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DeFi Maker's "Oracle Governance" Attack and the Effect of "Semi-centralization"

Maker has launched a fresh version of multi-asset home loan (MCD), which is an important occasion in the annals of DeFi. Even though decentralized steady currency Dai isn't as good as the centralized steady currency with regards to resource issuance and resource cost, it has opened a fresh type of steady currency and is an important event in the annals of cryptocurrency.

Nevertheless, Maker will experience some problems along the way of exploration. The following focuses on the problem of oracle governance episodes in Maker. This article comes from Ariah Klages-Mundt's article "Vulnerabilities in Manufacturer: Oracle-Governance Attacks, Attack DAOs, and (De)Centralization", recompiled, arranged and compiled by columnist Azure Fox Notes.

The security of MakerDao stablecoin Dai relies on trusted oracles to supply price information. These are selected through on-chain governance. For that reason, the price information flow from the oracle can be controlled with the holder of MKR tokens. This article will talk about the attack on Maker. The style is similar to the 51% strike, but it will not necessarily require 51% of MKR tokens. In this case, an alliance can profit by "stealing" system security through manipulation of governance. These episodes will influence both Sai (single-collateralized resource stablecoin), the implementation of MCD, and comparable techniques with on-chain governance. More reading: MakerDAO update: Multi-collateral DAI will be launched this Monday. A new milestone in the development background of decentralized stablecoins The result of these attacks is that, predicated on current and historical marketplace prices, the "fully decentralized" Dai is insecure due to its incentive imbalance. The entire decentralization here needs that MKR tokens must be completely decentralized in order to achieve the purpose of decentralization. The current Maker system can be semi-centralized because almost all MKR is kept by a small number of Maker individuals as well as the Maker Foundation. Which means that the marketplace may discount the value of MKR since it isn't fully dispersed. For that reason, Dai's security relies on trust in the Maker Foundation and the possibility of legal recourse in case of an attack. Either the marketplace does not recognize that the possibility of the maker's governance attack will lead to a lower restriction on its pricing, or the marketplace is saying that when Maker is completely decentralized, then machine will be more valuable. These episodes also indicate that Dai has serious scaling difficulties: In order to maintain its security, the value of MKR must grow faster than Dai and its mortgage asset supply. Holders of Dai and CDP (Azure Fox Information: The brand new version of Maker no more includes a CDP, replaced by a Vault little vault) holders need to raise the cost for their safety. Basically, holders of steady assets need to hold a large number of placements in high-risk resources to guarantee the safety of these stable placements, which may undermine the purpose of stable coins. I.Manufacturer governance: The oracle as well as the global negotiation Maker system are usually governed by MKR token holders, that vote in the chain to determine their system guidelines and processes. They will have performed three important duties related to the safety from the oracle. Very first, the MKR holder determines the set of Maker's trusted oracles. The Manufacturer system relies on these trusted oracles to supply real-world price information, which are accustomed to determine the CDP's liquidation threshold. Minute, MKR holders influence the safety of oracle manipulation. The Maker program will construct the biggest oracle price change within a given time (cost information flow level of sensitivity parameter), and you will see a one-hour hold off when the fresh oracle price gets effective. The MKR holder can directly determine the purchase price information flow level of sensitivity parameters. 3 rd, MKR holders may determine the "global settler" group, and they may trigger global negotiation. Therefore, they are able to effectively control global settlement. Within the global settlement, the Manufacturer system is frozen, and individuals (Dai and CDP holders) can recover section of their home loan assets, the specific amount depends on the ultimate oracle price. Assuming truthful MKR governance, the oracle can be reasonably managed. The hourly cost delay provides emergency oracle time (predetermined with the MKR holder) to respond to the strike. The Maker cost information flow uses the median cost of oracles, therefore almost all oracles (which includes emergency oracles) must collude with one another. The utmost oracle price change restricts the immediate severity from the attack. Furthermore, if everything else fails, the purchase price delay provides time for global settlers (predetermined by MKR holders) to result in global settlement. II. The oracle governance strike in Manufacturer If you can find dishonest MKR holders, two important attacks might occur:

* MKR △ CDP leave strike MKR token holders can take a great deal of CDP, colluding to choose an oracle that can set the price of Ethereum △ ≯, and then trigger global negotiation. (Note: ≯ may be the symbolic representation of infinity, this means to make profit by pushing the price of ETH oracle to infinity)

* MKR△Dai exit attack MKR token holders can take a great deal of Dai, and collude to choose an oracle that can set the price of Ethereum△0, and then trigger global negotiation. (Note: By switching the oracle ETH cost to 0, it sets off the liquidation of CDP. Since the liquidation needs the buy of a great deal of Dai, this causes the MKR governance attackers who keep Dai tokens to benefit from it) In both cases, the value from the collateral will be transferred to dishonest MKR holders by holding CDP or Dai respectively. The profitability of CDP or Dai will depend on the MKR worth required to travel the attack. Please note that the oracle protection built into Maker will not avoid these episodes. Dishonest MKR holders can collude before attacking to create a higher hourly maximum cost change. Through the oracle, they are able to compound the biggest price adjustments in multiple hrs. This time provides other individuals (such as for example Dai and CDP holders) time to react. Let's discover what happens in the Dai marketplace:

* Within the MKR△CDP leave strike, when Dai holders realize the manipulation strike, they expect Dai's long-term cost to come back to zero. The Dai marketplace began to market in large amounts because all Dai holders attempted to switch it for other assets. This triggered the Dai cost to drop, but this did not prevent dishonest MKR holders from continuing to manipulate the oracle and result in global settlement to realize revenue. * Within the MKR△Dai leave strike, when CDP holders became aware of the manipulation strike, they anticipated that their talk about of security value inside global settlement would be zero. They're wanting to unlock their security. MKR holders have partially prevented this example by setting a higher threshold for over-collateralization. In order to unlock the security, CDP holders are usually eager to purchase back Dai. Nevertheless, Dai holders now anticipate their Dai to be more important. Then, the Dai selling price rises, at this time, CDP holders have already lost cash. Dishonest MKR holders can once again continue to manipulate the oracle and result in global settlement to realize their benefits. To make sure a successful strike, colluding MKR holders should control a lot more than 50% of MKR tokens. Nevertheless, less than 50% from the tokens could also achieve an effective attack. For instance, voting participation is usually suprisingly low, the system may be blocked, and honest individuals have little chance to react, and dishonest MKR holders may collude with miners to examine votes and CDP security transactions. (Note: MKR governance votes generally rarely exceed 100,000 votes, that's, less than 10% of tokens take part in governance) Another added difficulty is that MKR is also destroyed when CDP is closed. For that reason, in the MKR△Dai leave strike, it appears that the attacker can use less than 50% from the tokens to strike the oracle. After the CDP holder starts to near the CDP, they in fact get the complete 50%. III. At current prices, Manufacturer governance is susceptible. The potential good thing about these episodes is the complete worth of the home loan assets secured in Maker. The expense of these episodes could be 50% from the maker's supply. If benefits> costs, after that you will see an improper incentive for MKR holders searching for profit. In this possible balance, almost all MKR holders collude to release such an strike. (Note: The total worth of the home loan assets currently secured in Maker can be 338 million U.S. dollars, and 50% of the total worth of MKR is 331 million U.S. dollars. From this viewpoint, the significance of launching an oracle governance strike is not particularly great) By November 5, 2019, the value of these home loan resources was C=336 million U.S. dollars, the market worth of MKR had been M=555 million, as well as the Dai market worth had been D=96 million. This generates possible attack benefits:

Beneath the MKR△CDP leave attack, this represents the return from the United Alliance:

Beneath the MKR△Dai withdrawal attack, this represents the return from the United Alliance:

After the cost increase of MKR in recent days, the profitability of the attack has fallen to $19 million. That is still considerable, especially considering that the attack revenue is only produced from the current SCD program with a small upper limit, as well as the MKR cost outlook comes from its launched MCD (Note: launched on November 18, 2019) program, which is likely to end up being obtained Larger earnings scale. The graph below traces the entire history of these profit measures. In many expansion intervals, the profitability of these attacks will be higher. Historically, the profitability from the MKR oracle attack could be higher. Please be aware: For a few reasons, the specific profitability could be higher. First, it really is reported that the Maker Foundation holds about 30% of MKR, and it has pledged never to take part in governance voting. If they require doing this, or remove their voting privileges from the sensible contract at a certain time, after that much less MKR tokens are essential to accomplish a controlled talk about alliance, which significantly reduces the expense of strike. The physique below illustrates the significant increase in profitability in cases like this.

If the token share held with the Maker Foundation will not take part in the vote, historically, the profitability from the attack in the MKR oracle machine. Second, a small number of MKR token holders and key miners may collude to accomplish an attack. 3rd, attacks can be mixed to exploit other systems based on the Maker Oracle. Other complex factors There are a few complex factors that could affect the analysis. If the attacker must acquire MKR, he must purchase or borrow it. The interest for borrowing MKR is quite low (there was a small swimming pool of 300,000 US dollars on NUO in Sept, with an intention rate of 2.6%). Large-scale acquisitions may result in a market press effect, and if many MKRs keep If someone is a long-term truthful holder, this acquisition is also difficult to accomplish. (Note: The current borrowing rate of MKR on NUO is only 0.04%, but it isn't practical because there is inadequate MKR in the pool) Similarly, if an attacker must acquire a massive amount Dai or CDP, additionally it is hard given market forces. Successful buying will most likely take a long time. Similarly, the gas cost of executing the attack ways will also influence its profitability. Coordinating collusion with "strike DAO" Quite simply, actually, we don't know who holds MKR, Dai, and CDP at the same time, and there are lots of providers who may collude. We can not rule out the chance that some alliances control portfolio assets to make episodes profitable. If such alliances exist, you will see improper motives for collusion to release episodes. In order to ensure that enough collaborators are coordinated, you'll be able to create an "attack DAO", group the required assets together, and trigger an attack step for profit. IV. Consequences of MKR Prices The worthiness of MKR is due to two factors:

* The (discounted) worth of regular cashflow * Conditional cashflow worth from governance manipulation Regular cashflow comes from the expense of Maker, which is the balance fee, which will be utilized to destroy MKR, which is similar to the company's stock repurchase plan, that may slow up the way to obtain tokens. The worthiness of MKR is related to regular cashflow, and regular cashflow is related to the expected growth of Dai, because a larger Dai system will incur more expenses. The conditional cashflow of governance control represents the possible profitability of releasing MKR attacks, such as the 51% strike mentioned above. That is an "option" way that MKR holders can cash out. To ensure that it is not at the mercy of governance manipulation, the marketplace worth of MKR must be at least 2 times more than the value of the overall mortgage assets. In the event that you consider the more complex attacks mentioned previously and the Manufacturer Foundation's commitment never to take part in voting, its marketplace value might need to end up being changed. High can be good. (Note: If you believe about any of it from another angle, it also implies that the value of Manufacturer not only comes from cash flow, but also from governance worth) It can be said that the MKR cost of decentralized Dai should reach such a degree through market strength, otherwise, the strike provides similar arbitrage opportunities for certain alliances (though it isn't completely crystal clear). As mentioned in the introduction, the Manufacturer system happens to be semi-centralized: most Makers are said to be held with the Manufacturer Foundation and some Manufacturer individuals. In this case, the governance strike can only end up being initiated by Manufacturer himself. And this sort of attack can be identified, thus you will see possible legal liabilities. In this case, the low MKR price can be understandable, because the possible legal legal responsibility offsets any incentive to release an attack to acquire quick profits. Nevertheless, in cases like this, you can just trust Manufacturer. (Note: This article says that because the Manufacturer Foundation holds a great deal of MKR, even though the price of MKR isn't very high, the possibility of external episodes is unlikely. At exactly the same time, due to legal liabilities, the possibility of attacks with the Manufacturer Foundation isn't Big.) Since the aforementioned attacks could be profitable currently, possibly the market will not recognize that the possible of the MKR governance attack will lead to the low limit of its security cost, or the marketplace discounts the MKR since it isn't completely decentralized . Quite simply, if MKR token holders tend to be more dispersed, the value of MKR could be increased. (Note: Because in the case of decentralization, only the bigger worth of the machine can protect the machine security and make the strike unprofitable) Can cashflow ensure the security of the machine? For the above reasons, we can believe today's MKR cost represents the expectation of standard cashflow for purchasing and destroying MKR. The money flow comes from CDP functions, which is basically similar to stock repurchase. This gives valuable data for developing a security system like this. Importantly, this shows that in most cases, these cash flows are not enough to guarantee the safety of Maker. Actually, if Maker can be sufficiently dispersed, the regular cash flow useful for talk about repurchases may possibly not be therefore important to make sure governance safety, because we would expect rational providers to force up MKR prices to the value of attack. From the security perspective, only share repurchase is needed to push the MKR cost slightly above the attack value. For that reason, since Maker can be semi-centralized, there's an effective tax on users to aid MKR prices, and fee earnings may be much better moved to aid long-term stability. Scalability issues These attacks mean that Dai includes a main scalability issue: In order to maintain safety, the value of MKR have to grow considerably faster than Dai's supply and locked security assets. Therefore, to guarantee the safety of these funds, Dai and CDP holders might need to force up MKR prices. For that reason, holders of steady assets need to hold a large number of placements in high-risk resources to guarantee the safety of these stable placements, which may be harmful to the purpose of stable currency. V. Efforts to solve these difficulties The above-mentioned episodes and problems take place in a wider variety: the overall game between stablecoins, CDP holders and MKR holders, they strategically determine the portfolio of resources they keep. Modeling this sport helps us understand the resources that different gamers need to keep in order to make sure system safety (for example, just how much MKR is appropriate). Specifically, players cannot consider the chance to let some individuals hold most of the MKR, plus they use the right asset portfolio to handle profitable attacks. In this case, there are several points worth discovering. It can help us know how tokens are usually distributed to ensure system security. If the holdings of dangerous assets have to be high, for many gamers, participating in this sport is not beneficial. (For instance, stablecoin holders must keep MKR to ensure system security in order to make sure the security of these Dai, which is not really cost-effective for them) In which case is it worthwhile for gamers to push up the price of governance tokens to ensure program security? Besides pressing assets to safe prices, is there other equilibriums? For all the volatility concerning tokens, what are the consequences? Finally, the price of MKR comes from the "created" value connected with mortgage resources, which is several times the value of mortgage resources. The worthiness of MKR reflects the uncertain view from the Dai stablecoin. In a system crash (such as for example an strike), the total worth of the machine drops to the value from the mortgaged resources, causing lots of people to reduce everything. MKR tries to absorb these loss and becomes worthless in cases like this. It gets the responsibility to liquidate home loan resources to stablecoin and CDP holders. Nevertheless, through the extension of the aforementioned episodes, stablecoin and CDP placements have also assumed this risk. If the price of MKR is lower than the safe level, then numerous MKR, stablecoin and CDP placements may reduce their worth in liquidation. These dangers should think about the volatility of these assets. Regardless of whether it really is intentional or not really, Maker's treatment for these problems is to centralize governance and attribute trust to Maker (though it is generally not really used unless it really is severely threatened). This is not necessarily an issue, many traditional techniques also operate in this manner. However, we ought to publicly understand the maintenance of the trust. It really is worth noting that the attack can still be carried out with the collusion of several miners. Based on the conversation with the Maker team at Devcon, we have been already talking about the setting of an appropriate threshold for triggering global settlement, for example, placing a MKR of 10%. Nevertheless, it is not yet obvious whether it solves the incentive problem discussed right here. One point is that for the truthful 10% of MKR alliances, it really is unclear whether triggering global negotiation in the first stages from the attack is the better response. It is because their worth will be hit hard (perhaps zero) in an attack-based liquidation. There may also be other liquidation abuses from the dishonest 10% alliance. After understanding the incentives, it is possible to re-understand the overall game between MKR, CDP and stablecoin holders. Through various settings, the result could be that the attacker provides 10% bribes towards the MKR alliance. Solving these problems in a dispersed manner is still an unresolved problem. For that reason, you should design a strict mechanism to deal with all these problems.

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Cryptocurrency anonymity, an in depth explanation of the basics of cryptocurrency personal privacy protection

Following the whole industry has heatedly discussed and started to solve the "scalability" issue of blockchain public chain projects, we believe that the next important issue worthy of the complete industry's attention will undoubtedly be how blockchain technology can perform "privacy protection". A difficult problem. Several technology-driven projects that have emerged this year have got regarded "personal privacy protection" as the core direction and also have started to explore in depth with this field.

This can be a huge and complex topic. Actually, many fallacies are widespread. Thanks to two youthful scholars in the United States for writing an article on the basics of blockchain and cryptocurrency "personal privacy protection". Link Wen recommends it to visitors, hoping to help visitors clarify and realize the basic information with this industry. For advanced visitors, it is strongly recommended to learn another in-depth write-up previously published by Lianwen: "Go through the blockchain personal privacy protection technology and the panorama of related projects." Even though article introduces popular knowledge, it is still a "hardcore" technical article that requires time to think and understand. The ultimate way to read is to "collect" first and read meticulously. And, you are invited to ahead it to spread valuable info to more folks. Enjoy reading! Within the description of the media, cryptocurrency often has its own "anonymity" attribute, but other articles pointed out that cryptocurrency transaction activities could be effortlessly traced, a lot more effortlessly than fiat currency transactions. To reach agreement between these two statements, you should understand: What exactly does the personal privacy protection of cryptocurrency suggest? This question isn't as easy to answer since it seems, because "privacy protection" also offers many levels of meaning within the blockchain world. To become developer, an investor, or perhaps a participant of cryptocurrency well versed in blockchain technology, you should know very well what "privacy protection" actually means within the encryption system. We write this short article to share a few of our own encounter and skills in this respect. Imagine that Alice opens a Venmo account, a little payment portable app in the United States that is acquired by Paypal. She must supply and verify her real name. Because Venmo understands her real name and could share this information with others, Alice manages to lose part of the personal privacy of her identity. If Bob transfers $20 to Alice through Venmo and gives the transaction in her info stream, after that Alice's transaction info has been produced public, but just Venmo knows how much money she has on her behalf personal account up to now. do not know. Imagine Alice creates a Bitcoin deal with and asks Bob to exchange her $20 value of Bitcoin. Compared with the Venmo transaction, Alice has acquired certain personal privacy protection in terms of her real identity, because her Bitcoin deal with is not associated with her real name. However, the fact that Bitcoin is transferred from Bob's deal with to Alice's deal with and the total amount of Bitcoin after Alice receives the Bitcoin exchange are transparent info to everyone within the Bitcoin blockchain. Therefore, we can understand that using Bitcoin, Alice provides achieved privacy protection in some elements, but lost privacy in other aspects. This situation is commonplace when using different cryptocurrencies for transactions. Within the cryptocurrency world, we believe that privacy protection mainly includes three amounts:

* The identity information of an individual who uses cryptocurrency to perform certain operations

* The specific transaction data within the user's corresponding operation

* The overall condition of the blockchain that gathers all transaction information The blockchain protocol can use cryptography, making it impossible or extremely problematic for outsiders to know or calculate the various parts of each of the above links. At exactly the same time, attackers who want to mine the features of the blockchain can synthesize various pieces of info to guess as well as directly summarize the information they want. The method of personal privacy protection is to expose as little info as you possibly can to possible attackers in specific attribute places through protocol style. The important thing is that whether a particular attribute belongs to the category of privacy protection isn't so monochrome. By way of example, it is transparent info to some external observers, but additional external observers are not clear, or external observers might be able to guess by chance, however, not always. This ambiguity means that easy statements such as for example "XX foreign currency can ensure personal privacy" or "A foreign currency is preferable to B foreign currency in privacy protection" tend to be untenable. And sometimes the wording isn't cautious, this sort of statement could cause dilemma and misunderstanding, therefore some people meticulously arrange such a statement to mislead others. We recommend a far more careful statement, such as for example "Monero's transaction amount is protected as privacy" as well as "Because of certain anonymity environment of ZCash, the sender's deal with is protected as privacy". Later in this specific article, we shall discuss: In some cases, cryptographic tools such as for example zero-knowledge proofs can help us quantitatively analyze such promises, and even provide strict proof. First, let us start with the privacy protection related to cryptocurrency. Identity information personal privacy, that is, anonymity When individuals hear the term privacy, the very first thing that comes to mind is often anonymity, meaning user behavior isn't related to their real-world identity information. One way to achieve this privacy protection may be the easy "pseudo-name" method; in fact, we are familiar with making use of pseudonyms when getting various network services, such as the registered email name [email protected] instead of using real names. . In cases like this, in most interactions in this network protocol, the real/legal name of the owner of [email protected], assuming the name Alice Jones, will never be exposed. Generally in most cryptocurrency systems, such as for example Bitcoin, users get a pair of public/private key signatures. The public key is comparable to the username and the private key is comparable to the security password. The key point is that only when someone understands whether your accurate private key is acquired legally or illegally stolen, can you make the information "authorized" by you. Within this sense, anyone can use your public key to see the private key. Information sent by individuals. This feature allows users to utilize one of the public secrets or addresses they have to receive cryptocurrencies such as for example Bitcoin, and use their own private keys to deliver cryptocurrencies, all minus the intervention of a centralized authority. These ideas type the cornerstone of contemporary mathematical cryptography. Nevertheless, having a private/public key pair is just a way to "work with a pseudonym" to disguise your correct identity inside a decentralized environment. "Using pseudonyms" is generally a normal attribute of the process behind encrypted currencies, which makes the media and the public mistakenly believe that all encrypted currencies are "anonymous", or at least possess stronger anonymity than just using pseudonyms. And in addition, this misunderstanding pushes users to utilize cryptocurrency for illegal activities, such as for example online gaming or dark internet transactions. However, the real level of personal privacy protection may disappoint these users. They can certainly use public addresses to deliver or receive bitcoins, and their real names are not mixed up in transaction, but specific actions of users can link the public addresses making use of their real identities in real life. First of all, most users purchase bitcoins in fiat currencies within the swap. Fiat currency dealings usually need to be from the current bank operating system, which must verify the real identity of real life. Because all transaction data in Bitcoin is totally public. As mentioned in the previous section, this means that everyone can easily see the swap database and associate specific addresses with real identities in real life. Take a good example to illustrate: If Alice withdraws 0.1 Bitcoin from Coinbase to an deal with she controls, such as for example 36n452uGq1x4mK7bfyZR8wgE47AnBb2pzi, then Coinbase will link her real name to this deal with. If she withdraws 0.2 Bitcoin from an illegal online sports activities betting site, exterior observers might infer, and can provide non-tamperable open public evidence that Alice is involved in illegal online gaming activities. Companies such as for example Chainalysis have got adopted this sort of technology called blockchain analysis, linking open public addresses towards the identity of the owner behind them, and analyzing the direction of transactions.

The picture shows an early case of blockchain analysis from 2009 to 2012; data source: Subsequently, to conduct cryptocurrency transactions requires sending quite a few information via the web. In some cases, interactive metadata may be used to track the IP address used by an individual to initiate these transactions. Even if the user uses a so-called secure internet browser like "Onion Tor", the IP address may be tracked. The mix of the above two reasons means that the usage of metadata for anonymous transactions based on the characteristics of the "usage of pseudonyms" of cryptocurrency alone is an "impossible task." Privacy protection of transaction data When people discuss so-called "personal privacy coins," they usually mean that dealings in these currencies possess privacy protection in a few respects. Broadly speaking, a transaction is an action taken by way of a user to change the state of the blockchain. For example, Alice transmits X tokens from an deal with she controls to an deal with Bob controls. Through the perspective of Lord, this extremely simple example also includes multiple data:

* An deal with of Alice, such as for example 36n452uGq1x4mK7bfyZR8wgE47AnBb2pzi

* Link between Alice and Bob address

* An deal with of Bob

* The number of tokens sent More complex dealings will contain other styles of information, such as for example smart contract rules in Ethereum. Different blockchains display transaction data in various ways, a few of which enable certain links to be invisible to third parties, and third parties can only see the authentic data of the blockchain. Consequently, we called this area "Privacy Safety of Transaction Data" instead of "Privacy Safety of Transaction", because various kinds of transaction data can receive matching privacy protection to different degrees. Among the data that can be guarded by privacy, the main are the addresses of Alice and Bob. If they're guarded by privacy, they'll not be able to identify the real identities of the sender and recipient of the transaction, and can obstruct the blockchain analysis technology mentioned previously. For example, if Alice purchases Monero coins with such technical characteristics from the swap Binance and withdraws the coins, Binance cannot associate this withdrawal with how Alice will dispose of these Monero coins later on. Likewise, if Bob receives Monero from Alice, he'll not know that Alice bought these Monero from Binance.

But to help expand complicate the problem is whether the transaction data is secretive isn't a monochrome issue. For example, taking Alice's deal with for example, this is measured by how big is the anonymity place, which refers to the tiniest set of transaction sender addresses that can be identified predicated on blockchain data. The bigger the anonymity established, the less information about the sender within the blockchain transaction data. For example, the anonymity place dimension of Bitcoin is 1, while the anonymity group of Monero is a lot larger. State secrecy. Within the Bitcoin blockchain, all transaction data is public, meaning an external observer who sees all the blocks within the blockchain can restore the ledger and find out the account levels of these addresses despite these amounts May be designated to various "unused transaction output UTXO", which is what we should call the entire state of the blockchain. Nevertheless, if some parts of the transaction are secret, even if the information of the entire blockchain is learned, the user will never be able to understand the overall status. This information is shared among various users, and the blockchain warranties the persistence of user info.

Even though user's knowledge of a specific attribute within the blockchain state only depends upon the agreement and the transaction information that triggers the forming of this state, the connection between your two will trigger complex interactions. Consequently, the different features of the state can be guarded by privacy somewhat. Here are a few examples:

* List of all addresses

* The balance of a particular address, such as for example 0x2569C92345013F55CFb47C633c57F2f5756B9acA provides 1 ETH

* The clever contract code on a particular address, for example, the encrypted kitty contract within the address 0x06012c8cf97BEaD5deAe237070F9587f8E7A266d

* The specific condition of the agreement, such as the data stored in the encrypted kitty contract To give a straightforward deduction example: the number of each transaction in ZCoin is public, however the sender and receiver addresses are secret, meaning the user balance is still secret information. Alternatively, in the personal privacy protection blockchain format Mimblewimble, the specific level of each transaction is secret, however the sender and recipient are public, which gives another way to protect the personal privacy of user account balances. Customers in Mimblewimble must keep the information of their account balance, because the blockchain just stores limited info to make sure that users won't overspend. Generally, adding more privacy protection actions to transactions is effective to individual users, however, not necessarily good to the entire state of the blockchain. For example, if the full total issuance of a certain cryptocurrency is private, users cannot judge specific attributes such as the total supply schedule within the blockchain process; in addition, it is difficult to acquire attackers making use of algorithm vulnerabilities or process backdoors for unauthorized coinage . Privacy protection features in a few existing blockchain protocols Different personal privacy protection methods. Up to now, we have mainly focused on whether specific information is public or secret. Furthermore, it is helpful to straighten out the personal privacy protection methods of different blockchain technologies. We roughed out these various personal privacy protection methods. "Level 2" agreement "Layer 2" protocols built within the fundamental technology of the blockchain, such as for example Lightning Network, Condition Channel Technology, or Plasma, allow a small amount of users to carry out "off-chain" transactions with one another. This means that all intermediate states are saved between these users, and only regular state changes are written on the main blockchain. Therefore halfway states are unseen to external observers because they have never already been written to the main blockchain. Needless to say, the second coating protocol itself may also possess or choose not to supply different levels of personal privacy protection for the off-chain state for all users, so this is more dependant on the design idea as opposed to the personal privacy protection technology. Consequently, we will not further focus on the second coating protocol, although within the eyes of interested visitors, there's a vast selection of content that can be excavated. For specific details about the development of the "second-tier" process, it is strongly recommended to make reference to the article previously published from the chain: "Ethereum is not any longer the only option, the second-tier project is facing a battle for the new ecosystem. Mixed way The hybrid method is to adopt different privacy protection strategies on the input and output of the transaction and merge them right into a big transaction, deliberately obscuring the address of the sender and the receiver. This includes a number of the oldest personal privacy protection strategies within the crypto globe, such as for example tumblers, CoinJoin, Mimblewimble, and Monero. Zero-knowledge proof Once the agreement user supplies the zero-knowledge proof, there is privacy protection based on the zero-knowledge proof, for example, the data of a certain message is displayed based on not displaying the message itself. When applied properly, this encryption technology can at the same time protect the personal privacy of dealings/states and the complete functionality of the blockchain. Regarding "Zero-Knowledge Proof" related knowledge, it is strongly recommended to make reference to the article previously published by String Wen: "A tragedy due to Sudoku: What is Zero-Knowledge Proof" Guidelines for users Even if they use cryptocurrencies that do have no privacy protection features attached, users still have methods to reduce the chances of network security threats and blockchain analysis technology to a certain degree. In order to avoid malicious people from making use of network metadata to strike users anonymously, users can use Tor or I2P to cover up the initial IP of their transactions. In order to withstand blockchain analysis, it is usually recommended that users change to a fresh address for every payment obtained. Cryptocurrencies such as for example Monero and Verge supply this feature as a indigenous option. Needless to say, in a few cryptocurrencies, these addresses can be from the user's subsequent procedures. Trusted Execution Environment TEE A reliable execution environment is really a processor, such as for example Intel SGX, which promises in order to utilize cryptographic technology to safeguard the integrity and confidentiality of the data and code running on it. A number of agreements, which includes Ekiden's commercialization by Oasis Labs directed by Professor Melody Xiaodong, declare that they will adopt a reliable execution environment. For example, user account amounts could be encrypted by way of a private key and saved in a reliable execution environment. They are able to only be decrypted and improved within the "respected execution atmosphere". This actually delegates the responsibility of ensuring personal privacy protection towards the respected execution environment, and the respected execution atmosphere itself may have its weaknesses. For example, a side chain attack might be able to break the private key. Intel SGX broke such a vulnerability earlier. Furthermore, the existing respected execution environment may necessitate the manufacturer's permission or allow the producer to break the data confidentiality. Needless to say, Keystone Alternatives such as for example Gradient and Gradient try to solve this problem. Concerning the specific development of Oasis Labs, a blockchain project based on a reliable execution environment launched by Professor Song Xiaodong, it is strongly recommended to make reference to the previous document of the chain: "Demystifying Oasis Labs: The top fund platform, which claims to exceed Ethereum, what is it? In short, when contemplating the privacy protection of cryptocurrencies, usually do not use ambiguous statements such as for example "our coins tend to be more secretive than their coins". We suggest attempting to clarify the next questions whenever you can: What condition information about the world so when and what degree of personal privacy protection? Who is confidential? This allows us to investigate personal privacy protection technologies and the transactions they carry out more specifically.

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After the global financial reshuffle in 2020, what great changes took put in place the primary game logic of the crypto market?

In 2020, the worldwide financial market is turbulent, as well as the crypto market in addition has undergone huge adjustments. The Bitcoin has experienced extreme slump and swan occurrences are regular. Some investors could be confused concerning the market, aside from the dark swan incident. , The main market force can be a factor that has a great impact on market changes. However, a lot of people may not know much concerning the major force's tactics as well as the reasoning of market games, and they are also interested. At 20:00 for the evening of Apr 8th, the OKEx Cleverness Bureau asked Janson at Bit Villa to talk about the live tone of voice, to show you the "pushing hand" behind the market and the reasoning of the market game.

Guest user profile: Yang Sen, partner of Bithills, initiator of impulse theory, creator of BetaAi The following may be the essence of the sharing: 1. After March 2020, the Bitcoin market has been washed out, the market has basically returned to the primary battlefield of the spot market. However, the pattern of contracts can't be ceased. 2020 is a halving year, which is also a year of contract bull market. Leverage and pattern are king. 2. The concept of "major force" started in the currency markets. There are very major force and ordinary major force in the currency circle. All the unexpected rises and falls in the market are a sort of "shared force" between the major forces. 3. Looking at the partnership between ordinary traders and the primary force from your perspective of game theory, it should be a pig game. The main pressure may be the "big pig" as well as the retail traders are the "little pig". 4. Investors' judgment on market problems should focus on many indications: greed and anxiety indicators, long and short placements, elite positions, adjustments in market trading depth, buying walls and selling walls, changes in the amount of positions, adjustments in market quantity and pattern fluctuations. 5. The main method of the super major force is normally: in the bull market, the negative increase as well as the step back are used, as well as the bull market ends with the skyrocketing technique; and if it is to fall, it will use a unexpected plunge or a resistive fall; In those days, the two strategies alternate, as well as the needle will be inserted up and down completely within a bear market. 6. Next, the pattern of Bitcoin will continue to fluctuate about 7000, looking forward to the introduction of the international situation. Considering the uncertainty of the epidemic, several families can keep 70% of underneath position, open 30% of the positioning near 7000, and gradually open the positioning after the economic downturn. The following may be the full text of the sharing in line with the live broadcast: OKEx Cleverness Bureau: Hi, everyone, welcome to the special live life broadcast class for OKEx Cleverness Bureau fans! This is Yuanyuan, the anchor of the Cleverness Bureau. Being a top quality blockchain column, the OKEx Cleverness Bureau is committed to mining timely blockchain and electronic currency information and in-depth industry analysis from traders. To be able to surrender to everyone because of their direct attention and support for our festival, we will hold fan-exclusive live life broadcasts every once in awhile, inviting senior individuals and well-known scholars in the circle to interpret the blockchain industry and encryption for everyone Trends in the currency market. In 2020, the worldwide financial market is turbulent, as well as the crypto market in addition has undergone tremendous adjustments. The Bitcoin has experienced extreme slump and swan occurrences occur often, but a lot of people could be "pushing" and the market behind the market. The reasoning of the overall game is not nicely understood and filled with curiosity. Today we invite Yang Sen, that has experienced trading experience in the circle, to talk about "After the 2020 global financial reshuffle, which are the major changes in the overall game logic of the crypto market players?" Next, Mr. Yang, please share with us fans of the OKEx Cleverness Bureau State hello close friends~ Yang Sen: Great evening, I'm Yang Sen from Specific Zhuang "Tianqing Contract Group". The golf swing strategy that focuses on contract trading has previously had its own quantitative foundation Beta Ai in North america. Because of the particularity of quantitative trading, just high-frequency arbitrage types with the very least expenditure of 100 BTC are given. This time around, OKEX generally analyzes the adjustments that have happened in 2020 from your perspective of the primary players. It is stated that the fact of market trading is to follow the main players. After guessing the primary force's intentions, you're basically successful. We need to recognize possible. Within the transactional standing chain, the top predator may be the very main force, accompanied by the quantitative firm, and the third is the contract team with assets, and then the top group of retail traders. , And retail traders are ranked last. Because the channels for retail traders to obtain information are very limited, and you can find no specific positive and negative indicators in the currency circle, most of the customers' transactions are unacceptable, and they are in a very passive and disadvantaged state. Everyone understands that the primary force has a certain ability to handle market trends, so it's very essential to trade after understanding the primary force's intentions. OKEx Cleverness Bureau: Okay, welcome to Mr. Yang. Next, we will enter today's Q&A sharing session. 1. Given the serious turbulence in the worldwide financial environment this season, do you consider the cryptocurrency market will change in 2020? Is there any difference from days gone by? Yang Sen: I believe plenty of changes took location. On March 12th and 13th, the special currency fell from 9100 to 3800, and everyone ought to be impressed. Actually, as soon as 2 weeks ago, the dealer of the special dealer said that there is a new web host entering the market, and the capital of 3 billion opened up a position. Searching ahead, it turns out that the very protagonist has forcibly solved this new community. If you go through the span of time in a larger scale, 16 to 17 many years are the place market, and from 17 to 18 many years, there has been a long bear market. During this period, contracts have gradually risen, because the concept of hundred occasions currency has steadily disappeared, and various small coins have been running. Lukang people are growing in endlessly, and everyone is focusing on mainstream currencies and discovering a financial derivative contract that can earn money up and down. Since the contract price is against the regular place, the spot in 2019 is just a cover, as well as the contract is the major battlefield. After the Bitcoin market was washed out in March 2020, the OK contract holdings dropped by nearly 90%, and the market basically returned to the primary battlefield of the spot market. However, the pattern of contracts has been unstoppable, as well as the open interest of varied exchanges is growing for a price of about 5% each day. Everyone should note that 2020 is a halving year, a year having a halving halo. It is destined to be extraordinary, which is also a year in the contract market. Leverage and pattern are king. OKEx Cleverness Bureau: After the slump inside March this season, Bitcoin along with other crypto assets were questioned. Many ordinary investors failed to retain it, which includes people's anticipation of Bitcoin's halving. Do you think most of them had been Does the prediction and analysis logic of the market have to be overthrown and rebuilt? Yang Sen: Regarding whether the analysis logic ought to be overthrown, I believe it is unnecessary. The slump in the market could be omitted. The low shadow line is a long-planned cleanup actions. It is an indisputable fact that the bottom is just about 6000, so now could be a good chance for the market. After all, near the cost of mining devices in 19, You'll find nothing to hesitate. Considering the uncertainty of the epidemic, many families can keep 70% of underneath position, open 30% of the positioning around 7000, and gradually open the positioning after the economic downturn. OKEx Cleverness Bureau: We often see the phrase "principal" in some emotional analysis. What role does the protagonist have fun with in the market? Has there been any change within this color this season? Yang Sen: Actually, the concept of ¨major force〃 comes from the currency markets. It was initially a group produced by large families. It was probable to use their very own capital to leverage the sentiment, and comprehensive a circular of market producing by opening placements, pulling gives, and selling. Get high profits. Within the currency circle, the primary force is actually split into super main force and ordinary main force. You can find a great deal of ordinary main actors, rather than some large groupings, quantitative companies, or contract teams like ours. For example, the previous contract team used the situation of the finish of the Feng Shui time period as well as the increase in mining costs, which suppressed the currency price at that time, and slowly caused collective selling with the miners. By using potential selling pressure from miners, a rounded of market producing was completed. Generally speaking, the extremely main force gives us some "signals", that is the technical language of the disk. You can see that all the good and the bad in the market are a sort of "shared force" action, it is impossible for any one to comprehensive it alone. Therefore, there is a fight between the main forces, but additionally even more of a cooperative relationship. Ordinary major force dominates the niche for 1 tiny to 3 minutes. The very main force is a mysterious group that handles the rhythm. It could dominate the line and the every week level. They hold plenty of data, and they are scattered within a streaking state. Therefore, if we generally see every week and monthly adjustments, it means how the very main players are making market, and their time frame will be fairly longer. OKEx Cleverness Bureau: The game is very important in the financial market, so it's the same in the cryptocurrency market. Can you talk about the game reasoning of the crypto market? Yang Sen: Regarding the game logic of the crypto market, I will mainly say that it is closely related to everyone. I believe the title of the 2010 exam is very good: while looking up at the superstars, you must become down to planet. For the dispersed individuals, what everyone must do is to follow the primary force clearly to use. Let's consider it from your perspective of game theory. The transaction in the financial market is a zero-sum game. Every cash you make has another loser. Can you earn the primary earner? Difficult. 90% of the amount of money you earn comes from individuals whose cognition is behind you. How do i close up the dialog package? Then it must be mixed with the main pressure. Looking at the partnership between us and the primary force from your perspective of game theory, it should be a sensible pig game. I don't know if you've heard about it. The reason is, suppose a large pig and a little pig eat in exactly the same trough, but there is a pedal at the other end. You need to step for the pedal to consume the food. At the moment, if the tiny pig methods on the pedals, then when it comes back, the food will be eaten with the big pigs; then when the big pigs step for the pedals, there will be a certain amount of meals left as it pertains back. Within the currency circle, what we call the wise pig game is actually the relationship between the main force and retail investors. The main force may be the big pig, as well as the retail traders are the little pigs. Therefore, the primary force must start the market, usually he will starve to loss of life, because they possess spent a lot energy for the layout, pulling, and hitting... Ordinary traders just need to follow the pattern and sit back and revel in their achievements. OKEx Cleverness Bureau: Within the volatility of sentiment which has plummeted and skyrocketed, several investors are easily confused concerning the market. Can you share how ordinary investors can capture and understand the developments of very protagonists? Yang Sen: Speaking of this, we must talk about market sentiment. With regards to taking market sentiment, you have to mention Xu Xiang. Xu Xiang is a Chinese stock god. He is recognized for his very strong feeling of trading. He is able to almost make a lot more than 90% precise judgments in line with the perception of market sentiment. So we must focus on a few indicators: 1. Greed and anxiety indicators. Once the market panic indicator is leaner than 10, it means that it is almost time and energy to buy bottoms. 2. Long and brief positions, elite placements, changes in market trading depth, purchasing walls and marketing walls, and adjustments in the amount of positions are important indicators. 3. Market volume adjustments and niche fluctuations may also be called volume-price stability. OKEx Cleverness Bureau: The market is unstable. What changes have been made to the primary force in the market? Do bull marketplaces and bear marketplaces have different reasoning? Yang Sen: This super main force continues to be familiar. From 2019 to today, I have often felt that he is the same super main pressure functioning. Summarize in four phrases: eliminate decisively. Basically, in one round of market, if you wish to rise, you will use the "3 natural and 1 crimson" method to do overcast rises. Before, the market that took one week to complete, today the battle could be solved within 1 day. Sudden skyrocketing developments have been rare this year. Within a bull market, the primary force often adopts the technique of overcast and retreading. Once the bull market ends, it will adopt the technique of skyrocketing. If he wants to fall, he will use two strategies: 1. Sudden plunge (usually in the first hours of the morning, often on the opening of the Western and American marketplaces); 2. Resistance fall (in front of everyone, causing a downward There's an illusion of buying support). Once the bull changes to the carry, two methods are used alternately. If the market is a comprehensive carry market, top of the and lower pins will be used, and there will be many long top and lower shadows for the disk. OKEx Cleverness Bureau: Earlier, Yang Sen shared the related sharing of the primary market developments and games, then I would like to ask two questions about market hotspots and market conditions. Around the evening of April 8th, the production of BCH has been reduced. Around the morning of Apr 10th, BSV will also be halved. Do you have any views on the next market dynamics and potential development of the two currencies? Yang Sen: Both generations of Bitcoin possess finally begun to halve. At this juncture, in general, the halving has nothing in connection with the market. We have been mainly concerned about overseas epidemics. If the United States withstands the pressure of 400,000 bacterial infections and stabilizes the situation, the future will be really good. After all, the water launched will never be collected. In this manner, BCH and BSV will charge all the way and break with the sky. Simply kidding, the crucial thing is to continue to charge with Bitcoin, after all, the daily line is very gorgeous. If the U.S. can't stand it (I believe it's a big probability), it might be a high shipment rate prior to the halving, struggle for some time, and then shut down. We must prepare yourself with both hands and be prepared to escape. In fact, we can see that the pattern of BCH has retraced. Therefore, I suggest which you do a partial sell-off and do not leave too many chips in the hands. The future is in the fingers of the coronavirus, not really in our fingers, nor in the fingers of the primary force. There's everything if it could survive, and when it fails, the worldwide economy will decrease. Therefore, everyone should not have too much expectation for the halving market, and hurry to hoard the spot, getting excited about the halving of Bitcoin the following month just like the Prince (BCH). This chance is not to express that there surely is no, but I believe it is not likely. OKEx Cleverness Bureau: Before two times, the global financial market begun to slowly present signs of recuperation. Bitcoin also led the market to rush up-wards, breaking through the prior 7000 resistance zone. What do you consider of the next trend of the cryptocurrency market? Kind of? Yang Sen: Personally, i think that the existing market growth will continue to fluctuate around 7000, looking forward to the introduction of the international situation to become clear. Generally speaking, the primary force still wants to dispatch. After all, we can see that there are a great number of large orders from the market, and here ought to be another chance of more than $1,000. OKEx Cleverness Bureau: Okay, because of Mr. Yang for the solution. The last issue, our OKEx Cleverness Bureau is a stop chain popularization information column, established to become an evangelist for that stop chain industry. So what does Mr. Yang expect in our OKEx Cleverness Bureau? Yang Sen: Inside our opinion, blockchain is in its infancy, and its own application is much behind finance. Those who found this industry said that they were studying blockchain technologies. I think they were joking. They're actually learning how to trade, that is essentially a normal financial trading market. However, the threshold of transaction finance is too much. Too many specialized languages ??and too many information sources require comprehensive analysis, that is not something ordinary people can do well. So I have some personal ideas for the OKEx Cleverness Bureau. You can certainly do even more basic trading understanding, such as what's the K-line, what's the stop-loss and stop-loss, what's the moving average, what's the Bollinger band, etc., could have even more landing value . Needless to say, within a vertical assessment, the OKEx Cleverness Bureau is already doing well. Lastly, I wish the OKEx Cleverness Bureau, beneath the leadership of the beautiful anchors, will grow bigger and larger, and the amount of enthusiasts will grow just like a big bull market, and it'll be better and better on the road of encrypted assets. The following may be the part of answering questions from fans in the interactive session: Donald Duck: Instructor, how to buy this market following? Yang Sen: We have to not bet the chance in market sentiment. As stated earlier, a small number of positions could be opened up at the positioning of 7000, and positions could be opened up in batches. Brother Tao: Instructor, this time around halving, what do you consider? Yang Sen: Halving is definitely a false proposition. It is something that happens naturally beneath the blockchain mechanism. Do you say it is good or poor? In my opinion, this can be a neutral news. I nevertheless said that, don't pin your expectations for the halving soaring, but seize every short-term chance. Brother Tao: Exactly what will be the following dip? Yang Sen: Again, what are we facing? A full time income participant, ideal. What determines the market conditions? It is up to visitors to decide, and folks are changeable. Therefore, don't blindly figure where the underside is, just seize short-term opportunities, which can also avoid some dangers. OKEx Cleverness Bureau: Fine, I'm really honored to have Mr. Yang being a visitor at OKEx Cleverness Bureau. Thank you for your amazing sharing tonight and clarify the reasoning behind the market. Thanks and to the enthusiasts who found the live life broadcast area to take part in this live life broadcast class, and thank you for your assistance! Our sharing class is here now for today~ Note: This content shared this time around consists of the interpretation of the market and only symbolizes the personal views of the guests. Investment is dangerous, OKEx Cleverness Bureau reminds traders to use rationally.

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Didn't make the feminine version of Justin Sun, but made the feminine version of Jia Yueting

Li Xiaolai as soon as stated in the "Recording Door" that expense must be selected "Web celebrity tasks" so that traffic could be harvested. The "blockchain + social" project, ONO, received tens of millions of U.S. bucks in financing from Li Xiaolai's Xiong'an Account because of the influence of its founders, and it was in the limelight for some time.

To be able to spend money on ONO tokens, some investors even set up several funds to obtain shares, which ultimately shows how well-known the task is. However, it was discovered that ONO tasks, which once had plenty of glory, have now stopped. Any office space of the ONO project has long been empty, and several executives have gone after a year; like the creator Xu Ke furthermore "started from the new begin" and rebuilt the brand new project platform; furthermore, the ONO task has no more updated the code since April this year. The APP of the same name in addition has ceased service since the beginning of the month. Some fund traders were not surprised from the "death" of ONO, and admitted they were not optimistic about "blockchain + sociable". "Between Xu Ke and Justin Sun, there is a large amount of jade difference." Some traders are even more outspoken. When the Internet celebrity project comes to the finish, ordinary leeks are still paying the bill. Internet celebrity task, big brother system "Li Xiaolai said in the'recording doorway' that investment must be invested in on-line celebrity tasks and there is flow." Investor Liu Peng described the reason for his expense in ONO, "Xu Ke had been an Internet superstar before, so I I voted for ONO." The blockchain project ONO, that was born in early 2018, focuses on "blockchain + social". At that time, cryptocurrencies were hot, and the idea of blockchain became popular. There have been a large number of blockchain tasks on the market. According to statistics from Outlier Ventrues, by February 2018, there have been an overall total of 1 1,286 blockchain tasks worldwide. On the list of vast selection of blockchain tasks, ONO has suddenly emerged. Since its delivery, ONO has become the concentrate of the marketplace. Behind the popularity of the task is because of the influence of the founder of the ONO task, but it can be inseparable in the blessing of Li Xiaolai, a bigwig in the currency circle. The founder of ONO is known as Xu Ke. Before entering the planet of blockchain, he had been a network superstar.

(Aged photo of Xu Ke) Xu Ke's web celebrity history could be traced back again to 2012. At that time, 17-year-old Xu Ke, dressed up in hot clothes, nevertheless accepted press interviews calmly following the vehicle rolled over. After that Xu Ke uncovered that she had been driving while impaired, and the identity of the "rich second era" was furthermore found, which rapidly detonated the Internet and produced her well-known. Xu Ke's Weibo fans have risen from more than a few hundred to a lot more than 10,000, and "Drifting Woman" in addition has been contained in Baidu entries.

Later, Xu Ke and the OMG e-sports hand elixir talked about love, but the love between your two had not been favored by elixir supporters, and some intensive people even chosen large-scale private photos taken simply by Xu Kezeng.

Labels of Internet celebrity and rich second generation make Xu Ke extremely topical, therefore the ONO project in addition has gained public attention. But these solely are still insufficient. ONO's later reputation is because of Li Xiaolai, a bigwig in the currency circle. Since the establishment of the task, ONO has successively received USD 1 thousand Pre-A round financing from Li Xiaolai's coin capital and USD 10 thousand A round financing from Xiong'an Fund. In addition, ONO in addition has received financial support from Cheetah CEO Fu Sheng, Songhe Baofeng, Chailu Funds, Huachuang Funds, and South Korean KIP. Li Xiaolai furthermore promoted for Xu Ke system in public, "Xu Ke and ONO must be the dark horse in the blockchain field". In spite of the presence of a your government platform, the outside world has been skeptical about ONO. According to a written report from Shenzhen String Finance, the Chinese telegram neighborhood of ONO's 40,000 people is extremely moist, which is suspected that the city is fraudulent; furthermore, the predecessor of the ONO WeChat neighborhood is a false inside information team. However, these adverse news haven't caused much waves under ONO's solid propaganda offensive. After a few months of heat fermentation, in June 2018, ONO finally took the old path of blockchain projects-starting to raise funds because of its token, ONOT. "For example, when we do DAPP, theoretically speaking, we don't need to concern coins in the first stage. This matter has nothing in connection with issuing coins." Xu Kezeng mentioned this in earlier 2018. Time offers passed, and after half a yr, Xu Ke started to raise funds and concern coins when ONO's DAPP had not been officially launched, which seemed to not in favor of his original intention. When raising money for that project, to be able to highlight the worthiness of the project, Xu Ke adopted a being hungry advertising model, limiting each investment institution to a cover of 500 ETH (1.5 million yuan). To be able to spend money on ONO tasks, Liu Peng established four funds successively, divided the 2000 ETH in his hand, and committed to ONO in the name of four funds (500 ETH each). At that time, Liu Peng didn't know what the ending will be like looking forward to him. ONO stopped "ONO's APP can no longer be opened, there are still tens of thousands of ONOTs for me personally." In earlier July of the year, people from the press complained to each other. Since the release of ONO APP in July 2018, Yaoyao, being an emotional blogger, has used ONO as you of his content distribution systems. After half a yr of procedure, Yaoyao has obtained nearly 50,000 ONOT (marketplace value of about US$4). "Now it is turn off directly with no warning. Although the money is low, it generally does not take people seriously." Yaoyao complained. Yaoyao furthermore stated that although ONO can be its content submission platform, it does not regard it seeing that its main battlefield. "The customers on (ONO) sometimes appear to be robots, and the opinion content is frequently exactly like ˉyou wrote actually well' and "good", so that it was useless soon after." The investigation discovered that although the recognized ONO APP has not been taken off the app shop, the service offers indeed been ceased which is difficult for customers to sign in.

(ONO login interface, blank for a long period, stop services) In addition to the suspension of APP services, on-site visits revealed that the office address of ONO (brand-new address: Beijing Pohang Middle) in addition has been vacated and the house is rented out. In the signboard within the walls, the "ONO" symbolic representation is faintly noticeable, showing the identity of the previous owner to the visitors.

(Real pictures of ONO's brand-new office tackle) In addition, ONO has usually claimed to build up its own public chain, but the main network has not been launched. Since three months ago, the ONO task stopped submitting code on the open up source internet site Github, and the full total number of code submissions was just 5 times.

(Github screenshot) While the development of the public chain ceased, ONO was furthermore undergoing personnel reforms. Following this yr, some ONO executives have gone one after another. However, the interviewee had been silent about the reasons for leaving. In addition, starting from June 21st, ONO's official official account "ONOofficial" may also halt updating the weekly review of the ONO task. Previously, "ONOofficial" had been updated regularly every week. As of enough time of publication, "ONOofficial" had "frauded the corpse" again after three several weeks of suspension, but the weekly report said nothing and didn't explain the suspension of the APP service. You can find indications that ONO, the former online celebrity project, has ceased operation. Before the ONO project was completely stopped, Xu Ke, the founder of ONO, tried to start out anew and redevelop new projects. ON, MAY 16, ONO's mother or father company Beijing Nuozhou Technology Co., Ltd. (hereinafter known as ¨Nuozhou Group〃) announced that it has acquired the social networking Cherry, and Xu Ke will offer as Cherry's CEO. The original ONO dApp R&D team will work using the Cherry R&D team merge. At exactly the same time, Cherry furthermore announced a fresh policy: a restricted period lock-up ONOT airdrop of Cherry tokens (YT), the percentage is 5000 ONOT: 1 YT.

(Cherry official internet site screenshot) "(The exchange price) will be one-tenth of the current price, and Cherry (YT) offers risen 1,000 moments." Xu Ke as soon as marketed the YT system. At that time, ONOT price was only 0.0002 US bucks, while YT later on opened on Bithumb at 8 US bucks. This exchange technique is just like the popular IEO (First Exchange Issuance) in the currency circle. Users can get large benefits and are naturally extremely delighted. However, such a apparently sincere airdrop is full of programs. The first is to force users to take part in the lock-up airdrop. The ONOT of actions that fail to participate inside a restricted time will be extended for the 3-yr lock-up time period (previously only one 1 yr). Second, even though you take part in the event, the YT in the airdrop will be permanently locked and can't be traded in the secondary market. It really is undeniable that this is a beautiful marketing campaign that has brought huge visitors to new tasks. Xu Ke as soon as mentioned that within 12 hrs following the Cherry App had been online, there have been close to 100,000 active users. However, in this marketing activity, the privileges and interests of ONO customers are ultimately damaged. The introduction of points later became even more unexpected. The honeymoon period between Xu Ke and Cherry lasted for under 2 months and came to an abrupt end. When "like" came with vigor and vigor, different press rushed to review; when "like" left silently, nobody cared about any of it. Nuozhou Group announced within an announcement on June 28 that Xu Ke had resigned from the position of Cherry CEO.

(Picture from Tianyancha) "(Xu Ke) initially wanted to remove ONO and Jin Chan got out of the shell, however in the finish it unsuccessful." Retail buyer Zhang Chen mentioned, "The worst factor is that the YT we exchanged had been later recovered, and the resources shrank." Within an announcement previously this 30 days, Cherry stated that Nuozhou Group had not injected capital following the acquisition, therefore the acquisition was invalid; furthermore, Cherry will withdraw all YT previously airdropped.

(Screenshot of Cherry announcement) In the last exchange event, Zhang Chen exchanged 4 million ONOT (unit price 0.0002 US bucks) into YT. Now after switching back again to ONOT (device price 0.00009 USD), Zhang Chen's assets will shrink by 50%. Zhang Chen tried to contact ONO customer service, but didn't get a reaction. No one has learned where Xu Ke and the ONO team went after parting methods with Cherry. "An era is over. Those who understand understand." On July 1, Xu Ke launched a news record, suspected to announce the official death of the ONO project.

(Screenshot of Xu Ke's social media) Investors are usually reduced to takeover leek. In June 2018, ONO token ONOT began to raise funds. According to Xu Ke's plan, ONOT's cornerstone round accepts institutional investors' investment, capped 500 ETH, having an swap ratio of 1 1 ETH: 600,000 ONOT, and the personal placement cost is about 0.005 yuan; then, ONOT conducts a Dutch auction with the original price and cornerstone round Consistent. As a result, Xu Ke publicized at that time that ONOT is all retail accounts, and there is absolutely no banker to cut leeks. However, after ONOT went online, the price trend made traders very dissatisfied. On Dec 11, 2018, ONOT launched Kucoin having an starting price of 0.0000042 ETH (about 0.0025 yuan). Following a short-term rise, the price plummeted by 50%, causing panic locally.

(Picture from Kucoin) "In all honesty, from the viewpoint of the currency standard, there is absolutely no break on the starting. Sell it on the starting and make 100%; but in the legal currency standard, it loses 50%." Investor Liu Zhun participated in the ONOT cornerstone round of fundraising. , Invested 50 ETH (around 150,000 yuan), although it had been marketed at the starting, it still suffered a serious reduction. In the next couple of days, Xu Ke began live broadcasting daily to recharge his beliefs for investors, but he still couldn't cease the decline in currency prices. Investor Ascendas committed to 20 ETH ONOs. After hearing Xu Ke's live broadcast, Ascendas kept HODL (gold coin holding) until following the Springtime Festival this year. "Now when I believe about it, Personally i think like I used to be so stupid at the time, and We was going round and round with what she mentioned." Tengfei mentioned, "I've lost tens of thousands of bucks, and I'll know after a reduction. I blame myself for being too shallow. Ascendas as soon as asked Xu Ke in the live broadcast whether ETH can be bought if it fell below 600 yuan. "She in fact mentioned that Ethereum is useless, and I really believed it at the time. During the live broadcast, according to her opinion, just Bitcoin, EOS and her ONOT are usually valuable, and other coins can't be bought." Common investors are instilled by Xu Ke, plus some experienced investors have also learned. At exactly the same time as the currency price plummeted, Xu Ke issued a statement saying that it was due to someone maliciously smashing the marketplace and froze the related account of the ONO community member "Hotpot Man". In addition, Xu Ke furthermore "warned" investors in the ONO large accounts team that she understands everyone's address and don't maliciously smash the purchase, otherwise the accounts will be frozen.

(ONO formal announcement) While stabilizing the big households, Xu Ke furthermore instilled faith in the big households. "She often contacted and communicated around, introduced what the project did, and painted an impressive blueprint. I believed at the time that she wouldn't be so lucky, so she won another thousand moments currency." Liu Peng mentioned, it is. This kind of regular communication also produced me not want to sell ONOT in my own hand and missed the chance to sell. "Just like once you make a contract, you will discover all kinds of reasons to aid your judgment. In that state, I also think this task (ONO) is actually good." Liu Peng added. However, since Dec 16, 2018, ONO authorities have not produced any announcements among big groups of accounts, and investors have also begun to battle for themselves. "The ONOT in my own wallet hasn't been sold until now. It's almost zero now. Personally i think distressed, but this is my own expense, which is a cognitive session." Liu Peng mentioned. Why is Liu Peng most dissatisfied is the fact that Xu Ke has been secretly helping to make shipments. "After ONOT had been outlined on the swap, she used her mouth area to pull the purchase, but she didn't shield the purchase. Before she went to the swap, she herself had secretly shipped the goods off the marketplace." Based on the ONO light paper, the team retains 20 billion ONOT, but the task party hasn't announced the purchase. Paradoxically, after ONO announced the good news of its merger with Cherry, it didn't stimulate the currency price to go up. Within the bull marketplace, ONOT prices continued to fall, especially the current surge in trading volume and price declines, which are suspected of being shipped by large customers.

(ONO price chart, the picture originates from CoinMarketCap) As of press time, ONOT prices have fallen a lot more than 90% compared to personal equity prices. In addition, the highest price in history hasn't returned to the level of personal equity, and traders have been decreased to leeks. In addition to Internet celebrities who are enthusiastic about "interpersonal", Xu Ke's some other identity is "90 entrepreneurs", and a representative entrepreneurial task is ERA. Like later on ONO and Cherry, ERA is also the social software. Based on the recognized introduction, users can make money by doing tasks published by others in ERA and socialize at the same time. It seems that Xu Ke seems enthusiastic about "sociable", focusing on this field in several entrepreneurial ventures. It really is worth talking about that Justin Sun, the founder of the TRON task, also started a business in the interpersonal field before, and his product is named "Accompany Me". However, angel buyer Anhe isn't optimistic about this option. "The social field is no more a blue sea, and'blockchain + interpersonal' is a pseudo-need. From the beginning of the business, the closing is created." Anhe believes that the current social software is actually centered on solving one pain point, each using its own characteristics. "Momo and Tantan focus on socializing with strangers, and SOUL uses voice to create friends... How about ONO? Its so-called prize mechanism isn't as good as that given by Toutiao and Baijiahao." The wrong choice of the entrepreneurial track appears to be the core reason for the failure of the ONO project. In addition, Xu Ke, as the founder, appears to be limited to system propaganda for that task itself, and the problem of insufficient capacity is highlighted. Xu Ke's previous entrepreneurial task ERA, had received 12 mil yuan in Pre-A round of financing, led by Zuhe Funds, using a valuation of 120 mil yuan. However, the project eventually failed and associated products were taken off the app shop. The primary cause is that the project only focuses on publicity instead of product research. It really is accused of plagiarizing Ingress, and the user experience is bad. (Notice: Ingress is a massively multiplayer immersive digital reality game predicated on geographic location.) Within the ONO task, Xu Ke didn't seem to put too much energy involved with it. When surfing Xu Ke's social media dynamics, probably the most appearing is his on a daily basis travel. It seems that the role he has assumed is still an Internet superstar, who pays less attention to the project. Since the beginning of the year, only a lot more than 20 of the nearly 100 news items are related to the ONO task. Justin Sun, who is also an Internet celebrity, appears even more diligent. Clicking on its Weibo news is almost all about the promotion of the TRON task; and it spares zero effort to generate hot spots, merely to increase contact with the public. "Xu Ke is an web superstar, and Justin Sun is also an internet superstar. But between Xu Ke and Justin Sun, there is a large amount of jade reddish colored difference." An He commented, "Justice Sun madly slammed warm spots, and Yuhong furthermore came out to create trouble, just Xu Ke had been nevertheless silent." With a large number of people and a large number of faces, Xu Ke left outsiders with the impression of "speaking", and he wants to mention feelings, visions, and dreams. What kind of image does Xu Ke appear to be in work and life? A lot of interviewees who had caused Xu Ke didn't comment. Investor Liu Peng in addition has dealt with Xu Ke. In his opinion, Xu Ke is more like a "woman edition of Jia Yueting." In 2018, ONO kept a release ceremony. By the end of the speech, Xu Ke shouted passionately: "We have been fighting completely, not just to change the world, but also to prevent the planet from modifying us." "I thought Xu Ke had been particularly in a position to point out that it was almost exactly like Jia Yueting, exactly like adding the sentence'Let's suffocate for our dreams' at the end of the PPT." Liu Peng mentioned.

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Where is the next step for resource upgrade? We chatted with many senior practitioners of crypto finance

It is often said that if you want the track to develop quickly as well as the dish to expand quickly, it is indispensable for that admittance of institutional traders and high-net-worth individuals.

From probably the most anticipated Bakkt release in 2019, it could be seen that folks in the crypto globe want forward towards the participation of the financial giants with huge amounts of funds to participate in cryptocurrencies. Being an encrypted financial service provider, they are the group closest to high-net-worth customers. They know the needs and preferences of institutional traders best. Just how do they interpret the crypto globe in the eyes of professional traders? What are the road blocks preventing institutional customers from entering the market with huge amounts of money? On The month of january 9th, in the 2020 "FAT" Summit Forum and Awards Ceremony hosted by PayPal Finance Co-founder Wang Li, BitUniverse founder Chen Yong, Axonomy founder and CEO Tao Quming, Cobo Senior Vice President Li Yao, and RenrenBit co-founded Ren Wang Wei and deputy editor Hao Fangzhou had a conversation about "Tomorrow of Asset Upgrade." With this round-table dialogue, we not only discussed the high net worth individuals' preferences as well as the cryptocurrency industry to them, analyzed the future of the explosive DeFi in 2019, but also brought store investors about how exactly to find high-quality products. Assets and suggestions on how exactly to allocate assets. The following is the edited and shared original text, enjoy: How to permit high-net-worth users enter the market Hao Fangzhou: Many new entrants come to the currency circle using a gambling mentality. They may be selling coins, starting high leverage, and doing one. Do financial derivatives. We know that it is very difficult to change the behavior of this group of people or switch their perceptions, so when we perform the market, we still have a tendency to focus on the best players first and discover high-net-worth people. So I wish to ask all of the guests in the stage, when confronted with the very distinction between traditional finance and the existing user portraits in the foreign currency group, and what better ways to be in the market and how do the real rich people in China be able to see Bitcoin? Chen Yong: It just so occurs that because I have already been working on the web for a long period, I was previously at Jinshan and later on at Cheetah. A lot of my close friends finally visited Xiaomi and Tencent. At least they are also considered high net worth users. I believe you can find two types of high-net-worth user groupings today: The initial category is to treat Bitcoin as asset allocation. On their behalf, if they allocate property, one is to possess a secure buy channel to solve the OTC requirements of over-the-counter dealings, and another is to secure the storage and financial requirements of bitcoin after the transaction. The next category is the domestic high-net-worth user group, more that will adopt a general method like investing in a mining machine (allocating assets). What do they think of this business? Frankly speaking, all rational people still understand this business in the long run. For Bitcoin, they are unanimously optimistic. A influx of relatively advanced high-net-worth user groupings regards Bitcoin as the second currency that may hedge against all central loan provider sovereign currencies, therefore some people have some Bitcoins at an extremely early stage. Furthermore, the 1CO wave drove the entire cryptocurrency industry, especially the rise of Ethereum, helping to make more people understand Bitcoin more deeply. With the rise of brand-new cryptocurrencies, Bitcoin is becoming increasingly more approved and identified by high-net-worth user groupings. Tao Quming: The existing financial system continues to be gradually established over the past few hundred years. And Bitcoin has only been ten years since its inception. The complete encrypted digital business or digital property has already reached a range around 200 billion U.S. dollars from zero to today. Actually, it is rolling out very fast. With regards to choosing large customers, I believe whether it is digital finance or traditional finance, the type of business has not changed. Blockchain does not change the type of business. The most important thing in the financial business is risk control. Practitioners in the blockchain business have to create genuine value for customers on the one hand, and while creating genuine value for customers alternatively, they must also face many specialized risks and business risks in brand-new systems like blockchain. The fact that there are risks in all respects. For all teams, everyone is still trying, exploring, and constantly innovating to understand from customers where the forex market really can bring true value to users. Needless to say, the comparative rationality of large customers will undoubtedly be higher. Li Yao: What we should see in the market is that China's large miners, asset administration teams, and early-stage traditional bigwigs hold at least 80% of digital assets. Even though number of retail traders is large, their assets are actually very small. Let me prolong the main topics how high-net-worth users see Bitcoin, and how do traditional financial institutions view this industry? Because Cobo acts as the custodian and contains contact with a lot of traditional budget, so far you can find four challenges that have made traditional financial institutions afraid to enter: The initial challenge is the license. There's currently no custody license in China. Cobo has attained a Hong Kong permit and Singapore has opened an trade license, but in a rigid sense, it isn't a pure digital asset custody permit, but an extension of the traditional license. A particular continent has just opened programs for digital foreign currency custody licenses, which may be considered a plus. The second is insurance. In traditional industries, especially large custodians, you can find insurance firms to provide insurance coverage services for financial institutions. Consequently, once traditional financial institutions enter the industry of digital assets, they'll also request us whether we've insurance, but such questions are very challenging to reply because of the particularity of digital assets and having less effective information. The third is auditing. Up to now we can see that PricewaterhouseCoopers and KPMG can audit digital assets, however the industry is quite, very complicated. For example, a day's snapshot information size of an exchange could have dozens of gigabytes of space for storage, which will greatly increase the workload and trouble of auditing companies. The fourth is how to make legal currency compliance can be found in. If we are able to solve the issues just mentioned, insurance coverage, permit, audit, and lawful currency compliance, it'll be really attractive for traditional financial institutions to enter this business. of. High-net-worth customers entering this business must depend on whether traditional financial institutions can enter. Traditional financial institutions can only attract these to enter. Their cash is generally utilized by traditional financial institutions to greatly help invest. In the event that you ask high-net-worth customers what they think about Bitcoin, they generally define Bitcoin as an "alternate resource" for construction. The first step to allow them to enter on a big scale is to allow traditional financial institutions to enter this industry 1st. Is DeFi the latest item in 2020? Hao Fangzhou: What do you think of DeFi 2020? Wang Li: There is no absolute centralization, and there is absolutely no absolute decentralization. A lot of self-proclaimed DeFi will have different examples of decentralization. From the purely financial perspective, the basic business in finance is deposit and loan foreign exchange. The core of the deposit and loan business is leverage, as well as the deposit and loan business is not suitable for decentralization. When the credit intermediary is removed, in fact, there will be no leverage. Only when there is credit, there's leverage. Of course, you can find scenarios that not require leverage or credit, such as remittance services, such as decentralized exchanges, such as transaction and bill arrangement in traditional finance, decentralized custody, etc. direction. In the current DeFi industry, only MakerDAO has managed to get. The others are usually basically imitating, therefore everyone is involved in deposit and loan business. But I believe this is a bit limited, most of which are simply incorporating leverage to Manufacturer leverage. The higher the leverage, the simpler it is certainly to plunge. My optimistic path is decentralized hosting. Because custody is the almost all in need of trust, if no one can provide this sort of trust, any current centralized management business actuary cannot calculate the risk of loss of bitcoin or digital property, and cannot cost the risk, therefore No one can cover it. Chen Yong: Nowadays, increasingly more decentralized finance evolved from DeFi. Its specialized design is more complicated than the previous simple currency style, and it has not been examined for a long period. The completeness and richness of the technology itself must be tested, and it will take longer to see decentralized finance. It doesn't make any sense to simply talk about centralization and decentralization, because their beginning points are different. Tao Quming: It's been less than two years since the term DeFi came out. I believe Bitcoin is the very first DeFi product. From scratch, the web is rolling out to a particular stage, from details processing to the beginning of Bitcoin. It can handle the storage and exchange of value. DeFi and CeFi aren't an antagonistic romantic relationship, but continue steadily to expand the limitations of business invention and create more possibilities. Just as we talked about today, the country in addition has begun to take into account stablecoins. Everyone will see that both government and Web companies like Facebook have observed genuine disruption and large efficiency improvements. So, everyone may also learn from it, and do different scenes in different scenes. Therefore, whether it is CeFi or DeFi, it is going to return to the essence of business and finance-the improvement of efficiency as well as the creation of genuine value. With the development of days gone by 12 months, we've seen that quite a few things are regularized, and we are able to initially see that there are some phased conclusions. Maybe DeFi things are more suitable for future digital finance, therefore i prefer to contact DeFi open finance. Through the web, new financial providers can be released efficiently with low cost. I personally believe that DeFi could be more suitable as the infrastructure of open up finance in the foreseeable future, as being a car chassis, engine, and tires, that are directly dealing with retail users and mass users. It is not the time yet. At the moment the host asked if there is a chance to see the integration with the real economy in 2020. Personally, i think that I might not view it this year. The reason is simple. The actual blockchain can assurance is the so-called immutability of the property and data in the string. If you put physical property or any real business credit and data in the string today, the foundation is now more chained, and there are still many infrastructure problems to be solved, which is nevertheless impossible. These exact things are still a long way away from us. We are more optimistic about the combination of Bitcoin and DeFi. At present, the market capability of DeFi is most likely only a few billion dollars at most. If Bitcoin could be added, I believe it will increase the existing DeFi by at least a hundredfold. Wang Wei: What we should do is finance, managing money for that rich and funding for that lacking. When we understand this matter, we first go through the user's application of the product, including the current centralization. A lot of users say they don't realize the product. It really is as well complicated. In the end, it is more complicated than Alipay. There is no way. Should you choose DeFi again, customers will not realize it a lot more. This can be a product application. The second is if the product can meet more needs. This is actually the issue of Bitcoin that buddy just talked about. Now it is just Ethereum. So how do you put Bitcoin in? This takes a time period, however the customer's requirements are there. It depends on how quickly you can fulfill him and allow him appreciate blockchain-encrypted currency financial services. This is actually the first priority. Secondly, where are usually DeFi and CeFi tending towards? What type of thing to solve? Personally i think that DeFi should be the best form in the foreseeable future, and the most important issue is to solve the issue of trust. The DeFi program code is directly on the string. Anyone who understands the program code can check his execution outcome and check his execution program code, no one must endorse it. But the query of product applicability just talked about, the query of whether it can meet the requirements of users might take quite a while to undertake, it may be two to three years, or even 3 to 4 years. Li Yao: We discovered that in the first 1 / 2 of 2019, the entire DeFi market was worth just 270 million US dollars, and it ought to be 890 million US dollars today. The almost three-fold increase shows that the market is in an exceedingly stable rising stage. In other words, there must be opportunities, otherwise so many entrepreneurs won't come in. Let's focus on the task. The guests just mentioned that the first operation threshold is too high, which is difficult for common people to enter, so we are able to see that you can find currently significantly less than 20,000 DIFI customers worldwide; the second reason is the contract level. Large-scale DeFi items are usually developed based on Ethereum contracts. Are Ethereum clever contracts safe? It may not be correct. When customers put all $1 billion in clever contract-based products, I believe that hackers are usually motivated good enough to grab $1 billion at a cost of $100 million. If DeFi wants to be better implemented in the foreseeable future, one is to improve its simplicity, and another is to improve its safety. For 2020, I'm personally more optimistic about the implementation of DIFI items in the Bitcoin level. In the end, its activity is definitely 3 times that of Ethereum. RSK will be a good attempt. At the same time, additionally it is optimistic about the program of decentralized insurance coverage and decentralized offer chain finance. Hao Fangzhou: I have asked this query before in the DeFi special, but I favor today's version. Analyzing DeFi through the perspective of CeFi, everyone could be much less commercial and much more authentic. How to find high-quality property Hao Fangzhou: The third question wish to ask you how to find true high-quality property? Wang Li: Actually, the world will never lack property, but high-quality property. How did we do it? PayPal only allows Bitcoin as pledge before September or Oct, but Ethereum does not accept it. This can be a very simple logic: From the business perspective, start with the best property. If the very best property are bottlenecked, then go directly to the following level of property. Lack of property is a issue that all practitioners in this business will encounter. This behavior reaches a very early stage. There are some high-quality property that everyone can acknowledge today, and everyone could have different standards. Bitcoin is considered a consensus with this business. Many people with this business don't recognize Ethereum. This is actually the first level of property, and there are many more property above it. For example, Bitcoin's over-collateralized financial debt, this asset is a really advantageous asset. Furthermore, the top trade can be a really good asset, as well as the exchange is a sub-industry with an extremely solid Matthew effect. In general, the industry is too small, nonetheless it is rapidly expanding, and much more and much more excellent folks are needed to can be found in, and bring the adult business models, financial choices, and humanity things in the traditional world to digital currencies and blockchains. On the market, many high-quality property naturally come out. From my perspective, the only real high-quality asset at this stage is Bitcoin. Chen Yong: I believe there are hardly any high-quality assets on the market today. EASILY were to find assets today, I would consider it from three perspectives: The foremost is to select Bitcoin, that is the very best high-quality resource. You can participate in any way that allows Bitcoin to help keep changing. The second is some products using a clear business model, which currently appear to be exchanges or wallets offering financing services, and tokens issued by them. The third is a product with traffic and specific user usage scenarios. Li Yao: Look at the industry's development over the past decade. Before few years, it was mainly retail traders, with gold almost everywhere and assets almost everywhere, so long as you persist. Later in 2017, institutional customers came in. Predict the way the entire business will develop in 2020. For upstream mining device manufacturers and mining swimming pools, we state that Bitcoin will undoubtedly be issued 3% every year prior to the halving, and 1.5% after the halving, so it's problematic for the mining industry to become mainstream high-quality Race monitor. In the future, mining and mining device manufacturers could have a progressive trend in their position on the market, because their property are limited. Which assets will improve? It ought to be agents and exchanges, because trading exists for a long period. This is similar to the Shanghai STOCK MARKET and Shenzhen STOCK MARKET in China and the brand new York STOCK MARKET and Nasdaq in the United States; and their liquidity is principally provided by agents. At the same time, the proper to talk for future agents will increase. You have to know that the existing flow of agents on digital foreign currency exchanges is nearly over 70%. Consequently, as long as some property are derived from the trading side in the foreseeable future, they will certainly become the main track and High quality property. This conclusion may also be corroborated by the entrepreneurial track that the head institutions bet on. Before few years, among their investments has been a trading track, and the second reason is a compliance monitor. For transactions like a trading track like a brokerage firm, business owners from Goldman Sachs and Morgan Sachs will flood into this path; compliant trading technologies such as investment and conformity anti-money laundering monitoring methods, which includes compliant custodians. These could be better asset ends. Asset allocation tips Hao Fangzhou: For common investors, what tips do you have when doing resource allocation in 2020? Wang Li: According to personal risk urge for food, hold as many bitcoins as you possibly can, reasonably allocate some leverage, not too much leverage, hold as many bitcoin positions as you possibly can, set your own stop loss cost, of course, make sure to When the danger is controllable. Chen Yong: When coming up with investments, everyone should be aware of what they know better than other people. Tao Quming: For common investors, Bitcoin is simple at this stage. If you nevertheless want to beat the market above Bitcoin, this is a reliable currency-based financial product based on Bitcoin. Wang Wei: In 2020, we have to see the fact clearly, and the whole market isn't particularly good, including the true economy, that is not really good. Enhance your cognition, because your cognition exceeds most people and you'll make money. Li Yao: For retail traders, this is a fixed investment decision of Bitcoin.

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DeFi's next tipping point-truly start the derivatives market

Before 2 yrs, the popularity of derivatives is obvious to all or any. A lot of derivatives exchanges possess risen, and various innovative trading products have been continuously launched.

However, the products also face many troubles. Through the perspective of transaction varieties, the category is single, mostly concentrated in mainstream currencies such as BTC and ETH, and the hot tasks are often not followed up with time; from the quality point of view, product pricing is not transparent and liquidity will be insufficient. Those who really have trading needs for derivatives are wanting to change the status quo of the industry. Although they are proficient in finance, they have problems with lack of technology. Nowadays, the introduction from the Injective Protocol, a decentralized transaction protocol, appears to have brought dawn to these traders. In line with the Injective Futures in the agreement, users can freely generate and market derivatives markets, not merely predicated on encrypted assets (FIL, COMP, etc.), but additionally based on conventional financial market goals (gold, oil, commodities, etc.). Interestingly, users can also design even more innovative and predictive derivatives. For instance, based on data such as reputation, users can form choices for ¨number of supporters on Weibo〃 for top-tier traffic stars, and also directly predict ¨how long a superstar will be blocked〃 for users to trade. It takes merely three minutes to perform the issuance of derivatives. Although this incident sounds like it has taken a high degree of freedom to the trading field, could it be an easy task to implement "one-click derivative delivery"? How big is the requirement? Can the "borderless economic climate" pursued by Injective bring growth to the crypto market? Will answer one by one. Head funds blessing Injective, could it be as easy as grabbing DeFi? After 2 yrs of advancement, decentralized finance (DeFi), which has been tepid, has detonated the marketplace and has enticed much attention. In order to catch up with the enthusiasm, capital and exchanges started to worry, searching for DeFi tasks everywhere. But high-quality tasks have always been divided up. Within the DeFi wave, the top exchanges will be the most relaxed. As early as 2 yrs ago, the giants acquired already began to deploy DeFi in advance. (1) Full of confidence no shortage of investment Remember that in 2018, the initial stage of Binance Labs, the Binance Labs project, incubated the decentralized protocol Injective Protocol, that was later supported by Stanford's startup accelerator StartX (incubating Filecoin, TrustToken, OpenSear, etc.).

(Both co-founders of Injective, the picture comes from Binance Labs) Within the recent hot DeFi wave, quite a few capitals and exchanges have begun to "touch porcelain" Injective Protocol, and announced that they will start the protocol token (the token has not yet been issued). The move led the project party to refute the rumors and publicize appropriate financing information to protect users. Based on the latest information from Injective Protocol, its Pre-Seed rounds are usually Binance Labs and StartX; private equity is based on the united states SEC's Legislation D/S compliance. Private equity rounds consist of Pantera Funds, QCP Soteria, Axia8 Endeavors, OK proper cooperative investment organizations K42, Yellow metal Krypton Funds, etc., Compound Strategy Innovator Calvin Liu, previous DRW partner Josh Felker and other individuals participated in the investment. "We will not cooperate with organizations just because of their reputation. They need to have the ability to bring value to the Injective ecosystem, not only financial investment. Because we really do not lack financial investment." Injective co-founder & CEO Eric Chen informed. The decentralized protocol is not a track that can rapidly "take results". Why perform many mind capitals favor Injective Protocol? The answer is the innovative nature of Injective. (2) Within the encryption industry, innovation is most had a need to bring structural opportunities Before 2 yrs, Injective has kept abreast of the situation and hit the market's pain points. In 2018, Ethereum's increasing to the main exchange also experienced the problem of front-running. A lot of preemptive transactions and high-frequency arbitrage by robots possess continuously pressed up Ethereum fuel fees, leading to damage to the passions of ordinary users and influencing the fairness of transactions. Eric Chen and Albert Chon, who were still studying at Stanford University and NY University, noticed that the "Verifiable Hold off Function" (VDF) inside cryptography may be used to solve the issue of DEX transactions, so they made a decision to develop the Injective Protocol. By integrating VDF, Injective DEX may simulate real-world time and energy to perform order execution, achieve fairness in program code and algorithms, and prevent cheating and bad transactions. "In simple terms, you can follow this algorithm to find out who placed the order very first and who placed the order later in real time, so as to make sure the fairness from the transaction." Eric Chen explained. For this reason, Injective, that was in the research phase, received Binance Incubation Investment. If this place continues to be maintained, Injective might, like the 0x protocol in the same period, always concentrate on "off-chain custody and on-chain transactions." Within this wave of DeFi, it will not attract the eye of the head capital, and it is difficult to obtain ahead. Injective made the second innovative change. By the end of 2019, a large number of decentralized transaction protocols around order publication processing have been born in the DeFi industry. This small monitor has concentrated several projects, and the model is extremely unified. Injective offers gradually dropped its first-mover advantage, and 0x in addition has begun showing signs of decrease. Therefore, on the main one hand, Eric Chen considered Level 2 and developed their own public chain Injective Chain predicated on Cosmos and Ethereum networks to totally solve the problem of on-chain transaction efficiency. At exactly the same time, by using Cosmos IBC, Injective DEX helps cross-chain transactions; Centralize the derivatives monitor and create Injective Futures, enabling users to openly create and industry derivatives markets. "The first Injective Protocol was only a simple version, and now even more functions have been added, and the complexity from the project offers doubled," Eric Chen told. In the long run, "Chain + DEX + Futures" constituted the three sharp blades of Injective Protocol and exposed a global for itself in the DeFi market. What level of imagination is required to "open wasteland" borderless finance? "On the basis of complete decentralization, we have been compatible with security, openness, and zero faith, and start the frontier of economic derivatives." Eric Chen added, "By building the community's very own network, we offer third-party developers, Designers and investment organizations provide a system for realizing worth." Using the three sharp edges in hand, Injective shouted the slogan of "Exploring Borderless Finance" so that they can lower the threshold for the issuance of financial derivatives. Specifically, String provides tech support team, Futures provides decentralized derivatives development, and DEX provides decentralized investing venues. Trinity, coordinated procedures. (1) One-click to send derivatives, everyone is BitMex Derivatives trading is becoming increasingly hot, and the requirement for trading classes in addition has increased, however the market source is insufficient. In order to lower the barriers to entry for economic derivatives, Injective launched Injective Futures, a decentralized peer-to-peer derivatives development tool. At the moment, Injective Futures supports decentralized perpetual swaps, contracts for difference (CFD) and many additional derivative products, which can operate independently and so are an easy task to integrate. Furthermore, Injective Futures enables individuals to openly create and industry various derivatives marketplaces, "everyone can make their own Bitmex". Through the perspective from the crypto market, users can build futures and option transactions predicated on projects such as Polkadot and Filecoin; or create volatility catalog (VIX) perpetual contracts based on the volatility of Bitcoin, Ethereum and other currencies to fill up There is currently a gap in the field of derivatives in the crypto market. Through the perspective of traditional financial marketplaces, users can form foreign exchange derivatives when the economic situation of Turkey and Iran changes; or create derivatives such as gold, crude oil, and U.S. stock indexes. These conventional assets only want price mapping, no physical anchoring, and can be traded 7*24 hours. In addition, more flexible, Injective Futures also helps users to innovate in the derivatives market. For example, at the beginning of this year, some traffic famous actors frequently "help make troubles", which made the masses of individuals who eat melons quite disappointed. Based on data such as reputation, ratings, etc., users can develop choices for "Weibo Followers" of traffic stars such as Cai Moukun, XZ, etc., or directly predict "how long the traffic star will undoubtedly be blocked", as well as develop a "traffic star" Index" contract. In addition, like derivatives as film box office, large-scale e-sports and sports competition outcomes can all be developed. "You can concern a derivative inside 3 minutes, just as easy when you concern an ERC20 Token." Eric Chen explained that Injective Futures will undoubtedly be completely open source and free of charge, and anyone can easily concern derivatives predicated on this product. But is fast equal to good? The question about this will be: the era of "one-click issuance of coins" has triggered the proliferation of rubbish coins; will the "one-click issuance of derivatives" end up in the end, and rubbish derivatives are usually blooming? the solution is negative. Even though issuance time can be short, it does not mean that it'll reduce the high quality of derivatives. On July 31, Injective will hold a Derivatives Market Creative Competition, needing designers to submit enough data, including trading market design, economic and technical infrastructure architecture, price calculation models, risk analysis, etc. Quite simply, Injective Futures lowers the technical threshold for users to issue derivatives, and the economic threshold will not be lowered. Professional economic knowledge and danger control capabilities can better safeguard traders. Is there market for top quality? Some specific niche market products, like the choice of "number of supporters of a certain traffic star", may end up with very few individuals. "ERC20 could be issued, but there is no consensus on which is sent. Consequently, the creative designers of Injective Futures must comprehensively analyze the marketplace prospects and anticipations. It isn't our original purpose to blindly design derivatives." Eric Chen informed, if user design works with with traditional finance (Gold, stocks and shares, etc.) related derivatives, Injective's proper partners may take part in market making to supply liquidity. In addition, at the moment, Injective Futures is the designer's choice to connect with exterior oracles, and is responsible for the authenticity of the info. It is worth taking into consideration how to prevent the developer from doing bad subjectively rather than tampering with the info. From our point of view, Injective may consider formal assistance with oracles such as ChainLink to lessen the chance of designers directly tampering with data. Although most innovative designs need to face brand-new problems, in general: Injective Futures embraces a broader market while predicated on crypto derivatives. Specifically, derivatives predicated on conventional finance may open the entranceway to incremental marketplaces. (2) Technical realization route and investing venue Weighed against currency transactions, derivatives transactions tend to be more frequent, and need higher system download capacity and coordinating processing capabilities. With regards to the current operating state from the Ethereum network, the chain can only just process 15 transactions per 2nd, and the network congestion is serious, and the gas fee continues to soar, causing excellent troubles to the decentralized chain transactions. In order to improve scalability, Injective considered the Layer2 expansion solution and formulated its own half chain Injective String. (Note: Level 2, meaning the utility from the Ethereum public chain will undoubtedly be extended outside the chain, and related operations will undoubtedly be performed outside the chain and returned to the main chain when essential. Although the early Layer 2 extension plan continues to be questioned, it has been developed before two years , Has tended to be ideal. V God's assessment of the current Ethereum Level 2 expansion technique is that the original deployment will be ¨essentially〃 successful, and the rest is the issue of refinement and deployment.) Injective Chain is without a doubt associated with Ethereum from the Layer-2 sidechain and Cosmos Zone. It uses a verifiable delay functionality (VDF) to put into action a fair transaction purchasing consensus. By forcing a time hold off, it solves the fairness problems in transactions and the lifestyle of Ethereum. The issue of higher miner fees being packaged first. In addition, Injective Chain gets the characteristics of high throughput and fast confirmation, which also improves the operational efficiency of decentralized transactions, and tech support team for Injective Long term. The Injective DEX built based on Injective String inherits the above-mentioned features and it is both safe and efficient. Weighed against existing DEX products, Injective DEX also has many unique benefits: Very first, Injective DEX has a centralized operating experience. Currently, DEX products in the DeFi market face a typical problem, and the user experience is poor. Injective DEX attracts on the benefits of centralized investing. The interface can be near that of present mainstream exchanges. An individual experience is equivalent to that of centralized exchanges, and it is better to accept. At exactly the same time, DEX features are usually retained, and users are usually point-to-point decentralized transactions from order to settlement.

(Injective DEX interface, picture from Injective formal website)

"All consumer experience is centralized. The only difference would be that the private key and currency come in the user's very own account, not in our (exchange) hands." Eric Chen explained. 2nd, Injective DEX may accept derivatives produced by Injective Futures to expand even more high-quality assets. Specifically, the derivative assets related to traditional finance in Injective Futures provides a lot of incremental users into it, which will form a distinct benefit of differentiation with additional DEX. 3 rd, Injective DEX helps cross-chain transactions, including even more encrypted assets. Injective Chain is without a doubt developed predicated on Cosmos, and can also support additional chain products through IBC (inter-chain communication), making its users and products not limited to the Ethereum ecosystem. Fourth, Injective DEX adopts a review system for property to avoid growing to be a good encrypted "huge casino". The popularity of DeFi has spawned more assets on DEX, and Uniswap, which chooses self-service currency listing, is one of these. Because of the lack of evaluation, counterfeit currency and scams were rampant on Uniswap, so that it has been dubbed "Uniswap On line casino". The first stage of Injective DEX attracts over the issuance from the audit system of centralized exchanges to guarantee the credibility of assets and the marketplace. The state client's assets need to be reviewed by the city, but the local community can form and develop a client that can see all product markets. . Fifth, Injective DEX liquidity is competitive. Injective DEX has introduced the world's top market makers QCP, CMS, Bitlink to guarantee the liquidity from the trading platform. CMS Holdings was founded by Daniel Matuszewski, the former head of Group Industry, an over-the-counter (OTC) investing platform owned from the crypto asset company Circle. Some other partners of the company consist of Bobby Cho, previous head of investing in the crypto section of the agent Cumberland DRW, and previous Circle Technology Supervisor Julien Collard-Seguin. Recently, Injective formally announced a strategic cooperation using the dark pool WOOTRADE. The dark pool WOOTRADE can provide it with a investing level of 100 BTC at a spread of 0.05%. Its liquidity comes from the serious aggregation of major exchanges, and the quantitative investment research institution Kronos Analysis provides market-making technique support behind it. In general, "String+DEX+Futures" worked collectively to build a solid moat for Injective in the hot DeFi market. The market is overheating and adhere to the initial intention. Defipulse data shows that the worthiness from the on-chain lock-up tokens offers quadrupled before two months, busting new traditional highs one after another, reaching a maximum of US$3.65 billion. Specifically, the DeFi tokens headed by Comp have performed nicely before two months, creating an objective wealth effect and additional driving the DeFi concept sector to become popular. In Eric Chen's watch, the eye brought by rising currency prices is also a double-edged sword for the entire DeFi field. On the main one hand, the rise in reputation has helped DeFi move out of the small circle of "simply no name" and move towards a more substantial market, and much more developers will enter it to promote the upgrade of the entire industry. Alternatively, the faster it gets hotter, the faster it cools. After the heat falls, DeFi will return to a state where nobody cares before. How do developers who have experienced good and the bad adapt their mentality? Some popular DeFi projects have got issues about their security and authenticity, which will also lead to a decline in the reputation of the entire DeFi project. The hot market in addition has put a degree of "pressure" on Injective developers. "There are a lot of Injective followers, urging people to start the mainnet as soon as possible, advance the many processes, and catch up with the heat." But Eric Chen informed the developers they still insist upon following their own improvement, "In the event that you hurry online, security and safety Functionality will undoubtedly be significantly compromised. In our opinion, security is the first thing. If a problem occurs, then restoring it may lead to greater losses to users." Based on the setting up roadmap, the main network will undoubtedly be launched in the 3rd or fourth one fourth of 2020, and tokens will undoubtedly be issued; options and other products will undoubtedly be launched in the initial one fourth of 2021; Injective v2.0 cross-chain investing will undoubtedly be launched in the initial one fourth of 2022; third in 2022 The voting mechanism on the city chain will undoubtedly be launched quarterly. Remember that the token to be issued by Injective is called INJ. Eric Chen said that INJ would be to maintain the healthy operation from the Injective ecosystem. The original total issuance will be 1 billion tokens. Making use of Proof of Equity (PoS), users can earn income by keeping INJ, and the annual interest can reach 5-7%. INJ holders can also participate in local community governance. For any governance decision, INJ holders can start a referendum by publishing a authorized on-chain proposal to a good contract. So long as 1% of the total amount of currency is supported, a 14-day time referendum period will start. As time passes, INJ will gradually turn into a deflationary magic size, that is, the total circulation is less than the circulation. The forming of the deflation model benefited from Injective's repurchase and destruction measures. Unlike centralized exchange certificates, Injective DEX's income will undoubtedly be 100% returned to supporters from the Injective ecosystem. Included in this, 40% will undoubtedly be directly returned to nodes and market makers, and the other 60% will undoubtedly be utilized to repurchase and completely destroy INJ. In addition, there are realistic community incentives and lock-up mechanisms. Early market makers and traders can benefit from the greatest rebate plan at the initial stage, and the rebate plan will undoubtedly be optimized as time changes. Concerning Injective's more distant development program, Eric admitted that he did not consider it. The market is always changing. You can find too many programs now, that are of small value for potential reference. After all, it is Injective's genes to go with the days and follow the trend. Through the perspective of past development, Injective has always been able to grasp the general trend of industry development. Injective Derivatives Innovative Competition

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Column Watch | Behind the public chain's collective bet on DeFi, is it the helpless move from the guilt?

Before this year, DeFi hadn't yet gained a firm foothold compared to the larger CeFi market. In just over half a year, after the baptism of "312", DeFi emerged. At present, as well as the amount of secured positions which has doubled by about 5.6 times from the beginning of the year, the total marketplace value has also increased by nearly 4.two occasions from the beginning of the year. DeFi shows strong vitality. Behind the explosive development is the crazy participation in the DeFi marketplace.

(Related news: FTX officially enters the DeFi industry! Together with Solona public chain to create a killer decentralized item Serum (SRM))

Dune Analytics information shows that as of July, the total amount of DeFi users was approximately 238,400, an increase of more than 23% from the beginning of June. Certainly, how can people not be tempted by the nice income of dozens of occasions at every change? DeFi has ignited the interest of too many people like fireworks. The current DeFi is exactly the same as the initial ICO. Your familiarity with DeFi will figure out whether you will be left behind. A DeFi player explained. In the growing ecosystem, Ethereum, that is the main ¨DeFi ecosystem〃, is highly sought after. Especially in the post-halving period when there is a lack of "favorable themes", the explosion of DeFi has brought back the long-silent Ethereum highly. Information from TradingView shows that the current cost of Ethereum will be US$383.33, an increase of nearly 250% from the beginning of the year. There is absolutely no doubt that Ethereum may be the biggest beneficiary of this wave of craze. This makes other general public chains change their focus on DeFi, trying to capture this ride with its own traffic. However, when the excitement dissipates, will there be another mess left behind? Ten years have flowed east, ten years have flowed west. Over time, is DeFi born beneath the two halos of "potential finance" and "general public chain leads" really eco friendly? Collectively march into DeFi, do you follow the trend or survive contrary to the trend? From TPS competition, to DApp ecological competition, and then to getting DeFi, the street of public chain competition and exploration has never stopped. Once upon a time, TPS (transactions per second) was a significant indicator from the powerful of major general public chains. With this aggressive track, many general public chains are keen to advertise higher TPS values, and something million TPS has even end up being the standard for each and every public chain. As the marketplace results to rationality in the quest for TPS, DApp has become among the important indicators of a new round of competition in the public chain. Especially at the beginning of 2019, the DApp programs of the main public chains became popular as soon as inserted a white-hot stage. However, the sluggish lifestyle and the degree of popularity have put DApp within an uncomfortable situation of snow and fire. In just a couple of months, DApp has gone from getting bustling with blooms to getting deserted daily. What followed was a sharp decline in the reputation of public chains, and many general public chains have still died out of people's eyesight. "DeFi can help the public chain find its application situations and worth." Conflux researcher Li Chenxing feels. Even though total assets of DeFi are just equal to 1.5% of the complete encrypted assets, the great vitality within it really is enough to make the public chains "heart beat". At the moment, there are a large number of DeFi tasks on the market, addressing almost all areas in the original financial industry, such as lending, financial derivatives, prediction marketplaces, and insurance. The public chain's competition in DeFi is calm, however the tide is raging. We fixed our sights abroad. EOS, which was once on the par with Ethereum, has a lackluster amount and level of DeFi tasks in its ecology. In accordance with DApp.com, from the perspective of transaction volume before month, only 4 EOS DeFi tasks in the top 30 financial DApp ecosystems are usually on the listing. However, the powerful and scalability also give EOS a certain imagination. The current EOS DeFi ecosystem contains DeFibox, Pizza, EOSDT, DeFis, eosfinex, TP Swap, etc., primarily involving stable cash, financing, wallets, decentralized exchanges, etc.; The star public chain project Polkadot has launched 11 DeFi projects, including Rio Chain, MANTRA DAO, Polkswap, Stafi, Akropolis, etc., regarding mortgage loans, steady coins, etc.; In January of this year, Cosmos launched its initial DeFi task Kava, which includes pledged assets of approximately US$80 million in less than a week after launch. In July, Cosmos, Polkadot and the stablecoin task Terra jointly developed a new DeFi savings item, Anchor; The high-performance public chain platform Solana has also begun to deploy in the DeFi ecosystem. Along with cooperating using the decentralized oracle Chainlink and the decentralized swap DDEX, the cryptocurrency swap FTX also announced that it'll launch Solana-based decentralization in the next one or two weeks Chemical Exchange (DEX) Serum. Focusing on China, TRON, that is following the hotspot, recently launched three major DeFi platforms: lending system JUST Lend, decentralized trading system JUST Swap, and wBTC's TRON edition JUST BTC. In addition, there's also TRON DeFi tasks developed by community developers, such as OKS, which includes been creating a lot of noise recently. Prolonged reading: Justin Sun Defi makes power! Released TRON JUST item: Lending system swap wBTC, JST as soon as soared 45% Bytom also launched the DeFi process cluster MOV, which really is a decentralized value swap ecosystem with items including loan products, stablecoins, synthetic property, derivatives, etc. In June of this yr, the superconducting swap launched by MOV will introduce revolutionary mechanisms such as oracles and grid transactions in the foreseeable future; Ontology's DeFi design includes the issuance of stablecoin PAX based on the Ontology blockchain system, co-operation with DeFi software providers such as SALT Lending, LendChain, Ethereum and Polkadot's DeFi task to supply DID options, etc. The ecology primarily involves stablecoins, insurance plan, and lending. , Payment and other areas. As well as the general public chains mentioned above, there's also many general public chains which are also undergoing or will quickly carry out associated layouts. However, because of the brief participation time along with other reasons, weighed against the current general public chains, you can find very few DeFi projects that may be obtained. In the same relatively steady situation, too many individuals are concentrating on Ethereum, which makes the ecological construction of the public chain itself very hard. He Shengjun described. As time advances, the involvement of major general public chains will inevitably cause the DeFi boom to keep to ferment, which also has to be reminiscent of the risk of "unfinished" DApps. In this regard, He Shengjun, the chief researcher of Bytom, said bluntly the fact that "unfinished" craze of DApps is really a group problem dealing with general public chains. Lately, there were many tries and explorations in the execution of public chains. Since last year, DeFi will be the initial field of general public chains to steadily become a business consensus, and more and more general public chains have steadily entered the market. From your perspective of industrial development, this is a good thing. It shows that everyone has discovered a path to exert strength and no more time have to fumble at night. Of course, nearly all technological innovations encounter the issue of mismatch between the enthusiasm of practitioners and the amount of users in the commercial exploration period, especially for sophisticated blockchain technology. To solve this issue, the blockchain must walk out the circle, to truly get out of the current fairly narrow scene, and also the introduction of killer items to market the execution and commercialization of blockchain technologies. How to meet the diverse financial requirements? Weighed against Ethereum, whether it's building a DApp ecosystem or DeFi items, other competitive general public chains are much reduced. The DApp Market Report for the next One fourth of 2020 launched by DappRadar remarked that the amount of active users of Ethereum-based DApps has doubled from the prior quarter, with a cumulative overall of over 1 million. Ethereum is still the dominant gamer and can still easily beat its opponents. In accordance with DeBank information, the current DeFi lock-up volume is usually US$4.1 billion, of which the Ethereum-based DeFi tasks Maker, Substance and Synthetix are on the list of top three, and account for half of the total marketplace lock-up volume. At exactly the same time, DeFi Pulse information shows that the top 30 DeFi items are all from Ethereum.

Resource: DeBank In addition, Messari, a cryptocurrency data analysis platform, remarked that, attracted by DeFi and income cultivation, the amount of active Ethereum addresses exceeded 500,000. From the current point of view, the Ethereum DeFi ecosystem includes financing, savings, stable coins, DEX, wallets, infrastructure, analysis tools along with other fields, and have achieved good results. There is absolutely no doubt the fact that pleasure belongs to Ethereum. Nevertheless, the participation of major general public chains may also make DeFi more diverse. As we all understand, the scale from the financial market and the diversity of financial products could be a good measure of the degree of financial development. At exactly the same time, if DeFi really wants to end up being the "base" of open finance, it must carry diverse financial needs. This is also a problem that the root public chain has to face. In this regard, He Shengjun believes that DeFi is dependant on the blockchain, therefore the need to match diverse financial requirements is inseparable from the continuous improvement and evolution from the underlying technology. First of all, at the lending business, the functionality of the public chain may not be a problem that requires special attention. For that transaction business, especially the introduction of the transaction business from the purchase book matching around the chain, the performance issue must be solved. For example, the successful launch from the magnetic swap business in MOV is dependant on the successful advancement of the high-performance aspect chain Vapor with a TPS of over 10,000. Subsequently, the diversity of finance requires rich types of assets around the chain as support. At the moment, property in DeFi are usually basically electronic currencies, and the types of property are still slightly single. If in the foreseeable future we can effectively map off-chain property such as silver and goods onto the chain through asset synthesis along with other methods, it'll give a good soil for the advancement of diverse DeFi financial services. DeFi enters the "development pain period" Although DeFi looks like they have entered a period of pleasure and a good outbreak is just around the corner, it really is planting a good "untimely bomb". It is obvious to all that most from the DeFi tasks are developed on Ethereum. Although Ethereum will be blooming everywhere on DeFi, various problems have also adopted, such as the boosting congestion from the Ethereum system and the skyrocketing handling fees. In accordance with information from OKLink of Oukeyunchain, you can find currently 128,000 unconfirmed transactions on the complete Ethereum system, and the quantity of blockchain Gasoline is usually 79.61 Gwei. In general, whenever a DeFi gamer deploys a home loan loan contract, it actually just costs a few Gwei or so.

Source: Information tracked from the OKLinkSparkpool mining swimming pool shows that the daily income of Ethereum miners soared by a lot more than 60% inside a month, exceeding the ETH cost increase during the exact same period. At exactly the same time, based on the Block analysis, predicated on a 30-day rolling standard, the transaction charge income obtained by Ethereum miners in June had been near 17% of their total income, a record high. Actually Vitalik Buterin, the founder of Ethereum, has repeatedly stated in public that scalability is still a huge bottleneck for Ethereum, because the Ethereum blockchain is nearly full. As the utilization rate raises, the transaction cost of Ethereum raises, which makes potential enterprise users think twice when choosing the Ethereum blockchain. Further reading: Demand reform from the charging system! Vitalik warns: higher processing charges will threaten the protection of Ethereum Actually, these problems of Ethereum have been around for a long time, however the prosperity of DeFi has further magnified them. For DeFi, that is bound to seriously affect an individual experience, and the higher fees may also "drive apart" real users. The rapid growth of users and transaction volume in the DeFi marketplace is because of the upsurge of "liquid mining" set off by Compound, the DeFi project from the Ethereum series, which includes greatly promoted the rapid growth of users and transaction volume in the DeFi marketplace. This makes increasingly more DeFi methods use "liquidity mining" because the best way to obtain liquidity, but at exactly the same time, the growing speculative atmosphere is also hurting DeFi. For example, the EOS version of the first liquid mining DFS, the task attracted attention as soon as it went online, and within two hours of mining started, the transaction volume reached 1.4 million EOS. Nevertheless, due to mechanism design problems, DFS had been frantically snarled by "scientists" and speculators, and the state team had to change the rules three times a day. In the eyes of speculators and wool occasions, DeFi has become an arbitrage tool. However in the long run, the healthy advancement of DeFi will be inseparable from the true demand for use. At the moment, the essence of all liquid mining schemes would be that the task party subsidizes the user's behavior by distributing task tokens. So long as the benefits of this subsidy are usually higher than the user's mining costs, it will certainly draw in speculators to participate in mining. The structure from the liquid mining group can be roughly divided into three groups, namely the initial users from the task, the 100 % pure speculators, and the "swingers" in between. Native users will use the task regardless of whether they have liquidity mining or not. Liquidity mining is just an extra income for them; 100 % pure speculators come limited to profit. After the mining income is lower than their needs, they will Resolutely exit; Swingers are somewhere within this two. They come for mining benefits and also have potential must use projects. Consequently, swingers could be converted into true users through understanding of the task or education of usage behaviors. The goal of liquid mining would be to draw in swingers whenever you can and convert them into true users. He Shengjun told the author. At exactly the same time, he believes that pure speculators should stay away from their involvement in mining, but you don't have to go after absolute prohibition, because absolute prohibition can indicate that mining income is unattractive, which is difficult for swingers to attract them, and there is no method for swingers to convert. Talk. The main solution to control the percentage of 100 % pure speculators would be to set the number from the percentage of mining income to mining cost, and stay away from low-cost as well as zero-cost mining. The failure of DFS mining on EOS is principally because users can conduct transaction mining by trading their very own air coins. The price is low handling fees, and the income can reach a lot more than 10% of every day chemicals, and the cost and income are significantly unequal. In addition, the innovative style of the design can be used to determine the real use behavior whenever you can. For example, MOV has tried to use the tool "Bitian" to ensure the authenticity from the transaction whenever you can. As for the retention and conversion of real users, the project party must polish its products, and have its own characteristics and advantages over competing items. Concerning the long-term equalize from the development of "liquid mining", He Shengjun feels that this depends on liquid mining to market task business growth. After business growth, it can help maintain the development of the virtuous circle of liquid mining income. For example, Compound's liquidity mining. Although there are many speculators in its current mining, its income has also achieved a large-scale boost. According to current data, its overall annual interest will exceed 100 million US dollars. The development of business is particularly It is the increase in profitability which will maintain or increase the valuation from the task, thereby making sure the middle- to long-term execution from the mining plan. How to stability innovation and safety into DeFi or even being supervised and ¨sniped〃 by protection is really a commonplace question. At the moment, while DeFi innovation continues, security issues are increasingly growing, like the security of wise contracts and the volatility of collateral prices predicated on over-collateralization. Lots of people underestimate the risks of wise contracts. Its interest is much higher than that of a traditional bank account, which means that the risk of DeFi items is much higher, and the likelihood of "collapse" is a lot higher. Vitalik thinks. And Cao Yin, managing movie director from the Digital Renaissance Base, remarked that decentralized administration is the greatest threat to DeFi. As soon as users' interests are usually lost, they can not get corresponding payment. Success is also a block, and failure is really a block. Before three months, there were three major protection situations in DeFi: On April 18, Uniswap US$340,000 had been stolen; on April 19th, Lendf.me US$25 million was stolen, however the team was fighting with hackers. After negotiation, the money were returned "by chance"; on June 28, Balancer experienced a lightning loan attack and dropped nearly 450,000 US dollars. For a while, DeFi became a hacker's "cash machine." So far as DeFi is concerned, before security has not yet met the threshold of traditional finance, it really is bound to belong to the mire of have faith in. At that time, how will DeFi, which targets "trend of traditional finance", contend with traditional finance? In this regard, He Shengjun told the author that protection issues are the lifeblood of financial business and are thus very important. The security problems from the DeFi system can be viewed from two amounts. The foremost is the system degree. One of the important reasons for the frequent security problems of DeFi tasks on Ethereum would be that the Lego design is widely followed between DeFi on Ethereum. Lack of unified style and coordination between. Subsequently, from the task level, the task party should enhance safety awareness, make certain investment safely, and formulate a safety response mechanism. Financial applications should be fully tested. The launch and upgrade of financial products can adopt strategies such as stable iteration. In addition, since DeFi has broken through territorial supervision to a certain degree, and also surpassed national and local jurisdictions, it has to face the regulatory policies of various countries. For some nations with strict rules, how will DeFi respond? Certainly, the regulatory risk will be the sword of Damocles hanging on DeFi. Facing supervision is really a method for the task party to safeguard itself. Just by developing within the range of supervision can it make certain the stability from the task. Based on the requirements of public administration, the establishment of the registration and filing program for blockchain technologies providers continues the guidance of Internet governance. For example, Bytom took the prospect in implementing Bystack information processing in China, and participated in the formulation of blockchain standards from the Ministry of Market and IT and Zhejiang Province . In addition, the regulatory sandbox is also applicable to blockchain financial regulatory governance. In today's situation of higher risk and doubt, the regulatory sandbox has become a significant exploration approach for blockchain regulatory governance. Consequently, the DeFi task party can positively communicate with the regulator to go over the scope from the sandbox and business red lines. He Shengjun said.

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Oracles: the bridge between blockchain and the exterior world

The benefit of blockchain is that it does not depend on third parties to resolve the trust problem, and smart contracts play a significant role inside it. Wise contracts may need to interact with the external world, but the blockchain cannot actively obtain real-world information. How to solve it?

Summary The blockchain is a deterministic and closed system, and information outside the chain cannot be actively obtained. The oracle may be the interface between your blockchain smart contract and the exterior world, and the bridge between your blockchain and the exterior world. The oracle has a variety of application scenarios, that may greatly expand the application scope of blockchain in the real world. All decentralized apps that require to interact with off-chain data have to use oracles, such as decentralized derivatives investing platforms, lending systems, stable certificates, insurance plan applications, casino apps, prediction markets, etc. The main function of the oracle is to provide reliable external information for smart contracts, and its own core value is to connect the blockchain using the external world on a credible basis. The workflow of the oracle within an ideal state is to accept demands, obtain information, and return information. The data resources that may be queried by oracles usually include Internet Web address links, search engines, information from various other blockchains, and information in the Interplanetary File System IPFS. There are lots of types of oracles, which can be classified by software and hardware, by centralization or not, and by data flow. When designing an oracle within practical applications, it's important to spotlight issues such as info confidentiality (Confidentiality), integrity (Integrity), and availability (Availability). Regular oracle projects include ChainLink, Oraclize, DOS Network, OracleChain, etc. In general, the current oracle projects available on the market are mainly decentralized oracles, & most of them focus on supporting several mainstream public chains. In order to make certain the confidentiality, integrity and availability of oracle info, different projects have adopted different solutions. For example, ChainLink's solution mixes reputation contracts, order matching agreements, and aggregation agreements. Oraclize utilizes authenticity proofs, and DOS Network uses Verifiable random equations and threshold cryptography are used, while OracleChain utilizes reputation and home loan proofs. Risk warning: privacy disclosure

table of Material 1 The meaning of the oracle 1.1 The meaning of the oracle in the original Internet 1.2 The meaning of the oracle within the blockchain 1.3 Application scenarios of the oracle 2 The workflow and types of the oracle 2.1 The workflow of the oracle 2.2 The classification approach to the oracle 3 Problems that have to be overcome in the actual application of the oracle 4 Analysis of typical projects 4.1\tChainLink 4.2\tOraclize 4.3\tDOS Network 4.4\tOracleChain Text 1 The meaning of the oracle 1.1 The meaning of oracle in the original Internet The oracle in British is Oracle, originally produced from ancient greek language religion, meaning "oracles, prophets, prophecies". Alan Turing, the daddy of computer science, put forward the concept of an oracle in his doctoral thesis in 1939 and introduced Hypercomputation. The oracle machine is stronger than the Turing machine and can reply some questions that cannot be solved by calculation, for instance, "Which team will win the World Cup this season?". An oracle machine is a Turing machine with a "miraculous dark box". The dark box can reply two types of questions: one may be the choice problem (just responding to "yes" or "no"), and the other is Functional problem (Function Problem, also known as complex problem, is usually more complicated than answering "no", for instance, which number can a positive integer x become divisible by?) 1.2 The meaning of oracle in the original Internet Ethereum brings the blockchain into the 2.0 period. By implementing Turing's complete program writing language, more complex functions such as logical judgment are noticed, instead of getting limited to exchanges between addresses like BTC, which significantly enriches the industrial use of blockchain. In the landing scenario, Smart Contract is the essential technologies. The so-called sensible contract refers to meeting certain situations that will trigger the automated execution of an application, which is equivalent to the "if...after that..." programming statement in the pc. The blockchain is a deterministic and closed system. Each node must obtain an accurate and consistent state. This gives the blockchain its immutability, but it also means a lack of versatility. The "certain condition" that triggers the smart contract can be the state on the chain, such as whether the transaction is completed, or external info, like the state of the elements, whether the flight is postponed, which team won the game, and so on. The blockchain network cannot independently collect external information. The oracle may be the interface for that blockchain sensible contract to interact with the outside world. It can discover and verify real-world information, and submit the information to the sensible contract within an encrypted way. It allows certain sensible contracts to respond to the uncertain exterior world, and may be basically understood as a preprocessor of exterior information or perhaps a third-party information agent. "So what can and can't the blockchain perform? "In the article, the oracle is defined as follows: The mechanism where information outside the blockchain is written into the blockchain is generally named an oracle mechanism. Consider Alice and Bob gaming as an example to demonstrate the part of oracle in smart contracts. Suppose Alice and Bob each deliver 1 ETH as a bet to the address within the smart contract, and agree: 1) Both events send the bet to the sensible contract address beforehand, and the sensible contract automatically executes the corresponding program according to the external information supplied by the oracle; 2) If Alice's bet team wins, Alice may get 1 ETH from Bob, and 2 ETH within the sensible contract address will be automatically delivered to Alice; 3) If the team Bob bet on wins, Bob will get 1 ETH from Alice, and 2 ETH within the sensible contract address will be automatically delivered to Bob; 4) The team that Alice and Bob bet on is a link, the ETH within the smart contract deal with is returned the same way, and neither of these has won or lost.

There is absolutely no human intervention in the complete process, even though Alice and Bob are two strangers, you will see no additional trust cost.

1.3 Application scenarios of the oracle All blockchain apps that require to interact with off-chain data have to use oracles. Regular application scenarios are: 1) \tEncrypted resource derivatives investing platform At present, standard crypto asset derivatives investing systems include dydx, etc., enabling users to look long or short token assets. Wise contracts have to get asset prices from outside the chain to trigger liquidation and determine the gains and deficits of participants. 2) \t Steady token for decentralized operation A well balanced token is a kind of digital token that anchors its value and price through a particular mechanism. According to the department of value support, steady tokens currently mainly have three modes: legal currency anchor, resource anchor and inner anchor. You can find currently DAI and other steady tokens that operate through decentralization. These decentralized steady tokens have to use oracles to perceive their very own price changes, and then make corresponding choices to stabilize prices. DAI is a steady token issued from the MakerDAO platform through home loan of encrypted assets (currently mainly ETH). The MakerDAO platform obtains the market prices of collateral and DAI through several oracle machines, and may create warnings and liquidation choices when the market price of collateral drops too much. 3) \tLending platform Blockchain-based lending platforms currently include ETHLend, SALT, etc. These systems allow customers to home loan encrypted assets to borrow fiat currency or various other encrypted assets. Much like DAI, the platform will use the oracle to keep track of the margin proportion of the collateral, and can A warning will be issued and the liquidation process will be brought on. At the same time, the oracle machine can transfer the credit rating of the borrower to determine the matching loan interest rate. 4) \t Insurance plan application Blockchain-based insurance applications currently include Etherisc, HGS, etc. Customers can buy aviation delay insurance plan, crop insurance and other insurance around the platform. The oracle machine can introduce exterior data resources for such activities, so that the sensible contract can make a decision on whether to settle insurance products according to the agreement. 5) \tCasino application Blockchain-based casino applications currently include FunFair, Edgeless, etc., through sensible contracts to make sure game fairness, quick and safe transaction, which has better advantages in comparison to traditional centralized casinos. It is important for noncentral gambling establishment applications may be the unpredictable and verifiable random number input. The traditional random number generation method is centralized, and the specific value of the random number relates to the physical state of the specific machine. The random number around the blockchain must meet the features of dispersed. The random number generated at each node will need to have constant randomness. The traditional method cannot meet this requirement. The oracle can recognize this input from outside the chain. The random number of the characteristic. 6) \t Decentralized prediction market The decentralized prediction marketplace currently has projects such as Augur and Gnosis. It can create predictions on activities such as sports activities, presidential elections, and token cost changes, and bet on different final result predictions. After betting, you can choose to wait for the final result, or you can choose to trade "lottery seat tickets" beforehand in the supplementary marketplace. The oracle will obtain the last real outcome and calculate revenue and loss based on this result. 7) \t IoT apps based on blockchain The use of the web of Things in line with the blockchain is to transmit the sensor information outside the chain to the chain with the oracle, so that the sensible contract can trigger another action after verification. 2 The workflow and types of the oracle 2.1 The workflow of the oracle The main function of the oracle is to provide reliable external information for smart contracts. Its primary value is to link the blockchain using the exterior world on a credible foundation. The workflow of the oracle within an ideal state is as follows: 1) \t Accept the demand. The oracle gets the request in the USER-SC Contract, Req=(Src,,q), where Src represents the specified databases,  represents the time stage or time frame, and q represents this content of the query. 2) \tGet information: send the query articles q to Src in period  for query; 3) \t come back data: once the reply the is obtained, come back a to the smart contract for use.

The data sources designed for oracle query generally consist of: 1)\tURL link of the web; 2) \tSearch engine; 3) \tData of various other blockchains; 4) \t Information of Interplanetary Document System IPFS; 5) \t Sensor information, etc. 2.2 Classification approach to oracle 1) Classified by software and hardware The resources of information obtained from the oracles are online (including the Internet and blockchain) and offline (sensor information within the physical world), corresponding to software oracle and hardware oracle respectively. 2) Classified by centralization or not The result of the oracle feedback is obtained through a single node, or through a dispersed node "braining ideas", corresponding to the centralized oracle and the decentralized oracle respectively. Decentralized oracles are less efficient, and centralized oracles are less reliable. 3) Classification according to data flow Exterior data can flow with the oracle to the blockchain to trigger the sensible contract to execute the next step, and the data generated from the sensible contract may also flow to the actual world with the oracle (such as a blockchain sensible lock. Once the sensible contract detects which the specified blockchain deal with is received) Following the exchange, the sensible lock will be triggered to immediately unlock). 3 Problems that have to be overcome in the actual application of the oracle

The oracle machine needs to focus on the next three elements when designing actual applications: Integrity, Confidentiality, and Availability. Integrity implies that the information is complete, accurate and reliable, and contains not been destroyed or tampered with intentionally or unintentionally. Confidentiality implies that this content requested from the smart contract in the oracle will not be leaked. For example, within the decentralized insurance plan business, users may not would like the oracle to disclose their flight info to the world; in the case of decentralized derivatives dealings, users are also reluctant to disclose their investment portfolio and operational strategies. Availability implies that when information is retrieved with the oracle, the required information can be acquired in time, including the realization of censorship-resistance. For completeness, it could generally be solved through multiple information sources, several oracles, reputation techniques, trusted execution environment (trusted hardware), authenticity certification and other solutions. For information, see the standard project evaluation below. For confidentiality, the oracle node uses the general public essential to encrypt the query demand, and restricts the information flow of the oracle, and decrypts it only when querying the information source. Because of availability, decentralized oracles can be effectively solved. 4 typical project analysis 4.1 ChainLink ChainLink is committed to building a highly reliable distributed oracle system. The user contract (USER-SC) problems a query demand, CHAINLINK-SC allocates an adapter for that requested occasion, the adapter phone calls an exterior API and earnings the result, and CHAINLINK-SC aggregates associated responses and feeds a final result back to USER-SC.

CHAINLINK-SC is mainly composed of popularity contract, order-matching contract, and aggregate contract. The popularity contract ratings the trustworthiness of the oracle node through signals such as reaction time, margin quantity, and request conclusion rate. The order matching contract utilizes the popularity contract to immediately match the demand event using the oracle node to increase availability. The aggregation contract collects and summarizes the responses of the oracle nodes and feeds back again the node signals to the popularity contract.

To guarantee the integrity and availability of info, ChainLink adopts 3 solutions: Distributing Sources, Distributing Oracles, and Usage of Trusted Hardware. ChainLink's vision is to support all smart contracts, quickly connect smart agreements with data resources and APIs, and enable cross-chain and off-chain connections and payment. 4.2 Oraclize

Oraclize is a centralized oracle with proof authenticity. It currently supports multiple systems such as Ethereum, Rootstock, R3 Corda, Hyperledger Material, and EOS. The smart contract obtains information by issuing a call request to Oraclize, specifying the data source and parameters. After Oraclize obtains the data according to the demand, it utilizes the callback function to return the result. Oraclize feels that the perfect solution is of decentralized oracles has limitations such as lower efficiency, all participants need to pay, and time-consuming. Oraclize's concept is to show that the data obtained from the source is authentic and not tampered with. Much like network technologies, the HTTPS process replaces HTTP, developing an encryption and confirmation channel between your client and the server to supply identity verification. Proof of authenticity can be solved by hardware or software solutions, such as a trusted execution environment TEE (hardware), and an auditable virtual machine (software).

4.3 DOS Network DOS Network is a decentralized oracle service network that works with multiple mainstream public chains.

DOS Network is a Coating-2 oracle option, which consists of two parts: on-chain and off-chain. The sensible contract specifies the data source and information type required from the contract, and transmits an oracle demand to the on-chain system contract, and then the request will be arbitrarily assigned to an off-chain function team. Each associate node within the operating team will obtain information from the specified databases and parse it according to the specified type and construction. Then the nodes within the team reach the consensus within the team on the data outcome through threshold cryptography and produce a proof the consensus outcome. The data and matching proofs that have transferred the consensus within the team will be sent back to the system contract as a deal, and the contract will be brought on to verify the result proof returned from the submission team.

DOS Network feels that selecting program nodes based on prestige will probably trigger centralization problems because of the "Matthew Impact", so that it adopts a random solution to select oracle functioning combination nodes. DOS Network generates secure, unpredictable, and publicly verifiable random numbers based on Verifiable Random Equations (VRF) and Threshold Cryptography, which avoids various issues in the popularity system and is more fair and just for participating nodes. 4.4 OracleChain OracleChain is a decentralized oracle platform for that EOS ecosystem in line with the EOS platform. OracleChain adopts the double-effect mechanism of PoRD (Proof-of-Reputation&Deposit), which is essentially a popularity system for home loan deposits, which rewards well-meaning nodes and punishes malicious nodes.

In most cases, the oracle projects currently available on the market are mainly decentralized oracles, & most of them focus on supporting multiple mainstream public chains. In order to make certain the confidentiality, integrity and availability of oracle info, different projects have adopted different solutions. For example, ChainLink's solution mixes reputation contracts, order matching agreements, and aggregation agreements. Oraclize utilizes authenticity proofs, and DOS Network uses Verifiable random equations and threshold cryptography are used, while OracleChain utilizes reputation and home loan proofs.

Note:

Due to some factors, some terms in this article are not pretty accurate, such as: pass, digital pass, digital currency, currency, token, crowdsale, etc. If readers have any questions, please contact or write to discuss together. Past review: The bumpy road to "consensus mechanism"-one of the cited papers of blockchain technology Expansion to resolve the Achilles' back heel of the blockchain-Blockchain technologies cited volume 2 Introduction and Comparison of Popular Blockchain Consensus Mechanisms-Blockchain Technologies Citation 3 Sharding: Separate and Conquer, Unlimited Expansion--Blockchain Technologies Introduction Quantity 4 PoS consensus mechanism and design philosophy-Blockchain technologies cited document 5 Public String Consensus and Governance Puzzles-Blockchain Technologies Cited 6 Cross-chain: Breaking islands, interconnection of tens of thousands of chains-Blockchain technologies introduction Quantity 7 Privacy Computing: Active Encryption Technology-Blockchain Technologies Cited Paper 8 State route: off-chain connections and on-chain liquidation, walking on two legs-the ninth level of blockchain technologies introduction Defending Privacy: The Increase of Anonymous Technology-Blockchain Technologies Cited Paper 10 A Preliminary Study on Cryptography: The Artwork of Hidden Information-Blockchain Technologies Introduction Quantity 11 Tier 0 growth, the future star of blockchain expansion-Blockchain technologies cited volume 12 Off-chain computing, a good way to expand capacity-Blockchain technology citation 13 Humiliated on all edges: the troubled privacy defender-Blockchain technology citation fourteen

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The brand new DEX focused on improving user experience is here. The length of TITAN's imagination?

With the outbreak of the DeFi bull marketplace in 2020, a huge selection of projects have flooded in to the marketplace this year. Powered by interests, more and more customers have begun to become DEX audiences, and a spontaneous learning movement has begun. Everyone wants to get tickets to the feast of financial equality in the blockchain field. At exactly the same time because the explosion of various DeFi tokens, DEX, a once niche category, has recently become a popular Red Sea track for blockchain.

When one right after another "xxSwap" was born, the DEX monitor continued to welcome new challengers so that they can solve the current DEX dilemma. Is it possible for DEX to overturn CEX and become the ruler of the next era? Who can solve the pain factors of DEX in one fell swoop? DEX still includes a long way to go. In the past month, DEX trading volume can be reported to be a helicopter jump. The first stop for new projects to be detailed is no longer CEX, and DEX has turned into a new vane. In accordance with data released by Dune Analytics, as of September 17, the DEX transaction quantity in September provides exceeded the total DEX transaction quantity in August. The current transaction quantity in September is as high as US$14.9 billion, an increase of nearly 30% in the US$11.6 billion in August. In August, the DEX transaction quantity exceeded 11 billion U.S. dollars, nearly three times higher than the 4.4 billion U.S. dollars in July. The gratifying outcomes of DEX are inseparable in the money-making effect brought by the DeFi bull marketplace. When the increase in liquid mining and liquidity swimming pools started to sweep the currency circle, DEX grew to become a rich teach, carrying a steady stream of customers to the brand new "big casino". The head effect of DEX is obvious, however the pattern of DEX is not static. The latest data from Messari demonstrates Uniswap exchange accounts for 62% of the DEX market share. But despite having such a solid head effect, the DEX marketplace continues to possess breakers delivered. Sushiswap provides eroded 70% of Uniswap's liquidity in under five days. However, straight copying the UniSwap contract and the front-end Sushiswap did not have very much innovation, and did not focus on polishing its own products, which indirectly caused Sushi to drop in the altar and had been abandoned from the quick iterative DeFi era. Since September, the price of Sushi has continuing to drop, with the best drop of almost 93%. Which means that the marketplace needs to update the gameplay to create new excitement. The competition of the DEX track has officially started. When more and more DEX obtain financing, each project needs to think deeply about how exactly to build its own moat, seize more market share, and obtain more new visitors. Although DeFi has turned into a new heat influx in the currency circle, a large part of traders have not yet participated inside it. It is because, for most people, the threshold for using DEX is too much. Compared with the order book model, DEX is really a comprehensive innovation that retains the decentralized characteristics of the blockchain in an anti-censorship, decentralized, unauthorized, and noncustodial manner. However, the lack of K-line, the inability to place orders for limit trading, and increased slippage make DEX not based on the usual behaviors of currency customers in centralized exchanges. Furthermore, some insiders believe that liquidity is the lifeblood of exchanges. Liquidity mining with DEX features solves the liquidity issue, but it also comes with dangers. When encountering severe marketplace declines, DEX liquidity mining is more susceptible to operate on the market, and its own trading depth which survival depends can be extremely uncertain. OKEX CEO Jay also agrees the fact that liquidity swimming pool and AMM magic size certainly are a stopgap measure for the poor functionality of DEX to aid long-tail tokens. DEX that is simply swap no longer meets the needs of users. The brand new moat should be for a better user experience. The order book design + AMM design will be a popular type of next-generation DEX products. New gamers are entering the industry one right after another, and TitanSwap is one of the players stepping on this trend. TitanSwap is similar to an enhanced multi-chain Uniswap. TitanSwap proposes DEX search engine optimization solutions in the aspects of trading and liquidity mining. With regards to transactions, TitanSwap hopes to supply users with lower slippage, faster transaction speed, more extensive transaction data, richer order types, and cross-chain asset swaps without losing the qualities of DEX. With regards to liquidity, TitanSwap is focused on minimizing the risk of impermanent loss, and on the basis of greatly reducing the technical threshold of market makers, improving risk resistance and improving market efficiency. Richer trading choices TitanSwap abandons the shortcomings of AMM-only swap can not be specified cost transaction. The simultaneous realization of restriction orders in the AMM design is the greatest function of TitanSwap that distinguishes it from other DEXs available on the market. It is because the trading habit of most investors on the market is to directly set the prices of trade orders, and wait for the marketplace to automatically take orders after placing orders.

(TitanSwap price restriction trading user interface)

(TitanSwap trading user interface) At present, when working with TitanSwap limit order transaction, TitanSwap will charge the user a certain fee because the cost of executing the order when the cost gets to the preset value. When the user cancels the purchase, this part of the fee is refunded in full. It is understood that in the TitanSwap restriction order "current purchase" order checklist, the order position is split into Keep track of (monitoring the user specified cost) and Executing (executing the user restriction order). When the position is Executing, the user cannot cancel the purchase.

(TitanSwap transaction record interface) It isn't a simple matter for DEX based on the AMM design to realize the transaction of the purchase book design at the same time. TitanSwap has realized the auto order DEX beneath the auto market manufacturer (AMM) system, which realizes the auto execution of user limit orders through the noncustodial method of smart contracts. To put it simply, the price in AMM is automatically monitored for customers through smart contracts. When the cost reaches some conditions set by the user, operations such as limit orders and tracking orders are completed. The restrict order is merely the beginning of TitanSwap. By way of a comparable mechanism, customers can entrust clever contracts to implement more abundant purchase types, and even realize automatic arbitrage among the same type of liquidity swimming pools and cross-type liquidity swimming pools. However, TitanSwap creator Ghughur admitted that it's relatively simple to create the logic of the limit purchase into the clever contract. In the future, if you want to implement more logic, such as tracking commissions, automated arbitrage, etc., if these logics are put into clever contracts, the clever contracts will be too large, and the handling fees required for execution can be higher, even for an individual transaction. It could exceed the restriction of the complete block. Therefore, TitanSwap is seeking an equilibrium. At present, it really is taking into consideration centralized digesting of price breakthrough, specific purchase execution logic, etc., and putting orders linked to fund security in smart contracts for execution. Of course, there are also other contestants who have seen the pain points of Uniswap, that may only be traded at present costs and instant transactions. UniTrade is one of these. UniTrade also wants to optimize the user experience in trading, and targets the system of limit orders and automatic purchase execution. However, UniTrade hasn't disclosed the official version so far, which is still at the stage of paper talk. It has not been tested by the marketplace, and there may be more variables in the future. In contrast, TitanSwap, which has been launched very first, has the very first mover advantage. However, the limit purchase is only one of the requirements of users when working with DEX, and does not represent all the demands of users when they pursue better use of DEX. To be able to provide users with more friendly transaction solutions, the dimension of assessment isn't only the sort of transaction. Provide users with smaller sized transaction slippage and better transaction costs. For customers, richer transaction forms are the icing on the wedding cake, but if they're more focused on dealings, users tend to be more willing to focus on whether the exchange is providing more for themselves. Excellent transaction cost and smaller transaction slippage. When looking for better trading costs, TitanSwap may also be similar to an aggregation exchange. With regards to particular operations, TitanSwap will now uncover the liquidity pool that may realize the trading pair based on the user's trading pair, and simultaneously compare the prices and slippages of different liquidity pools, and choose the best trading pool to complete the transaction. This function is completed by TITAN Smart Route proposed by TitanSwap. The features of this plan are: support for more transaction pairs, smaller sized slippage and support for cross-chain. Since the main digital assets are currently carried on Ethereum, TitanSwap will first realize the automatic routing of different liquidity swimming pools on Ethereum. TitanSwap very first establishes the liquidity swimming pool TITAN Pool on the Ethereum system, but TITAN Swimming pool is not the only real choice for TitanSwap. TitanSwap will determine the very best liquidity pool lastly used based on the transaction pairs traded by traders and how big is their orders. TITAN's selection criteria are mainly to realize the exchange of more tokens for customers under intelligent routing computations. The selected path includes TITAN Swimming pool, Uniswap Swimming pool, Balancer Swimming pool, Curve Pool along with other liquidity pools. Of course, 1inch is really a better routing platform that is trusted today. Cross-DEX dealings can already be achieved through 1inch. By integrating solutions with various DEX service providers, users can also get more affordable transaction prices. In the short term, TITAN Smart Route's first phase goal is not more advanced than 1inch, but after the cross-chain function is noticed, TITAN Smart Route will guide by 1inch in the range of options. Cross-chain is one of the rigid requirements of users in transactions. For example, if there is zero TITAN Sensible Route cross-chain smart routing solution, customers want to trade different assets on both public chains of Ethereum and TRON, they have to convert ERC20 assets to ETH through Uniswap, and head to another Changed into TRX, and lastly changed into TRC20 tokens in JustSwap. The string in this procedure process is too much time and too cumbersome. After realizing the automatic routing of different liquidity pools on Ethereum, the next step of TITAN Smart Path is to realize cross-chain intelligent routing, that is, to automatically select multiple liquidity pools on multiple main chains. In the next stage, TITAN Smart Route will anchor other basic assets of the main chain on Ethereum, and recognize cross-chain asset exchange in this manner. For instance, the exchange of TRC-20 to ERC20 can full the real noncustodial cross-main chain resource exchange through multiple main chains, multiple liquidity swimming pools, and multiple exchange steps, thereby helping more transaction sets and completing one-stop cross-chain Asset swap. In this way, the method supplied by TitanSwap not only greatly reduces the user's operating costs, but also reduces the intermediate transaction costs. However, not absolutely all contestants can quickly achieve cross-chain needs like TitanSwap. It is because the introduction of cross-chain features partly relies on the improvement of infrastructure, plus some DEX elect to develop cross-chain basic methods by themselves, that involves a larger amount of executive and delays the shipping cycle of the function. Presently, TitanSwap is utilizing the renBTC protocol to implement cross-chain operations. Compared with the currently more prevalent custodial cross-chain options wBTC and tBTC, the renBTC clever contract is really a noncustodial access system. Its core is the RenVM virtual machine, a decentralized system mainly composed of thousands of "darkish nodes" Operate on. Therefore, TITAN's remedy is more decentralized and practical. In addition, beneath the AMM magic size, cost discovery and the risk of liquidity companies largely be determined by the Bonding Curve. TitanSwap proposes the TITAN Adaptive Bonding Curve, which automatically adapts to different connection curves for different resource types. This will bring better liquidity and a perfect combination of better price discovery systems to make sure that users can obtain Smaller slippage, lower cost, and more systematically provide better liquidity. TITAN believes that the primary reason for impermanent loss is cost fluctuations, especially violent fluctuations. TitanSwap's solution is to dynamically adjust the curvature of the Bonding Curve to make the curve steeper when the cost fluctuates sharply, thereby lowering the profit margin for arbitrageurs and making the price return to the normal cost more quickly and at a lower cost. TitanSwap will decide whether it needs to dynamically adjust the curvature based on Realized Version and the way of VPIN. This plan is comparable to the implementation system of Bancor V2, but Bancor V2 requires price oracle identification, and there may be situations where the oracle fails. A previous document by Huobi Research Institute showed that whatever the sharp increase or fall in the price of digital assets, VPIN's predictions will often increase substantially. It includes a specific predictive effect and may be seen as a leading indication of volatility. Trading options, market manufacturers' provision of liquidity, and exchange risk management are of guiding significance. When discussing how to deal with extreme challenges such as network congestion, the Layer 2 support solution proposed simply by TitanSwap is also very interesting. When considering the use of Layer 2 technologies, TITAN hopes to achieve exponential improvements, and TITAN considers using condition channels or unmanaged side chains. TITAN feels that its Coating 2 support remedy is more desirable for using Optimistic Rollup. TITAN will steadily realize the support of this remedy on the Ethereum standard network in the process of co-operation with Optimistic Rollup. Through the perspective of transaction fees and transaction delays, Layer's solution exploration will greatly improve the user experience. Players who believe that the earlier they property on the application form would be the very first to get a substantial first-serving bonus in the DEX market. TITAN wants to provide participants with new possibilities for liquidity mining. As well as the transaction function, another main aspect of the current DEX is liquidity mining. Whether it is CEX or DEX, any exchange relies on marketplace makers to supply liquidity and level to the system. However, the marketplace makers of conventional centralized exchanges have to play a specialist role, which is not possible for several ordinary customers to participate in the work of marketplace makers. The reason why the AMM-based DEX can emerge is also because it removes the professional threshold requirements for market makers, and anyone can inject liquidity in to the pool and obtain benefits. "The liquidity mining magic size has brought benefits. On the main one hand, it is not only the matching of dex, but also the one-to-one requirement for borrowing. The threshold is relatively high, however the liquidity swimming pool design can solve the issue of borrowing to a large extent. And the threshold and price of dex.〃 TitanSwap creator Ghughur interpreted the advantages of liquid mining. TITAN hopes to supply liquidity providers with a feast of income. The current income composition of liquidity companies on TITAN consists of AMM fee revenue, liquidity distribution beneath the corresponding weights of different trading swimming pools TITAN, stable currency Compound Pool lending rates, and stable currency Y Swimming pool loan interest, Synthetix Pool reward, Ren Pool reward, etc. However, more regularly, the hidden rule of liquid mining is that only big gamers can become the final winners, and little companies are nearly unprofitable. How to stability the relationship between large liquidity companies and common liquidity providers so that common participants may participate fairly without becoming escorts, which is a big problem. Under the AMM system, liquidity depends on the amount of funds. If the purpose of DEX is to supply users with better depth, it should never exclude the larger liquidity providers. The larger the money enter the movement pool, the better user trading experience can be achieved. TitanSwap hopes to supply users with better depth and may only achieve a stability between liquidity companies of different dimensions. TitanSwap revealed that TITAN will hold some particular events that emphasize the total amount of revenue and profitable for little and casual customers. In the short term, it will encourage more people to participate in DEX, expecting that more people can experience liquid mining The procedure process. DEX is not just a tool teach to different casinos, DEX itself also offers a strong wealth effect. On September 17, Uniswap announced the launch of the governance token UNI, and airdropped 150 million UNI to nearly 50,000 addresses that had invoked Uniswap V1 or V2 contracts. The currency circle joked that "a iPhone 12 had been personally allocated." In the long run, the wealth effect of selecting a DEX is no less than choosing an early Binance, OK and Huobi. TitanSwap also designed the governance token TITAN, with a total of 1 1 billion TITAN issued. At present, the main method for users to acquire TITAN is trading and liquidity mining. Holders possess the proper to propose and vote, and may jointly decide section of TITAN's future governance rights. With regards to distribution, TITAN promised to release 90% of TITAN tokens through liquid mining. The group does not have any pre-mining and no booking. 10% of the tokens are sold to traders as start-up funds, and the TITAN project becomes a true decentralized community project. This ratio has already been higher than nearly all DEX projects.

However, it really is worthy of reflecting in that hot areas in the currency circle often come and move rapidly. DeFi and liquid mining waves possess indeed pressed DEX in to the popular window ahead of time. When DeFi scorching spots are worn out, how much DEX will remain Market space? Steps to make something with an extended life cycle is the normal proposition of all players on the current DEX circuit. TitanSwap also offers its own factors. The official TitanSwap team stated the fact that distribution of TITAN will be in keeping with the growth process of the complete network. As the system transaction volume increases, the liquidity of TITAN token distribution will increase, so that when TITAN can be used more, there will be more More customers will hold TITAN tokens. This design is actually to help keep the tokens from being concentrated in the hands of early large liquidity providers whenever you can. "In this way, the annualized rate of return could be relatively low, but TITAN pays more focus on the long-term than short-term bonuses. We don't want to leave just a mess after a wave of heat goes by." Ghughur stated. The latest news demonstrates at 8pm on September 24, Huobi launched TITAN and launched a "new coin mining" event for TITAN. This event will provide 4 million TITAN tokens as an incentive for taking part in the new coin mining activity At the lock-up users, the total lock-up limit is definitely 8 million HT. The delivery of TitanSwap brought a more interesting arbitrage tool to the game. It is believed that DEX and CEX should coexist for a long period in the future, but the long term DEX will definitely move towards integrating more CEX features. TITAN is likely to use its first-mover advantage to become a breaker in the future DEX ecosystem. Whether it is breaking through the current Uniswap dominance or bringing new wealth to the marketplace, TITAN's move is worth getting excited about.

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DEX in the second globe beyond Ethereum

DEX stands for Decentralized exchange, which is simply an unlicensed non-custodial exchange. The main feature is that most from the exchanges offering transaction exchange services without KYC, no sign up and login, ready-to-go. DEX is among the important classifications from the Defi ecology. DEX can be split into three varieties: order guide, reserve and aggregator according to the complementing method. Next, I will briefly list the DEX of Ethereum, and focus on the DEX other than Ethereum.

Ethereum's DEX purchase book IDEX, dydx, Oasis Business, Dex.glowing blue, Curvefi, DDEX, Radar Relay, Switcheo, Saturn, Mcafeedex, Leverj, Vite, Token.store (will be closed on June 22) Probably the most representative of the kind of DEX on Ethereum is IDEX, formerly AURA of AuroraDAO, and the prevailing token name IDEX may be the platform currency. IDEX, that was once brilliant in 18-19, is really a trading marketplace for a lot of altcoins. Considering the trading level of IDEX, you can view the increase and fall of DEX. The order-style DEX make use of process is similar to that of a centralized trade. The login technique is replaced by way of a login finances, as well as the deal is completed when the control order deal is issued. In the case of sufficient depth, one asset is changed by another resource after a smart contract and came back to the finances. The very first time you experience this trustless deal method, you'll feel the attraction from the blockchain.

Looking at the highest cost of -92% in 2 yrs, users who insist upon getting optimistic about DEX will start to doubt themselves. Judging the worthiness of DEX is similar to evaluating centralized exchanges, and the following points will be referred to. ? Exchange security ? Trouble in technical realization

? Investing experience

? Volume

? Group vitality You can find no DEXs before IDEX. EtherDelta will be one of them. The overlord of Ethereum DEX for 17 yrs has achieved comprehensive decentralization due to disputes, fraud, and many investors have experienced heavy losses. I personally think that as the SEC stared at IDEX in 19 yrs and restricted users in america to push KYC, its own product updates were slow, the knockoff marketplace declined, transaction quantity was removed, and IDEX dropped its aura. It really is progressively surpassed by Bancor and Uniswap, which are based on the algorithmic reserve library. Incidentally, ForkDelta, that was able to contend with IDEX at the beginning, is still cumbersome to list IDEX. ForkDelta just must access the token agreement. It only takes a short while from token minting to the start of transactions. ERC20 will be rampant within the era. Don't assume all project celebration can succumb to centralized exchanges and IDEX. At the moment, ForkDelta becomes their finest choice, emphasizing that free of charge trading should not be the quest for DEX, even rubbish assets need independence. Of course, with the passage of time, it has progressively been removed by the market. Although there are lots of online currencies, the low trading volume can be an indisputable fact. To summarize this sort of DEX, in addition to dydx, another technique is really a leveraged investing DEX. Some other DEXs have selected to find the second-tier network to restart, and IDEX will be struggling to aid it. The storage DEX, which is given the core competitiveness by the algorithm, is used in expertise and investing Transcendence in terms of depth and wealth-making impact, and the space between the two is about to widen. Even with the IDEX 2.0 upgrade, when users are trapped in Generating, bad mobile experience, most users will close the web page before they are able to try to industry. Looking forward to getting DEX, Injective, Loopring, Leverj, Deversifi, etc. on Ethereum Level2 that is comparable to the response acceleration of centralized exchanges... Storage class Uniswap, Bancor, Kyber, Matcha, UMA, JellySwap, Balancer, Airswap, Tokenlon, Nuonetwork One word describes storage DEX, needle-free DEX with rounded curves. Whether it is through liquidity pool bonuses, atomic swaps, AMM (Automatic Market Producer) along with other systems, it lastly realizes the stable liquidity of possessions without requiring orders. For example, the constant item market machine algorithm of Uniswap, which is the largest trading quantity in Ethereum.

The aforementioned is Uniswap's trading page. The storage DEX doesn't need to display purchase depth and historical transaction records and contains a straightforward interactive web page. The essence of trading is not what I paid, and what I can get at what price. The deal is appropriate, and it is cancelled if it is inappropriate. The next issues have to be paid attention to when using storage DEX: ? Liquidity issues When using it, there will be no needles, as well as the order will be completely completed smoothly, but that is beneath the premise of sufficient depth. When the level of money in the complete liquidity pool is not high, after the purchase may cause a huge cost slip, this It really is unacceptable to most traders. Surprised by the increase of currencies in Uniswap, you can follow the deal volume and funds pool size on the Info page, so smart players won't place themselves in liquidity danger.

? Suitable investing pairs

If you want to offer 100 ETH in Uniswap, your very best choice may not be USDT but DAI and USDC. Choosing USDT-ETH investing will make you drop 2% of your funds due to liquidity.

? Handling charge issues The handling fee includes the gas fee of Ethereum as well as the handling fee of DEX, 0.3% of DEX handling fee and gas fee that changes as time passes. The handling charge of centralized trade runs from 0.049% to 0.02%, through VIP, stage card, etc. This technique can further reduce the handling fee, so DEX does not have an advantage in handling fees. The fuel fee is approximately 0.5$-2$, as well as the transaction cost of the transaction amount is not determined for an individual transaction initiated. As a result, little Swap in DEX is not a sensible choice. ? Counterfeit foreign currency attack The threshold for issuing ERC20 of the same name on Ethereum is quite low. Before the launch of Balancer's governance token BAL, Uniswap has already appeared Balancer Swimming pool Token (BPT), as well as the airdrop was presented with to the large liquidity holders of Balancer. Affectionate users will purchase BPT because they're optimistic about Balancer and lose cash. We can think about the balance of the DEX. ForkDelta with an increase of freedom is filled with junk possessions, and Matcha and Kyber with much less freedom only list high-quality possessions and screen users, but isn't this another centralized decision? (Uniswap can freely splice token contracts for investing) So when Dex started to use DAO governance, the most basic right to govern tokens is to vote for that currency. If an ERC20 is likely to be listed on Compound, it'll be decided by the COMP holders to vote. At the moment, those that vote for it will receive a large amount of ERC20 airdrops. The holders of COMP will have a tendency to vote for it on the human side. The ERC20 can be listed on Compound. The first one to consume crabs is discussed and indirectly affects the price. .

The aforementioned is Kyber and 0x-based Matcha trading interface. Through the aspects of interface design, interactive expertise, cross-terminal deal (Walletconnet), etc., storage DEX is well-liked by the market for no reason.

#Storage order guide Front-end design layout is organic/adaptive/faster loading acceleration Function layout is normally messy/mobile terminal adaptation is normally poor WalletConnet support does not support trading pairs deep slippage controllable spreads large trading experience easy silky check patience Aggregator class 1inch, dex.ag, shiftly, dex.glowing blue, bamboorelay, cross-chain atomic trade Switcheo, JellySwap. By aggregating the depth of other Dex and contracts, bringing together several DEXs (Kyber, Bancor, Uniswap, Oasis, Curve, 0x) and its own capital liquidity pool to provide users with transaction services seeking the very best transaction price.

Taking 1inch as the representative, while searching for the best cost for 0.1 ETH, the fuel charge for initiating the deal is estimated. At the moment, after using Kyber to create a 4$ handling fee, the cost/performance ratio of the transaction is quite low. Finding the preferred cost for transactions in each DEX may also be queried through Dexindex. The next is the best way to industry DEX for 10000 DAI.

When you are ready to change 100 ETH to KNC, Matcha can help you find a very good choice by way of a combination of three DEXs, 4% through 0x, 42% through Uniswap, and 54% through Kyber.

DEX can be an important infrastructure within the Defi ecosystem. Stored Dex with automatic market manufacturers and better expertise devours the purchase book market. The ultimate way to judge whether a DEX will probably be worth investing in is to expertise it on your own. While getting overwhelmed by the Defi trend, you may wish to expertise it. You will find that Defi is not that complicated. Dex returns to its essence to be used by people. Being a investing tool, it will compete for the market with a good interactive expertise, deal depth, and protection, rather than its own token economic model and false quantity to defraud marketplace rankings. It is not accurate to estimate Dex predicated on deal volume on your own. The deal fee for organic persons' deal volume must be distinguished from your deal fee obtained by the task celebration through robots. The trend of scalping is particularly obvious in high-performance general public chains.

Debank data Merging transaction volume, number of transactions, and number of users to comprehensively take a look at Ethereum's DEX, the full total number of Uniswap users with the highest transaction level of DEX is not more than 4,000, and DEX with less than 100 users may also market nearly one million dollars per day. There's also DEXs for single-digit users which are trending upward. Choice DEX with higher professional requirements also includes Opium, Opyn, Potion, etc., which are presented here, which are not suitable for normal users. Of course, the superficial data alone is not enough to guage the effectiveness of a DEX. Various DEXs have different technical difficulties and different group talents. Some DEXs with unappealing data rely on their reference advantages to present assets outside the blockchain for investing in the foreseeable future, demonstrating the vitality from the group, thereby boosting the valuation from the task. Some DEXs can be found in name just, and the core group has lengthy since increased. Some DEX groups are stigmatized, and modifying their faces is not enough to clean up their past behaviors. They are unseen through ordinary data. Only deeper analysis can easily see the truth. TRON's DEX TRON TRON offers many large areas. Wherever you can find hot spots, there will be TRON. TRON's DEX serves as a an accelerated edition of Ethereum. It creates multiple DEX in a very short period of time and accelerates the eradication of competition. There were as much as 35 TRON DEX. The first tronwatch, Kiwidex, Gocdex, KyubeyDex, etc. vanished with the cooling from the TRON TRC20 marketplace. Only TronTrade, PlayerRoyal, and NewDex were remaining, and TrxMarket has been taken by the grandson. Acquired and advertised to PoloniDex.

All the above are all order-thin DEXs. According to DappReview data, TRON's direct DEX PoloniDex is not before TronTrade. TRON's DEX has an average daily trading level of 35w USD, 420w USD USDJ casting quantity, and 2.88 billion USD USDT circulation. Is not a go with. It shows that the stable foreign currency ecosystem of TRON has not shaped a DEX marketplace of sufficient scale. #PoloniDexTronTradeNewdexOikos Swap type order book purchase book order guide storage transaction set amount 5425157 freedom of list Centralized centralized centralized decentralized investing experience is better, much better, and smoother. Recently Oikos shifted the Uniswap of Ethereum to Tron. Synthetic possessions, SNX gameplay could be successfully replicated. Ethereum's SNX didn't capture Uniswap's 0.3% deal fee, while Oikos offers produced an economic closed loop for the TRON. Mint, swap, and trade are all themselves, liquidity bonuses and anti- Xiang Token can nicely stimulate holders to participate in the task. The TRX/sTRX fund pool is little in size, currently 864512.315 TRX + 804707.4552 sTRX.

The difference between TRON and Ethereum is that we now have fewer high-quality TRC20 assets (except USDJ and USDT). Lottery tokens are gradually unmanned as the turnover and payouts decrease. TRC20 that can be accepted by most are the following: ? BTT acquired BitTorrent and issued it. Airdrops have been stopped recently. Document storage BTFS motivation tokens and Dlive program reward tokens can be used for staking. A small amount of TRC20s which are detailed on three major exchanges at exactly the same time have a circulating marketplace value of US$6500w. ? The leader from the WIN lottery type, dividend tokens, having a circulating market value of US$2400w. ? JST USDJ governance tokens, the three major exchanges have delayed opening trading sets, as well as the circulating market value is 750w USD. ? Spirit blockchain sport ChainZ sport token, having a circulating market value of 120 million US dollars. ? OKS Oikos Defi program token, with a complete market value of 250w USD, and a low circulation rate. Most people will never come into contact with other TRC20s. Until now, the total number of TRC20s is as several as 6,301, and less than 10 are known to be used. On the other hand, there are dozens of task parties who have shifted to Binance String. Perhaps the appeal of P-Net+Dex list can have an impact on some task parties. Migrating task tokens to TRON will be cheaper and much more effective than supporting similar projects from scratch.

Not only TRON, but any public chain to build Defi ecological fortresses are necessary for diversified infrastructure support. Up to now, TRON is not connected by oracles such as ChainLink, as well as the success of USDJ pledge quantity has not given TRON. DEX brings vitality, USDJ's impact on TRON's Defi is a lot smaller sized than DAI's impact on Ethereum's Defi. This reminds those that ignore the Defi program network effect and still desire to develop the Defi ecosystem. EOS DEX so far, the number of EOS Tokens is 5143, the early EOS can be DEX everywhere, so far there have been 32 DEX developed predicated on EOS, if you are an early EOS user, FINDEX, BTEX, Chaince, AKDEX pretty much You have heard about it before, and now they are no more operating. Calculate together with your fingertips, now there are just Newdex, WhaleEx, and Switcheo inside EOS DEX. All three are cross-chain Dex and have implemented their very own cross-chain solutions. Dappreview data Newdex relies on the info of 18M USD (including Swap deal quantity) to prospect, and the most dynamic EOS/USDT trading area calculates the common daily trading quantity should be about 10w-15w USD.

Newdex's Swap belongs to the storage DEX from the constant product market machine model, with 10 investing pairs. At the same time, DEX cross-chain with the medial side chain appeared, however the deal volume was furthermore minimal. Some projects that generate stablecoins through staking of EOS have emerged, however the scale and influence aren't enough to aid the Defi ecosystem. Of course, EOS's very own Rex may be the largest Defi program on EOS.

At present, the more promising may be the equilibrium inside cooperation with polkadot and ptoken. The EOS mortgage scale is 400w, about 1000w US dollars of collateral, 273w EOSDT will be minted, and the machine mortgage rate is 385%.

Predicated on EOS Token, making aside the lottery, what's left is not the platform cash from the three exchanges or Major and EOS wallet tokens. Program tokens and sport tokens have started to seek shops on Ethereum along with other general public chains (KARMA, PGL, XPET, Three Kingdoms). At present, I only hope that Voice can bring first-line possibilities to EOS. At the same time, the blockchain sport Blankos Block Party made by EOSVC investment and Blizzard can be worth getting excited about. NEO's DEXNEO 3 upgrade is imminent, as well as the built-in oracle of the public chain seems to have laid the groundwork for Defi. Whether NEO will relocate it to Defi will be unknown. According to official info, NFT will be NEO's next more important monitor, and NFT+DEX may also become a marketplace. Currently, you can find two DEXs developed predicated on NEO, Switcheo and Nash, having an average on a daily basis trading volume ranging from 5w to 20w. Nevertheless, Nash's early purchase valuation by NGD will be relatively higher, and the current circulating market value is US$2,000. Switcheo belongs to the Singapore group. In the early days, it didn't actually get the investment of NGD until it took DEX to participate in the NEO competitors and attained the investment of NGD. The current market value of 270 w will be US dollars.

Dappreview data Switcheo was created in the early days of EOS's mainnet launch. After changing from Ethereum's SWH to NEO's SWTH, Nash sought a space where it could not launch items in compliance. At the moment, the Ethereum Dex is going downhill, as well as the explosion from the Token in the early stage from the EOS main network can be an urgent need for Dex to carry circulation. Switcheo wrongly thought we would create the ETH-based DEX initial, and wait until they will have developed the Ethereum DEX and ETH marketplace. The downturn led to unsatisfactory trading quantity. NEP5-based project investing needs aren't enough, including Zeepin, which are all seeking centralized exchanges, and later NEO-based projects. Spirit, LRN, TNC, QLC, and DBC start aborting and cannot provide ideal trading quantity to DEX, and may only continue to develop Predicated on EOS-based DEX, it really is regrettable that after the development, EOS Dex has been occupied by WAL and Newdex with a huge market talk about. Switcheo, whose advertising is weak, has not also cooperated with mainstream EOS wallets in the market. After experiencing this period, the Switcheo team lately changed the brand, redesigned the economic model, launched Business Hub, a Tendermint Core-based network, and launched the mainnet by the end of the second quarter of the year to start staking as the settlement layer of DEX. NEO's very own bottleneck restrictions. BNB's DEX Binance String is dependant on Cosmos development. As the initial exchange public chain, Binance DEX offers attracted a lot of task parties. In order to compete for the chance to list Binance through DEX, Binance String offers 1,113 BEP2 Tokens, but just 132 can be detailed on DEX, and only two lucky winners selected to Binance Major Station through this method are Ankr And Tomo. Binance DEX has a handling charge of 0.1%, which is as low as 0.04% if BNB is used.

Without liquidity incentives, free currency listing incentives certainly are a good way. This gameplay will be expected to be repeated for the Binance Smart String. Rune, who recently performed abnormally on Binance String. Rune: Binance Chain's Uniswap, having a circulating marketplace value of People$5300w, is really a bit overheated.

DEXTomoDEX of other community chains The order is thin. With the help of Swap Bridge, ETH and BTC are presented to Tomo. The current trading volume is low as well as the trading depth is poor.

YAS Codex Through AMM, non-depth trading, much like Synthetix's iETH, iTRX trading, can introduce more index marking prices.

Coinex DEX Coinex exchange general public chain DEX

Saturn Network DEX predicated on ETC Zilliqa Switcheo will establish DEX for Zilliqa this season Polkadot The gap between other public chains and Ethereum in DEX is not small, mainly in terms of high-quality assets, cross-terminal agreements (WalletConnet), storage DEX, liquidity incentive DEX, etc., once Ethereum solves the congestion issue, other public chains It'll be beyond the get to, and before ETH2.0 is released and Layer 2 is not widely popularized, it really is time for other community chains to have opportunities. The development of the Defi ecosystem is in no way an effect that can be achieved by supporting a couple of Defi applications. Dex, Stablecoin, Margin, and Lending are indispensable, as well as the four applications are linked together.

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The Way To Effectively play casino gamess

Video slot gaming may be dangerous and fun. This content that follows shares tips about the best way to most out of your game bet time.

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If you're not gonna use every accessory for it, determine whether it works, check out your casino games once you bring it home to ensure all of the parts work correctly.Even. You don't wish to use a specific feature just to find out too late it doesn't work.

It is possible to download games for your personal casino games, your cellphone or perhaps your slot gaming system. Even if this could add convenience, it could be a burden on the wallet. Before dropping money on it, take some time to find out what these games are just like.

Investing in a new casino games isn't an incredibly complex and challenging decision. It is possible to waste lots of money on bad games when you don't seek information. Before you, read online reviews.

An internet based forum with game reviews and discussions is a great tool to work with for the best bang for your buck when buying games.You will understand a great deal of info on these forums. Users will review these games and aren't paid to endorse them. They offer honest reviews you could trust.

Setting a timer will help you to have a break.

Whether you need to do your slot gaming on the casino games, casino games gamer, or mobile gamer, a growing number of games can be found as digital downloads. While convenient, it could be a burden on the wallet. Before dropping money on it, take some time to find out much more about a game.

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It is recommended being a parent that you understand the game rating system.This assists them ensure their ETH aren't being open to inappropriate for ETH.

The rating agency for casino gamess. An E rating means this game appropriate for school-aged ETH six and above. A rating of E+10 is perfect for ETH aged 10 or older. A T-rating means Teens 13 and older. An M rating means this game is suitable for anyone 17 or older.

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crypto gamess - Everything You Should Know

Games is a hot commodity. Check this out article to understand some very nice crypto gamess and how you can boost your performance.

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