区块链技术对经济发展的意义,区块链技术对经济的意义

1. What impact does blockchain have on the real economy

Blockchain has become a new high ground for global technological competition, and its technological applications extend to many areas of the real economy. Actively promoting the deep integration of blockchain and the real economy will help promote my country's industrial upgrading and achieve the goal of high-quality development. Blockchain is a new model of open innovation, a new carrier for coordinating industrial integration and a new path to promote green development. It is in line with the five development concepts of "innovation, coordination, green, openness and sharing". Although blockchain has achieved "revolutionary" technological breakthroughs, there are still some problems and challenges in practical applications.
In the early days of the development of the blockchain industry, through "transactions on the chain", blockchain technology must realistically solve some "small problems" for the industry. Specifically, it can reduce costs, improve efficiency, and create an environment of integrity. Promote the development of the real economy in all aspects.
Blockchain will play the role of “reducing costs for the real economy”.
The current real economy has high costs and thin profits, resulting in insufficient capital support for the real economy. Among operating costs, management costs and financial costs account for a large proportion. Blockchain technology can effectively help enterprises reduce the costs of these two parts.
Blockchain will play the role of “improving the collaborative efficiency of the industrial chain”.
Enhancing industrial synergy is an important way to promote China's manufacturing to the mid-to-high end. However, in many industries, the efficiency of industrial chain synergy is still not high, and this problem is particularly prominent in the field of international trade.
Blockchain will play the role of “building an honest industrial environment”.
At present, the construction of my country's social credit system is accelerating, but in some cases, the process of establishing trust among partners is still slow, it is difficult to obtain various types of credit information, and it is difficult for small, medium and micro enterprises to obtain credit loans from financial institutions. . Through "transaction on-chain", all parties can more conveniently query the accurate historical credit status of counterparties, and can establish cooperation mechanisms more quickly; banks can also more safely grant credit to enterprises based on transaction records, and promote the solution of the problem of honest management. Small, medium and micro enterprises face problems such as “difficulty in financing, expensive financing, and slow financing”.
Blockchain: a new model of open innovation
Blockchain is a decentralized, distributed database system participated by various nodes. It can be understood as a public accounting mechanism (technical solution). The basic idea is to ensure the authenticity and non-tamperability of information by establishing a set of public ledgers on the Internet, and all users in the network jointly record and verify accounts on the ledgers. The reason why it is called "blockchain" is that it uses a series of data blocks generated by cryptographic methods. Each data block contains all transaction information in the past period of time, which is used to verify its information. validity and generate the next block. Complete traceability, decentralization and de-creditation are the three major characteristics of blockchain technology, which give it huge application potential in the financial industry and become the core technology of financial technology. As virtual cryptocurrencies represented by Bitcoin continue to be hyped by the market, blockchain technologyThe technology has attracted great attention from all walks of life. Although virtual cryptocurrencies such as Bitcoin are currently relatively mature applications of blockchain technology, it must be pointed out that virtual cryptocurrencies are not the only application of blockchain. The essence of blockchain is for decentralization, which is exactly the development trend of the future market.
The Xueshuo Innovation Blockchain Technology Workstation under Lianqiao Education Online is the only approved "Blockchain Technology Professional" pilot of the "Smart Learning Workshop 2020- Xueshuo Innovation Workstation" launched by the School Planning and Construction Development Center of the Ministry of Education of China. workstation. The professional base is based on providing students with diversified growth paths, promoting the reform of the training model integrating professional degree research, production, and research, and building an applied and compound talent training system.

2. What is the impact of blockchain on the world economy

In just a few years, blockchain has developed from the 1.0 era to the 3.0 era, and each "era" update have brought changes to the world. The development of blockchain can be divided into three stages from blockchain era 1.0 to 3.0: peer-to-peer transactions, smart contracts and blockchain application ecology (Token economy)
Zone Blockchain 1.0 era: digital currency return rate is king

Blockchain 2.0 era: smart contracts provide infrastructure support for upper-layer application development

Blockchain 3.0: right The subversion of business lies in its transformation of production relations

All obstacles to the development of human society are fundamentally caused by "mutual distrust", especially various economic and financial crises. If humans can solve the problem of mutual trust, then humans will complete a very big leap.
The development of blockchain has gradually laid the foundation for this direction. Humanity is entering the era of "smart contracts". This is the process of upgrading human trust mechanisms. Once smart contracts are reached, human society will face a new major upgrade. , as each person is a value creator, the value he creates can be accurately recorded and rewarded accordingly. There will be less and less interference between everyone, and people are truly moving towards independence and equality. Human civilization has evolved from an "identity society" to a "contract society", and blockchain is expected to lead mankind to transition from a "contract society" to a "smart contract" society.
Although blockchain has moved out of the conceptual stage, the current status of blockchain technology development is that the underlying technology is not mature enough and the applicable scenarios are relatively limited. On the one hand, there is still room for optimization and improvement in core blockchain technologies such as consensus algorithms; on the other hand, the processing efficiency of blockchain is still difficult to meet the requirements of some high-frequency application environments in reality. Moreover, the current mainstream blockchain technology platforms all originated from abroad. Domestic blockchain technology service providers must patiently start from the bottom development, achieve independent and controllable technology, and strive to lead the development of global blockchain technology. time period, it can be said that the entire domestic trend is waiting for the emergence of a super-powerful blockchain project.
Xueshuchuang, a subsidiary of Lianqiao Education OnlineThe new blockchain technology workstation is the only approved "blockchain technology professional" pilot workstation under the "Smart Learning Workshop 2020-Master's Degree Innovation Workstation" launched by the School Planning, Construction and Development Center of the Ministry of Education of China. The professional base is based on providing students with diversified growth paths, promoting the reform of the training model integrating professional degree research, production, and research, and building an applied and compound talent training system.

3. What is blockchain technology? What impact may blockchain technology have on our lives?

Blockchain technology has not yet had a major impact on our lives, but The future impact is estimated to be great

4. Advantages and Disadvantages of Blockchain in Equity Financing

Disadvantages of Blockchain
1. No privacy
Blockchain is distributed. On the public chain, everyone has a complete ledger. And since the blockchain needs to trace every account to calculate balances, verify transaction validity, etc., the transaction data is It is open and transparent. If I know someone's account, I can know all his wealth and every transaction. There is no privacy at all.

2. Supervision
The decentralized and autonomous features of blockchain dilute the concept of state supervision. However, all innovations need to comply with regulatory requirements. The supervision of blockchain is to promote the commercial application of blockchain to a certain extent and provide better compliance protection. On the other hand, the regulatory authorities are lagging behind in establishing laws and systems for this new technology, which may also destroy the blockchain, so the scale needs to be grasped.

3. Security issues
A major feature of blockchain technology is that it is irreversible and unforgeable, but the premise is that the private key is safe. The private key is generated and kept by the user without third party involvement. Once the private key is lost, no operations can be performed on the account's assets. With the development of new computing technologies such as quantum computers, asymmetric encryption algorithms have a certain possibility of being cracked in the future, which is also a potential security threat faced by blockchain technology.

4. Delay in data confirmation
There is delay in transactions on the blockchain. Taking Bitcoin as an example, the validity of the current transaction is affected by network transmission, because it needs to be When most nodes on the network learn about this transaction, they have to wait until the next accounting cycle (Bitcoin controls this to about 10 minutes), that is, the transaction needs to be recognized by the majority of nodes. It is also affected by a small probability event, that is, when two or more nodes compete for accounting rights on the network at the same time, then two or more blockchain branches will be generated in the network. At this time, which branch records the data? If it is valid, you have to wait for the next accounting cycle, which is ultimately determined by the longest blockchain branch. Therefore, the transaction data of the blockchain is delayed.

Advantages of blockchain
1. Collective maintenance
The system is open. In addition to the private information of the transaction parties being encrypted, the system is composed of all parties with maintenance functions. Nodes jointly maintained, anyone can query blockchain data and develop related applications through the public interface, so the entire system information is highly transparent.

2. Decentralization
Blockchain uses peer-to-peer network technology to store data, using distributed computing and storage, and there is no centralized hardware or management organization. All nodes have equal rights and obligations, so if any node stops working, it will not affect the operation of the entire system.

3. No need to trust the system
Since the exchange between nodes follows a fixed algorithm, participants do not need to trust anyone. As the number of participating nodes increases, the security of the system increases. Therefore, the counterparty does not need to disclose its identity to make the other party trust itself, which is very helpful for the accumulation of credit.

4. Information cannot be tampered
Once the information is verified and added to the blockchain, it will be stored permanently. Generate a set of chronologically recorded, non-tamperable, and trustworthy databases, which can limit related illegal activities. Therefore, the data stability and reliability of blockchain are extremely high.

The non-tampering and undoability of the blockchain is both an advantage and a disadvantage. There is no regret medicine in the blockchain, and there is almost nothing you can do about the data changes in the blockchain. This is mainly reflected in the following: If the transfer address is filled in incorrectly, It will directly cause permanent loss and cannot be revoked; if the key is lost, it will also cause permanent loss that is irreparable. In reality, if you lose your bank card or forget your password, you can still go to a bank branch and your money will still be there.

5. Is blockchain reliable?

With the development of the times, many science and technologies are now used in people’s lives, and blockchain is used in a very wide range of 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 too widely used, 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, but once it goes astray and is introduced into illegal fields, it will have very serious consequences.

6. How many "thorns" will be encountered on the road to digital currency issuance?

(1) Problems in the implementation of legal digital currency technology

Blockchain is The core technology of private digital currency also provides ideas for the technical implementation of my country’s legal digital currency. In 2017, the People’s Bank of China successfully testedTried a digital bill trading platform based on blockchain technology, and successfully tested a blockchain trade financing platform in 2018. Our country has further strengthened its research on central bank digital currency in the blockchain area. However, there are technical shortcomings in the legal digital currency based on the blockchain, which makes the safe development of our country's legal digital currency have technical loopholes.

Legal digital currency has technical implementation difficulties, and the underlying technology of legal digital currency based on blockchain is not mature. First of all, the blockchain is a chain of transaction information records arranged strictly in chronological order and cannot be tampered with. Based on this characteristic, the accuracy and integrity of data recorded in the blockchain are strong. However, once the technical network is breached by hackers, this irreversible characteristic will cause irreversible economic losses to users. Secondly, my country has a large population and uneven economic development levels, which poses challenges to legal digital currency in achieving cross-regional, high-frequency, large-amount transactions and rapid system response.

At present, the blockchain data processing speed is only 6.67 times/second, with long synchronization time, large data redundancy, and low system throughput; and the maximum traffic peak of Tmall during the "Double 11" in 2020 can be Reaching 583,000 transactions/second. The transaction frequency of blockchain is far from meeting people's daily payment needs and large-scale transactions of stable digital currencies in the future. Finally, there are problems in the implementation of legal digital currency technology. my country's legal digital currency has great advantages in theoretical analysis, but in practice, it is difficult to achieve rapid collection, processing, monitoring and analysis of massive data, and implement efficient and accurate Programmable operation is also one of the problems currently faced by legal digital currencies at the technical level.

There are also technical difficulties in the circulation environment of legal digital currency. The promotion of legal digital currencies requires the support of corresponding software and hardware infrastructure, the establishment of a broad circulation platform, and compatibility with digital currencies on the basis of the original business. First of all, my country’s support for professional and technical personnel and terminal equipment is relatively scarce. The basic database is seriously fragmented and the phenomenon of “data islands” is obvious. It is even more difficult to promote legal digital currency. Secondly, legal digital currency circulation outlets need to spend a lot of money. Labor costs, capital and time costs are used to upgrade technology, software and hardware facilities. The upgrading of digital currency payment machines by enterprises, merchants and other major financial service institutions will take some time for the public to adapt. This not only increases economic operating costs and causes efficiency losses, but also makes it difficult to build a legal digital currency circulation environment in a short period of time.

(2) The impact of legal digital currency on traditional commercial banks

my country's legal digital currency will adopt a "central bank-commercial bank" two-tier investment model, with the central bank issuing currency and passing Commercial banks provide exchange and circulation services to the public. This binary model digital technology will inevitably cause innovation in the financial system and monetary system, which will create transformation pressure on the business philosophy, business model, and business environment of my country's traditional commercial banks. First, this is reflected in businessIn the traditional cash business of banks, based on the positioning of legal digital currency, the currency in circulation, namely M0, will be mainly replaced.

This will have a huge impact on the cash transfer, escort, circulation and counterfeit banknote businesses of commercial banks. The demand for traditional cash counting, teller and other positions will be reduced, reshaping the management system of commercial banks, and at the same time increasing business Banks are under pressure to absorb deposits. Secondly, due to the emergence of digital currency, cash liquidity in the commercial banking system will gradually decline. The existing technical system cannot meet the operating space of legal digital currency, which will put higher requirements on the basic information system of commercial banks. At the same time, the main functions of commercial banks will shift to agents and other roles, greatly reducing their profit margins.

The development of legal digital currencies has impacted the credit system of commercial banks, increasing the pressure on demand deposits and greatly reducing the space for currency creation. The central bank plays a role in regulating and supervising commercial banks. The issuance of legal digital renminbi has added a layer of competition between the central bank and commercial banks. When the economy is depressed or the economic environment is unstable, people are more likely to store their currencies in the central bank's credit system and convert their deposits into legal digital currencies to avoid risks. The emergence of legal digital currency will cause the scale of current deposits of commercial banks to decrease, cash leakage to increase, financial disintermediation to accelerate, the currency multiplier to weaken, and the ability of commercial banks to create credit money to decline, leading to a decline in the overall liquidity of society.

The application of legal digital currency will greatly reduce people's desire to hold cash, increase the conversion rate of financial assets, and increase the instability of the asset and liability side of commercial banks. Legal digital currencies make it easier for the public to convert deposits and financial assets, blurring the boundaries between deposits and currencies. Customers can perform frequent digital currency exchange operations, which increases the requirements for bank deposit reserve scale, thus affecting commercial banks. The supply of credit has made its operating environment more severe.

(3) Ethical issues in the application of legal digital currency

Legal digital currency will surely be another profound change in the history of currency development, but there are still ethical issues in its design and application. The ethical issues of digital currency technology mainly include two aspects: First, there are moral and ethical issues such as thinking concepts, value trends, and interest needs in digital currency technology design issues; second, the commercial application process of digital currency has value tendencies, and the digital divide is becoming increasingly serious. affect the distribution of social resources.

There is a capital value orientation hidden behind the technical algorithm of legal digital currency. The existence of digital currency is value-laden, that is, people with different value judgments will design different rules for using digital currency, or will choose different code rules to solve problems. The design of digital currency itself has a strong subjective bias. Fundamentally, it is human will that determines the generation and development of currency numbers. The design of digital currency programming technology will initially comply with the interests of capitalists. It is a subjective reflection of the designer and will inevitably be criticized by developers.Discrimination and bias arise due to value orientation. Legal digital currency is based on national credit, and its security and stability are higher than private digital currency. However, in the circulation and use of currency, value and ethics issues will still arise, and the degree of harm will be higher and the scope will be wider.

Legal digital currency will also have value and ethical issues in specific commercial applications. First of all, in the process of constructing a currency system with financial institutions such as traditional commercial banks and Internet finance, issues such as technological and ethical anomie will arise. For example, in the process of establishing intelligent information systems, the deviant behavior of technical personnel is concealed and difficult to monitor, lurking technological and ethical risks. Secondly, as people’s trust in technical tools increases, technical rationality will weaken people’s thinking about value rationality, and the problem of neglect of humanistic care caused by the rapid development of science and technology has gradually emerged.

Behind the efficient practical results brought by technological tools is the neglect of rational concerns about values ​​such as responsibilities and obligations, morals and ethics. Will the emergence of legal digital currency widen the gap between the rich and the poor in science and technology? Will the technological dilemma faced by my country's elderly become more serious? Will poor and remote areas catch up with the train of digital currency and achieve technological leaps, or will they become increasingly incompatible with this artificial technology? Is the era of intelligence further derailed? In the era of digital economy, the aphasia of marginalized groups is serious, and resource allocation is also biased towards the commanding heights groups. The digital divide is gradually widening, affecting the fairness and justice of social governance. The promotion of legal digital currencies faces serious ethical challenges.

7. What challenges does my country’s blockchain development face?

At present, the development status of my country’s blockchain technology is that there are many patents and few papers and codes. Without an autonomous, secure and controllable underlying platform, and without an integrated software and hardware platform, it will directly lead to the technical risks of the core technology of the blockchain being controlled by others, the financial risks of foreign open source platforms seizing the financial market, and the economic risks of foreign open source platforms penetrating our country's real and virtual economies. risk. Therefore, it is very important to implement blockchain applications as soon as possible. Now various places have implemented applications with policy support. Changsha High-tech Zone has officially implemented a blockchain project, called SMIC Blockchain Service Platform, which is a The government-enterprise service platform, in cooperation with Changsha Bank, Dean Judicial Services, etc., is now in the stage of recruiting companies to join the chain.

8. Which industries will blockchain technology make disappear?

Disappearance should be temporary, just like newspapers are still there after the emergence of Internet news. However, new technologies will definitely have a certain impact or even impact. Blockchain may have an impact on the following 12 industry areas:
1. Banking industry
As a digital, secure and anti-interference account, blockchain realizes the core functions of the banking industry : A safe storage and transfer center for value. In other words, in the next few years, a wave of companies based on blockchain technology may affect the banking industry. Indeed, Swiss company UBS and British Baeclays are all trying to use blockchain technology to promote the improvement of payment conditions. Some other companies in the banking industry even say that blockchain technology can eliminate $20 billion in intermediate fees.

Therefore, it is not surprising that banks, as financial services giants, have become a growth force in investing in blockchain startups. Capital One invests in corporate blockchain startup Chain (pictured above)
2. Payment and transfer
Recently, the World Economic Forum wrote an article in Forbes magazine that decentralized payment technologies—such as Bitcoin Coin—may change the “business structure” that has not changed in the money transfer industry for more than 100 years. Blockchain technology can avoid complicated systems and create a more direct payment process between payers and payees. Whether it is domestic transfers or cross-border transfers, this method is low-cost and fast, and does not require Intermediary handling fees. Abra (pictured above) is a startup that uses blockchain technology to conduct global Bitcoin and blockchain-based transfers.
3. Network Security
Although the blockchain system is public, its verification, sending and other data exchange processes use advanced encryption technology. This technology not only ensures the correct source of data, but also ensures that the data is not intercepted during the process. If blockchain technology is more widely used, the probability of being attacked by hackers may also decrease, so people think that blockchain systems are more stable than traditional systems. One of the reasons why blockchain systems can reduce traditional network security risks is that they eliminate the need for middlemen.
“Eliminating the middleman not only reduces the potential security risks of hacker attacks, but also reduces the possibility of corruption,” Goldman Sachs writes. Guardtime (pictured above) is an Estonian startup that specializes in industrial-grade network security solutions based on blockchain technology.
4. Academic records and academia
Holbertson School, a California software skills project, announced that it will use blockchain technology to authenticate academic certificates. This move will ensure the authenticity of course identification for Holbertson School students. If more schools adopt this kind of transparent academic certificates, transcripts and diplomas, corruption in academia will be greatly reduced, not to mention the saved manual verification time and paper document costs.
5. Elections
At West Virginia University, the student union is considering whether to use a voting platform based on blockchain technology to conduct school elections. Using such a platform, students would be able to vote using their mobile devices, and since the results would be counted in a public system, voting would be completely secure. One student who supports this approach explained that everyone’s votes “can never be modified or deleted by us, the programmers, school administrators or students.”
A Spanish software project, used by Agora Voting Using encryption technology to improve the security of online voting, theirSeveral systems are also being trialled in Spain. Recently, leaders of this project have proposed several ideas for converting Bitcoin and blockchain technology into voting applications, although these ideas are far from experimental.
6. Car rental and sales
Late last year, Visa and DocuSign announced a cooperation plan to use blockchain technology to create a specific solution for car rental. In the future, car rental only needs to "click and sign" , open" can be completed in three steps. The specific operation is: the customer selects the car he wants to rent, and then the transaction will be uploaded to the public account of the blockchain; then, the customer signs a rental agreement and insurance agreement from the driver's seat, and the blockchain will transfer the information in real time. Upload. It is not difficult to imagine that this leasing model may also be used in the field of car sales and car registration.
7. Network communications and the Internet of Things
IBM and Samsung are working together to realize an idea called ADEPT. ADEPT uses blockchain technology to create the backbone of the decentralized Internet of Things. CoinDesk said that with ADEPT, a decentralized p2p automatic telemetry system, the blockchain can become a public system for many devices, and there is no need for a central hub to mediate the communication of various devices. After the central control system recognizes each other, devices can automatically communicate with each other and manage software updates, bugs, or energy consumption.
A number of other companies are also working on integrating blockchain technology into IoT platforms. For example, Filament, which uses blockchain technology to build a decentralized network for sensors to communicate with each other, announced that they have received US$5 million in Series A financing, with participation from Verizon Ventures and Samsung Ventures.
8. Smart Contracts
A smart contract is actually a computer program that functions on the actions of another object. Like ordinary computer programs, smart contracts are also an "if-then" function, but blockchain technology enables the automatic filling of these "contracts" without manual intervention. Such contracts may eventually replace the legal industry's core business of drafting and managing contracts in both commercial and civil areas.
For example, mortgage loans can be completed through blockchain technology and automatically executed every year according to the terms of the contract. Ethereum, a crowdfunding platform built using blockchain technology, not only provides decentralized applications but also smart contracts, and users have already gotten married using their smart contracts. Another company, Hedgy, received $1.2 million in seed round investment from Tim Draper, Marc Benioff, Boost.vc and Sand Hill Angels earlier this year. This company uses smart contracts to create a platform that supports users to negotiate the value of Bitcoin. .
9. Prediction
Blockchain technology may shake up the entire research, analysis, consulting and forecasting industry. Online crowdfundingPlatform Augur hopes to make profits on a decentralized prediction platform. The company says it will offer a service that looks like a betting swap. The entire process will be decentralized, and the Augur platform will not only provide users with sports and stock betting services, but also election and natural disaster betting services. The idea actually goes beyond sports betting and creates a “prediction market.”
10. Online Music
Many musicians are choosing blockchain technology to improve the fairness of online music sharing. Billboard reports that two companies are currently automating licensing issues by paying artists directly and leveraging smart contracts. PeerTracks, which is still in its development stage, wants to create a new music streaming platform where users can pay artists directly without the involvement of middlemen. PeerTracks also hopes to create more direct interactions between artists and users.
Ujo Music, led by entrepreneur Phil Barry, claims that they are rebuilding the music industry on the blockchain. Ujo also hopes to solve the problem of streaming music and paying artists. In addition to streaming music, it is also envisioned that by using smart contracts as an autonomous brain for song listings, Ujo will be able to better classify the artists and creators behind the songs.
11. Trip Sharing
Travel applications such as Uber seem to be on the opposite side of decentralization. The company is like a dispatch center, using its algorithms to control its drivers and driver charges. According to Bloomberg, Israeli startup La'Zooz wants to "do the opposite of Uber." The company has invented its own patented digital currency that, like Bitcoin, can be digitally recorded using blockchain technology. Unlike using a centralized network to hail a ride, users can find people with similar itineraries on La'Zooz and then pay for the ride in La'zooz currency. The coins can be used when hailing a ride in the future, and users can earn La'Zooz's digital currency simply by allowing the app to track their location.
12. Stock Trading
For many years, companies have been looking for ways to simplify the process of buying, selling and trading stocks, and emerging blockchain technology startups believe they can go beyond the past and automate the entire process. Improve safety and efficiency. TØ.com, a subsidiary of Overstock, wants to use blockchain technology to enable online trading of stocks. Wired reports that Overstock is already using blockchain technology to issue public shares. At the same time, blockchain technology startup Chain (mentioned above) is joining forces with Nasdaq to implement share transactions in private companies through blockchain technology.

9. Economic functional shortcomings of blockchain digital currency

Issuing digital currency based on blockchain is also calledDecentralized currency issuance is generally recognized by the chain community as being able to combat inflation caused by centralized indiscriminate currency issuance. Including Satoshi Nakamoto also expressed his distrust of centralized money printing in the Bitcoin genesis block.

During the global financial crisis in 2008, Satoshi Nakamoto announced Bitcoin to the world. When introducing his innovation, he said: "The most fundamental problem with traditional currency is trust. The central bank must make people trust it. It will not devalue the currency, but this kind of credibility has never existed in history. Banks must be trusted to manage money and circulate this wealth in the form of electronic currency, but banks use currency to create credit bubbles, making Private wealth has shrunk."

On January 3, 2009, Satoshi Nakamoto released the first version of the open source Bitcoin client, announcing the birth of Bitcoin. Satoshi Nakamoto wrote in the genesis block: "On January 3, 2009, the Chancellor was on the verge of implementing a second round of bank bailouts."

Judging from the operating practices of Bitcoin and Ethereum, digital currencies based on blockchain technology can indeed resist inflation, because each incremental coin of the digital currency is generated through mining (PoW, The emergence of proof of work corresponds to undifferentiated human (machine) labor, and there is no centralized organization that can bypass mining labor and issue currencies on a large scale.

However, this decentralized currency issuance mechanism has a natural economic flaw: it cannot dynamically adjust the amount of currency issuance according to the growth of wealth on the blockchain. When wealth grows faster than Currency issuance will create a deflationary situation, that is, there will not be enough new digital currencies to match the growth of wealth on the blockchain.

We illustrate the shortcomings of the decentralized blockchain currency issuance mechanism by comparing it with the traditional centralized currency issuance mechanism.

In RMB, under the centralized currency issuance mechanism, there are three main ways to add new currency issuance:

1. Earning foreign exchange through exports leads to the investment of foreign exchange reserves. Buy domestically produced goods abroad to obtain U.S. dollars, and then settle the U.S. dollars to obtain RMB for circulation into the market. The country uses U.S. dollars to purchase bulk commodities overseas. In this process, the newly added wealth is commodities, and the corresponding RMB is invested in the foreign exchange account.

2. Bank loan. The developer built the house, the individual bought the house with a mortgage loan from the bank, and worked hard to repay the loan. In this process, the newly added wealth is a house, and the corresponding RMB investment is a loan. In the end, individuals realize wealth by returning the loan through labor.

3. Bank interest. Depositing money in the bank will earn interest, and the interest rate corresponds to the economic growth rate. In this process, economic growth means wealth growth, and the corresponding RMB investment is deposit interest.

In the above three methods, newly added wealth is matched by new currency, so the marketThere is a sufficient amount of currency on the market chasing a sufficient amount of wealth, and the currency value is stable.

Let’s look at the currency issuance of blockchain.

Obtain incremental digital currency through the labor of mining and accounting. In this process, wealth growth is due to the mining of blocks and decentralized ledger maintenance, corresponding to the issuance of new digital currencies. However, the generation of wealth on the blockchain is not limited to mining, but also business cooperation through smart contracts, as well as the creation of native digital artworks NFT, etc. These newly generated wealth do not have corresponding digital currency issuance.

We use NFT to illustrate. An artist creates an art work in the metaverse where the blockchain is located. If this work is auctioned off-chain, it can reach 1 million US dollars. After this work is put on the blockchain, the wealth on the entire blockchain increases. 1 million US dollars, but no corresponding digital currency was generated. If this occurs under a centralized currency issuance mechanism, the corresponding currency delivery can be obtained through the above methods 1 and 2. Assume that 100 NFT works are produced within a year, and these works are valued at 100 million US dollars off the chain, but there is no digital currency corresponding to this 100 million US dollars of wealth on the chain.

Since NFT can only be traded through digital currency on the chain, the price of digital currency has increased. When there is more and more NFT wealth on the blockchain, and the growth rate exceeds the currency release speed of mining, then the price of the digital currency corresponding to NFT will become lower and lower, and at the same time, the off-chain dollar price corresponding to the digital currency will decrease. Higher and higher. In this way, deflation occurs on the blockchain. If it continues to develop, the digital currency generated by mining may eventually be able to buy an NFT with an off-chain valuation of US$1 million.

So, is mining valuable or digital art creation valuable? Bitcoin has already seen this strange phenomenon. One Bitcoin obtained from a high-carbon, uncreative mining job can be equivalent to a year's salary income of an ordinary white-collar worker in China.

The economic ecology of the Metaverse is based on blockchain technology, so what kind of economic crisis will this flaw bring to the Metaverse?

To be continued...

10. What are the existing problems with blockchain technology

1. Performance issues

Size Problem

Blockchain’s requirements for data backup pose challenges to storage space. Blockchain requires that after a transaction is completed, it is broadcast to the entire network, and every node in the system must back up data.

Take Bitcoin as an example. The block data since the creation block has exceeded 60GB, and the amount of blockchain data is still increasing. This will bring problems to the operation of the Bitcoin Core client. A big challenge.

Processing speed issues
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The Bitcoin blockchain currently processes a maximum of 6.67 transactions per second, and a confirmation time is about 10 minutes, which can easily cause congestion delays in large amounts of transactions, and may limit small-amount multiple transactions and people who are more time-sensitive. High transactional applications.

Although there are some methods to overcome it, methods to comprehensively solve transaction efficiency still need to be discovered.

Energy consumption is too high

Thirdly, the computing power in the mining process does not produce additional actual social value, and also wastes a large amount of electronic resources. With the increasing popularity of currency, blockchain has gradually become a capital-intensive industry with high energy consumption.

2. Centralization problem

Inequality of nodes

First, in theory, every node in the distributed network should be treated equally , but in order to obtain rewards for mining, each node may increase its computing power to compete for hardware, resulting in node inequality and destroying the randomness of blockchain accounting rights.

Industrialized and large-scale mining has given rise to mining pools

Theoretically, if the mining pools collude to control more than 51% of the computing power for system supply, a dual Although the costs of payment far exceed the benefits in the actual process, the possibility of collusive supply cannot be denied.

3. Privacy and security issues

Private keys are easily stolen

First, the current blockchain uses an asymmetric key mechanism. It has high security, but the private key is stored locally and can be easily stolen by hackers.

The transparency of blockchain data can easily lead to privacy leaks

Every participant in the public chain can obtain a complete data backup, and the entire system is open and transparent. The currency protects privacy by isolating the connection between the transaction address and the holder’s true identity.

When the blockchain needs to carry more businesses, how nodes verify information and execute commands requires more consideration.

4. Upgrade and incentive issues

The number of participating nodes in the public chain is huge

Whether it is upgrading or fixing errors, the system cannot be shut down and centralized. , it may be necessary to consider relaxing the issue of decentralization.

There is a competitive game between each node

Requires the improvement of incentive compatibility mechanism, how to enable self-interested nodes in the decentralized system to spontaneously carry out block data verification And accounting work, and designing a reasonable penalty function to suppress irrational competition is another challenge faced by the blockchain.