#faze chain

Center of the Machine & ArXiv Weekly Radiostation Participation: Du Wei, Chu Hang, Luo Ruotian This week's important papers are the AI ??agent for playing the Doom game produced by USC, and a small-sample NLP meta-studying review by Salesforce researchers. table of Contents:

* Stabilizing Differentiable Architecture Lookup via Perturbation-based Regularization

* Sample Factory: Egocentric 3D Control from Pixels at 100000 FPS with Asynchronous Reinforcement Learning

* Searching to Exploit Memorization Effect in Learning with Noisy Labels

* Meta-studying for Few-shot Normal Language Processing: The Survey

* Towards Deeper Graph Neural Networks

* Dynamic Fusion Network for Multi-Domain End-to-end Task-Oriented Dialog

* A Knowledge-Enhanced Suggestion Design with Attribute-Level Co-Attention

* ArXiv Weekly Radiostation: NLP, CV, ML and more determined papers (with sound) Document 1: Stabilizing Differentiable Architecture Lookup via Perturbation-based Regularization * Author: Xiangning Chen, Cho-Jui Hsieh *Thesis link: Abstract: Recently, the microarchitecture research algorithm has shortened the NAS research time to several days, which includes attracted much interest. However, its ability to stably generate high-performance neural networks has been widely questioned. Many researchers have discovered that as the research progresses, the system architecture generated by DARTS will get worse and worse, and eventually even completely skip connections. In order to support gradient descent, DARTS has made a continuing approximation of the search space and is always optimizing a couple of constant differentiable frame weights A. However when generating the final frame, this fat needs to be discretized. In this article, the research authors from the University of California, Los Angeles observed that losing function of this set of continuous frame weights A on the validation collection is quite unsmooth, and DARTS constantly converges to an extremely sharp area. For that reason, hook disturbance to A will greatly reduce the efficiency of the verification fixed, not to mention the final discretization process. Such a sharp loss function may also impair the exploration ability of the research algorithm in the architecture area. For that reason, they proposed a fresh NAS framework SmoothDARTS (SDARTS), which makes losing function of The in the verification set very smooth.

The verification accuracy of the architecture weight A on CIFAR-10.

SDARTS instruction algorithm.

Compare the test error effects with some other SOTA classifiers on ImageNet. Recommendation: The method proposed in this article could be widely applied to various differentiable architecture algorithms. On numerous data units and search areas, the researchers discovered that SDARTS can consistently achieve performance enhancements. Document 2: Sample Factory: Egocentric 3D Control from Pixels with 100000 FPS with Asynchronous Reinforcement Learning * Author: Aleksei Petrenko, Zhehui Huang, Tushar Kumar, Gaurav Sukhatme, Vladlen Koltun *Thesis link: Abstract: Recently, a study group from the University of Southern California and Intel Labs created a fresh method that may train serious reinforcement studying algorithms on common hardware inside academic laboratories. The study was approved by the ICML 2020 conference. In this study, the researchers showed how to use a single high-finish workstation to train an AI with SOTA performance in the first-person shooter video game Doom. Not just that, they utilized a small part of their normal computing capacity to solve 30 different 3D challenge packages created by DeepMind. In the specific configuration, the researchers used a workstation-class PC with a 10-core CPU and GTX 1080 Ti GPU, and a system built with a server-class 36-core CPU and a single RTX 2080 Ti GPU.

Architecture diagram of Sample Factory.

Hardware system 1 and system 2.

In the three simulation conditions of Atari, VizDoom and DMLab, Sample Factory is closer to the ideal performance than the baseline methods such as DeepMind IMPALA, RLlib IMPALA, SeedRL V-trace and rlpyt PPO. Recommendation: Complete abuse of the "robot", 36-primary CPU stand-alone environment, and the game AI of Southern University to achieve SOTA performance inside Doom. Document 3: Searching to Exploit Memorization Effect in Learning with Noisy Labels * Author: Quanming Yao, Hansi Yang, Bo Han, Gang Niu, James T. Kwok *Thesis link: Abstract: Sample choice is really a common method for robust studying of noise tags. However, how to properly handle the selection process so the deep system can take advantage of the memory impact is really a big problem. In this study, inspired by AutoML, researchers from the Fourth Normal Form, Tsinghua University along with other institutions modeled this issue as a function approximation issue. Specifically, they created a domain-specific search space in line with the general pattern of the memory impact, and proposed a fresh Newton algorithm to efficiently solve the double-layer optimization issue. In addition, the researcher additional conducted a theoretical analysis of the algorithm to make sure a good approximation of the vital point. Experimental outcomes on benchmark and real-world data units show that this method is superior to the existing optimal noise label learning technique and is more efficient than the present AutoML algorithm.

On CIFAR-10, CIFAR-100 and MNIST, use instruction and test accuracy curves under different architectures, optimizers and optimizer settings.

Algorithm 2.

The change curve of label precision (lable precision) of MentorNet, Co-teaching, Co-teaching + and S2E on MNIST. Suggestion: Hansi Yang, the next papers of the thesis, can be an undergraduate of Tsinghua University and is currently an intern inside the fourth paradigm device learning research team. Document 4: Meta-studying for Few-shot Normal Language Processing: The Survey * Author: Wenpeng Yin *Thesis link: Abstract: In this article, researchers from Salesforce offer an overview of meta-learning inside small-sample natural vocabulary processing. Particularly, this article strives to supply a clearer definition of the use of meta-studying in small-sample NLP, summarizes new developments, and analyzes some commonly used data sets.

Multi-task studying VS meta-learning.

Reptile (OpenAI) meta-studying (batched version).

Some representative optimization-based meta-studying models. Recommendation: The author of the papers Wenpeng Yin (Wenpeng Yin) is currently a Salesforce research scientist. He was the chairperson of NAACL 2019 and ACL 2019. Document 5: Towards Deeper Graph Neural Networks * Author: Meng Liu, Hongyang Gao, Shuiwang Ji *Thesis link: Abstract: Inside this study, researchers from Texas The &M; University submit a number of brand-new insights on the development of deeper graph neural networks. They first conducted a systematic evaluation of this problem and considered that the entanglement between transformation and propagation in today's graph convolution operation is a key factor that significantly reduces the efficiency of the algorithm. For that reason, after decoupling both of these procedures, a deeper graph neural system may be used to understand graph node representations from the larger receptive domain. In addition, predicated on theoretical and empirical analysis, the researchers proposed the Heavy Adaptive Graph Neural Network (DAGNN) to achieve adaptive integration to adaptively integrate information from the large acceptance domain. Experiments on citing, co-authorship and co-purchase data units confirmed the researchers' evaluation and insights and demonstrated the superiority of these proposed methods.

The study proposes the architecture diagram of the DAGNN model.

Comparing the classification accuracy outcomes of various models on the co-authored plus co-purchased data pieces, it could be noticed that DAGNN offers achieved SOTA effects.

On different information sets, the test accuracy change curve of DAGNN at different depths. Recommendation: This short article has been approved by the KDD 2020 conference. Document 6: Dynamic Fusion Network for Multi-Domain End-to-end Task-Oriented Dialog * Author: Libo Qin, Xiao Xu, Wanxiang Che, Yue Zhang, Ting Liu *Thesis link: Abstract: In this article, researchers from Harbin Institute of Technology and West Lake University propose the shared-private system to learn shared and particular knowledge. Not just that, they also proposed a novel dynamic fusion system (Dynamic Fusion Network, DFNet), that may automatically make use of the correlation between your focus on domain and each domain. Experimental results show that this model is superior to the prevailing methods in the field of multi-domain dialogue and achieves SOTA performance. Finally, even if working out data is small, the design is 13.9% greater than the prior best model normally, showing its good transferability.

Multi-domain dialogue method.

Workflow of benchmark design, share-private design and dynamic fusion design.

Comparison of the main outcomes between SMD and Multi-WOZ 2.1. Recommendation: This short article has been approved by the ACL 2020 conference. Paper 7: The Knowledge-Enhanced Recommendation Design with Attribute-Level Co-Attention ** ** * Author: Deqing Yang, Zengcun Tune, Lvxin Xue, Yanghua Xiao *Thesis link: Abstract: The prevailing recommendation model in line with the attention mechanism has some room for improvement. Several models only use coarse-grained interest mechanisms when generating user representations. Although several improved versions add product attribute (feature) details to the attention module, that is, they incorporate item-related knowledge, they are still An individual indicated that the attention mechanism was applied on this end. In response to these problems, researchers from Fudan University are suffering from a serious recommendation model that uses the (item) attribute-levels attention mechanism on the user representation side and that representation side to cooperate, referred to as ACAM (Attribute-levels Co-Attention Model).

Design architecture diagram.

On July 27, the DApp game "Go Block" developed by the mainnet ecosystem companion DappBirds officially released the next-generation game digital economy platform Cocos-BCX mainnet. "Move Block" is a very fun casual shooting game. You can choose weapons, update weapons, get rid of all kinds of nasty virus blocks, and share high ranking rewards every day. Experience entrance: Players can go through the CocosWallet mobile wallet; or get on the COCOS primary website account via Cocospay and then enter the overall game official internet site () to see; or get on the COCOS primary website account via DappBirds platform and then enter the overall game official internet site to see the fun of the overall game. Next, let's check out the gameplay.

* Click on the "+" beside the gold coins at the top of the interface to utilize COCOS to get gold coins, that may update weapons, gold coin worth and daily revenue (200COCOS=4000 gold coins)

* Click on the "+" close to the physical strength at the very top to utilize COCOS to get physical strength. Each pass consumes 5 bodily strength (200COCOS=10 physical strength). If the bodily strength is leaner than 80 points, it could automatically recover.

* The number in the middle of the main interface represents the current number of levels. You will encounter a BOSS level every 5 levels, and you can go through the second level BOSS. (Boss levels can drop treasure chests, open to obtain COCOS and gold coins)

* Open up the calendar key on the still left aspect of the interface. During the opening event, you can sign in and receive enormous gold coins every day (upgradable weapons, gold coin worth and daily revenue)

* The trophy key on the still left side of the interface, open to view the top users as well as your own position (click on the "?" on top of the right to start to see the upcoming COCOS benefits)

* Click on the button in the bottom still left of the interface to update the firing swiftness and firepower of the corresponding aircraft. It is an essential function to obtain rewards for busting through the barriers. (Rate of fire: can raise the queue of bullets; firepower: can raise the power of bullets)

* Open the bottom of the middle of the interface, you can see various varieties of aircraft, quite a few can be obtained through cumulative clearance, plus some can be straight purchased and used. The weapon skills and lethality of every aircraft are different, and you can use them as you prefer.

* Open up the gold coin key in the bottom best of the interface to update the worthiness of gold coins: Following the upgrade, you can obtain more gold benefits after every round. Daily income: can raise the speed and quantity of online gold coin collection

Tip: You will encounter various types of buffs in the game, and you can raise the corresponding skills inside a certain period of time after feeding on them. To celebrate the state launch of "Go Block" about the Cocos-BCX mainnet, "Go Block" and Cocos-BCX jointly launched a double surprise event:

The first main gift: share the joy of the overall game, get double happiness Activity period: July 27th-July 30th This summer, COCOS "Go Block" will probably war, share your joy of the overall game with an increase of people, and obtain double gifts of game coins and DB! Right after experiencing COCOS "Go Block", posting in the Cocos-BCX circle and attaching a screenshot of the overall game, the top three reposted posts will receive game gold coins + DB benefits, the following: First place reward 300DB+60000 gold coins Second place reward 200DB+40000 gold coins The 3rd place rewards 100DB+20000 gold coins Cocos-BCX circle:

The next major gift: Rush to talk about the overall game prize pool, get COCOS for free Activity period: July 27th-August 2nd During the event, 80% of the COCOS taken by users within the overall game enters the prize pool, and the top 10 users within the position will talk about all of the COCOS within the prize pool. Rewards are instantly distributed to the top 10 customers on the leaderboard by the end of the event. The winning ratio is: TOP1: Talk about the prize pool 40% TOP2: Talk about the prize pool 20% TOP3: Talk about the prize pool 10% TOP4: Talk about the prize pool 8% TOP5: Talk about the prize pool 6% Best6-10: divide the prize pool 16% Collection added (cocosbcx03) official customer service, reply "COCOS" to join the community, learn more about the game! Recommended reading

The total amount of Cocos-BCX mainnet accounts exceeded 1 million

Arriving within the third year, Cocos-BCX Buddies Club 2020 will undoubtedly be held within Shanghai on August 1st

Cocos-BCX block height exceeds 10 million

Encrypted financial technology has the opportunity to democratize financing channels and make the economic climate more efficient and transparent, but it might also create new kinds of systemic risks which can be difficult to understand and govern.

Author: Mario Laul, block chain investment institutions Placeholder researcher Translator: Lu Jiangfei The development history of the financial industry has some crucial patterns, decreasing being the systemic crisis, the collapse of asset prices or income streams that followed, and the multiple games between financial innovation and supervision. In the field of open and automated encrypted financial services (so-called DeFi), if architects can comprehend these interactions, they could better assess potential risks to cope with different economic and regulatory scenarios. This informative article will give attention to historical cases associated with this and try to analyze the potential long-term importance of this wave of financial innovation. Financial and creative destruction Austrian-American economist Joseph A. Schumpeter once noticed that the core of capitalism lies in creative destruction-as old-fashioned ways of doing things are replaced by innovative alternatives, economic structure usually Go through repeated and sometimes painful reorganizations. Austrian-American economist Joseph Schumpeter, pictured from Forbes The creative destruction of the financial industry mainly occurs in two ways: firstly, to introduce new inventions and successfully market them, which requires financial support; secondly, the financial industry it self is continually innovating, helping to make the shape of financial relations more and more The more diverse and complex. Generally speaking, innovation is beneficial, but innovation also introduces new risks which can be difficult to understand initially, and in addition it is sold with cyclical instability that's easily contaminated by currency dilemmas. Because finance plays a central role in economic development, financial innovation also poses a question to people: what kind of appropriate supervision the financial industry should really be subject to without harming its role in promoting social progress. There are lots of examples in modern western history that the changes in financial methods have promoted economic transformation and made existing regulatory frameworks obsolete. Alternatively, whenever innovation results in new kinds of participation in financial markets, in addition, it triggers institutional restructuring, including new regulations, to address consumer protection, market integrity, and (perhaps most importantly) social and economic stability. Worries. Listed below are some typical examples (if you aren't interested in the historical overview, you can skip this paragraph, we will emphasize the relevant content again whenever we discuss DeFi later). In the late 18th century and 19th century Britain, the mix of "limited liability" and "transferable joint stock" Even though the two have already been invented before, the mix of both under the background of British industrialization has played a key role in the synthesis of modern financial markets and commercial supervision. "Joint stock financing" is mainly utilized in industries that need a lot of upfront capital expenditures, such as shipping, mining, railways, public utilities and insurance. This form of financing directly promotes the development of great britain securities industry and various laws associated with it, Media and administrative functions. Regarding investors' personal debts, controlling an upper limit on the debts of the entities they invest in can promote more risk-taking behaviors. Alternatively, since the acquisition and transfer of ownership became easier, the general public market attracted a wider selection of investors, in the wealthy (the core way to obtain funding for emerging, unproven industry exploration) and banks (more mature In addition to the credit sourced elements of enterprises), more sourced elements of funds have already been added. The ever-expanding securities industry has promoted new kinds of capital, but it in addition has made the financial system more and more complex, while formal regulations, standards and risk management methods have not been developed, plus some have even been ignored. In a speculative and impulsive environment, this may naturally result in extortionate and bad behavior. Along with having less an institutional framework to cope with systemic shocks (such as England in 1825, sometimes called the very first modern financial crisis), the end result should be A number of crucial reforms. Crucial interventions include:

* In 1812 and 1821, the London Stock Exchange (London Stock Exchange) implemented self-regulatory measures to reduce fraud and improve research on market participants; * In 1816/1821, the world's first gold standard was established to restrict the federal government and financial sector; * The nation Bankers Act (Country Bankers Act) was introduced in 1826, allowing the establishment of banknote-issuing joint-stock banks outside London, aiming to make the British bank system more competitive and flexible, and better serve the growing industry Economic services. The Bank of England opened its first branch in 1826 under the National Bankers Act Needless to say, every one of these regulatory measures have fallen in to ideological controversy and set the background for new challenges later on. The regulatory milestones since that time include:

* "Joint-Stock Businesses Registration, Incorporation and Regulation Act of 1844" (1844 Joint-Stock Businesses Registration, Incorporation and Regulation Act) aims to simplify the business formation process and increase public confidence running a business; * The 1855 Limited Liability Act (1855 Limited Liability Act) regulates limited liability and necessarily expands the scope of application of limited liability; * "1844 Bank Charter Act" (1844 Bank Charter Act), designed to reduce the destabilizing effect caused by extortionate banknote issuance. Banking Charter Act of 1844 In a rapidly expanding economy, the latter is now an obstacle as people are expectant of. So long as a full-blown liquidity crisis occurs, the bill will soon be postponed, and the lender of England will gradually get to be the ultimate means to fix the currency problem. Progress as a result of the U. S. financial meltdown in the late 19th and early 20th centuries In the historical development of the US financial market and corporate governance, this was an eventful period, with many different innovative methods, and the background was large railway companies and industrial trust companies (such as Standard Oil and American Steel). During periods of financial activity, you will find frequently more controversial operations, such as stock mixing, such as anti-competitive business methods, which are in the shadow of creative companies. In addition , people are increasingly focused on the growing wealth and power in the hands of a little group of financiers and industrialists. The entire society is full of hostility towards large enterprises. This is followed closely by various regulations directed at reducing Their education of economic centralization has increased corporate information disclosure. The most famous regulatory regulations of this period are the 1890 Sherman Antitrust Act, the 1914 Clayton Antitrust Act, and the 1914 Federal Trade Commission Act. "(1914 Federal Trade Commission Act). The most important thing is a series of cycles of rise and fall occurred in those times, such as 1884, 1893, 1896, 1901 (the first currency markets crash of the New York Stock Exchange) and 1907 major crises. The specific reasons for each crisis will vary, and this article will not explain it at length. These crises not only caused severe damage to the financial market and the whole economy, but also stimulated some fierce debates on whether the institutional basis of the US financial system should really be devoted to gold. The last consequence of the debate was the 1913 US Federal Reserve System. set up. Usa Federal Reserve Board, 1917 It is worth noting that although the 1913 Federal Reserve Act (1913 Federal Reserve Act) promulgated in 1913 represented a significant change in federal legislation, many regulatory powers still stay in the US states and private industry institutions, including local clearing houses., Banking associations, financial groups, professional service providers such as rating agencies, and of course stock exchanges. Today, the legislators and industry associations of the US states still play an essential role in US financial regulation. The currency markets boom of the 1920s, the 1929 crash, and subsequent regulatory measures in america The marketplace boom gave birth to a crisis and eventually generated the Great Depression. This technique led to an unprecedented spread of common stock ownership. Facts have proved that the fiercely competitive securities industry has turned into a fertile ground for various bad behaviors. On the one hand, people generally expect to make quick profits in the currency markets; on the other hand, many individuals start to buy stocks with installments if not borrow cash. The 2 sides formed a dangerous combination. At precisely the same time, investment institutions started initially to hire a lot of securities salesmen, the main job of the people is always to get the most urgent stockholders in the vast crowd of investors. Compared with stock issuers and their representatives, these investors are inevitably at a disadvantage in terms of information. An important development at this stage may be the emergence of investment trust institutions. For those "securities whose buyers can't be found elsewhere, " investment trust funds are becoming a convenient dump. Even though investment trusts existed before, their number surged in the 1920s. In the United Kingdom, investment trusts tend to choose diversified and long-term investment strategies. On the other hand, many investment trust institutions in america didn't shy far from speculation, but were actively constructing increasingly complex capital structures. All of the above occurred in an environment where the regulatory and information disclosure standards are still relatively underdeveloped, which also caused the financial meltdown of 1929 to cause unprecedented losses. The federal government subsequently adopted some emergency intervention measures to stabilize the bank system and control deflation. Along with various updates to state-level regulations, there are also landmark changes in federal legislation to boost investor protection and establish market integrity. The most famous examples include:

* The 1933 Securities Act introduced more stringent securities registration requirements; * The 1933 Banking Act established the Federal Deposit Insurance Corporation (FDIC); * The 1934 Securities Exchange Act established the United States Securities and Exchange Commission (SEC). After the collapse of the Bretton Woods system in 1971, specially in america, the gradual deregulation and technological development world wide generated the global financial meltdown (GFC) of 2007-2008. There is certainly one word that can better describe this era, and that is: financialization (financialization), that's, relative to other areas of the economy, banking institutions and tools are becoming more and more crucial. Recent developments in this region have occurred within or through the so-called shadow bank system, that's, operating beyond mainstream banking supervision. Considering that the early 1970s, the wave of financial innovation has attracted attention. It is a huge research task to make a complete list, nevertheless the most obvious trends are the following: financial digitalization, increasing use Leverage, securitization, and quantitative risk models, deterioration of regulatory and endorsement standards (resulting in higher debt levels), and the proliferation of increasingly complex and esoteric lending options, a few of which are triggering the financial meltdown and the Great Depression in america Played a key role in the crisis. As in the last three periods, the outbreak of the crisis also triggered discussions on the necessity for proper financial supervision. Nevertheless , besides the 2010 Dodd-Frank Act, 2011 Consumer Financial Protection and some emergency interventions triggered by the European debt crisis in 2010-2012, Actual regulatory measures are in reality limited by a specific extent. At precisely the same time, unconventional monetary policies such as quantitative easing, zero interest levels and even negative interest levels are becoming the newest normal. Along with the emergence of new trends in distributed computer systems, cryptography, and automation technology, all of this supplies a background for the emergence of encrypted assets and DeFi. What's the (not) special of DeFi? In every financial fields, possibly the most notorious sentence is: "This time differs from the past. " Indeed, each economic cycle unfolds in a unique historical environment. It will be too easy to say that the underlying mechanism remains ostensibly unchanged with time. Nevertheless , there are still some crucial historical laws that can't be ignored. Before thinking about the relationship between these facets plus some of the more unique characteristics of encrypted networks and DeFi, we will first look at the following reasons to understand why observing the development of the emerging industry of DeFi produces a powerful sense of deja vu: To comprehend DeFi in a broader financial context, three basic elements associated with financial innovation and development are extremely crucial. First, various potential financial assets/contracts are constantly growing, and the issuance, trading, and monetization of the assets/contracts are continuously simplified and democratized. DeFi is merely the newest example. Second, use technology to operate financial markets. From railways to telegraphs to Consolidated Tape System (Consolidated Tape System), computers, the web and high-frequency trading robots, the financial industry has always been at the forefront of adopting new technologies. Today, DeFi are at the forefront of use case development for decentralized networks and smart contracts. The third point involves the evolution from brokers/agents (trading with respect to the others and earning commissions) to traders/principals (trading independently accounts, at their own risk). This shift from person to overlapping roles with the others has occurred in the history of several financial markets, such as commodities, foreign exchange, stocks, interest rate swaps, and even subprime mortgages. New risks. Because this kind of systematic conversion is likely to make crucial market participants accept responsibilities which they might not be in a position to take. An identical perspective enables you to analyze DeFi, such as regularly assessing the extent to which crypto financial service providers (such as exchange operators and major brokers) can be involved in (potential leverage) position transactions utilizing their own accounts. The emerging industries which were still informal and marginal in the beginning will undergo a process of institutionalization and specialization. So far as DeFi can be involved, this calls for the emergence of encrypted financial agreements and institutions that offer services, such as data curation and disclosure, exchanges, interest accounts, lending, investment management, structured services and products, insurance, and so forth Some professional intermediaries will begin to appear, such as Stake Capital, Chorus One, and Staked. Industry associations may also be created, such as MAMA and POSA, and much more and much more formal governance structures will soon be established, such as on the web forums and ecological System funds, voting mechanisms, procedures for changing protocol rules, decentralized autonomous companies of exchanges, and so forth In regions with underdeveloped market infrastructure and regulatory standards, the emergence of new financial systems provides ample room for fraud, manipulation, as well as other suspicious behavior. This aspect is further amplified in DeFi. The reason why could be some ideological motives, or it could be due to the technological choices made in the first startup of the. Generally speaking, innovation activities tend to produce a mismatch between market methods and existing regulations. It's two effects: first, this case has generated a philosophical discussion about whether the minimum and/or self-regulation is better, or whether to update external supervision; second, you will see some kind of creative destruction consequently. Additionally, it introduces new dilemmas and challenges. The important thing is that the latter is frequently misunderstood and underestimated until shock events including the financial meltdown occur. An identical situation can happen to DeFi, and it will also face new systemic cybersecurity threats. For DeFi networks and related applications, the capacity to deal with these risks and answer potential crisis situations would have been a essential competitive advantage. Over time, market participants and regulators will discover that position will gradually shift to an even more stable, compliant, and consumer-friendly system.

Financial stability may be summarized in to two goals: First, the prudential supervision of rights and responsibilities in financial contracts takes a balance between allowing voluntary agreements and avoiding overheating relationships. The latter may lead to some undesirable consequences. Such as for instance deflationary spirals, extreme unfairness and even social conflicts. As DeFi continues to evolve, finding this balance will end up increasingly crucial. Second, try to reduce the chance for price collapse in many economies, specifically asset/collateral prices (the result is negative equity, insolvency) and income flow (the result is bankruptcy, that's, the mandatory repayment can't be made). While achieving these goals, healthier market discipline can't be undermined, because market discipline can stop the expansion of unsustainable economic arrangements. These considerations need certainly to take into account the larger context, such as power relations and wealth inequality, both of which are very important determinants of social and political conflict. To give a specific example, if we use a financial instrument to value debt as well as other liabilities, and the economy associated with it is growing, then reducing the method of getting such financial instruments (or providing a hard and fast level of supply) It'll benefit asset holders, creditors and landlords; if your more inflationary method of getting this tool (preferably for real value creation) is adopted, it'll benefit entrepreneurs, debtors and workers. Different orientations could have an impact how people view the fairness of the financial system. There is absolutely no doubt that the emerging encrypted financial economy also has to cope with these basic dilemmas. All in all, financial innovators tend to underestimate the causes behind the institutional and regulatory arrangements that build existing systems. Actually these systems and regulations have emerged after a any period of time of trial and error in the ever-changing economic and political environment. In the crypto-finance industry, people always feel that "the old system is outdated. " They mainly discuss dilemmas on the basis of technological and social changes. Thinking about the development stage of the, people do lack experience and historical perspective. In other words, each generation must learn lessons from practice by itself, and strive to utilize the uniqueness of its own time to create the greatest possibilities. Nevertheless , if we only regard DeFi as a brand new chapter in the giant axis of credit history, our analysis continues to be maybe not comprehensive enough. We should also give attention to the uniqueness of DeFi and its particular potential to alter the world. They are associated with the basic driving facets of the financial economy, such as asset prices, maintaining income streams (so that repayments can continue), the ethics of market participants, and business The accumulation of integrity, systemic risks, and the continuous evolution of supervisory roles. The uniqueness of DeFi can be as follows:

If DeFi and PoS developers opt to add the pledge derivative function to the agreement, they've been actually adding trustless mortgage bonds (MBS) to the system, which might introduce huge risks. Original title: "Big Short 2. 0? What PoS and DeFi can study from mortgage securities (MBS) Written by: Tarun Chitra and Alex Evans, the former could be the founder of Gauntlet, the latter is really a person in Placeholder Compilation: free and easy One view is that the main culprit of the 2007-2008 economic crisis could be the mortgage bond (MBS), and the current staking derivative products in the cryptocurrency world are essentially just like MBS, then Will its introduction also cause an emergency? The initial text was co-written by Gauntlet founder Tarun Chitra and Placeholder member Alex Evans. In this essay, they proposed when PoS and DeFi protocol developers opt to add pledge derivatives with their protocols, they need to consider that they actually The above is always to add trustless mortgage bonds (MBS) to the system, which might introduce huge risks, and through simulation and evaluation of theoretical models, they found that there was indeed a "best" that can add these derivatives well. condition". Picture from: flickr. com "I think the role of interest levels is always to maintain equilibrium, maybe not between the demand and offer of new capital goods, but between... the demand for liquidity and the way to meet this demand. " — Montesquieu Since the stock market crash in 1929, Americans have demonstrably comprehended the phrase "liquidity is king". The economic crisis in 2007 was the first time lots of people remembered it. There has been devastating losses in almost every market, and decreasing losses are real-estate, which will be the safest market protected by the us government. Cryptocurrency came to be in the ashes with this crisis, also it promised to be free from censorship and its supply can't be manipulated arbitrarily by the us government. However , today, the cryptocurrency world is living with a lot of leverage given by centralized and decentralized venues. This leverage is usually at the cost of cost, that's, when market conditions are out of control and margin requirements flood exchanges, custodians and smart contracts, liquidity is going to be insufficient. Why do people need so much leverage and what caused these liquidity crunches? So that you can discuss these issues, this short article will concentrate on the leverage of Decentralized Finance (DeFi) protocols and Proof of Stake (PoS) network tokens, the latter of which is frequently known as staking derivatives. Why don't we assume that numerous leveraged cryptocurrency products seem like at fault of the 2008 economic crisis. Our motivation because of this comparison is not to condemn DeFi or PoS, but to indicate specific opportunities for these agreements to complete better. But we also assume when it is not controlled, the exact same risks are likely to come in the crypto market. Of particular importance could be the risk of certain market participants becoming "too big to fail", in the cryptocurrency world, what could be too big to fail? Imagine a world where the assets on the chain that Binance manages are over-utilized due to large amounts of borrowing. As these assets start to be liquidated in vast quantities (such as the Maker liquidation on 312 Black Thursday), Binance can promote the adoption of DAO-style forks to prevent liquidation. That is similar to the rescue behavior after the 2007-2008 economic crisis. We tried to model these as well as other risks within our recent paper on derivative financial instruments. We not just discussed PoS networks, but additionally DeFi protocols (Aave, Compound, and Synthetix), and compared their characteristics with those in conventional securitization structures. Exactly what is a staking derivative? First, let us understand just why you can find pledged derivatives. The purpose of PoS coins is always to replace the energy-consuming Proof of Work (PoW) hashing with the security given by locked encrypted assets. PoW forces miners to "lock in" energy and hardware, while PoS forces participants to lock in funds. But how are they different? The main element big difference arises from liquidity restrictions. So that you can ensure that the network is active (can continue steadily to accept transactions), the PoS network forces users to lock their rights for a long period. By locking up funds, once the verifier performs malicious actions, the network can enforce punishment, to create forfeiture. For instance , if the network needs 99. 999% of the time to bring the nodes on line to make sure activity, it may punish validators that are maybe not on line throughout the collection of the blocks to be generated. Alternatively, PoW miners lock in the "equity" of funds by spending upfront capital on mining hardware, and they'll repay this cost once they receive large rewards and fees. Given the upfront cost of hardware, miners frequently encounter liquidity problems while looking forward to the equipment to be repaid in installments and gain profits. If miners' expenses have increased (for example, due to increased energy costs), they could need certainly to borrow funds to cover electricity. Currently, miners utilize the earned coins to home loans. Theoretically, they are able to use their mining hardware as collateral for borrowing cash. However , Leo Zhang of Anicca Research said when writing the report that the secondary market in the mining market is weak, making lenders afraid to simply accept mining machines as collateral. Alternatively, miners directly mortgage their coins to borrow money, that is the primary reason for the surge in leverage given by lenders such as BlockFi and Nexo. In Bitcoin, miners get the won coins every 100 blocks (about 16. 6 hours), so coins are easy to obtain. In contrast, this really is difficult to complete in Proof of Stake (PoS) networks, because many protocols often stipulate that PoS coins should be locked for weeks if not months. So that you can allow PoS validators to have liquidity just like PoW miners, developers have proposed pledge derivatives. These derivatives allow you to borrow by issuing a synthetic asset collateralized by your locked-in equity, thereby providing participants with partial liquidity. The pricing of synthetic assets should ensure that its value will never exceed the underlying borrowed assets and lose value once the borrower defaults. In the simplest case, a default does occur once the verifier is heavily penalized and falls below the minimum mortgage level. The network will occupy the verifier's equity and redistribute it as needed.

But how does the network determine the price that the verifier can borrow? The main element parameter could be the derivative product pricing function. Why don't we consider how the two parties execute this loan mechanically. Imagine a borrower goes to a lender to check the PoS chain to check the borrower's balance. If the borrower's requirements and balance are satisfactory, the financial institution can lend the borrower tokens, add the loan with their loan book, and recalculate the price. Tracking the price is very important as it allows the financial institution to own accurate costs for any subsequent loans. Then, the financial institution continues to monitor the chain. If the borrower is fined, the financial institution updates their loan books and prices. At the conclusion of the lock-up period, the financial institution can get in touch with the funds for liquidation, or assess the price that the borrower must pay. However , most of these steps rely on the lender's confidence that the borrower will repay the correct amount by the end of the lock-up period. And these transactions can be executed through smart contracts. Actually smart contracts can directly interface with the consensus algorithm of the PoS protocol. Such contracts can monitor penalties and calculate derivative pricing functions. Additionally , we are able to price derivatives through the use of constant function market makers (CFMM) such as Uniswap. This interaction between the consensus protocol and the DeFi protocol demonstrates the capital efficiency that can be improved once the consensus protocol can interact with the smart contract application layer. However , many of today's PoS networks don't support this function. It may be strange that money can be borrowed from the network it self. However , some new networks, such as Celo, Terra, and Facebook's Libra, implement their consensus algorithm as an intelligent contract executed with a distributed virtual machine. In these systems, consensus is really a first-class citizen, which may be upgraded to interact with other smart contracts. More over, the DeFi contract can interact with the consensus and see the current state of the system to find out whether a default event (such as a penalty) has occurred. For instance , Celo's blockchain implements a constant function market maker (CFMM), that is utilized in a consensus protocol to handle the stability of its algorithmic stablecoin. Their real-time protocol effortlessly has pledged derivatives integrated. Are typical these loans safe? In the end, the security achieved by the PoS network is directly proportional to the quantity of funds invested. Quite simply, double spending [1] will surely cost 33% or 50% of equity capital. By borrowing mortgage assets (a type of remortgage), once they buy X coins and have the best to X + Y coins, they are able to use their capital to have leverage, where Y could be the size of the loan (in X, Based on the derivative pricing function). However , if indeed they breach the contract, the network will retain X-Y coins, thereby reducing the security of the network. Therefore , if p could be the probability that the borrower defaults on its Y currency loan, then your network has (1-p) X + pY currency pledged and loses security by issuing such loans. While the credit quality of the borrower improves, its value will change, leading to dramatic incentive issues, so it's extremely difficult to estimate the p-value. For instance , if the price of derivatives rises to a really high price, people can effortlessly reduce the cost of forfeiture to zero and provide up their rights. Alternatively, if p is truly small, say one-billionth, then your security loss faced by the network is extremely small (one-billionth of XY), and the verifier's income is practically exactly like that in PoW The income could be the same. Whenever we consider just how to aggregate derivative loans, things are more interesting. So that you can promote the liquidity and price discovery of equity derivative assets, hopefully that PoS derivatives can be exchanged between validators. That is similar to the way that Maker outputs the replaceable asset Dai, but an individual cdp/vault is still irreplaceable. In this case, the price of pledged derivatives is from the collective obligation of the verifier. The issuance of bonds backed by the secured loan pool is strictly the event of MBS and related securitization structures. However , just how to provide loans to users through the net to attain an identical leverage to MBS? Why don't we have a step back and realise why individuals and banks need mortgages. Suppose you just bought a house for $640, 000, you paid a deposit of $100, 000, and you need certainly to pay $3, 000 each month for another 15 years. Ten years later, let us assume that there is a home equity of $460, 000 [2] and you need it a Tesla. You have very little cash in your bank-account, but you do have $460, 000 worth of assets! What if you can borrow $100, 000 via a house and pay it back within five years? This is actually the exact meaning of home equity loans. Please be aware that loan gives you leverage to be able to instantly obtain liquid assets (cash) through illiquid assets (houses) at the cost of paying a certain amount of interest. If the homeowner is unlucky enough to crash Tesla and lose his job, producing a $100, 000 loan default, the financial institution can liquidate the loan by taking back your house. Next, suppose you might be a bank that issues mortgages [3]. Whenever you make a mortgage of $500, 000, you suddenly lose $500, 000 for borrowing. To produce matters worse, debt is immobile, and you can't directly borrow from debt to obtain additional funds to lend to others. This situation could be the purpose of securitization! Securitization identifies the custody of a secured asset to a company that does not own other assets but issues stocks, after which sells these stocks to investors. If a secured asset, like a house, mortgage, or bundled mortgage is worth $1 million, and the business issues 1, 000 transferable shares, each share has 1/1000 of the assets. Entities that perform securitization (such as banks) will charge a fee to create shares. Note that loan holders obtain liquidity (cash) by obtaining leverage against future cash flows (interest payments) of non-current assets. If the homeowner can't pay the interest, the financial institution will need back your house, sell it in a foreclosure auction, and distribute the proceeds to the holders of 500 shares. In reality, the financial institution gathers many houses together and sells bundles of housing shares-this is really a mortgage-backed security. What do those two situations have in common? First, the owner of the asset/liability must fulfill a long-term commitment to pay or collect mortgage interest for 15 to 30 years. But owners have many short-term liabilities or opportunities that need short-term liquidity. So that you can obtain liquidity, they borrow using their own assets. This secured loan allows the borrower to have liquidity, while allowing the financial institution to own some downside protection-they can liquidate the collateral (house). This power to convert long-term assets into short-term liabilities could be the cornerstone of the financial industry.

In the cryptocurrency world, we've both forms of loans. For borrowers, lenders like Compound or Aave are like Tesla loans-you pledge your cryptocurrency collateral (similar to a house) in order to obtain stablecoins (similar to buying Tesla USD). If you fail to repay the loan, or if the value of one's collateral is lower compared to the amount you borrowed, you'll be liquidated. Similarly, pledged derivatives instruments allow verifiers to borrow money during their pledge operations. If there are many validators lending their rights at precisely the same time, the network will distribute your debt to everyone else centered on their possibility of default. And networks that must price the increased loss of security must pass estimates

To close out the total security capital of the network. among them

* S could be the quantity of funds used to safeguard the network; * p is really a vector of default probabilities (for example, the i-th element could be the default possibility of the i-th verifier); * X could be the pledged vector (for example, the i-th part of X could be the amount pledged by the i-th verifier); * Y could be the vector of borrowing (for example, the i-th part of Y could be the amount borrowed by the i-th verifier through equity derivatives); just as mortgage securities (MBS) represent the collective value of many loans, derivatives are pledged The pool is retained in one single combination after which tokenized. Aggregated price could be the most critical measure, it represents the price of network security! But if pledged derivatives are like mortgage bonds (MBS), aren't they terrible and terrible? Will we trigger the economic crisis again? Perhaps there exists a key big difference between "encrypted securitization" and MBS. First, let us have a step back and appear at the characteristics of securitization. The best function of securitization is always to aggregate assets and issue securities backed by its cash flow. In the MBS (Recognized Caricature) example below, the mortgage originator provides mortgages to consumers. The promoter then sells the loan to a unique purpose entity as a swap for cash. This entity funds the purchase by issuing bonds (such as MBS) to investors. These will represent the cash flow of potentially tens of thousands of unsecured loans, and the liquidity is going to be much larger compared to the loans that define them. In this manner, larger buyers should buy an individual current asset that matches their risk appetite instead of having to purchase tens of thousands of unsecured loans.

If we look at DeFi lending agreements like Aave and Compound, we shall locate a very similar structure. A group of heterogeneous loans are aggregated right into a smart contract. The agreement finances these loans by issuing bonds (such as cDAI), which are backed by the cash flow of the loans. In this sense, Compound and Aave aren't merely a loan agreement, but additionally a securitization agreement. The main element big difference is that the loan agreement can both generate loans and automate securitization. In contrast, in old-fashioned securitization, the relationship with the borrower is usually handled with a split entity in the originator. For PoS, this big difference is crucial because the agreement must automatically force the liquidation of overly indebted borrowers. DeFi protocols like Liquity plan to do the exact same.

The beautiful girl fighter RPG block chain game "CHOJO" that cooperated with the MCH+ project will undoubtedly be open for testing once again on the evening of June 23! This time, the trial encounter and newbie manual for the newly added rich content material game are prepared for everybody. Come and try the game with the editor (beautiful girls).

Sport demo & novice tutorial

* PC, iOS, and Android users can take part in this test before you have fun with. It is not convenient to drive the hyperlink. For detailed check/download deal with, please click the read first text by the end of this article and open up the original text to view the hyperlink here. After opening the webpage or installing the APP, there will be a pre-instruction, go through the screen until TAP TO START appears.

Click TAP TO START and the login interface will appear. After ticking to agree to the terms of provider and privacy policy, the key above is to sign in with a wallet accounts. Players who participated in the initial test go for this program. First-time users click the key below to register an account.

From the pop-up interface, click "Connect Wallet" to connect to the wallet and you will enter the game. (You can select Japanese or English in the bottom ideal, no Chinese translation currently)

* After entering the game, you need to set your nickname. Optimum 12 characters (can be changed)

After setting, click OK to enter the reading through screen (you can also see the Q version of the short story of beautiful girls when reading through).

After reading, it'll automatically enter the story degree of the novice tutorial. Friends who can't stand to watch the plot can click SKIP in the upper right corner to skip.

(It is worthy of mentioning that inside the plot it really is written that the heroine is their studies at the prestigious university named Jingdong. Although I understand this is a spoof of the title of the University of Tokyo, it really is inexplicably humorous after altering to Jingdong. Hahahaha, Jingdong pays)

After the plot, we found the novice tutorial of the combat system.

* You can find three fighters in both sides of the fight program, and each fighter can configure 3 forms of fighting skills. The blue bar may be the current fighter's HP value. When it returns to 0, it'll be unavailable when exiting the game.

When fighting, first select the fighting technique you want to use, and click OK to use the fighting technique. In each round, the two parties choose to use different fighting abilities to attack each other, until all 3 gamers in the opponent's team are KO, it really is considered a victory. Various fighting skills could have the effects of attack, personal gain, enemy weakening, etc. The quantity close to the title of the fighting technique may be the number of situations the fighting method can be used in each fight. The grey fighting skills within the last column are normal attacks and may be used unlimited times. Click on the switch key ? to swap additional fighters to have fun with. But please be aware that the fighter who appears in the switch round cannot assault.

Whenever you are attacked by the opponent with a fighting technique, the energy storage tank in the lower left corner increase by one. Once the accumulating tank gets to MAX, the ARAWARE button will appear. Click ARAWARE to use the character's particular skills. Each fight can only be used once.

* Although the majority of the features of the game haven't yet been opened, all fighters and fighting abilities are actually open. Players can elect to configure their own strongest fighting team to fight against other players.

* fighter Fighters are divided into three varieties: [fighting] [casting] and [finishing]. 【Strike】Hit (STR) value is more prominent. [Throw] The worthiness of Throw (THR) is more prominent. [Conclusion] The get (GRP) value is more prominent. The square below the fighter's head may be the rarity of the fighter, that is divided into 1-5. The higher the rarity, the higher the essential attributes.

* Fighting skills 1 fighter can be built with 3 fighting skills. Identical to Fighter, it really is divided into three varieties: 【Fighting】【Voting】【Conclusion】.

Fighting abilities have results such as for example causing damage, gaining attributes, and weakening the enemy.

* To form a team, each team will need 3 fighters, and each fighter can be built with 3 fighting skills.

Various fighters have various COST. You can find no guidelines and restrictions on COST in the check version. It really is speculated that following the player degree is opened later on, the lower the level, the lower the price setting which can be configured. Configure your team and you will take part in the battle.

* The PVG and PVP fight functions currently open up the plot problem and player fight system, and gamers can experience the content material of the initial 3 episodes. Free have fun with is open from 18:00-21:00 each day. The event will undoubtedly be open from 20:00-23:00 on the 26th to 28th.

* Test rewards, as long as you take part in the OBT VER.2 test, it is possible to receive limited uncommon fighting skills!

▼Wallet certification rewards As long as you bind your wallet, you can get the rare fighting skill "Wrist Frustration Cross Solid" ▼Ranked players fight "CHOJO TITLEMATCH β"! The initial 1-10 players will get the fighting skill "Epic" The initial 1-100 players can find the fighting skill "Rare" The initial 1-200 players will get the fighting skill "Meia Lua Preza (Rare)"