The currency circle believes that virtual currency is a value-added asset, and Buffett believes that blockchain technology is real. The ICO market has experienced multiple roller coasters back and forth, mainly because of policy changes in governments. This article focuses on blockchain and digital currency from a technical and academic perspective.
Tian Hongfei touched the net in 1996, programmer; MIT Finance in 2002; Oracle made security in 2005; contact chain and currency circle in 2012;
No topic has been like digital currency, so that the opinions of governments and mainstream financial circles have such a large confrontational difference.
Buffett said, "You can't determine the price of Bitcoin, because this asset can't create value... From this perspective, it's a bubble."
JPMorgan CEO Jamie Dimon said, "If you are stupid enough to invest in Bitcoin, you will pay a price one day." But soon he changed his mind and said: "The blockchain technology is real."
Through these contradictory discourses, it can be observed that although the user base of digital currency is only 20 million, the transaction volume is only one in 100,000 of the volume of foreign exchange transactions. However, the impact of digital currency on society has surpassed everyone's ability to judge.
People are not much. Digital currency was born in the code farming circle and chain circle, and grew up in the currency circle (2012). In 2017, it deeply influenced the Internet circle and the VC circle, and was doing things to subvert the financial circle.
People from different backgrounds gather on a topic, and the resulting views and controversies inevitably represent different academic backgrounds, interest groups, and inherent biases:
The code farming circle and the chain circle respect the supremacy of technology, the spirit of freedom and geek, they found a spiritual home in the Austrian school;
The currency circle believes that virtual currency is a value-added asset;The financial circle believes that digital currency without a credit endorsement is a scam. The deflationary currency model that cannot be issued will certainly not succeed;
Some VC circles believe that blockchain is the next generation Internet technology, All in blockchain. Another part of the VC circle believes that the vast majority of digital currencies are fraudsters;
In the past six months, the ICO market at home and abroad has experienced multiple roller coasters. The main cause of the rise and fall of the market is the policy changes of governments. It was thought that cutting the legal and digital currency payment channels would eliminate digital currency, but did not expect that in the world of complete digital currency, the scale of digital currency transactions will grow more rapidly.
Since the formulation of policies represents the game of interest groups in most cases, this paper mainly discusses blockchain and digital currency from a technical and academic perspective:
For a long time, the most popular words in the digital currency circle are bitcoin and blockchain, which represent the currency circle and chain. Let us first review the history:
In 2013 and 2014, Bitcoin was hit by multiple governments, forcing startups and related technology practitioners to debitcoin the blockchain. Many Bitcoin companies have changed their name to blockchain companies.
Since then, some companies and organizations have changed their minds and focused on the underlying technology of Bitcoin, blockchain technology. They compared the blockchain technology to a new type of database, designed the private chain and the alliance chain, and gradually formed a chain, representing the company mainly IBM, R3, Hyperledger. The remaining groups that believe in Bitcoin have formed a currency circle.
Before 2017, there was only a chain and a currency circle in the Bitcoin world. The chain circle is like the smugglers of the gangs, high-end talents, only technical theory, contempt for the speculation and monopoly of the currency circle; while the people of the currency contempt for the poverty of the chain.
However, at the end of 2015, the launch of Ethereum laid the groundwork for the integration of the two circles. Because it was a little effort to release your own Token through Ethereum. Previously, issuing your own token on the Bitcoin blockchain required deep procedural knowledge.
To put it in a metaphor, if it is necessary to be familiar with assembly language when issuing Tokens in the Bitcoin blockchain, then issuing Tokens in Ethereum is as simple as clicking a mouse with a Windows system.
The reduction in the issuance threshold has caused ICO's prosperity since 2017. Chain companies that endured years of poverty have issued their own tokens, which has led to the integration of the chain and the currency circle, and has caused the entry of the Internet circle, the VC circle and the mainstream financial circle.
There are too many scammers and too much bubble. At present, the ICO Token is spammed and is regarded by many as a beast. But for many years, the author himself has been thinking about a question, is that blockchain technology can be logically self-consistent if it is out of Bitcoin?
It should be noted that although Nakamoto's papers have created bitcoin and blockchain at the same time, the concept of digital currency and block is in the academic field. As early as the 1980s, Stuart Harber and Wei Dai and other scholars invented it. The main inventive contribution of Bitcoin is the integration of a consensus mechanism for PoW workload proofing and timestamp blocks.
In human society, the consensus mechanism of human beings lies in the fact that the total amount of gold on the earth is certain, and gold is very difficult to forge. The combination of human nature's selfishness and comparative economic theory has created the development of human division of labor and market economy. Money and market economy are the greatest inventions of mankind.
In the digital currency world, if multiple stakeholders lacking mutual trust need to work together and reach a consensus, they must have a certain consensus mechanism, and the consensus mechanism must be generated by the internal network rather than the external independent authorization.
It is conceivable that in the digital world, the simplest example of coordinating the division of labor among multiple subjects is to learn the market economy of the human society, use money to coordinate interests, and promote division of labor. Without the digital world of Token, just like a market economy without money, division of labor will become impossible. Just as the development of the chain has formed a private chain and a coalition chain since 2014, the use of the blockchain has been greatly limited.
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