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A. What is blockchain and what role does blockchain play

What is blockchain? What changes will it bring to your future life?

Blockchain is a new application model of computer technologies such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithms.

Blockchain is an important concept of Bitcoin. It is essentially a decentralized database. As the underlying technology of Bitcoin, it is a series of related cryptographic methods. Each data block contains a batch of Bitcoin network transaction information, which is used to verify the validity of the information (anti-counterfeiting) and generate the next block.

In the original English version of the Bitcoin white paper, the word blockchain does not actually appear, but chain of blocks is used. In the earliest Chinese translation of the Bitcoin white paper, chain of blocks was translated into blockchain. This is the earliest time when the Chinese word "blockchain" appeared.

The Cyberspace Administration of China issued the "Blockchain Information Service Management Regulations" on January 10, 2019, which will come into effect on February 15, 2019.

In a narrow sense, blockchain is a chain data structure that combines data blocks in a sequential manner in chronological order, and is cryptographically guaranteed to be non-tamperable and non-tamperable. Unforgeable distributed ledger.

Broadly speaking, blockchain technology uses block chain data structures to verify and store data, uses distributed node consensus algorithms to generate and update data, and uses cryptography to ensure data transmission and Access security, a new distributed infrastructure and computing method that uses smart contracts composed of automated script codes to program and operate data.

In fact, to understand it very simply and vividly, we can imagine that everything in life is realized in digital form, including food, clothing, housing, transportation, medical treatment, education, etc., based on the Internet, it can be easily done at home Get it done, no matter where you go to do business or trade, you can completely operate it with your mobile phone. With the continuous development, everything we do can be easily completed online, such as volumetric work, production, planting, etc. Of course, the rise of 5g will bring about the end No one can accurately predict what it is now, but it will definitely bring about earth-shaking changes in life and social form!

Blockchain was born from Satoshi Nakamoto’s Bitcoin. Since 2009, various Bitcoin-like digital currencies have appeared, all based on public blockchains.

The current situation of digital currencies is that a hundred flowers are blooming. List some common ones: bitcoin, litecoin, dogecoin, OKcoiIn addition to currency applications, netc also has various derivative applications, such as NXT, SIA, BitShares, MaidSafe, Ripple, Ethereum, etc.

On January 20, 2016, the People’s Bank of China Digital Currency Seminar announced that it had achieved phased results in digital currency research. The meeting affirmed the value of digital currency in reducing the issuance of traditional currency and stated that the central bank is exploring the issuance of digital currency.

Some areas where blockchain can be used can be:

▪ Smart contracts

▪ Securities trading

▪ E-commerce

▪ Internet of Things

▪ Social communication

▪ File storage

▪ Proof of existence

▪ Identity verification

▪ Equity crowdfunding

The development of the blockchain can be compared to the development of the Internet itself. In the future, there will be an Internet called finance-internet, and this thing is based on blockchain, its precursor is bitcoin, that is, traditional finance starts from private chains and industry chains (local area network), and the bitcoin series starts from public chains (wide area network), both expressing the same The concept of digital assets (Digital Asset) eventually converges to an intermediate equilibrium point.

The core advantages of the blockchain architecture include:

Any node can create a transaction, and after a period of confirmation, it can reasonably confirm whether the transaction is Effectively, blockchain can effectively prevent problems from happening on both sides. The cost of trying to rewrite or modify transaction records is very high. Blockchain implements two types of records: transactions and blocks. Transactions are the actual data stored on the blockchain, while blocks are records confirming when and in what order certain transactions became part of the blockchain database. Transactions are created by participants using the system in the normal course (in the case of cryptocurrencies, a transaction is created by Bob sending tokens to Alice), while blocks are created by what we call Units of miners are responsible for creation.

So in conclusion, this is undoubtedly a new technology that changes life. In the future, the production activities of the entire society will use blockchain as the underlying logic.As the series unfolds, we can put many things at our fingertips. Coupled with the integration of artificial intelligence and big data, we can easily handle things that seem to be complicated now, such as some securities market transactions and the intelligentization of financial management activities. match.

To put it simply, blockchain is a network computing center that integrates people, property, machines, and goods, and packages it into a whole; putting it on an infrastructure to run the network computing center .

Now the author’s imagination is not big enough to imagine what the future world will be like. I am looking forward to it!

I know a thing or two about this issue. Let’s get to know this mysterious thing - blockchain.

Blockchain is a new application model of computer technologies such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithms. Blockchain is an important concept of Bitcoin. It is essentially a decentralized database. As the underlying technology of Bitcoin, it is a series of data blocks generated using cryptographic methods. Each The data block contains information about a batch of Bitcoin network transactions, which is used to verify the validity of the information (anti-counterfeiting) and generate the next block

The more popular it is, the more fake it is to keep the real. First of all, we must first figure out what the real blockchain technology is.

As an example, take buying fruits online.

The process of purchasing fruits online is as follows:

Using blockchain technology and decentralization, the process of purchasing fruits is as follows:

Summary:

1. We found that the original transaction process is: buyers and sellers make transactions, and all key processes are dealing with the payment platform. The advantage of this is that if there is a problem in any link, both sellers and buyers can seek help through the platform and let the platform arbitrate. However, a major bug or hacker attack occurs on the platform, resulting in the loss of all transfer records within a period of time. How to deal with the loss is a troublesome matter.

2. The transaction process using blockchain technology is: everyone’s ledger has exactly the same transaction record. Even if Alipay’s ledger server is broken, the seller’s ledger still exists, and the buyer’s ledger still exists. Still exists. Once this transaction occurs, the traces will never be erased.

This is the core of the blockchain, which is the four words "accounting + accounting".

The development and maturity of blockchain technology cannot be separated from the foundation and foreshadowing of the above new generation of Internet technology. Blockchain is not only a technology, but also provides a service model and solution. , which has played an extremely important role in promoting the further development of the Internet industry.

1. Blockchain + Finance

2. Blockchain + Supply Chain Management

3. Blockchain + Intelligent Manufacturing

4. Blockchain + Public Services

5. Blockchain + Education and Employment

6. Blockchain + Culture and Entertainment

7. Blockchain Chain + payment

8. Blockchain + invoice {Already enabled in Shenzhen}

The traceability and non-tamperability of blockchain are innate with the nature and needs of the financial industry , just combined together, this makes the application of blockchain in the field of financial services the most in-depth and relatively mature field so far. Blockchain technology has broad application prospects. The future technological competition will also be a blockchain competition.

It is important to understand blockchain, which is important to see through various pseudo-blockchain scams.

If someone uses a bunch of professional terms to explain blockchain, it will be difficult for you to understand, and they may not really understand it themselves.

Therefore, we first establish a psychological line of defense. Anyone who sells you concepts and uses a lot of unfamiliar technical terms may be a liar. Be very careful!

To understand blockchain, you must know what the core appeal of blockchain is. What do you think you are most worried about in today's highly developed Internet world?

Privacy, yes, privacy. How to protect privacy? You may be monitored at any time, and any of your personal information may be stolen at any time. If personal privacy is not absolutely protected, the Internet will become another pyramid of power. Who is standing on top of the pyramid? He is the smartest technical master, a platform provider, and an information regulator. You and I may be the people at the bottom of this pyramid.

The people who originally invented the blockchain had serious concerns about being completely swallowed up by the Internet, and tried to create an absolutely safe encryption technology to lock up personal privacy. This technology completely subverts traditional encryption technology. In fact, it is not so much locking up privacy as it is tearing it into pieces, and then assigning each piece to different people for private keeping. Unless everyone agrees to take the pieces and piece together the complete code, the truth cannot be recreated. This is the first mechanism of blockchain, which is decentralization.

But decentralization alone is not enough. It is also necessary to make those who steal password fragments have nowhere to hide, so that every action of the thief is recorded indelibly and posted everywhere on the Internet. Diffuse and make it public. This is the second mechanism of the blockchain, the non-anonymous mechanism. Do you think, who snoops into privacy is not sneaky?

To sum up, the blockchain is to hide privacy in a decentralized manner.Come, record and make public any actions that recreate this privacy. Seeing this, you may want to applaud the blockchain. Don't worry, how can there be such a good thing in the world? Is there any utopia that is absolutely safe? If blockchain can be realized in an absolute sense, will the existence of the government still be meaningful? Yes, blockchain was originally the embodiment of anarchy. Its ultimate meaning is destined to never be realized. Its survival may have to rely on power, and it is destined to become another beautifully packaged lie and a pretense to deceive others. In this sense, the government must also specify a framework for the development of the blockchain, reconstruct the value of the blockchain, and expel the anti-government and anti-national attempts contained in the blockchain. Some blockchain technologies can be used in concrete applications, but decentralization must not be promoted. In short, we must remain highly vigilant about blockchain. Beauty often hides its sting. Absolutely ideal recipes often turn out to be poison. The person who says he can absolutely protect your privacy and financial security is the real voyeur and vampire.

Perhaps the best way for us to protect privacy is not to have any privacy, to live completely openly, or to live like a sun or a god of wine.

Viewpoint: 1. The concept of blockchain originated from the technical attributes of Bitcoin (distributed data storage and accounting, decentralization, inability to tamper with transaction records, point-to-point information transmission, sharing mechanism...), but Later, some people continued to extend and expand the concept to many commercial fields to facilitate capital speculation. 2. Blockchain in reality (the current blockchain on the market is very confusing), the hype concept is mostly used to make money in the stock market, and there is still a lack of regulatory loopholes. , legal and regulatory issues, etc., and even money laundering (the actual operation of blockchain products is one thing, the capital operation behind it is another). At present, the computer systems around the world cannot meet the characteristics of blockchain attributes. Technical requirements (such as distributed data storage and accounting, decentralization...), network bandwidth, storage technology and computer computing systems cannot meet transaction operation requirements (it is easy to use computer technology to make your network clogged or unable to complete distribution) There are risks arising from practical applications such as formal data storage or transactions being interrupted or delayed at any time. In addition, as far as the current global computer system is concerned, it is easy to crack the underlying program of the blockchain (this is a fatal flaw in the current global computers, 0 and 1 binary logic In addition, if the reverse blockchain mode calculation algorithm is used, it is very easy to crack the blockchain. This reverse calculation mode can also completely tamper with all transaction records. If a true quantum computer becomes available in the future, it can directly break all blockchain computers in seconds. System, Bitcoin mining is a Ponzi scheme, 3. Most of the blockchains currently on the global market are basically capital speculation concepts to make money.

The concept of blockchain has been around for several years. , I heard a blockchain boss say at the beginning of last year that 2018 is the best year for the development of blockchain. After this year, foreign development will fall behind. What is blockchain? In terms of impact, it is like a pig. The large intestine is connected section by section.Blockchain is to connect these blocks together, fix them, and use computer and Internet encryption technology to prevent secrets from being leaked to the outside world. This technology cannot be explained to non-professionals through professional terminology, and generally they will not understand it. It can only be explained with an analogy. Let me give you two examples:

1. Four people, A, B, C and D, play mahjong and gamble in a mahjong parlor. They use chips for each game and settle the bill at once when they break up. A loses 1,500 yuan and B loses 300 yuan. Yuan, C won 200, and D won 1,600. As a result, A only has 1,000 yuan, and everyone else has sorted it out, but A still owes D 400 yuan. Only these four people know about this matter, and these four people are one block. There is no proof for what he says, and he doesn’t know how to write an IOU for this kind of thing. What will happen if A doesn’t pay back the money in the future? Except for the four people A, B, C and D present, no one else knows about this. If A wants to default on the debt and says that he does not owe money at all, only three people, B, B, D and D, know that A is defaulting on the debt. It is difficult for others to judge whether A owes money and refuses to pay it back. Therefore, the value of blockchain needs to expand participation. What if these four people were playing mahjong and a dozen friends were watching? Isn’t the cost of defaulting on the loan high? This is real life block. What about extending to the Internet? Then there are endless possibilities and there are many scenarios.

2. If four people, A, B, C and D, do business in a business group of 500 people, this group of 500 people is a big block. Once, A asked B for 10,000 yuan of goods, but did not pay B in time. A said at that time that he would pay B within 3 days. Everyone in the group knows this. If A fails to send money to B within 3 days, then the other 498 business partners in the group will know about it. If A defaults on the debt, his reputation in this business circle will be ruined. affected. This is a block.

Later, A wanted to do business with C. C asked A for goods. A said that you should pay a deposit of 5,000 yuan and the goods will be shipped immediately. C paid 5,000 yuan to A, but A was delayed. Not shipping, everyone in the group knows this, this is another block. When the two blocks are connected, everyone doubts A's credibility. How many times have you done this? Will Mr. A continue to play in the future? This is the value of blockchain.

Blockchain may seem complicated, but it is not complicated at all; it may seem simple, but it is actually very difficult to operate. The blocks are too small and meaningless. If a block wants to grow bigger, privacy and business secrets will be involved. For example, it is inconvenient to talk about falling in love in a large group; for example, it is inconvenient to discuss it publicly in the group (block) beforehand when working together to do big business. However, there are still occasions when blockchain technology is used, such as poverty alleviation work, disaster relief fund management, etc. It is exposed to the sun and everyone knows it and supervises each other. I’ve given these two examples. Do you understand them at all?

[The most core and easy-to-understand introduction to blockchain]

1. How does blockchain create trust? We use “1”, “2” and “3” to summarize the areasCharacteristics of blockchain:

- "1" summarizes blockchain in one sentence: a trusted distributed database;

- "2" core properties: distributed, Cannot be tampered with;

- "3" key mechanisms: cryptography principles, data storage structure, and consensus mechanism.

The "distributed" and "non-tamperable" properties ensure the "honesty" and "transparency" of the blockchain, which is the basis for the blockchain to create trust.

2. In terms of industry, it is expected that the financial industry will be dominated by the financial industry in the next 3-5 years, gradually radiating to other real industries, more realistic scenarios will be accelerated, and the industry will develop from "1 to N" to Including entertainment, product traceability, credit reporting, etc.

In the future, in addition to using technologies such as side chains, lightning networks, and cross-chains, blockchain will also need to be deeply integrated with emerging information technologies such as 5G, artificial intelligence, big data, and the Internet of Things to enhance the Technical performance and off-chain data quality and reduce resource waste.

3. Smart contracts may be the most revolutionary application on the blockchain. If smart contracts are widely used on the blockchain, the economic division of labor will be further refined in the Internet era. Network nodes around the world will directly connect demand and production, and broader social collaboration will be realized.

If the above vision is realized, the combination of blockchain technology and industry is expected to usher in an explosive moment "from 1 to N". Its explosion may not be linear but non-linear. Blockchain Only then can the chain be upgraded from a "trust machine" to an important "engine" leading the industry wave.

Decentralization. Prevent cheating. It used to be that one person kept accounts and could make changes. Now there are 50 people. Each person records an entry and everyone has a record in the account book. Can you make changes to all 50? All 50 ledgers are valid unless they are all changed. So it's very useful.

I saw many people answering that ordinary people cannot understand intuitively. Let me explain simply and clearly, blockchain is decentralized. When something happens, everyone writes it down and has their own password, which cannot be tampered with.

Even if a hacker wants to change it, he has to do it one by one, which will tire him out. In fact, it is impossible, at least for now.

Blockchain is a new application model of computer technologies such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithms.

Blockchain originated from Bitcoin and is an important concept of Bitcoin. It is essentially a decentralized database. As the underlying technology of Bitcoin, it is a series of cryptographic methods. The associated data blocks are generated. Each data block contains a batch of Bitcoin network transaction information, which is used to verify the validity of its information and generate the next block.

Blockchain has potentially huge application value in financial fields such as international exchange, letters of credit, equity registration and stock exchanges. The application of blockchain technology in the financial industry can eliminate the need for third-party intermediaries and achieve direct point-to-point connection, thereby greatly reducing costs and quickly completing transaction payments.

After reading so many expert advices, I am still confused. I only remember that someone used this so-called "blockchain" to do pyramid schemes in the past...

B. The future of blockchain will be the same as the journey of the Internet, and it can truly change the world

Once upon a time, cryptocurrency was just a money game in people’s eyes, and would not produce any value, or even Some people call Bitcoin the world's largest tulip scam. For example, Chen Sijin is well known to everyone.

More radical people compare Bitcoin to being disgusting and contrary to human civilization. This is Munger’s exact words.

But with the implementation of cryptocurrency applications, facts have spoken louder than words.

For example, we can see the reality: NFT combined with traditional works of art can be auctioned for a sky-high price of 69 million US dollars; DEFI has created a decentralized financial market of more than one trillion; NFT game Axie Infinity The total revenue in a single day has exceeded 40 million US dollars, which is three times more than Honor of Kings. I don’t believe that traditional games are not salivating. There is also web3.0 which is very worth looking forward to.

Every step of cryptocurrency from DeFi-NFT-Metaverse-Game to now web3.0 has impressed traditional capital. So we're seeing some very exciting changes.

I saw a report that after Alibaba, Tencent has also launched NFT, and will sell 300 digital collectible NFTs in the first phase.

Although facing policy restrictions, it may not be possible to trade, but it brings positive signals to the market. Blockchain technology is not air!

Do you still believe this is a complete scam?

Some people say: Using blockchain technology to revolutionize the Internet may be the theme of this bull market.

Decentralization allows the profits of Internet applications to be equally distributed and shared prosperity. I personally believe this with a high probability.

I believe that implementation and application are the ultimate goals of blockchain development. The development of technology can allow the cryptocurrency trading market to get out of the traditional bull-bear cycle, allowing this market to truly bid farewell to the fate of harvesting leeks.

Because the mentality of currency speculation is abandoned, cryptocurrency can be used as a productive capital investment. I think this is the voice of some people in the currency circle, and it also includes many big players.guy.

If the mentality and goals of market participants have changed because of the greater application of cryptocurrency, there may be a change in the past history.

It is increasingly felt that the blockchain will follow the same journey as the Internet in the future and can truly change the world.

The market has been rising for several consecutive days. We say that there is no market that only rises but never falls. Now market confidence is slowly recovering. Investors will still worry whenever there is any disturbance.

Jiang Zhuoer's article "Do Not Support Deep Bears in the Era of Super Flooding" clearly stated that even if this round is a bear market, it is a short bear market, that is to say, it is not a bear market that lasts for more than a year.

Of course, Jiang Zhuoer’s views come not only from a very detailed analysis of the market, but also from the impact of the general environment and climate, such as the substantial increase in the social acceptance of Bitcoin and the post-COVID-19 era of excessive water release. Investors have decided that there will be no deep bear in 2014/2018, and the remaining script is nothing more than a double-headed bull market in 2013 or a monkey market in 2019. To be honest, although Jiang Zhuoer had no choice but to become an emotional blogger on Weibo, I personally admire his long-term value investment views on cryptocurrency. And most people also report that its success rate in predicting the market is extremely high.

From the data on the chain, both whales and retail investors are buying in large quantities.

Market confidence is also recovering, with the greed index returning to above 0.5.

If the bull market restarts in the second half of the year, every adjustment should be an opportunity for us to buy low.

Even if the worst happens, it will still be a short bear as Jiang Zhuoer said, and there is nothing to be afraid of. Maybe I'm a little optimistic.

Let’s take a look at the trends of Bitcoin and Ethereum

The market of Bitcoin continued to fluctuate downward yesterday, with prices under pressure around 41500 and 40400 respectively. Although there were subsequent rebounds out, but the upward momentum is beginning to weaken. It fell below and moved downward again during the day. It is now close to the lower track of the support area mentioned yesterday. The trend has risen to the 40,000 line and is under pressure. The highs are constantly moving downwards. The early gains are giving up. If the lows are refreshed again in the future, the price will retrace within the day. 38,000 first-line risk.

Looking at the four-hour chart, the Bollinger Bands are open, the price is running in the middle and lower rail areas, the trend remains weak and oscillating, the moving averages are in a downward posture, and the short-term range is constantly moving downwards. If the follow-up The low of 38690 has been refreshed, and the price is expected to test further downwards. I hope you will be prepared in advance. The current trend is fluctuating downward, so when the market does not break through and stabilize at 40,000 during the day, it is recommended that short orders are the main idea, and long orders are supplemented. Suppress attention from above 40Near 000, the rebound will give a short order nearby, stop loss 404500, and take profit look at the 39300-38900 area. If it falls below the short-term support of 38690, you can consider short positions and take profit at about 400 points. Consider the 38,000 line for long orders during the day, stop loss at 37,700, and take profit at the 38,500-38,700 area.

Let’s take a look at Ethereum:

Affected by the market yesterday, the upward trend was interrupted, and the price came under pressure to the 2700 line. Although it rebounded many times in the future, No breakthrough has been made. When the trend rebounded to 3660 during the day and came under pressure, the bullish sentiment began to weaken, and the trend retreated into high consolidation. It is expected that the volatile market will continue for a period of time, and the range will focus on the 2500-2700 area.

Looking at the short-cycle hourly chart, the market is under pressure and has pulled back during the day. The current trend is fluctuating around the mid-track. The long and short sides are relatively stalemate. The short-term trend is relatively stalemate, and there is no sign of breaking, so the market is expected to fluctuate. It will continue, we can operate high and low during the day. The upper side suppresses and focuses on the vicinity of 2665, and allows short orders to enter the market. Stop loss is 2700, and take profit is below 2600. The support below will focus on the vicinity of 2560. If there are long orders nearby, consider entering the market. Take profit above 2620.

#BTC[超话]# #欧易OKEx# #digital currency#

C. What are the functions and characteristics of blockchain

1. Any node can create a transaction. After a period of confirmation, it can be reasonably confirmed whether the transaction is valid. The blockchain can effectively prevent the occurrence of double-spending problems.
2. The cost of trying to rewrite or modify transaction records is very high.
3. Blockchain implements two types of records: transactions and blocks. Transactions are the actual data stored on the blockchain, while blocks are records confirming when and in what order certain transactions became part of the blockchain database. Transactions are created by participants using the system in the normal course (in the case of cryptocurrencies, a transaction is created by Bob sending tokens to Alice), while blocks are created by what we call Units of miners are responsible for creation.

D. What are the concept stocks in the blockchain?

Many people pay attention to the stock market because the price increase of stocks is uncontrollable. Of course, the price increase of many stocks is affected by different factors. The number of people speculating in stocks is increasing. Recently, it is said that stocks in the blockchain have risen by 80%. The next financial investment editor will introduce what stocks in the blockchain are.

The blockchain is In the field of information technology, due to the surge in the U.S. blockchain sector, there has been a surge in the blockchain stock Canaan Technology. Canaan Technology is an Internet company engaged in the development of independent AI chips and providing high-performance computing services. So, the explosionWhat is the market price of Canaan Technology after the increase?

The first blockchain stock exploded

According to the latest news, today, Wednesday, Eastern Time, the three major U.S. stock prices soared, the Dow rose nearly 1%, and the Nasdaq and Pulapp 500 refreshed reached the highest record in the past. Among Chinese concept stocks, the first blockchain stock, called Canaan Technology, surged 82.73%, with the largest increase reaching 97.5%, with a market price of approximately US$1.3 billion.

On November 22, 2019, the first blockchain stock, Bitcoin mining machinery manufacturer Canaan Science and Technology, landed on the Nasdaq market. It opened 40% on the first day of listing, fell 0.11% on the day, and reported 8.99 US dollars, lower than the issuance price of US$9. According to the prospectus data, Canaan's total revenue in the first half of 2019 was 290 million yuan, with a net loss of 330 million yuan. In comparison, Canaan's revenue in 2018 was 2.71 billion yuan. , with a net profit of 120 million yuan.

E. The future development prospects of blockchain will profoundly affect three aspects

It is still unknown how much technological impact blockchain will bring to the human world. , but industry, academia and research generally believe that currently we have only seen the tip of the iceberg of the potential value of blockchain! Blockchain technology will not only change technology and reshape industries, but will also shake the existing order, traditional rules and value systems of human society. As blockchain technology gradually matures, it is foreseeable that blockchain will show the following development trends.

Zero-knowledge proof

Blockchain is very transparent in nature. Any node running in the blockchain network can view and download all data stored in the ledger. Blockchain combines zero-knowledge proof technology to allow users and businesses to use private data to execute smart contracts without revealing specific data content.

Artificial Intelligence

Blockchain can serve as the foundation for decentralized markets and a coordination platform for various artificial intelligence components, including data, algorithms, and computing power. This could lead to new levels of innovation and use of artificial intelligence. Blockchain will also make such decisions more transparent, explainable and trustworthy. Since all data on the blockchain is public, artificial intelligence will become the basis for providing anti-counterfeiting and privacy protection.

Internet of Things

Blockchain can add a layer of accountability and security to IoT data, becoming the future driver of IoT efficiency, scalability and standardization By. For example, in healthcare, blockchain-enabled IoT devices will allow patients to control access to the data collected by these devices. This technology will make devices more resistant to cyberattacks and provide a detailed record of when another party accessed data. In supply chains, blockchain-based systems, powered by smart contracts, can automate payments based on specific conditions measured by IoT sensors.

The arrival of the blockchain era has revealed the future development trends of various industries, and the increasingly mature technology of blockchain has gradually entered the expansion stage.Expect. I believe that in the near future, it will definitely produce greater economic benefits for society.

F. I played "running score" for ten days, and I never expected that the fate of the blockchain APP would be like this for two months.

Ten days ago, I accidentally saw " "Benchmarking" is actually similar to brushing the turnover, through the continuous transfer of money, to get profits, but the real result is that on the first day, I accidentally cashed out 1900, plus my principal of 500, it was a loophole of 1300 money. Suddenly I felt like I had made a fortune, and the key was to be able to withdraw it. I continued to play the next day and earned 150. I earned it by trading money back and forth. On the third day, the nightmare began. The platform suddenly became unusable, and all the money in it was lost. I lost money, and then I was unwilling to accept it. I found another old platform on the Internet. I felt good about it, so I invested another 500. But it felt very formal at first, but after five days of running, when I trusted him, on the last day , ran away with money, and initially said that the system was invaded, but in fact it was already known that he had escaped with money, and the APP could not be opened.

The most recent mining APP is essentially a blockchain. I mine every day, wait for the price to increase, and then sell it to him to earn some pocket money. However, I receive this crystal every day and can sell it later. It needs to be recharged before it can be sold. Then I thought about forgetting it and waiting to sell it next month. I opened it the second month and couldn't get in. Later I found out that it collapsed and I ran away with my money

Funds The market will always make profits in the early stage, and it will start to collapse after 3 to 6 months. In the blockchain, there is a lot of mining, and there are some Qubu, Flash Step, Camel World, these APPs, it is undeniable that the early stage will give People bring profits, but who knows, if one day it collapses, how many million will the profit be? At least if Qubu collapses, it will be no problem to gain tens of millions, right? However, the collapse of the blockchain usually takes one to three years. After all, the speed of making money is slow and the collection of money is also a bit slow

So if you just want to simply play, either invest less, or else Just invest in the early stage and let go in the mid-term. This is to ensure that you will not lose money. This is my opinion. Don't be too greedy! An uncle who got me in also played this game and got his family and relatives on board. He told me that I had been playing for three months, but after just a few days of playing, he collapsed. I don’t know what will happen!

It’s a pity that my sophomore year is going to be rough this semester, and I need to spend money again!

G. Will the price of WDC currency increase in the next three years? Is WDC a pyramid scheme currency?

What is a pyramid schemes coin? MLM coins are a kind of virtual currency used in MLM activities. Generally, like other MLM activities, they use the slogan of getting rich quickly and encourage members to earn returns by attracting people to buy MLM coins. Of course, the final result will undoubtedly be many investors. All deceivedHaving gone bankrupt and losing all their money, when it comes to this, many investors want to ask

What are MLM coins? MLM coins are a kind of virtual currency used in MLM activities. Generally, like other MLM activities, they use the slogan of getting rich quickly and encourage members to earn returns by attracting people to buy MLM coins. Of course, the final result will undoubtedly be many investors. They were all defrauded and lost all their money. Speaking of which, many investors want to ask, what MLM coins are there on the market? Only by knowing which MLM coins are, can we avoid being scammed again. Next, the editor of the currency circle will give you a list of MLM coins in 2020.

List of MLM coins in 2020
The list of 60 virtual currency MLM coins released by CCTV includes:

MBI, M3 coin, Darkcoin, Asian currency, Stellar Lumens , Jinyuan Shopping Alliance electronic currency, Yangtze River International virtual currency, Qileba, Weishi Media electronic currency, dividend point coins, virtual gold coins, HGC, COA, LFG, SRI, bismall, AHKCAP, CPF, 100 million points, K coins, R coin, Baichuan coin, K treasure, Zhongfu Tongbao, Hongtong coin, Raines electronic currency.

Global BlackRock No.1 Financial Coin, Glasberg, BCI, M Coin, Wing Coin, EV Coin, Performance Coin, FIS, U Coin, ES, Zangbao.com Performance Coin, Exchange Ai Electronic Coin, Jianye Pan Electronic Coin, Subsidy Coin, High Frequency Transaction Coin (HFTAG), Happy Compound Interest Coin, Kuailian Website Virtual Currency, Shihua Coin, Ent Coin, CPM, Carat Coin, and Supreme Coin.

Wuhua Alliance Virtual Coin, Legg Mason E, Chinese Coin, Mimi Virtual Currency, FIS, World Cloud Cloud Coin, Live Coin, OneCoin, Mark Coin, Kindness Coin, Promise Coin , ATC, IPC, Central Coin, Five Elements Coin, Hui Ai Coin, Nautical Coin and other "virtual currencies" with at least 65 names.

How to identify MLM coins?
1. Distribution method.

Virtual currency does not rely on the issuance of a specific currency institution. It is generated through a large number of calculations based on a specific algorithm and is a decentralized issuance method. Each different terminal node is responsible for maintaining the same ledger, and this maintenance process mainly involves algorithms packaging and encrypting transaction information, while MLM currencies are mainly issued by an organization and profit by pulling people's heads.

2. Transaction method.

Virtual currency is a sporadic transaction formed spontaneously in the market. After it forms a large scale, a third party gradually establishes an exchange to complete the transaction. MLM currency is issued by an organization itself and builds its own platform for transactions.

3. Implementation method.

The virtual currency itself is an open source program maintained in the Github community. The parameters and methods of its total limit are shown in the open source code. The open source of MLM currency is a complete plagiarism of other people's open source code, and no open source code is used to build it.program, so its essence is controllable by the website just like Q coins.

4. Whether to provide a source code link.

General decentralized digital currencies will provide a link to the source code in a prominent position on the official website. This is done to openly and transparently display the operating mechanism of the currency system. However, MLM currency focuses on the recharge purchase transaction process and does not mention its operating mechanism. Even the website does not have a link address to the source code.

5. Whether the official website starts with https.

Generally, the official website and transaction website addresses of decentralized digital currencies start with https. The purpose is that such URLs can protect users' data from illegal theft. However, related websites, including the official website of MLM currency and trading websites, do not start with https.

What are MLM coins? Through the above introduction, I believe everyone already has an understanding of MLM coins. The editor of the currency circle reminds investors that if someone calls or tells you in a flyer that there is a certain kind of virtual currency that is guaranteed to make money without losing money, or a virtual currency that has high interest rates and is still principal-guaranteed, you must be careful and make a preliminary identification based on the identification method provided in this article. Don't believe it easily. You can go to regular and reliable exchanges to see if they have changed the currency. Don't trust small exchanges casually, because such exchanges may be prepared by scammers to make you believe. In a word, investment There are risks, so investment needs to be cautious. If you still want to know more related issues, you can pay attention to the follow-up related reports of the currency circle!

What are altcoins? Understand what altcoins are in one article - Coin Circle
Lao Bai Shuo Coin Analyst
Full text introduction

What are altcoins? There are countless virtual currencies currently on the market. Among these many virtual currencies, some are short-lived and some are very popular and sought after. In fact, in addition to the well-known Bitcoin, there are many virtual currencies, of which there are at least 11. Virtual currencies are called altcoins. Of course, the altcoins mentioned here

What are altcoins? There are countless virtual currencies currently on the market. Among these many virtual currencies, some are short-lived and some are very popular and sought after. In fact, in addition to the well-known Bitcoin, there are many virtual currencies, of which there are at least 11. Virtual currencies are called altcoins. Of course, the altcoins mentioned here do not mean fake or pirated coins. The altcoins mentioned in this article refer to new virtual currencies that have been created by making many innovations in response to the shortcomings of Bitcoin. . Next, the editor of the currency circle will explain in detail what altcoins are? I hope that through this article, investors can understand what altcoins are.

What are altcoins?
Altcoins refer to blockchain assets that use the Bitcoin code as a template and make some modifications to its underlying technology blockchain. Those with technical innovations or improvements are also called alternative coins. Because the Bitcoin code is open source, BitcoinThe cost of plagiarism is very low. You can even generate a brand new blockchain by simply copying the Bitcoin code and modifying some parameters. There are currently many altcoins that already exist. Most altcoins are not recognized by the market due to the founder's weak technical strength, lack of technical maintenance, lack of marketing promotion and other reasons, and have no investment value. Only excellent altcoins developed by a small number of teams with strong technical strength and innovation capabilities can be recognized by the market and have investment value. The altcoins we are more familiar with include Litecoin and so on.

How to choose altcoins?
1. Market value is the best screening machine

Referring to market value is the stupidest method, which has great limitations and is a compromise. Bitcoin can be held without any thought, but altcoins are in deep water and require a lot of mental energy to screen. For those who know little about blockchain, they are unable to screen out small coins with potential. Someone previously concluded that the top 10 coins change their positions every year. Except for Bitcoin, they are all garbage. In fact, this is not the case. Comparing the top 50 coins over the years, you will find that many of them are relatively stable. It is difficult for projects with strong communities and supporting scenes to disappear.

Therefore, for ordinary investors, market capitalization is a very good reference indicator, because the capital market votes with their feet, and there must be a reason for the high market capitalization. Those old coins that can survive are stable in the Top50. They are somewhat supported by capital, so you can choose altcoins with large market capitalization or leading players in different fields.

2. Confirm whether the altcoin can survive the bull market

First of all, you must realize that not all coins can successfully survive the bull market. Before the altcoin bull market, it will suffer When the Bitcoin market is fully suppressed and plummets, many altcoins will be drained and die, such as the big bulls in 2017. Many coins will die before they reach the bull market. For example, many projects and exchanges are beginning to suffer. Can't stand it anymore. For investors, it is difficult to survive the big bear, but end up buying a zero coin before the bull market. This tragic situation is desperate, so be sure that the coins you invest can last until the bull market.

Many exchanges have delisted some altcoins, but these coins are only listed on a few exchanges, and some are even only on one platform. Once delisted, they are basically pronounced dead, so you can refer to altcoins. The currency is listed on several exchanges, some of which are leading exchanges. In addition, check their official website, public accounts, Weibo, Twitter, and GitHub to see if there are updates to the project. Once there is a suspension of updates for several months, you must stay away from the project.

In addition, it also depends on whether the project will progress and develop. You can check the roadmap on the official website to see whether the actual progress has kept up with the expected goals of the roadmap, and whether there will be any progress in the next few years. What new plan.

3. New technologies, new stories

Many Bitcoin admirers have completely missed ETH. In their eyes, except for Bitcoin, everything else is shit. Maybe in the futureEthereum will go to zero, but they missed out on an entire Ethereum boom. Ethereum introduces smart contracts, which brings more possibilities to the blockchain and also brings new stories. Although Ethereum is a good tool for ICO to make money, who wants to miss the wealth effect brought by its technological innovation.

The explosive power brought by new technologies is extremely strong. Ethereum took advantage of this to directly advance into second place. At the same time, it also shows that technology changes very quickly. If the current top projects do not have the technology, Breakthroughs in technology may be on the verge of death in a few years because space needs to be left for new technology coins and new stories. EOS, for example, is just an evolved version of ETH, and it is obviously taking advantage of the bull market to cut leeks.

Of course, it is not easy to catch the speed of ETH or IOTA, and the gambling component is also greater. If you want to catch the next killer project, it is like looking for a needle in a haystack. Even if you catch it, it will be difficult to hold on to it. If you think you have caught the next killer project in the blockchain industry, then take a look at the Zhihu answer of 11-year-old Changchai, buy it, put it in your wallet, and then forget about it. it.

What are altcoins? Through the above introduction, I believe everyone already has an understanding of altcoins and how to choose altcoins. The editor of the currency circle still wants to remind investors that when investing in altcoins, do not invest all your funds, but also remember to stop losses or profits in time. The most important thing is that if you don’t have too much energy, investors will still return When it comes to mainstream currencies, of course, no matter what currency you choose, the most important thing is the choice of exchange. This can avoid the risk of the exchange running away.

H. Why virtual currency is the only meaning of the existence of blockchain

Why virtual currency is the only meaning of blockchain
Blockchain is already a It is a term that everyone knows, and some people even assert that everything in human society in the future will be based on blockchain. But if you ask what kind of technology blockchain is, the explanations from various "experts" are vague: some pile up terms that are incomprehensible to ordinary people, some talk about its potential applications, and some simply call it the "Fourth Industrial Revolution"—— As for the nature of blockchain, everyone still doesn’t know much about it.
The reason for the evasiveness is not difficult to guess. In terms of function, blockchain is nothing more than a public database encrypted in a special way. This unsexy concept cannot be used for hype. Of course, the blockchain is so eye-catching, but its connotation and denotation cannot be as devoid of nutrients as its functions. To make it clear, we need to understand a lot of information beyond the technical ontology, the most important of which is the virtual currency represented by Bitcoin.
Pain Points of Blockchain
Five years ago, not many people in the world knew what blockchain was. As the underlying technology of Bitcoin, this system transmits data in the form of blocks and connects the data blocks into a chain by appending them at the end, hence the name blockchain. From a technical perspective, blockchainThere are no significant barriers to existing IT technologies and no revolutionary progress; but from a value perspective, they are fundamentally different - all previous technologies were aimed at improving efficiency, while blockchain is Doing the opposite.
Given that Bitcoin is the iconic existence of blockchain, we might as well take it as a sample.
Every transaction accounting in the Bitcoin system is verified by countless users across the entire network. Only after the verification is passed, the transaction can be established. The first user who successfully records the account can get a certain amount of Bitcoin reward. This information processing process is commonly known as “mining”. Currently, the number of active users of the Bitcoin system is approximately 5 million, and the number of transactions processed throughout 2017 was approximately 30 million. What is the size of 30 million transactions? On November 11, 2017, Alipay completed 1.48 billion transactions, which is approximately 50 times the annual transaction volume of Bitcoin.
This gap does not indicate a big problem. After all, the number of Bitcoin users is far less than that of Alipay, and its application scenarios are far less than that of Alipay, so it is not surprising that the transaction volume is orders of magnitude different. What really illustrates the problem is the amount of electricity consumed to support these 30 million transactions: foreign media Digiconomist announced that the Bitcoin system consumed 30 billion kilowatt hours of electricity in 2017, accounting for 0.13% of global electricity consumption, exceeding that of dozens of countries. of national annual electricity consumption. In other words, to process a transaction, the Bitcoin system consumes an average of 1,000 kilowatt hours of electricity; based on my country's residential electricity prices, this is equivalent to an electricity bill of 3,000 yuan per active user. Such incredible power consumption means a huge computing power configuration, which is in sharp contrast to its small processing capabilities.
The inefficiency of "decentralization" is not only reflected in computing power, but also in data storage.
Continuing to take Bitcoin as an example, as we all know, Bitcoin (blockchain technology) requires users to store public ledgers in a distributed manner. The logic behind it is very strange: the concept of "decentralization" believes that the administrator of the central ledger will falsify, so the storage of the ledger must be public. At present, the size of the complete Bitcoin public ledger has exceeded 150GB, and is rapidly increasing at a rate of tens of GB per year - just to support 5 million users and 30 million transactions per year. If its processing capacity is one day comparable to that of Alipay, the size of the Bitcoin ledger will increase by more than 500TB per year. This is equivalent to backing up the Alipay server's storage data on all users' personal computers. The absurdity is obvious.
To solve this problem, the Bitcoin system now allows users to store incomplete public ledgers, known as "light wallets," but their transaction verification still relies on the complete ledgers of others on the network. Let’s imagine that when the public ledger is so large that most people are unable to store it completely, wouldn’t the remaining complete user nodes become the central ledger again?
Extending the horizon to blockchain applications beyond virtual currencies (if they exist), the public ledger will need to record more than just purely digital transaction funds.Well, it may also be the insurance information of each car and the credit information of each person. If these multi-dimensional data are to be "decentralized" and stored on each user's terminal, then what we need will be astronomical. level of storage space. In the short term, this will be an impossible problem to solve.
From a philosophical perspective, the essence of science is doubt, and the essence of religion is belief. As a concept in the field of technology, how does blockchain make people ignore many paradoxes and become its believers? The answer is of course inseparable from Bitcoin, this modern miracle of wealth creation.
The philosophy of Bitcoin
I don’t know when, the big guys began to deliberately separate Bitcoin and blockchain as two concepts. Everyone said that Bitcoin is just one of the applications of blockchain. .
The motivations are diverse.
Anyone with a little knowledge of economics knows that Bitcoin cannot become a common currency in a normal economy. It has deflationary attributes, ignores monetary policy, and is inconsistent with modern economic theory. The more important reason is that the credit currency it challenges is simply too powerful. Except for a few failed countries in the world, all issue currencies based on government credit. The reason why credit currency is also called legal currency is because most countries have clearly stipulated by law that their national currency is the general equivalent that "must be accepted" in domestic circulation. In this way, the state ensures that credit currency is not rejected and that the rights of currency holders are not infringed. In other words, credit currency is not issued out of thin air. It is backed by government credit and backed by state machinery.
The purpose of Bitcoin’s issuance mechanism (that is, mining) is to “decentralize” the government’s monetary centralization. Behind this is a questioning of the rationality of the government’s existence.
As mentioned before, the logical starting point of "decentralization" is distrust of centralized institutions. The fundamental reason why Bitcoin fundamentalists choose to use "machine consensus" instead of "system consensus" is that they believe that the government-led currency issuance system cannot reflect fairness and justice - inflation, wealth inequality - which Bitcoin is trying to solve. The problems all point to the establishment. From this perspective, Bitcoin’s inefficient consensus mechanism also has the philosophical meaning of “efficiency for fairness”.
If technological progress will eventually make the loss of efficiency negligible, does that mean that "untrustworthy" centralized institutions no longer need to exist?
This is a dangerous question, but fortunately we don’t have to answer it for the time being – because Bitcoin’s attempt to “fairness” has basically failed.
The original intention of the designers of Bitcoin was to hope that Bitcoin participants would have roughly equal opportunities to obtain Bitcoins at the same time. For this purpose, a rather sophisticated and ideal blockchain algorithm was designed, which is the so-called PoW (Proof of Work) mechanism. By exhaustively enumerating random number variables, the first user to obtain a specific required hash function value (Hash) will have the right to record the transaction in this round and receive the corresponding Bitcoin reward. Based on PoW mechanism, each user's probability of obtaining Bitcoin is directly determined by the computing power he contributes. The more investment, the greater the return, which seems reasonable.
Of course, things are not that simple.
On the one hand, Bitcoin's PoW is extremely energy-consuming. The expected probability of obtaining a specific required hash value each time a random number is generated is 1/62^18 (less than one in a billion billion billion), so The entire device requires a massive amount of exhaustive calculations to determine the accounting rights. Bitcoin’s high operating costs are largely due to this “fair” incentive mechanism.
On the other hand, the designers of Bitcoin made a serious misjudgment of the distribution of computing power. He originally thought that users would just use the CPU to run mining programs. However, due to the number and cost of CPU cores, it is unlikely that a single user will concentrate too much computing power. However, everyone already knows what happened later. From GPUs to mining machines to large mining pits, a system designed to be decentralized has become almost oligopolistic.
The reason why Bitcoin seriously deviates from its philosophy is actually not accidental.
Large-scale production has brought many benefits to the "mining giants": stronger power to negotiate electricity prices, higher utilization efficiency of fixed assets, lower comprehensive labor costs, and thinner R&D amortization costs. Even for virtual products like Bitcoin, the production process still complies with the simple economic law of diminishing marginal cost. This is the inevitability of centralization. From the perspective of natural science, a similar conclusion is also true: a scattered individual is the state with the highest entropy value, and high entropy means incompetence.
Some people believe that PoW has distorted the concept of Bitcoin, reduced efficiency, and induced competition in computing power. If it is abolished, the problem will be solved. So they designed new incentive mechanisms such as PoS and DPoS. In my humble opinion, these efforts will be fruitless, because on the seesaw of "efficiency" and "fairness", you cannot satisfy everyone, or even the majority of people.
To put it more mysteriously: any virtual currency incentive mechanism is an economic system - a "dead system" cannot guarantee the stable operation of a dynamic economic system, only "living people" can.
The Dilemma of Decurrency
Due to various problems with Bitcoin, knowledgeable people in the industry have realized that continuing to bind the blockchain and Bitcoin together will inevitably lead to losses for both parties. Cutting ties in the name of "technical innocence" has become a top priority. This is not only in line with the current situation, but also in line with people's wishes: Bitcoin's influence has been too far-reaching. If the blockchain is not liberated, the space for newcomers to get rich will be squeezed out.
However, is it really possible to de-monetize blockchain?
Many ordinary people who don’t know the truth, and even some well-known investors, feel that the “authentic, non-tamperable” blockchain has unlimited value based on the technology itself.
I would like to say that there is a huge misunderstanding.
For example, in inter-bank settlement, even if the blockchain system successfully completed the accounting operation, a rogue bank refused to make external payments.Can it replace the law and ensure that the rights of counterparty banks are not infringed? Another example is product anti-counterfeiting. Even if the QR code is correct throughout the entire process, the seller immediately puts defective products in the box. Can the blockchain work its magic and allow customers to receive authentic products smoothly? In fact, the "real, non-tamperable" nature of blockchain can only act on virtual information at best, and its tentacles cannot reach the real world at all.
However, these concepts are now being abused, intentionally or unintentionally. To be responsible, most of the blockchain applications that claim to have great prospects are completely based on the literal meaning of "real and cannot be tampered with." The people who proposed these applications did not understand the blockchain technology itself. What they found were just some of the following. "Authenticity" is just an application scenario where the pain point is - and of course such scenarios are everywhere. However, in the end everyone will find that even if many problems such as inefficiency and redundant security are overcome, the imagined demand for blockchain will still not appear.
Because this is largely not a technical issue, but an economic issue.
The "decentralized" design of the blockchain means that the system operating costs will be distributed to each user, but the nature of rational people is never to share and contribute, but to free ride. Taking Bitcoin as an example, not to mention hardware investment such as mining machines, just the electricity bill alone, the average active user has to pay 3,000 yuan per year. If blockchain applications do not produce tangible individual benefits, there will be no spontaneous participants, and even if they reluctantly participate, their reliability will be questionable. Therefore, the commercial application of blockchain must not be decoupled from the incentive mechanism.
To put it more deeply, the consensus of the blockchain is not only the technical consensus of the public ledger, but also the consensus of the value medium of the blockchain. For example, in the Bitcoin system, if there is no incentive mechanism, or Bitcoin is worthless, then no one will provide computing power, no one will provide storage space, and no one will preach - Bitcoin itself is a system. Values, ideas and technology are just beautiful stories.
The various blockchain applications reported in the media now can be summed up in two types: either they are hype based on the theme and forcibly applied blockchain algorithms in the transactions of centralized institutions; or they are pure "prospects" without any Regardless of the method and difficulty of implementation. For some reason, these media have reached a wonderful tacit understanding in the process of advocating blockchain and never mention virtual currencies. This has seriously misled everyone, thinking that blockchain is just a pure network technology. In fact, if there is indeed a blockchain ecosystem worthy of the name, then the last picture in the white paper must be virtual currency.
Based on this, we might as well re-examine the relationship between virtual currency and blockchain.
There is a saying in the circle that "blockchain is the foundation and virtual currency is the utility." The authenticity of this statement is difficult to distinguish.
To make it clear, the essence of blockchain is a specific algorithm created by virtual currency to establish a "fair incentive mechanism". The so-called "blockchain is the basis, virtual currency is for use" is tantamount to buying a casket for a pearl. . We can conclude here that once the soul of virtual currency is lost, the blockchain will not exist.value.
This argument may be difficult to accept for a while, but there is nothing wrong with its logic.
The so-called "generating value" is nothing more than three criteria: creating demand, reducing costs, and reshaping fairness. From a cost perspective, blockchain has no advantages over centralization; from a fairness perspective, the grand Bitcoin social experiment has already been revealed. So the only thing that remains in suspense is whether the blockchain can "create demand."
At this time, people in the currency circle can jump out and say categorically, of course there is demand, look at this surging ICO!
ICO carnival
ICO, the full name is InitialCoinOffering, which is the initial coin offering. In short, it is a crowdfunding financing behavior in which specific virtual currencies of early projects are priced at general virtual currencies such as Bitcoin and sold to the public. How old are the so-called "early projects"? It’s enough to form a team and write a white paper. If you have some free time, you can make a PPT by the way, which is quite diligent. As for due diligence and financial analysis, they are completely unnecessary because most projects do not have a penny of operating income.
The name "specific virtual currency" is a bit unprofessional. The popular name in the currency circle should be token, and the more elegant translation is "token". In the white paper, the project team will draw various pie charts to tell you how much “value” your home token will have in the future. But if you want to know what a token is, sorry, there is a fine tradition in the blockchain circle called "unclear".
For some meaningful reasons, most ICO legal documents (LegalDocuments) are in pure English, and the true definition of the token is actually hidden in them. Almost all ICOs have provisions similar to the following in their legal documents: "The token does not grant any rights other than the returns specified in the white paper, and will only take effect when the project is successful. Crowdfunding investors have no control over project development and management." The token does not mean that investors have any form of ownership of the project, nor can they obtain future income and intellectual property rights related to the project."
This jaw-dropping text, to put it bluntly, is: Although You pay, but you have nothing. ICO crowdfunding is not the crowdfunding we knew in the past. What investors spend money to buy is not shares, but chips. When the dealer stops playing, the chips will be lost in the air - not to mention that most dealers cannot play at all. stand up.
With no underlying assets, no subject credit, no business model, and no legal protection, can such a virtual currency be sold? The answer turned out to be yes.
All this may seem absurd, but the logic behind it is actually very simple: because many people have made money through ICO.
Building a team to write a white paper is the first step in the ICO industry chain. Next, you need to build a big boss’ platform and issue coins at overseas “exchanges.” Once the virtual currency is online, you also need to manipulate the currency price to attract more speculators. Finally, when you see the right time to cash out and leave the market, you have completed the whole process. Someone implemented it directly in this gameThey gained financial freedom; although some did not eat meat, they also drank soup.
Facing the miracle of making wealth with such a low threshold, anyone should be tempted.
However, if the project itself is not profitable, no matter how it is packaged and beautified, ICO is still a zero-sum game - if someone makes a lot of money, someone will definitely lose everything. This is like the pyramid scheme we are familiar with. Everyone knows that if they take the last shot, they will die, but they all feel that they will not catch the last shot.
What role does blockchain play in the ICO boom?
As we all know, decentralization, decreditation and fairness and justice are the concepts that blockchain flaunts. Let’s look at ICO: If you want to issue coins online, you must pay a huge “listing fee” to a centralized exchange. How “decentralized” is this? Fraud is rampant among the project team, the currency circle media deliberately misleads, and trading accounts are frequently hacked. What kind of "de-creditification" is this? The big bankers wantonly drive up prices, make huge profits, and squeeze out leeks. How "fair and just" is this? In fact, apart from providing virtual coins and gimmicks, blockchain is nothing in the currency circle. What’s even more ironic is that many virtual coins issued by ICOs are not even based on blockchain technology.
So, ICO is not a demand created by blockchain, but a shame of blockchain.
The future of chain and currency
Now that we know that virtual currency is the only value of blockchain, we have a general idea of ​​the future analysis of blockchain.
Now that legal tender is fully electronic, virtual currencies based on blockchain technology do not have much practical value in normal social life. However, in special scenarios, virtual currency has an advantage that cannot be copied by electronic legal currency, and that is privacy.
Any transaction that uses a bank as a payment channel can be supervised. If the authorities are willing, they can know who you gave the money to, the background of the transaction, the time when it occurred, and everything. So before Bitcoin came along, the vast majority of shady transactions were done with cash. You've only seen gangster movies carrying a large box of cash to buy drugs, but you've never seen someone carrying a POS machine there.
The emergence of Bitcoin has revolutionized money laundering, drug trafficking and black market arms trading. With this completely anonymous currency, criminals no longer have to worry about boxes of cash or pay discounts for consecutive dollars—Bitcoin is portable gold, just as it was designed to be.
Therefore, it is impossible for Bitcoin and its alternatives to be completely eliminated, because the need to escape regulation will always exist.
As long as virtual currency does not die, the blockchain economy will definitely have room to survive, because the value represented by virtual currency must be realized in a way, and this way cannot always be legal tender.
I would like to add here that the recent compromise between blockchain and centralized ledgers, such as Raiden Network, is gradually coming to the fore. In principle, the central ledger can greatly improve processing efficiency and adapt to large-scale and high-frequency applications, butIf the main demand of core users of virtual currency is to escape supervision, then this feature may not be popular. The result will be known soon.
Another question that everyone is concerned about is: Will the surging ICO lead to an explosion of virtual currencies? The answer is of course no.
Virtual currency is not legally protected, so its public acceptance largely determines its value and future. When accepting payment in legal currency, we assume that the legal currency we receive will also be accepted by others. Its face value will not produce any discount during the circulation process and has 100% liquidity. The situation is different in the case of virtual currency. Due to the lack of quantitative indicators of liquidity, we can only decide whether to accept payment with this kind of virtual currency based on the general judgment of the public's acceptance. This method of judgment will create a powerful Matthew effect because the public's choices will quickly converge.
On the other hand, there is an upper limit to the types of currencies that the public can spontaneously accept. Take shared bicycles as an example. We will deposit deposits for Mobike, OFO, and if we are very generous, we will deposit deposits for Bluegogo. I would like to ask how many people have deposited deposits for more than 4 types of shared bicycles at the same time? Under normal circumstances, the public's upper limit for accepting homogeneous functions is only "three." In the case of currency, the first position of fiat currency cannot be shaken, the second is probably Bitcoin, and the third is Ethereum - so unfortunately, not surprisingly, all other virtual currencies will not grow.
Some people will say that this is a judgment based on the public chain. We also have private chains and alliance chains.
Here, we need to take a clear stand: the private chain is just a central ledger and has nothing to do with the blockchain concept. As for the alliance chain, there are more related misunderstandings. For example, many current alliance chain concepts do not include token components. This is the biggest misunderstanding. As analyzed before, without an incentive mechanism, high-frequency applications will become free-riding tools for low-frequency applications. In worse cases, even the medium for value transmission will be missing. In addition, if there are differences in the way token values ​​are redeemed between different applications, arbitrage within the alliance will be inevitable. In short, compared with the public chain, in addition to slightly improved privacy, the alliance chain only has many more problems. The gap in Token’s versatility means that it can only survive in the shadow of the public chain and rely on the value of the underlying assets.
To sum up, we have a basic understanding of the application scope of blockchain in the future: most naturally growing blockchain economies will exist based on Bitcoin and Ethereum. The natural growth mentioned here specifically refers to the distinction from pseudo-blockchains that are forcibly attached to centralized institutions. Whether it is inter-bank settlement, product anti-counterfeiting or any other scenario, if consensus and trust among participating entities already exist, then the so-called blockchain application is just a database at best, and it will not be an optimally designed database.
Last question: When will the blockchain craze subside?
This is a difficult question to answer. But there is a saying that goes well: You can fool everyone at one time, and you can fool one person all the time, butIt's impossible to fool everyone all the time.

I. Why is it said that the blockchain industry will not really rise until 2020?

Because the current blockchain technology is not yet mature and the basic facilities are imperfect, many applications have been affected. Limitations, the overall application is still in a very early stage.

First of all, the main function of blockchain is to store information. Any information that needs to be saved can be written to the blockchain and read from it, so it is a database. Secondly, anyone can set up a server, join the blockchain network and become a node. In the world of blockchain, there is no central node (decentralization). Every node is equal and stores the entire database. You can write/read data to any node, because all nodes will eventually be synchronized to ensure that the blockchain is consistent.