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① Is blockchain a disguised pyramid scheme?
Blockchain is a new technology and is not a disguised pyramid scheme. It is just claimed as "blockchain" by many pyramid schemes. In fact, It does not have any technology, it is just a pyramid scheme in the name of "blockchain". The country has issued multiple announcements to crack down on this type of pyramid scheme. The following is Xinhuanet's report on blockchain MLM:
Blockchain is not equivalent to virtual currency, and there are also security risks. Behind the popularity, there are exaggerated hype with "ulterior motives". Only by removing the flashiness can the blockchain return to its true application value.
Invest 80,000 yuan and it will become 800,000 yuan in three months? Shenzhen police uncovered a huge fund-raising fraud case. Under the guise of blockchain concepts and 10 times earnings, thousands of investors have fallen deeply into it, with the amount involved reaching 307 million yuan. Under the "mysterious veil" of the blockchain, criminals have taken advantage of the opportunity to use their tricks, and the blockchain has become a "signature" for economic crimes such as fraud and pyramid schemes.
Why has the blockchain been repeatedly “misused” by illegal activities such as pyramid schemes and fraud? Apart from being “unclear”, what is the “function” of blockchain technology itself? Since the beginning of this year, with the increased supervision and the cooling of the currency speculation trend, new opportunities have been brought to the development of blockchain. How is the implementation of blockchain commercial "applications" now? Reporters from "Lookout" News Weekly recently conducted an investigation into this.
When the three-month "fund release period" promised by the trading platform expired and the staff started "kicking" people in the QQ group, Tang Haiyan, who lives in Bao'an District, Shenzhen, realized that she might have been cheated. .
Previously, Tang Haiyan invested 80,000 yuan to buy a virtual currency called "Puyin Coin" under the introduction of a classmate. "The other party said that this currency is the most advanced blockchain technology at the moment, with Tibetan tea as collateral, and he also showed me a 'technical white paper'. I didn't understand blockchain, so I didn't read it carefully."
Although he doesn’t know much about blockchain or virtual currencies, Tang Haiyan is full of expectations for the high investment returns. She told reporters that the company that issued the "Common Silver Coin" would regularly split the virtual currency at a ratio of 1:10, which means that each split would increase the value of the "Common Silver Coin" in the hands of investors by 10 times. . As long as it is split once, the 80,000 yuan she invested is equivalent to buying "common silver coins" worth 800,000 yuan, and she can get huge profits by selling them on the trading platform.
According to the rules of the trading platform, the "common silver coins" just purchased cannot be traded immediately. They must be frozen on the platform for three months before the "release period" can begin. However, when three months passed, Tang Haiyan not only failed to double her assets, but also the 80,000 yuan frozen on the platform could no longer be used for transactions.
“Other investors began to question the authenticity of this investment in the QQ group. As a result, the company staff kicked these investors out one by one. I felt bad.” She said.
Facts also proved Tang Haiyan’s intuition. At the end of March 2018, Shenzhen police detected a special caseA large fund-raising fraud case, with the amount of defrauded funds reaching 307 million yuan. In this case, the Shenzhen Puyin Blockchain Group Co., Ltd. involved in the case used the "blockchain + Tibetan Tea" model to issue virtual currency and defraud public deposits. Tang Haiyan was one of thousands of victims. .
An investigation by the Shenzhen police found that the company claimed that investors could trade "common silver coins" on the virtual trading platform "Jubi.com" to earn the price difference
. In fact, the change in its buying and selling price was caused by the company using investors' investment funds to perform behind-the-scenes operations, and once raised the price of "common silver coins" from 0.5 yuan to 10 yuan, allowing investors to taste some sweetness. When a large number of investors entered the market, the company continued to cash out by maliciously manipulating the price trend of "Common Silver Coins", which eventually resulted in the "Common Silver Coins" in the hands of investors being worthless.
Since 2018, engaging in fraud and pyramid schemes under the banner of blockchain has become a commonly used "routine" in new criminal methods. In April 2018, Jinan police busted a pyramid scheme gang under the guise of "western development", "national poverty alleviation", "original stocks", "blockchain" and "e-commerce", arrested more than ten main suspects, and froze the funds involved in the case There were more than 100 accounts, and more than 300 million yuan of funds involved were seized.
Jinan police said that Huileyi e-commerce company designed fake virtual disks on the Internet and released so-called "treasure coins" and "precious coins" on the grounds that the country is vigorously developing the big data industry. and other virtual currencies.
They first use the gift as a guise to give a certain amount of virtual currency to newly joined MLM personnel, with the price of each coin being tens of yuan, and then use artificial manipulation to increase the value of the virtual currency to more than 100 yuan or even hundreds of yuan. Yuan, attracting people who do not know the truth to join, and finally "cut leeks" through the cyclical fluctuations of the so-called "devaluation" of virtual currencies, repeated over and over again, and ultimately achieve the purpose of seeking illegal benefits.
In Xi'an, the local police also successfully cracked a huge online pyramid scheme under the banner of blockchain. According to the police, the criminal suspect Zheng paid a high salary to organize network platform administrators Zhang, Li and other 9 people. Since March 28, 2018, he has used collective pyramid schemes and online pyramid schemes as means to sell coins at a price of 3 yuan each. Sell virtual "Datang Coins" on the "Consumption Era" online platform and control the appreciation rate;
At the same time, hold promotion meetings in multiple cities at home and abroad to attract members, and set up There are 28 levels of agents in charge. In just 18 days, the gang has developed more than 13,000 registered members. It has been found that the case involves 31 provinces, municipalities, and autonomous regions across the country, and the funds involved are as high as 86 million yuan.
The "Tencent 2017 MLM Situation Awareness White Paper" released by Tencent Security Joint Laboratory stated that in recent times, various overseas capital disks, virtual currencies, ICO (blockchain project initial public offering of tokens) Financing) projects emerge in an endless stream, which hide many risks such as illegal issuance, false projects, cross-border money laundering, fraud, pyramid schemes, etc., causing a large amount of funds to flow overseas. Once they collapse,Investors often have no way to complain, lose money, or lose contact, and their losses are difficult to recover. For example, Baichuan Coin, Mark Coin, Beta Coin, Dark Coin, etc.
Reporters from "Lookout" News Weekly conducted interviews in Guangdong, Shandong, Shanghai and other places and learned that most people know that the concept of blockchain is very popular, but they are "uninformed" about the specific functions of blockchain. There are different opinions: some people think it is used for "investment and financial management" and "buying and selling currency", while others think it is "a major invention of the same magnitude as the steam engine". Some entrepreneurs are gearing up to seize this "once-in-a-lifetime opportunity to get rich."
Many people in the industry said that it is precisely because people have many misunderstandings about blockchain that criminals have the opportunity to fish in troubled waters and mislead investors.
First, blockchain is not equal to virtual currency. As of the end of last year, the number of domestic ICO participants and total transaction volume had doubled. A large number of digital currency exchanges have fled overseas, and the agency investment model has involved more ordinary people in high-risk investments.
Many industry self-media and famous speakers have formed interest alliances with issuers, digital exchanges, etc. to endorse the "Air Coin" project platform and create public opinion. In December last year, the People's Bank of China and nine other departments characterized ICOs as "suspected of illegal fund-raising, financial fraud, pyramid schemes and other illegal and criminal activities."
During the interview, many people told our reporter that the existence of tokens has built a set of equity mechanisms for the development of blockchain technology. This mechanism is indispensable for stimulating the prosperity of blockchain applications. of. "Market practice in the past five years has proven that blockchain applications without equity mechanisms are like computers without Internet connectivity and a market economy without currency. The application scenarios and development speed are greatly reduced." said an investor in Shanghai. .
In fact, tokens represented by Bitcoin are only one of the earliest products to verify blockchain technology. There is no equivalence between the two, and the existence of tokens has already affected the blockchain technology. The development of the chain has obvious negative effects.
Xiao Wei, chief engineer of the Internet Blockchain, told this reporter that the myth of ICO getting rich has shaken the R&D efforts of blockchain technology talents, and the myth of getting rich through speculation, which can easily return hundreds of times, is testing the blockchain industry. The patience of chain technology R&D talents. "Many of the 'comrades' in the circle who used to do blockchain technology research and development together have switched to issuing coins, and now there are very few who can still continue to do technology research and development and application."
Beijing Internet Finance Industry Xu Zewei, secretary of the party committee of the association, said that in the context of China’s ban on ICOs, many domestic start-up companies promoting blockchain applications are “selling sheep’s heads to dogs”, packaging originally worthless tokens through conceptual packaging to attract money and raise funds. “ICO has polluted the good atmosphere for innovation and entrepreneurship and created a speculative product. Many young people don’t think about starting a business, but they are thinking about issuing coins. This gives everyone the illusion of getting rich overnight.”
< p>At present, more and more people in the industry are beginning to think about whether the development of blockchain must rely on the issuance of tokens to achieve incentives. Guo Dagang, secretary-general of the Beijing Internet Finance Industry Association, told this reporter that the so-calledThe incentive mechanism is just a theoretical basis for the project side to issue tokens for itself. Huo Xuewen, director of the Beijing Municipal Financial Affairs Bureau, also believes that if the blockchain does not get rid of the currency issuance dilemma, it will never find a legal implementation mechanism.Secondly, the blockchain is not omnipotent and has security risks. Blockchain is generally considered to be able to achieve three functions:
First, the data stored on the blockchain cannot be tampered with or forged, and the data has high credibility and credibility; second, The entire transaction process is traceable, enabling accurate tracking of responsibilities; third, smart contracts embedded in the blockchain can be automatically executed based on the contract, thereby improving work efficiency and reducing the risk of default. The industry generally believes that blockchain has broad application prospects in finance, logistics, trade and other fields.
In fact, blockchain is not omnipotent, and its functions also have many limitations. It is generally believed that based on its cryptographic characteristics, if you want to tamper or forge on the blockchain, you theoretically need to control more than 51% of the nodes to achieve it. When there are enough nodes in the blockchain, this trust creation mechanism with widespread public participation will be difficult to tamper with.
However, in reality, digital currency exchanges are frequently attacked or even stolen. On June 20, 2018, South Korea's Bithumb exchange announced on its official website that the exchange was attacked by hackers and cryptocurrency worth 35 billion won, or approximately US$32 million, was stolen.
Ji Xinhua, known as China's first generation "hacker", said that the blockchain will continue to face attacks, and the process of uploading data to the chain is prone to information leakage. Some people in the industry are also worried that once the super computing power of quantum computing is realized, it will also have a direct impact on the blockchain.
Zhao Yao, a special researcher at the Institute of Finance of the Chinese Academy of Social Sciences, told this reporter that as early as 2013, the academic community confirmed that the blockchain is not perfect and there are many "cheating" strategies. As long as there are sufficient economic incentives, attacks that control more than 51% of the nodes do not only exist in theory.
Zeng Guang, secretary-general of the Shenzhen Internet Finance Association, said that blockchain technology itself is not irreplaceable or subversive. "Some criminals exaggerate the role of blockchain to illustrate that blockchain has huge investment value, which deserves the vigilance of investors."
Thirdly, the popularity of blockchain is not the same. Not entirely true. Data shows that from the end of 2017 to the beginning of 2018, more than 300 self-media companies mainly focused on ICO projects appeared, which became an abnormal phenomenon worth noting.
“Most of these self-media have received financial support from exchange leaders and investors in the currency circle. It is difficult to guarantee the objective independence of their reports. Most of them advocate ICO and currency speculation, and excessively promote digital currencies. Prospects, creating convenience for the spread of public opinion for illegal fund-raising of problematic projects." Xu Zewei said that some blockchain self-media investors are themselves ICO project investors, and their profit model is to charge soft article fees and project promotion fees, becoming a token issuance public opinion helpers, and some media have developed into agency investment agencies.Profit from it.
On August 24, 2018, the China Banking and Insurance Regulatory Commission website issued a risk warning to remind the public to take precautions against Illegal fund-raising in the name of “virtual currency” and “blockchain”.
The original text is as follows:
Risk reminders on preventing illegal fund-raising in the name of "virtual currency" and "blockchain"
China Banking and Insurance Regulatory Commission, Central Cyberspace Affairs Commission , the Ministry of Public Security, the People's Bank of China, and the State Administration for Market Regulation remind:
Recently, some criminals have issued so-called "virtual currencies" and "virtual assets" under the banner of "financial innovation" and "blockchain". "Digital assets" and other methods to absorb funds and infringe on the legitimate rights and interests of the public. Such activities are not really based on blockchain technology, but are actually hyping up the blockchain concept to conduct illegal fund-raising, pyramid schemes, and fraud. They mainly have the following characteristics:
1. Networking and cross-borderization are obvious. Relying on the Internet and chat tools for transactions, and using online payment tools to receive and disburse funds, risks have a wide scope and spread quickly. Some criminals rent overseas servers to build websites, essentially carry out activities for domestic residents, and remotely control illegal activities.
Some individuals claim in chat tool groups that they have obtained investment quotas for high-quality overseas blockchain projects and can invest on their behalf, which is most likely a fraudulent activity. Most of the funds for these illegal activities flow overseas, making supervision and tracking very difficult.
2. Strong deception, temptation and concealment. They use hot concepts to create hype and fabricate numerous "high-level" theories. Some even use celebrity V's "platform" propaganda, and use airdrops of "candy" as temptations, claiming that "currency values only rise but not fall" and "the investment cycle is short. "High returns, low risks", which is highly deceptive.
In actual operation, criminals illegally make huge profits by manipulating the price trend of so-called virtual currencies behind the scenes and setting profit and withdrawal thresholds. In addition, some criminals also issue tokens in innovative forms such as ICO, IFO, and IEO, or conduct virtual currency speculation in the form of IMO under the banner of the sharing economy, which is highly concealed and deceptive.
3. There are various illegal risks. Through publicity, criminals use "static returns" (profits from currency appreciation) and "dynamic returns" (profits from offline development) as bait to attract the public to invest funds, and induce investors and development personnel to join in, constantly expanding the capital pool. , with characteristics of illegal fund-raising, pyramid schemes, fraud and other illegal activities.
Such activities use "financial innovation" as a gimmick, but are essentially a Ponzi scheme of "borrowing new and repaying old", making it difficult to maintain long-term capital operations. The general public is requested to view the blockchain rationally, do not blindly believe in promises made by the public, establish correct currency concepts and investment concepts, and effectively improve risk awareness; they can actively report to relevant departments any clues about illegal crimes discovered.
② "Riemann Hypothesis" was confirmed, which nerve of blockchain people was touched
If you want to searchThe most popular word in 2018, "blockchain" will definitely be on the list. Thanks to the famous Bitcoin, blockchain technology and related industries have suddenly become a new investment trend. Internet giants such as BAT have successively released white papers on their respective blockchain industry layouts. JPMorgan Chase, Goldman Sachs Group, Nas Financial giants such as Dak have also expressed their enthusiasm for blockchain technology. Various blockchain projects are coming one after another, which is almost dizzying.
However, a few days ago, a report that the "Riemann Hypothesis" was confirmed broke out in the media. The famous British mathematician Michael Atiya claimed to have used a "simple" and "new" method The method proved the Riemann Hypothesis, and he presented his relevant proof at the 2018 Heidelberg Laureates Forum. In his lecture, this wise jazz gentleman gave a general direction for proving the "Riemann Hypothesis". It is expected that in the next few weeks or even months, many mathematicians around the world will work hard to prove in this direction to confirm Is Atiya's plan feasible? As soon as the news came out, it caused an uproar in the blockchain field. Some people in the industry even pointed out: "Once the Riemann Hypothesis is confirmed, it will affect the life and death of the blockchain."
One is one of the "seven major mathematical problems in the world" that has stumped the world for 159 years. One is a new investment trend based on technologies such as distributed data storage. If you want to know how the former controls the fate of the latter, it is necessary to first take a look at this "Li" that has caused generations of mathematical geniuses to rack their brains but dream about it. Mann guessed what it was.
The prototype of the protagonist in the Hollywood classic film "A Beautiful Mind" and Nobel Prize winner in economics John Nash had studied the Riemann Hypothesis in the mid-to-late 1950s, but not long after that Unfortunately, he suffers from schizophrenia. Many people believe that the painful process of studying the Riemann Hypothesis is the main cause of Nash's illness, and it is not mainly caused by the huge psychological pressure caused by participating in military work as is generally believed. This shows the breathtaking magic of the "Riemann Hypothesis".
The written explanation of the "Riemann Hypothesis" is difficult to understand. In fact, in layman's terms, Riemann believed that the distribution of prime numbers is not chaotic and traceless, but that the secret of its distribution is completely hidden. Within a special function - in particular, the series of special points that make that function take on the value of zero has a decisive influence on the detailed laws of the distribution of prime numbers. If this conjecture is confirmed, some encryption algorithms based on this will inevitably become useless.
So will blockchain technology really be ruthlessly slaughtered because of this?
More and more people already know that blockchain is a new application model that integrates distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm and other computer technologies. As the underlying technology of Bitcoin, it is a series of data blocks generated using cryptographic methods. Each data block contains information about a Bitcoin network transaction.Used to verify the validity of its information and generate the next block. Not only Bitcoin, but the Tokens issued by current blockchain projects are also based on this principle. Bitcoin and blockchain tokens are called cryptocurrencies, and their security and encryption are reflected in this.
One is based on encryption algorithms, and the other reveals encryption rules. It seems that blockchain technology will indeed be destroyed by the "Riemann Hypothesis" - in fact, this is not the case!
The encryption algorithm of blockchain technology is an asymmetric algorithm and a hash algorithm based on the discrete logarithm problem on the elliptic curve function. It has nothing to do with the prime number distribution function assumed by the "Riemann Hypothesis". For example, fuel vehicles and electric vehicles use two different power sources. The so-called statement that "the Riemann Hypothesis is confirmed will affect the life and death of the blockchain" is nothing more than an error caused by the fragile nerves of blockchain people.
However, it can also be seen from this that the emerging industry of blockchain is extremely fragile. A slight external disturbance can cause panic and uneasiness in the industry, and even the trembling of the wind and the panic of the grass and trees. Several cryptocurrency theft incidents in history have caused large-scale market declines. In fact, the theft incidents are not due to security vulnerabilities in the blockchain technology itself, but due to the systems and trading platforms of some project parties. Caused by system security vulnerabilities. Until breakthroughs are made in quantum technology, Bitcoin will remain one of the most difficult technologies on the planet to hack. However, due to the stabilizing pressure from the regulatory level and the lack of clarity and deliberate confusion in the media circle, and the fact that some blockchain projects are indeed confusing and have frequent loopholes, the general public is waiting and watching when facing blockchain technology and applications. It is not difficult to understand the questioning attitude and the fragile nerve that can be touched at any time.
It is conceivable that before blockchain technology can complete decentralization and achieve point-to-point trust, there will be a long way to go in how to make people trust the blockchain technology itself.
③ What are the scams of blockchain?
"Blockchain" is an important concept in the new era. It is essentially a centralized database and a digital currency. underlying technology. According to our popular explanation, the "blockchain" can be regarded as a ledger, and each bill is a block. However, this ledger is centralized, and it can be said that no company or team has jurisdiction over it. "Blockchain" technology is a unique informatization that is centralized and cannot cross-change information. Now in daily life, this technology has been applied to a series of applications such as electronic invoices and payment codes.
In today's life, many people use this guise to commit fraud. Direct sales disks, capital disks, technology disks and other names are used to lure people to make money and then run away. As a result, many people have lost their funds and have nowhere to defend their rights. In the end, I can only say that "blockchain" is a lie. There is no right or wrong in technology, it’s the people who are wrong.
With the progress of the times and society, the development of any technologyInitial applications will be subject to various positive and negative doubts. However, with the relative application and maturity of technology, coupled with the improvement of technology, various applications around people will continue to improve. I believe that in the near future, these doubts will slow down. Dissipates slowly.
The following is a summary of some blockchain scams that are often around you!
Trap 1: Blockchain is about issuing coins to make money
Trap 2: Conducting virtual currency transactions, promising low investment and high returns
Trap 3: Decentralization can solve all problems
Trap 4: With the extension of the blockchain, you can make money with a mining machine
Trap 5: Transactions on WeChat and Alipay to buy and sell virtual currencies
In short, the methods of scammers are also advancing with the times. Through our "eyes of wisdom", we can improve and enhance our adaptability, discover and alert ourselves, and prevent being deceived. Investors must be wary of various deceptive methods that offer low investment and high returns.
④ Is blockchain a lie?
The development of China’s blockchain is uneven, and it is growing wildly. As of August this year, the development level of my country’s blockchain industry is at the forefront of the world. The total number of enterprises ranks second in the world after the United States. Monitoring data from the National Internet Emergency Center’s Key Laboratory of Internet Financial Security Technology shows that there are more than 32,000 companies with the word “blockchain” or whose operations involve blockchain. Chain technology companies only account for about 10%, or even less than 10%.
In other words, there are many organizations committing fraud under the guise of "blockchain"!
Scammer's routine:
Elementary routine: Use big words to make big profits
Publicity rhetoric: "You can make a lot of money even while lying down!"
< p>The essence of the scam: Using so-called "projects" that claim high returns in professional terms to raise funds from victims, the essence is financial fraud.Intermediate routine: play with the concept and get high dividends
Promotional rhetoric: "The benefits of the sharing economy are considerable"
The essence of the scam: illegal fund-raising (such as "Qubu" APP )
Advanced routine: high rebates for currency speculation
Promotional rhetoric: "Virtual asset financial innovation"
Scam essence: illegal pyramid schemes (such as various "digital "Coin" investment project)
AT * Kagari Small Finance
⑤ What controversies and doubts has been brought about by Ethereum?
Ethereum It is fundamentally different from Bitcoin. What is the difference? Bitcoin defines a monetary system, while Ethereum focuses on building a main chain (which can be understood as a highway) that allows a large number of blockchain applications to run on this highway.
From this point of view, Ethereum has a wider range of application scenarios, which is why we say that Ethereum marks the blockchain
A pure currency system in the 1.0 era. The blockchain 2.0 era realizes changes in other industries and application scenarios.
However, nothing is perfect in the world. Although Ethereum has expanded the application scope of blockchain in various industries and improved the speed of transaction processing, it also has certain controversies and doubts.
1. The solution to Ethereum’s insufficient scalability: sharding technology and Raiden Network
The biggest problem with the underlying design of Ethereum is that Ethereum has only one chain and no Side chain means that all programs must run on this chain equally, consuming resources and causing system congestion. Just like the very popular Ethereum game "CryptoKitties" last year, when this game became popular, it once caused the Ethereum network to collapse.
Regarding the issue of improving processing power, Ethereum proposes two methods: one is sharding technology (shard), and the other is Raiden Network. Let’s introduce these two technologies respectively.
(1) Sharding technology
Ethereum founder Vitalik Buterin believes that the reason why mainstream blockchain networks such as Bitcoin process transactions is so fast It is very slow because each miner has to process every transaction in the entire network. This efficiency is actually very low. The idea of sharding technology is that a transaction does not need to be processed by all the nodes in the entire network, but only needs to be processed by some nodes (miners) in the network. Therefore, the Ethereum network is divided into many slices. At the same time, each slice can process different transactions. This will greatly improve network performance.
However, sharding technology is also somewhat controversial. We know that the important idea of blockchain technology is decentralization. Only when the entire network witnesses (processes) the same transaction does it have the highest authority. The Ethereum sharding technology is not witnessed by all nodes, but is similar to being witnessed by groups. In this way, it loses its absolute "decentralization" attribute and can only be achieved by sacrificing certain decentralization characteristics. to achieve high performance.
(2) Raiden Network
The Raiden Network uses off-chain transactions. What does it mean? What it means is: when participants using the Raiden Network transfer funds to each other, they do not need to confirm the transaction through the Ethereum main chain. Instead, they create payment channels between participants and complete it off-chain.
However, the Raiden Network is not separated from the main chain. Before establishing a payment channel, you need to use the assets on the main chain as collateral to generate a Balance Proof. Only by having a Balance Proof can you show that you can Make a transfer of the corresponding balance. When both parties to the transaction hold proof of balance, both parties can make an unlimited number of transfers off-chain through the payment channel.
Only when off-chain transactions are completed and assets need to be transferred back to the chain, the balance change information of the main chain account will be registered on the Ethereum main chain, and no matter how many transactions occur on the main chain during this period, There will be no records on it.
The Raiden Network also has a real benefit, which is that it can save you miners.cost. Currently, when we conduct transactions on the Ethereum main chain, we need to consume Gas and pay miner fees. Once the transactions are moved off-chain, we can save this part of the cost.
Of course, Raiden Network is not perfect. When using the Raiden Network, you need to use assets on the main chain as collateral; these assets serve as collateral and cannot be used until the user completes off-chain transactions. This also determines that thunder and lightning transactions are only suitable for small transactions.
The above is the problem of insufficient scalability of Ethereum, and the two main solutions currently proposed: sharding technology and Raiden Network.
2. Vulnerabilities in Ethereum’s smart contracts and the infamous The Dao incident
Ethereum’s smart contracts are very powerful, but all codes will have loopholes. Ethereum Smart The biggest controversy about contracts is the so-called loopholes, which are security issues. According to relevant research, of the nearly 1 million smart contracts based on Ethereum, 34,200 (about 3%) were found to contain security vulnerabilities that would allow hackers to steal ETH, freeze assets or delete contracts. For example, the notorious The Dao event.
(1) What does Dao mean?
Before introducing The Dao incident, let us first introduce what DAO is. DAO is the abbreviation of Decentralized
Autonomous Organization, which can be understood as: decentralized autonomous organization. From the perspective of Ethereum, DAO is a certain type of contract on the blockchain, or a combination of contracts, which is used to replace government review and complex intermediate procedures to achieve an efficient and decentralized trust system. Therefore, DAO is not a specific organization. In other words, there can be many DAOs and various DAOs.
(2) The infamous The Dao incident
However, when we mention DAO now, we basically refer to The DAO incident, which is the infamous incident we just mentioned. A famous hacker attack. We know that The in English means specific, and The DAO incident
refers to the specific DAO incident, because we just said that DAO is not a specific organization, there can be many DAO, all kinds of DAO.
In 2016, Slock.it, a German company specializing in "smart locks", launched on Ethereum in order to achieve decentralized physical exchange (for example: apartments, boats) DAO project. And starting from April 30, 2016, the financing window was open for 28 days.
Unexpectedly, this DAO project was very popular. It raised more than 100 million US dollars in just half a month. By the end of the entire financing period, a total of 150 million US dollars had been raised. From this,It became the largest crowdfunding project in history. However, the good times did not last long. By June, hackers exploited loopholes in smart contracts and successfully transferred more than 3.6 million ether coins and invested them into a DAO sub-organization, which has the same structure as The DAO. As a result, the price of Ethereum dropped directly from more than 20 US dollars to below 13 US dollars at that time.
This incident shows that smart contracts do have loopholes, and once the loopholes are exploited by hackers, the consequences will be very serious. This is why many people now criticize Ethereum, saying that its smart contracts are not smart.
Regarding this problem, many foreign companies have begun to provide code audit services in order to solve the vulnerability problem of smart contracts. From a technical perspective, some teams are currently testing smart contracts. Most of these teams are led by professors from Harvard, Stanford and Yale, and some teams have already received investment from leading institutions.
In addition to the current lack of scalability and smart contract loopholes in Ethereum, the controversy over Ethereum also lies in the POS consensus mechanism it pursues, which is the proof of equity mechanism. Under the proof of equity mechanism, if The greater the number of coins and the longer they hold the coins, the more "rights" (interest) they will receive, and the opportunity to obtain accounting rights, and receive rewards for accounting. In this way, it is easy to create a "strong" The oligopoly advantage of "the stronger the economy is."
Another problem is the chaos of ICO. ICO is a common way for blockchain projects to raise funds, and we can understand it as pre-sale. The explosion of ICO projects on Ethereum has given rise to illegal activities such as fund transfers and money fraud under the banner of ICO, posing security risks to social and financial stability.
⑥ Where are the application scenarios of blockchain?
One of the most important reasons why blockchain is questioned is that there are no practical application scenarios, and ordinary people cannot see the possibilities. The value of existence. So in the eyes of these experts, where are the application scenarios of blockchain most likely to appear?
Shuai Chu, founder of Quantum Chain, said: The evolution of the entire blockchain technology is still in its early stages, just like the Internet era 20 years ago. At that time, we could not have imagined that applications like Uber would appear on the Internet. The development of technology has given everyone richer diversity, and possibilities are the future.
Zeng Ming, Provost of Hupan University, gave several possible answers based on the technical characteristics of blockchain:
1. Blockchain is the most important The advantage is a transparent, immutable, distributed ledger. Some areas have never been covered by the Internet, such as acceptance bills.
2. Another big advantage of blockchain, from the perspective of smart contracts, is that it is possible to form more efficient network collaboration at the point-to-point level. Such as crowdfunding.
3. In the field of innovation, blockchain will definitely be closely integrated with the development of the Internet of Things, artificial intelligence and other fields, including cloud computing, edge computing, etc.
⑦ The capacity bottleneck of the blockchain has been questioned, and the ecology has caused "whimsical ideas" in the technology
Under the current trend of blockchain technology becoming a mainstream application technology, the blockchain system is the most The primary capacity bottleneck is essentially limited by the memory capacity of a single full node, which directly restricts throughput. As for the throughput issue, the Ecological Order uses new technologies to solve the problem of doubtful blockchain capacity.
As long as it is a blockchain technology system, no matter what consensus algorithm mechanism is used, whether it is POW, POS, or delegated proof of equity, it will face the same problem. Assuming that the delay and bandwidth of the physical network are negligible, like EOS based on high-speed links in the information center, the second bottleneck of the system is the limited ledger storage capacity, which is essentially limited by the memory capacity of a single full node. It directly limits how many participant addresses and how many DApp applications the blockchain network can carry.
Most of the current mainstream blockchain technology systems, including Ethereum, Bitcoin blockchain, EOS, etc., have current problems, and what is even more unfortunate is that there is no solution to this problem. . Multi-level caching information base technology can slightly improve the limitations faced, so that only active users will be limited by storage capacity, and the total user base is limited to the capacity of the hard disk. However, this indicator does not cure the root cause, and it is difficult to fundamentally solve this problem.
As a result, ECOL ecological technology focuses its attention on throughput, and on the basis of solving the shortcoming of throughput, it exposes the capacity problem of the block.
The ECOL Ecosystem understands that consensus algorithms cannot actually help solve performance and capacity bottlenecks, so it attempts to improve the performance of the blockchain system starting from an unconventional consensus algorithm. Based on the foundation of the ECOL ecological order credit system, the credit access principle is adopted, and the system of determining and verifying the single-point broadcast rights of each node is perfectly coordinated by leveraging the certainty and uniqueness of the existing blockchain ledger. The POCM consensus mechanism of the ECOL ecological order circumvents the problems of POW workload proof, which is not environmentally friendly and energy-saving, has computing power monopoly, and centralizes the trend, solves the problem of uneven rights and interests of POS, and solves the operational efficiency shortcomings of DPOS.
In the general "block + chain" architecture, all transactions must be packaged into blocks to take effect. If the capacity storage of the block is small, when the transaction volume is large, the packaging speed of many transactions will slow down, and there is even a risk of failure. If the block capacity storage is large, the blockchain information will expand rapidly, ordinary computers will not be able to run the full node, and the running rights of the full node will be in the hands of a few people, which will be contrary to the results of decentralization. This is also the fundamental contradiction in the Bitcoin expansion debate. The ECOL ecological order does not have the concept of a block, so it solves the inherent paradox dilemma of the traditional block + chain structure.
In short, in the face of capacity bottlenecks, the ingenious concept of distributed technology system design is extremelyImportantly, this is related to the consensus algorithm and cryptography. The ECOL ecological order has done a very good job on this point
⑧ Is the blockchain a lie?
"Zone "Blockchain" is an important concept in the new era. It is essentially a centralized database and the underlying technology such as digital currency. According to our popular explanation, the "blockchain" can be regarded as a ledger, and each bill is a block. However, this ledger is centralized, and it can be said that no company or team has jurisdiction over it. "Blockchain" technology is a unique informatization that is centralized and cannot cross-change information. Now in daily life, this technology has been applied to a series of applications such as electronic invoices and payment codes.
In today's life, many people use this guise to commit fraud. Direct sales disks, capital disks, technology disks and other names are used to lure people to make money and then run away. As a result, many people have lost their funds and have nowhere to defend their rights. In the end, I can only say that "blockchain" is a lie. There is no right or wrong in technology, it’s the people who are wrong.
With the progress of the times and the progress of society, the initial application of any technology will be subject to various positive and negative doubts. However, with the relative application and maturity of technology, coupled with the improvement of technology, various aspects around people have formed. This application will continue to improve, and I believe that these doubts will slowly dissipate in the near future.
The following is a summary of some blockchain scams that are often around you!
Trap 1: Blockchain is about issuing coins to make money
Trap 2: Conducting virtual currency transactions, promising low investment and high returns
Trap 3: Decentralization can solve all problems
Trap 4: With the extension of the blockchain, you can make money with a mining machine
Trap 5: Transactions on WeChat and Alipay to buy and sell virtual currencies
In short, the methods of scammers are also advancing with the times. Through our "eyes of wisdom", we can improve and enhance our adaptability, discover and alert ourselves, and prevent being deceived. Investors must be wary of various deceptive methods that offer low investment and high returns.
⑨ Is blockchain reliable?
With the development of the times, there are now many science and technologies used in people’s lives, and blockchain is used in a very wide range of applications. As an Internet technology, the purpose of blockchain is to verify the validity of information, so it has an anti-counterfeiting function. Blockchain is a combination of many data blocks in a chain structure in time order to maintain the reliability of the database. The application fields of blockchain are also relatively wide, and are often used in finance, the Internet, insurance, and some public welfare fields. Blockchain is divided into public and private. Its biggest features are high transparency, decentralization and collective maintenance. Because it is used too widely, many people have doubts about blockchain in daily life. I don’t know. Is it reliable?
Generally speaking, blockchain technology is not a scam. It is reliable, but it also has certain disadvantages. Blockchain technology can have great benefits if applied in legal fields, butOnce you go astray and introduce illegal fields, it will have very serious consequences.
