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① Why Hong Kong needs to develop blockchain technology and applications

In the context of the world’s major financial centers continuing to increase their attention to blockchain technology, the Hong Kong Financial Services Development Committee Recognizing the importance of understanding and developing this technology, the FSDC issued a report on Tuesday urging the Hong Kong government to establish a financial technology office to focus on blockchain technology.

The committee concluded: "Hong Kong needs to fully commit to DLT now to ensure its place in a world that may be completely different in the future."

② What to do if the blockchain network is congested

1

What is network congestion

Usually refers to a network failure phenomenon: an office LAN computer Use an ADSL Modem+HUB with routing function to share the Internet. When there are fewer people online at the same time, the network is relatively smooth. When more people are online, the network will be intermittently connected, and the HUB's Collision indicator will flash continuously.

In blockchain applications, whether it is digital currency, smart contracts, decentralized trading systems, etc., their networks are composed of independent nodes. Various operations in the network, such as transfer transactions, changes in contract status, etc., will be broadcast to the network in the form of transaction data, and will be packaged into new blocks by miners as part of the main chain to ultimately confirm all these operations.

When there are many nodes and a lot of usage, a large number of transactions will not be packaged within the normal expected time, because they are all congested in the network, waiting for confirmed transaction data Usually maintained in the node's memory pool. This is the congestion of the blockchain.

2

How network congestion occurs

The current Bitcoin block size is 1M, and it can only process approximately 7 transactions per second. As the transaction volume continues to grow, the Bitcoin network has become difficult to confirm transfer transactions quickly, and the blockchain network often experiences congestion.

At the peak, there was a backlog of tens of thousands of transactions on the blockchain network. Some transfer transaction fees were as high as dozens of dollars. When the network was congested, transactions even took several days to be packaged.

In fact, this problem exists for every type of blockchain application, causing users to constantly complain about transaction delays, but it also proves the widespread application and user experience. increase in quantity.

So what should we do when these problems occur?

3

How to solve network congestion

There are only the following solutions.

The first type is expansion to improve processing capabilities.

The second type is to intercept traffic and limit the number of blockchain packages.

By combining the above two methods.

Researchers at the University of Sydney have developed a new blockchain system that can achieve a throughput of 440,000 transactions per second on 100 machines, while Visa’s transaction processor per second is 5.6 Thousands of pens. By comparison, Bitcoin is limited to seven transactions per second and the Ethereum blockchain is limited to 20.

After the JadeChain public chain system is launched, it will completely solve the network congestion problem in JADE ecological applications.

③ Has Liang Liang coinxp issued HUB coins?

Hello, Liang Liang coinxp has issued HuB coins. Liang Liang’s team began to develop the public trading chain coinxp in 2018. In September of the same year, the coinxp test network line, which included most of the main network functions, could initially support DEX. "Bancor and uniswap already existed in 2018, but there will be many problems, and most people think DEX will not work. By mid-2020, DEX has undergone earth-shaking changes. Decentralized lending platform Composite initiated liquidity mining , was imitated and borrowed from old DEXs such as Balancer, Curve, and Bancor. At the same time, "defi upstarts" such as yam and sushi entered the market one after another, boosting this wave. Subsequently, a large number of "natural minerals" and imitation dishes appeared, alleviating the problem of old DEX. Leek, old CEX, and old public chains are anxious about fomo. According to oklink data, the total locked amount of defi increased from US$1.959 billion on July 1 to US$12.718 billion on September 20, an increase of nearly 6.5 times.
Expansion information:
1. People in the currency circle have been mining. The original mining refers to Bitcoin. As the price of Bitcoin soars, computers can be used for mining. Professional mining machines will be used in the future , mining costs will rise. With the rapid development of blockchain technology, more and more mining projects are involved, and mining does not consume as many resources as Bitcoin. In fact, the word "mining" has not changed, but mining The nature of mining has changed. It has a more literal meaning of mining. For example, trading on an exchange is mining, that is, the concept of trading is equivalent to mining. The rapid changes are really the so-called currency days and human years.
2. The understanding of mining is mining. In fact, mining in the entire system is not the key, but maintaining the normal operation of the system is. Therefore, the focus of mining is not mining, but maintenance. Only when maintaining the system Only under the premise can Bitcoin be produced and Bitcoin will be rewarded. In short, Bitcoin is a reward for those who maintain the system (miners). Just like a bank employee, his hard work is to maintain the entire system .On the surface, it is just one data, one data independent. In fact, it is to ensure that the data of the entire banking system is correct, that is, to maintain the system. Therefore, we see that there are so many employees in the bank, and everyone is calculatingCalculate. That's why.
3. Therefore, Bitcoin naturally consumes a lot of power and requires hardware to perform a lot of calculations. In fact, it is not to obtain Bitcoins, but to prevent cheating and maintain the security of the Bitcoin system through a large amount of calculations. This is what mining is really about. During Bitcoin transactions, we have started paying transaction fees, which are fees paid to miners. As can be seen here, miners’ current income consists of mining rewards and withdrawal transaction fees. Mining rewards are the main income, supplemented by withdrawal fees. Our concept changes when Bitcoin is fully mined and all of the miners' income is collected by the system.
4. From the above description, we can know that the meaning and function of mining are as follows: to reward miners for mining; to maintain the safe operation of the Bitcoin system is the main purpose; to obtain Bitcoin through mining is not the main purpose. The output of Bitcoin is just a by-product.

④ Why did “Father of Bitcoin” Satoshi Nakamoto disappear mysteriously

Where did Satoshi Nakamoto go? In my opinion, Satoshi Nakamoto may never have existed. Maybe he is just a code name, or maybe he is just a name fabricated by the Bitcoin team. Over the years, the outside world has been speculating on the identity of Satoshi Nakamoto, but no one has seen him in person.

From its initial launch to the present, Bitcoin has experienced peaks and troughs. Now the value of Bitcoin has stabilized. Ordinary people who want to rely on mining to obtain Bitcoins basically It is difficult to achieve in terms of cost and difficult to control in terms of cost. Therefore, it is basically certain that it is basically impossible for ordinary people to make a fortune in Bitcoin through hard work. But now that I want to join the currency speculation circle, I personally think it is unreasonable. One is because everyone knows the value of Bitcoin and can pick it up casually if it is not cheap. Second, no one can give a 100% guarantee as to whether Bitcoin will be of great use in the future. Therefore, you need to be cautious when speculating in currencies. If you must speculate, then check whether you have enough money in your wallet.

⑤ Is the HUB blockchain a scam?

This question should be a scam, so the government departments have not promoted it yet.

⑥ Benefits of Hubi’s VIP consensus mechanism

This consensus mechanism is quite in line with the characteristics of blockchain technology, and you only need consensus to enjoy it. There are many benefits, because you only need consensus to enjoy it, and you enjoy Hubi's VIP privileges, so you don't need to buy their VIP, unlike others that require buying.

In fact, this is also the advantage of Hubi ecology. VIP consensus was first proposed by Hubi. As long as you hold Hubi, consensus can be generated. As Hubi points, HU can also be exchanged for Hubi, and HU can also be used. To deduct handling fees, give priority to withdrawing coins, etc., this consensus has many benefits.

⑦ What does Qulian mean?

Qulian is a technology company in Hangzhou that mainly develops blockchain technology applications.A global blockchain technology and solution provider, committed to building new infrastructure and empowering the digital development of society.

QuChain

E-commerce financing, the Agricultural Bank of China Head Office has launched an agriculture-related Internet e-commerce financing system based on the underlying platform of the QuChain blockchain. It is a domestic bank For the first time, the industry has applied blockchain technology to the field of e-commerce supply chain finance. On this system, the first phase of E-chain loan products has been launched, deeply integrating the advantages of blockchain technology with the characteristics of supply chain business.

The open source cross-chain technology platform BitXHub, BitXHub is a cross-chain technology platform independently developed by Qulian Technology. BitXHub supports cross-chain transactions between homogeneous blockchains and heterogeneous blockchains, allowing heterogeneous transactions. With structured asset swaps, data interoperability and complementary services, BitXHub is committed to creating a highly scalable, robust, easy-to-operate and upgrade blockchain cross-chain universal protocol and demonstration platform.

The platform focuses on the three major themes of high efficiency and ease of use, high scalability, and security and compliance to comprehensively create the best user experience platform. Currently, in the actual standard production environment, standard servers with 8 cores and 16G and HDD mechanical hard drives can support 32,000TPS, a single chain can reach more than 50,000TPS under hardware acceleration, and the average daily storage capacity has achieved a TB-level breakthrough.

Based on the underlying blockchain technology platform of Qulian Technology, Zheshang Bank has launched the industry’s first blockchain enterprise receivables chain platform, on which accounts receivable can be converted into electronic payments. Settlement and financing tools, Love Life is based on the Feiluo supply chain platform of Qulian Technology, using credit insurance means to control risks and a credit enhancement financing model to convey the credit value of core enterprises and reduce the financing costs of small and micro enterprises.

⑧ Why Hong Kong needs to develop blockchain technology and applications

The Financial Services Development Committee (FSDC) established in Hong Kong in 2013 aims to provide policy guidance on the financial services industry. Related guidance. The committee issued a report for discussion this morning, which recommended that the Hong Kong government take measures in several key areas.

If established, this plan will be linked to some of the efforts of Hong Kong’s de facto central bank.

⑨ Is Qulian Technology’s cross-chain technology open source? What’s the significance of this?

1. It will be officially open sourced in March 2020. Open source can not only better build openness and win-win The blockchain open source ecosystem can also promote the vigorous development of China's blockchain industry.
2. As far as I know, BitXHub, an open source cross-chain technology platform independently developed by Qulian Technology, uses a relay mechanism to provide safe and efficient cross-chain services, solving core problems such as the capture, transmission and verification of cross-chain transactions. , focusing on ledger interoperability between heterogeneous and homogeneous alliance chains, supporting asset swaps, data interoperability and service complementation.
3. BitXHub, the open source cross-chain technology platform of Qulian Technology, supports three types of cross-chain operations: asset swap, data interoperability and service complementation. Its unique ""Building Block Architecture" realizes the flexible splicing of the three major components of application chain, relay chain, and cross-chain gateway through modular design, and can provide three types of relay chain coordination, chain-to-chain direct connection, and main-side level multi-chain under different trust scenarios. Cross-chain service model, isn’t it amazing~