IBC protocol is used for the circulation and message transfer of tokens between Center and Area.

Tepleton’s first Area is defined as Tepleton Center. Tepleton Center is a multi-asset encryption network that can adapt and upgrade the network. Tepleton Center has set up 95 nodes. The 95 nodes are elected by voting to jointly decide which Areas can be connected to the Center.

< p>Due to the interoperability between Areas, the Tepleton protocol creates a financial internet network with great potential. Assets are issued and controlled by different validators and can be implemented without relying on third parties that require trust. Quick settlement and acceptance of assets, while also providing cross-chain fundsNetwork conditions that produce seamless transfers and transactions. The Tepleton protocol inherits the technical advantages of Cosmos, while making improvements in performance, response time, processing times per second, etc., thus developing an underlying technical architecture more suitable for quantification.

For existing blockchains, there is a lack of finality required for Tepleton inter-chain communication. In order to solve the communication problems between these public chains, Tepleton designed the proxy chain Proxy Area as a relay connection. Connected to Center through IBC to achieve cross-chain.

TEP - the only proof of equity and application scenarios of Tepleton ecology

Tepleton Token, referred to as TEP, is the only equity token of Tepleton ecology and will be used for the value circulation of equity proof and construction in all future ecosystems. Tepleton will first issue initial tokens based on the Ethereum ERC-20 protocol, and then perform mapping conversion after the mainnet is launched. The total amount of TEP is set to 1 billion, which is written into the smart contract and will never be issued. Every quarter, Tepleton will use 40% of the entire ecological income to repurchase the TEP tokens circulating in the market, and will use the repurchased tokens. The certificates will be destroyed to ensure that there will be no token currency in the market until the final total remaining TEP is 50 million.

TEP is a value carrier. Each application scenario accesses or directly uses a certain amount of TEP, or defines its own token and exchanges it with TEP at a certain ratio. With the gradual enrichment of application scenarios, TEP is used and consumed more and more, and the value of TEP is also increasing. And TEP has transaction attributes. Each same/cross-chain transaction on TEP requires a small transaction fee. Dapp applications on it also need to use TEP to mortgage and purchase resources. TEP supports smart contracts and can assist in quantified transactions and cross-border payments. implement. In addition, TEP has an incentive mechanism. Through a positive incentive plan, TEP encourages miners to actively provide system verification transactions, create blocks, and use economic means to generate positive feedback that can promote the continuous development of the system. The token will be used as a reward to encourage the community to continue to contribute to the system.

TEP has many application scenarios. Users can use any mainstream digital assets to purchase AI quantified deep brain to earn income conveniently. If you use TEP to purchase, you can enjoy corresponding discounts. Users are allowed to use any mainstream digital assets to purchase platform funds to earn income, but some limited-time high-yield stable funds will be limited to TEP purchases. In addition, using TEP also includes the purchase of quantitative insurance, investment strategy income distribution, partner equity mortgage, margin mortgage for providing strategies, ecological incentives and other benefits.

Team introduction

Jaden Tao

Founder and CEO

Blockchain international cutting-edge, double master's degree in business analysis and economics from UCLA (University of California, Los Angeles) Degree, World Economic Forum J.A.A member of the young community and a serial entrepreneur, he entered the blockchain industry in 2016 and served as the CEO of BeiPoP. He has rich experience in blockchain industry knowledge and project operation management. Chairman of the STO International Alliance, an early digital currency investor and evangelist, has participated in the early investment and international layout of many outstanding projects around the world.

Gen Chia

Co-founder and COO

Joined the blockchain industry in 2015, founded blockchain companies such as Dream City and Idol Dream, and worked in both CEO or COO, with rich operational experience, helping many companies raise more than ten million US dollars. Graduated from the National University of Singapore with a double degree in business management and economics. He is a project research specialist at the National University of Singapore's School of Literature and Social Sciences. He is the initiator of the global blockchain brand operation community and the first person to propose the "community snowball" theory. Founder of the Blockchain Consulting and Financial Services Alliance of Singapore (BAFS), with members from all over the world. A pioneer in cross-border blockchain cooperation, he has provided cross-border financial and consulting services to dozens of international companies, and has been deeply involved in the IPO and investment M&A operations of many companies in Singapore and Hong Kong. It has abundant government resources in Southeast Asia and has a keen sense and unique understanding of the social value, commercial value and application value of blockchain technology.

Bruno Miguel Mendes Santos Moreira Monteiro

Co-founder and CTO

Currently CTO of Tepleton core development team, graduated from the University of Porto majoring in computer science and economics, UK Master of Finance from Middlesex University, London. He has successively worked in London, UK, Apollo (insurance management), Shawbrook Bank, TP ICAP (Interdealer Broker), Funding Circle, JP Morgan & Chase, Coinbase and other companies as CTO or key technical positions. Proficient in English, Portuguese, French, and Italian, he began to pay attention to the encrypted digital industry in 2013. He has published papers such as "Imagination on Transforming the Underlying Architecture of Blockchain" and "Outline of the Direction of Blockchain in the Field of Quantitative Finance". There is in-depth research on underlying technology and blockchain finance. He has independently developed the K2rco strategy and achieved short-term gains of up to 458%. He is a Portuguese quantitative trading master who is good at using code to solve problems in the financial field. He is a top financial architect in the blockchain and an expert in the financial security control of underlying codes. One of the core development team members of AI Quantitative Deep Brain.

Taiwo Ogunseye

Senior Technology Architect

Senior architect of the Tepleton core development team. He came into contact with blockchain and Bitcoin in 2013. Top blockchain engineer and technology geek, graduated from the University of East LondonHe received master's degrees in computer science and business management from the University of Houston respectively. He has worked in key technical positions and technical consultants in many well-known companies such as CollaboGate, Debit, Amazon, Tezos UK, and Apple. He has organized and participated in hackathons many times and won the season championship many times. An early research expert and builder of Name-coin technology, the first branch of Bitcoin, and an early proposer of the DPoS + Byzantine fault-tolerance hybrid mechanism, he once co-founded an open source PoolWell.

Belokamensky

Technical Engineer (Technical Engineer)

Graduated from Lviv Business School and has worked in world-renowned companies such as Adidas, Nike, and Sberbank. With 15 years of experience in Internet technology development and 4 years of decentralized development experience, he has participated in the development of multiple digital currency exchanges, wallets and Dapps as a technical director or engineer. He has led the development of a number of Internet products that have ranked first in paid App Store rankings. Proficient in front-end and back-end design and development of Internet products and blockchain products, and has profound insights into the Internet, blockchain, big data, and artificial intelligence.

⑷ Patent Analysis: "Dual Offline" Payment Issues of Digital RMB

She Yunfeng, author of Mobile Payment Network: On July 16, the People's Bank of China released the "Research and Development Progress of China's Digital RMB" White Paper" (hereinafter referred to as the "White Paper"), to clarify the People's Bank of China's basic position on digital RMB research and development, and comprehensively explain the research and development background, goal vision, design framework and related policy considerations of the digital RMB system.

However, the white paper on "dual offline" payment, which is generally of concern in the industry, did not elaborate too much. It only stated that it is cooperating with mobile phone manufacturers to study and provide new mobile payment experiences including dual offline transactions and other functions. . Based on the smart video card, the hard wallet payment model separated from the mobile phone is tested, providing the possibility to bridge the "digital divide".

In this regard, Mobile Payment Network introduced in detail the possible manifestations and impacts of "dual offline" payment of digital renminbi (can digital renminbi dual offline discussion guarantee payment if the network and power are cut off?), this time We will take a closer look at some technical details of “dual offline” payment from a patent perspective.

Methods and systems for offline payment using digital currency chip cards

In 2016, the Institute of Printing Science and Technology of the People's Bank of China applied for a project called "Using Digital Currency Chip Cards" "Method and System for Offline Payment" patent, which is also one of the few patent layouts directly related to "dual offline" in the central bank system.

The Institute of Printing Science and Technology of the People's Bank of China, affiliated to the Head Office of the People's Bank of China, is a professional scientific research unit for banknote printing. It focuses on application development research and takes into account the application foundation.Research. From the perspective of patent layout, it is also the only institution in the central bank department that provides patent layout related to digital currency chip cards.

The patent document states that when using a digital currency chip card for offline payment, the acceptance terminal device receives the transaction amount without establishing a network connection with the commercial bank’s digital currency system; the user terminal device receives the transaction amount through short-range wireless The connection method obtains the transaction amount from the acceptance terminal device and sends the transaction information to the acceptance terminal device; after the acceptance terminal device establishes a network connection with the commercial bank's digital currency system, the acceptance terminal device sends the transaction information to the commercial bank's digital currency system; the commercial bank After receiving the transaction information, the digital currency system sends a request to change the owner to the central bank digital currency system; after receiving the request to change the owner, the central bank digital currency system changes the owner of the digital currency to the one corresponding to the acceptance terminal device. merchant code.

The entire transaction logic is actually very clear, that is, when the user makes an offline digital currency payment at the acceptance terminal through the "card hardware wallet", the acceptance terminal confirms the transaction information (card information and transaction amount) by receiving the information. and whether the account is being used normally. After the acceptance terminal establishes a network connection with the digital currency system, the transaction information is sent to the commercial bank's digital currency system. After receiving the transaction information, the commercial bank's digital currency system sends a request to change the owner to the central bank's digital currency system.

During the offline payment process, the receiving user can verify the authenticity of the digital currency received at that time, but still needs to conduct background verification to determine whether the digital currency has been repeatedly paid. The design idea is: digital currencies that require repeated payment verification are marked as "pending repeated payment verification" in the client electronic wallet program (such as POS machine). Once the POS machine is connected to the network, it will automatically perform repeated payment verification to the digital currency system. Apply. The system receives the verification application and performs corresponding operations, records the transaction flow in the registration center, and updates the owner of the digital currency. If the payee is not a registered user of the system, the system will also record the withdrawal password reserved by the payee.

Among them, the patent also introduces public and private key encryption and decryption, digital certificates, PKI and IBC security certification systems, etc. At that time, the patent also introduced in detail the currency value and change issues of digital currency. However, judging from subsequent development, the digital RMB system did not adopt this fixed denomination form.

In fact, judging from the patent document, a key problem with the patent at that time was that after the receiving end completed the offline payment transaction, it was unable to receive the money normally without being connected to the Internet. The patent did not discuss the details of this issue.

Offline payment methods, terminals and agent delivery equipment based on digital currency

Since then, the Industrial and Commercial Bank of China Co., Ltd. (hereinafter referred to as "ICBC") also applied for a The project is titled "Offline Payment Methods, Terminals and Agents Based on Digital Currency""Processing and Distributing Equipment" patent, which introduces the payment method of digital currency in dual offline situations. This is also one of the few patent layouts for banks in digital currency “dual offline” payment.

The patent document describes that this method is applied to the payment terminal, including: verifying the digital certificate of the paying user. If the digital certificate of the paying user is within the validity period, obtaining the transaction signed by the paying user's private key from the payment terminal. Information; use the public key of the paying user to verify the legality of the transaction information, use the private key of the receiving user to decrypt the offline digital currency, and compare the amount of offline digital currency with the transaction amount; if the transaction information If it is legal and the amount of the offline digital currency is the same as the transaction amount, the payment terminal will be notified to deduct the money; upon receiving the successful deduction notification sent by the payment terminal, the offline transaction record will be registered and the offline digital currency count in the account will be increased. .

Among them, the digital currency investment management equipment 101 is deployed at the People's Bank of China to manage the digital currency investment quota of each agency investment agency. The digital currency investment quota is determined by the digital currency investment management equipment 101 according to the agency investment agency. Set the delivery requirements and freeze the corresponding amount of deposit reserves of the agency delivery agency. The digital currency investment management device 101 generates investment coins according to the digital currency investment quota, and sends the information about the investment coins in the form of messages to the agent investment equipment 102 deployed in each agent investment institution.

The agent placement device 102 receives the coin placement information sent by the digital currency placement management device 101, and produces the corresponding amount of digital currency for the user according to the user's need to redeem the digital currency, and conducts the digital currency account book Management, providing users with services such as relevant account balance inquiry, online transaction entry, and offline transfer amount.

The collection terminal 103 and the payment terminal 104 can be network devices that support mobile payment, such as mobile phones, tablet computers, or smart wearable devices.

In an offline payment scenario, information exchange occurs between the collection terminal 103 and the payment terminal 104 in an offline manner; and the communication between the terminal and the agent delivery device 102 occurs through the network.

The patent document states that in the case of dual offline payment, because it is not connected to the Internet, although the count of offline digital currency in the terminal account of the receiving user increases, the payment is collected at the agency. The user account has not changed, that is, the amount of money stored by the receiving user in the agency has not increased at this time, so the offline digital currency currently received by the receiving terminal cannot be used for external payments. Therefore, offline digital currency can be frozen; when connected to the network, send offline transaction records to the agent delivery device, so that the agent delivery device can change the digital currency count in the account based on the offline transaction records; unfreeze the offline digital currency, and the offline numbers after unfreezing Currency can be used to pay other users.

The patent mentions that this solutionThe offline digital currency limit is generated through application based on the user's deposit amount at this agency. Although during offline transactions, the paying user's public key verifies the legitimacy of the transaction information, uses the receiving user's private key to decrypt the offline digital currency, and compares the amount of offline digital currency with the transaction amount. However, it is worth noting that in addition to the validity period of the digital certificate, the offline digital currency issued by the agency to the user also has a certain validity period. Within this validity period, the user can use the offline digital currency; if the validity period is exceeded , the terminal needs to re-apply for offline digital currency from the agent delivery device. In the implementation case of this application, the payment terminal can also verify whether the offline digital currency used by the paying user for payment is within the validity period to determine whether the paying user can use offline digital currency for payment.

Based on the above description, in the view of Mobile Payment Network, the "dual offline" payment described in this patent may not be the "hardware wallet" solution currently used in digital renminbi, but more like a digital currency-based payment solution. For the "soft" solution of the RMB wallet account, the currency string is not actually stored locally in the hardware wallet. Therefore, the key problem of this solution is that the digital currency for offline payment can only be "frozen" and cannot be traded again until the next online synchronization.

Digital currency dual offline payment method and payment system

Tianyi E-commerce Co., Ltd. is a wholly-owned subsidiary of China Telecom. It is an important sector in Internet finance and financial technology, and is also the central bank. Approved third-party payment institution. In August 2020, it applied for an invention patent called "Digital Currency Dual Offline Payment Method and Payment System".

The patent provides a dual offline payment method and payment system for digital currency. The dual offline payment method includes: establishing an alliance blockchain between commercial banks and/or third-party payment institutions; digital currency offline transaction users Apply for digital currency transfer from the device side of the commercial bank through the device side; when a dual offline transaction occurs in which both parties to the transaction are offline, the security domain of the device side of both the payer and the payer conducts the offline transaction through the handshake protocol, and performs signature authentication on the transaction result; When one of the two parties to the transaction is connected to the Internet, online settlement is initiated to the device of the commercial bank/third-party payment institution.

From the perspective of implementation, dual offline payment is still a process in which the payer and payer complete transaction verification through digital certificates and public and private key encryption and decryption in the dual offline state, and after the network is connected, the payment device party and the business The bank's device-side system synchronizes transaction results and implements the clearing and settlement process.

The biggest difference between this patent and the previous one is that it establishes an alliance blockchain between commercial banks and third-party payment institutions, which is supervised by the central bank's equipment side, which serves as the alliance. A full blockchain node with the same functions as commercial bank nodes and third-party payment institution nodes in the blockchain, and holds the private transaction information on the alliance blockchain.The private key used to decrypt private transactions.

The advantage is that the digital certificate mechanism based on the blockchain and the security domain operation based on the trusted hardware execution environment TEE ensure that transactions are safe and reliable; at the same time, the use of the blockchain ensures that even if the bank account system is attacked , the transaction certificate service can still run trustworthy, which can ensure that malicious transactions are identified to the greatest extent, and the entire transaction process is safe and trustworthy.

However, judging from the patent description, this patent also uses the operation of freezing and transferring funds in the original account, that is, the device side transfers a certain amount of digital currency from its own capital account before making offline payments. And deposit it into the security domain of its own device, while at the same time, the commercial bank device freezes the digital currency in the user's capital account. When the offline payment is completed and one of the devices of both the payor and the payee is online, the transaction license certificate and the offline transaction result are sent to the commercial bank device. The commercial bank device will process the user's funds based on the transaction status data in the transaction result. The account is cleared and settled. After the clearing is completed, the funds frozen during the transfer of the user's capital account are unfrozen and settlement is completed.

Under this premise, we don’t know whether the digital currency in the offline payment state can be transferred twice before settlement.

Conclusion

Judging from the current major patents, the basic realization of digital RMB dual offline payment is already in front of us, but many technical details are still not clear enough, especially the "offline state" "The issue of secondary circulation of digital currency."

A long time ago, we discussed the possible form of central bank digital currency. Is it based on accounts or tokens? Is it UTXO or balance model? (Link: Account or Token? UTXO or Balance Model? Thinking about DCEP Form under Dual Offline) Now, the answer to this question is relatively clear. From the general direction of digital renminbi, it must be based on the account system, but dual offline How to solve the problems existing in the payment account system still needs to be observed.

⑸ Take stock of the top ten projects worthy of attention in the second half of 2020

lishuchen • August 7, 2020 11:07 am • Research • Read 180

There are two types of projects in the first half of 2020: one is related to DeFi, and the other is other projects.

Many DeFi projects have experienced thigh-breaking market prices, with increases ranging from several times to hundreds of thousands of times.

Uniswap, cross-chain, cloud storage, ETH2.0 and other hot spots are emerging one after another. The second half of 2020 is a period of highly concentrated hot spots. Can we find opportunities from them?

"Filecoin (Cloud Storage Track)"

Filecoin is the storage layer and incentive layer of the IPFS protocol. IPFS is a point-to-point distributed file system, which is known as the next generation of decentralized Internet underlying protocol.

From July to September 2017, Filecoin raised US$257 million through ICO (public and private placement), with top investment institutions such as Sequoia Capital participating. The development of the project has been full of twists and turns, and after several delays, the mainnet is about to be launched.

If there are no accidents, the Filecoin mainnet will be online between August 31st and September 21st. Miners can participate in network governance and competition by providing storage space and using effective storage as computing power. Obtain token rewards for block packaging rights.

On August 12, Filecoin will launch a global miner competition. This competition will have more than 4 million FIL rewards distributed, which is as high as 180 million US dollars based on the current futures price.

As a project that has both blockchain technology capabilities and practical applications, and is also popular in the market, Filecoin is undoubtedly the biggest opportunity in 2020.

Of course, there are as many traps as opportunities on the Filecoin track.

Participate in Filecoin investment and find opportunities.

In addition to Filecoin, the launch of the Filecoin mainnet may also increase the popularity of the cloud storage track, and projects related to the cloud storage concept may see an increase.

"Polkadot (cross-chain track)"

Polkadot is a multi-chain interaction architecture proposed by Gavin Wood, the former chief development officer of Ethereum, which mainly solves inter-chain information solve the problem of siled islands and provide cross-chain infrastructure to enable information exchange between chains in a secure and trustless manner. To summarize, Polkadot is a network protocol that allows arbitrary data to be transferred through the blockchain.

Like Filecoin, Polkadot has also experienced delays. The project was originally planned to go online in 2019. Before the mainnet went online, the team first launched the Polkadot sister chain Kusama without code audit, allowing developers to Various experiments are carried out above. The previous progress of Polkadot was mainly in ecological development and project promotion, holding Meetups (discussions) around the world. The code audit passed in the first half of this year, and the mainnet was launched as everyone was waiting.

The Polkadot project is very innovative and has the following characteristics:

Characteristics of Polkadot

Polkadot has recently launched Huobi, OKEx, etc. Mainstream exchanges conducted another crowdfunding of 302,000 DOT on July 24. At present, the six major stages of the full-featured mainnet launch (PoA, NPoS, governance, removal of Sudo, support for balance transfers and core functions) have been completedgovernance stage.

The next runtime upgrade initiated by public vote will remove Sudo from Polkadot, and the network will be controlled by token holders.

In addition, Polkadot will enable the transfer function on August 18, which is another step closer to the fully functional mainnet. Polkadot will subsequently conduct an auction for parachain slots. After the auction is completed, many parachains will be connected to Polkadot through slots.

The launch of the Polkadot mainnet is an important milestone in the development of blockchain. The cross-chain protocol will bring new expansion methods to more projects, and can also exchange information with other projects, making cross-chain calls of smart contracts possible. This is a major benefit for the project and will lead to a rich blockchain ecosystem that interacts through inter-chain messaging.

The one-click chain issuance model makes it no longer difficult to build a public chain, so we can also imagine that this will be more innovative than Ethereum's one-click coin issuance and can solve more problems. application scenario issues.

There are still many opportunities for Polkadot in the future. In addition to the Polkadot project itself, you can also find opportunities in the Polkadot parachain ecosystem, such as the existing ChainX, Edgeware, etc. You can also participate in Polkadot in the future new parachain.

"Cosmos (cross-chain track)"

Cosmos is a parallel network launched by the Tendermint team. Using Cosmos, various blockchains can complete transactions and communicate with each other. Cosmos and Polkadot are collectively known as the "cross-chain duo", and the mainnet was successfully launched in March 2019.

Cosmos held an event to challenge the Incentive Network in June, laying a solid foundation for the practical application of subsequent cross-chain protocols. In July, the Stargate update was launched, and the project also received good news.

Cosmos has been developing the IBC 1.0 protocol. After problems within the team broke out in February, the project founder left Cosmos to start a new project. Since he was not a core member of the project, he had little impact on the entire project. After subsequent reorganization, the team has no internal friction, and the development speed of the IBC 1.0 protocol has also been accelerated.

Cosmos IBC 1.0 development progress

Cosmos’ core cross-chain protocol IBC 1.0 is about to be launched. Currently, 82% of the development of IBC 1.0 has been completed. The completion of IBC 1.0 will truly connect the center and partitions of Cosmos and achieve a breakthrough in inter-chain information transfer technology.

IBC 1.0 is the core development point of Cosmos. Currently, the partitions and centers of Cosmos can only operate independently because the cross-chain protocol has not yet been completed. The development of many projects is limited by IBC 1.0, and the cross-chain protocol has not been completed, such as the asset cross-chain project IRI on CosmosS will not be able to solve the subsequent progress.

" Waves (Public Chain Track) "

Waves is a very easy-to-use blockchain platform with customizable tokens. After users apply for a Waves account, they can easily complete the issuance and listing of tokens.

Waves has opened up the Waves Association in the past to provide effective governance for the entire ecosystem. In 2020, a data protocol that can connect any blockchain to the outside world will also be launched, which will be applied in the ecosystem in the future.

Waves is building inter-chain DeFi

Waves is building inter-chain DeFi. It enables DeFi products to be accessible on all chains and protects DeFi products through a diversified asset portfolio. The first inter-chain DeFi product launched by Waves will be Neutrino, which can be ported to different chains. Waves is also implementing the next step to develop the Waves 2.0 vision.

Neutrino Dollar is an algorithmic stablecoin pegged to the U.S. dollar and backed by Waves’ PoS network. All Neutrino tokens are held in smart contracts, and users can send their WAVES to the smart contract at any time and exchange them for Neutrino.

"Enjin (Game Track)"

Enjin is an online game creation platform founded in 2009. It was not until 2017 that Enjin Coin was established and began to design and create a platform that can be used for trading, A digital platform that manages and distributes virtual goods, solving the problems of traditional game platforms such as centralization, opaque funds, and non-unification of various game tokens.

Enjin is well-known for its games and various NFTs minted through ERC-1155.

NFT minted with ERC-1155

NFT is a non-fungible token. Simply put, the two tokens exist independently and are different, such as 2017 Each CryptoKitty of various shapes and attributes that has been very popular in the past year is an NFT.

However, the market usage rate of CryptoKitties represented by ERC-721 is too low, while NFT represented by Enjin ERC-1155 is gradually opening up the market, and more and more projects choose to use ERC-1155 Issue NFT.

ERC-1155 type NFT can be operated in batches, and can be destroyed after minting is completed to retrieve Enjin tokens.

At present, the NFT market has not really exploded. Binance’s recent IEO has also launched projects related to the NFT concept. Enjin is the leader in the NFT field, so it is very important.Lots of opportunities.

At present, the revenue of the global game market is growing rapidly every year. According to professional data analysis, the revenue of the game market now exceeds 150 billion US dollars. However, the blockchain game track has not yet exploded. Enjin has 20 million users around the world, the ecological content of the game is also developing steadily, and the development tools provided for developers have also been improved. Therefore, after the NFT market exploded, Enjin The performance will be very imaginative.

"Nexus Mutual (DeFi Derivatives)"

Nexus Mutual is an Ethereum mutual insurance that shares risks through discretionary entrustment. It is somewhat similar to the Alipay "Huang Bao" we currently use. Users' premiums are concentrated in a fund pool. When a claim is settled, the user will be able to obtain a certain amount of compensation from the fund pool after passing the review.

In July, Nexus Mutual introduced Pooled Staking, which was the largest upgrade since its launch and redesigned the staking system. This upgrade will reduce the learning costs for users to pledge tokens, encourage users to increase their pledge of NXM, increase the income of risk assessors and use a fairer distribution method, and shorten the lock-in period of NXM pledges.

Nexus Mutual insurance purchase interface

Anyone can pledge NXM to become a risk assessor. Risk assessors can evaluate the security of a certain smart contract and can use NXM deposits to pledge multiple smart phones at the same time. contract and receive rewards from the staking contract.

As the current leading project of DeFi insurance, Nexus Mutual mainly provides insurance services for DeFi protocols, especially because of the recent YFI-based liquidity mining, which has been favored by domestic investors.

Recent upgrades have stimulated risk assessors to increase the NXM pledge rate. The more insurance policies written in users’ smart contracts, the better protection they can provide users.

"Zcoin (Anonymous Track)"

Zcoin is an anonymous coin that uses zero-knowledge proof and uses the method of minting and retrieval to hide the connection between traders. The project was launched in 2016. The total supply of tokens is 21.4 million, and the output and halving cycle are the same as Bitcoin’s 4 years. MTP (Merkle Tree Proof Algorithm) is used to balance the computing power of miners.

Zcoin’s main work in the first half of the year was the development of the Lelantus protocol and the launch of a decentralized project crowdfunding system to raise funds to develop some Zcoin applications. The issue of whether to change the Zcoin consensus mechanism is still being discussed. Officials recently launched a vote on Twitter to change the name of Zcoin. Currently, more than 50% of Twitter users express support.

Details of XZC mining token distribution before and after halving

Zcoin uses a PoW+PoS mechanism and will be halved in September this year. After the halving, each block reward will be reduced from 25 XZC to 12.5 XZC.

Zcoin’s main considerations when distributing block rewards are: Providing sustainable funding for development and research, ensuring continued growth of the community through miners and Znodes nodes. In addition to reducing the circulation of project tokens, it will also have a positive effect on project development progress and allow more users to participate in the construction of Znodes nodes, maintaining the safe operation of the Zcoin blockchain.

Comparison of Lelantus protocol and other protocol technologies

Zcoin’s Lelantus protocol will be launched soon. It can also be seen from the above table that Zcoin’s anonymity technology and performance have been improving from the initial protocol to the final protocol.

Lelantus will provide stronger anonymity. In addition to proving size, batch verification can also effectively reduce verification time.

Lelantus performs well in all dimensions: providing high anonymity, good performance and small proof size, relying on mature cryptography. Therefore, the successful launch of Lelantus will be a great progress for the project.

According to Zcoin officials, Lelantus will be deployed by September at the latest. However, the progress of the project may be delayed due to the impact of the epidemic this year. For investors, it is a good choice to know in advance the major progress of the project and make arrangements in advance.

"Curve Finance (DeFi track, not online)"

Locking status of Curve Finance on DeFi Pulse

DeFi stablecoin trading platform Curve Finance is currently The locked position has reached 218.8 million US dollars, ranking only behind Maker, Compound, Synthetix, Aave, Balancer and InstaDApp, showing a steady growth trend. Liquidity mining has brought explosive growth to other DeFi projects. For example, Compound dominates the entire market, and Curve can only carve up a small share.

Growth of the total amount of CRV over time

Curve will issue tokens and launch liquidity mining to compete for market share. However, the mining method has not yet been determined, and the token issuance time and selling price have not yet been determined, and may be held in the near future.

Information from Curve Github shows that CRV is an inflationary token with a total supply of 1 billion. The inflation rate is the highest in the first year, and the token will eventually grow to 3.33 billion.

Curve.finance founder Michael Egorov said: CRV will be a governance token that needs to be locked when voting. Tokens can not only be used for liquidity mining, but can also be used to incentivize any ecologically beneficial behavior recognized by Curve DAO (Decentralized Autonomous Organization).

"NEAR (Public chain track, not yet online)"

NEAR is a well-known public chain for sharding technology. The sharding solution is called Night Shade Protocol ), but NEAR is not a sharded chain structure, and it does not adopt the model of Polkadot and Cosmos. NEAR's sharding technology solves the scalability problem and will make a difference in the Dapp and DeFi fields in the future.

Near announced the economic model, with an initial issuance of 1 billion and an inflation rate of 5%. Recently, it has also cooperated with Chainlink to provide decentralized oracle services for NEAR developers.

Comparison of scalability and flexibility between NEAR and several major public chains

NEAR is a project on the sharding track. Currently, the PoA mainnet has been launched and will raise funds in August. It is currently temporarily No specific information is available. The main opportunity lies in the 2-3 year window period of Ethereum 2.0. Ethereum 2.0 will start "Phase 0" at the end of 2020, "Phase 1" in 2021, and "Phase 2" in 2023. The process is very slow. .

Therefore, NEAR can use its own structural advantages to lower the threshold for Ethereum developers and allow developers to choose to deploy Dapps on NEAR. You can seize the market before Ethereum 2.0 comes out. If the ecology is good, you can still have a place in the public chain track.

"SKALE (public chain track, not yet online)"

SKALE is the star project of the Layer2 network and the flagship project of the new generation of chain testing.

The project was created by SKALE Labs. The vision is to promote the decentralized Layer 2 extended network and be compatible with Dapps running on the Ethereum Layer 1 chain to securely decentralize the network at high speed and low cost. Smart contracts run in layer 2. SKALE currently has dozens of Dapps in its ecology, the most important of which are DeFi and gaming Dapps. After Loom Network no longer emphasizes support for games, many Dapp games will be migrated to SKALE.

A Dutch auction will be held on August 17, and the project has raised US$17.1 million before this.

Every operation of such a hot DeFi project will be limited by Ethereum’s performance and high handling fees, but the SKALE project is the antidote to these problems. SKALEIt can be used at low cost

⑹ What is okt?

1. OKT coin is the abbreviation of OKExChainToken. As a native token issued by the OKExChain main network, OKT has just been issued. The genesis circulation has reached 10 million. This token is mainly used for decentralized transactions and the further construction and development of DeFi applications. Its value depends on the development prospects of decentralized exchanges and other projects that will be built on the network. DeFi applications.
2. OKT’s genesis block will contain an initial minting of 10 million OKT, which will be distributed to OKB holders. OKT’s halving model is the same as Bitcoin’s. Its block reward is halved approximately every three years. The initial block reward is 1 OKT. The theoretical upper limit of OKT’s total supply is approximately 72.2 million. OKB currency holders can Obtain through OKEx staking.
Extended information:
1. OKExChain
OKExChain is an open source, high-performance decentralized trading public chain developed by OKEx, aiming to promote the implementation of trading business based on blockchain technology. As an open public chain ecosystem, anyone can run to become an OKExChain super node, and can also issue their own digital assets, create their own digital asset trading pairs, and conduct transactions. At the same time, EVM virtual machine technology and OKEx cross-chain gateway will also be introduced, and will also be compatible with Cosmos’ IBC cross-chain solution. Through OKExChain, the value interoperability, user interoperability, and scenario application interoperability of the blockchain can be realized simply and efficiently, and ultimately the co-construction of the ecosystem and the value-added system can be built.
2. 8 major features of OKExChain
1. High-performance public chain: a high-performance trading public chain specially optimized for trading scenarios;
2. Complete decentralization: anyone can run to become OKExChain The super node is a completely decentralized public chain;
3. Community-driven: complete community autonomy, the development direction of OKExChain is decided by OKT holders through on-chain proposals;
4. Openness: anyone You can create your own digital assets, trading pairs and liquidity pools based on OKExChain;
5. Extreme compatibility: Support EVM in the future and be compatible with all smart contracts of Ethereum;
6. Cross-platform: OKEx DEX desktop The version supports multiple operating systems and reduces the threshold for blockchain use through friendly interactive design;
7. Cross-chain gateway: OKEx will launch a cross-chain gateway to support the migration of various mainstream assets to OKExChain;
8 .Support spot & derivatives trading: Not only does it support liquidity pool and order book transactions, it will also support oracles in the future, thereby supporting liquidity pool or order book transactions for various derivatives such as leverage and perpetuals.