The past 18 months have been the extreme era of blockchain. The acceleration of mainstream reports and pure capital inflows have transformed blockchains and cryptocurrencies from obscure obscure littlemen to superstars. Indeed, despite the surprising surge in the number of ICOs with problematic governance, crowdfunding companies continue to increase their use of vouchers on the Ethereum blockchain, raising more than $11.69 billion in the first half of 2018.
In some ways, blockchain and encrypted assets are a perfect storm: the early basic technologies have unknowingly become tools for unregulated retail speculation. However, in the past six months, the total market value of encrypted assets has fallen by nearly 80%, washed away most of the undeliverable token projects, quelled investment hype, and gave real technicians some breathing space.
Let us think about a common theme we encountered in the Indian market: "We support blockchain, not cryptocurrency". Whether it is a regulatory agency, an industrial group or an existing technology company, many companies are keen to accept "blockchain", but their attitudes towards cryptocurrency are noncommittal. In particular, governments of various countries are shocked by the pseudonymous nature of cryptocurrencies and the nature of their resistance to censorship, and are eager to monitor and control the inflow and outflow of foreign exchange. Therefore, while condemning "cryptocurrency", they also painstakingly adopt blockchain. We want to explain why we need to carefully evaluate this idea, how to fundamentally ignore a key feature and value proposition of the blockchain itself, and how to address the government's concerns in the world of blockchain and encrypted assets.
Crypto assets, not cryptocurrencies
In this article, we will use the terms "crypto assets" and "cryptocurrencies" carefully. Only a limited portion of all encrypted value units can be classified as monetary assets (such as Bitcoin, Monero, Litecoin), that is, they are designed and used as a medium of exchange, value storage, and unit of account, very similar to traditional currencies. However, with the emergence of Ethereum and general blockchains, there are now many other encrypted assets designed for non-monetary purposes, including but not limited to tokens that represent access and participation in decentralized applications/ecosystems, and tokens are used as the basis for obtaining The right to represent asset cash flow dividends, the token as the right to vote on the update of the blockchain protocol, and so on. In fact, treating all native value units on the blockchain network as "cryptocurrency" is dangerous and misleading. Therefore, we return to "encrypted assets".
Blockchains are powerful because they are more than just databases
In order to understand why this view of "blockchain without cryptocurrency" may be an oversimplification of basic technology at best, and a complete misunderstanding of it at worst, one must understand blockchain and crypto assets. Technology sources. Bitcoin is the first large-scale implementation of blockchain technology, but Bitcoin itself has also borrowed many previous technologies. These precursors include: David Chaum's E-Cash (private and untraceable electronic cash enabled by encrypted blind signatures), Adam Beck's Hash Cash (cryptographic "proof of work", as a means of preventing spam and denial of service attacks One method), Wei Dai's B-Money (recommendation of using Hash Cash's POW to implement distributed electronic cash), and numerous theoretical results, formed a distributed consensus and database. The key goal and unresolved problem is: how to create an anonymous electronic cash system that is immediately "decentralized" (that is, the "ledger" of transactions and account balances is not guaranteed or stored by any central server), and at the same time Prevent double spending attacks (users cannot use the same funds twice in the entire distributed network)?
Bitcoin is powerful because it solves a long-standing distributed consensus problem in practice (although it is not in theory): How can a bunch of anonymous, unrelated and distributed computers reach consensus on a period of transaction history? Although Bitcoin has many other components, for us, the two most important parts are: the database layer and the incentive layer.
Bitcoin's database layer is a "blockchain": transactions are stored in batches in "blocks" with timestamps, and these blocks are "linked" together by a hash function. "Blockchain" makes the Bitcoin ledger indestructible and anti-fraud. If a computer tries to change transactions on its own ledger, its blockchain will not be able to match any distributed peers. In this sense, blockchain is an interesting distributed database, although it is by no means the only database. In addition, due to its highly replicated nature (all nodes/computers in the blockchain network must download the entire history of the ledger), compared with other distributed databases, the blockchain is very computationally intensive and efficient. Low.
Bitcoin is so powerful because it combines a "blockchain" distributed database with a well-designed incentive system. For example, nodes that use computing power (that is, spending money on hardware and electricity) for adding blocks, verifying transactions, and storing the complete blockchain are rewarded in BTC, which is a local unit of value on the Bitcoin blockchain . BTC has exchange value: you can use BTC to buy goods, transfer to other accounts, or convert into other currencies, such as rupee or U.S. dollars. Only BTC rewards the "real" chain, the Bitcoin blockchain with the longest history and more than 51% of the nodes consistent with its history can be exchanged for exchange value.
The Bitcoin network uses BTC and a well-designed incentive system for participating nodes to guide the network, which greatly improves the actual security of the Bitcoin network as a decentralized network: Given a large group of self-interested miners, one or several malicious miners will find a lot of It is difficult to convince most miners to publish false transaction history. This is because if there is no consensus of the majority, the rewards announced on the "fake chain" will be worthless. Therefore, the miners who colluded with a few malicious actors are only consuming capital without getting any return, which is economically unreasonable. Even in extreme cases, if a malicious miner succeeds in compromising the Bitcoin network, it will destroy its own economic returns, because if the Bitcoin network itself is compromised, the price of Bitcoin may fall sharply (like issuing When Bitcoin's central bank is proved to be corrupt, problematic or in trouble, the currencies of various countries will be devalued by the global market.) All the rewards of malicious miners from the Bitcoin network will be irreversibly destroyed. In fact, Bitcoin's design utilizes rational and economic self-interested assumptions to coordinate to ensure the integrity and consensus of its distributed ledger.
This is a huge over-simplification, and we recommend that any interested readers consult the original Bitcoin white paper and Princeton University’s in-depth course on Bitcoin design. However, the point is that Bitcoin's genius lies in combining a unique database with real-world economic incentives. A blockchain without any original value storage essentially saves the database without economic incentives. As shown above, economic incentives actually play a huge role in the unique value proposition of the decentralized blockchain network.
The danger of ignoring the role of economic incentives in the blockchain
The blockchain without cryptocurrency is just a distributed database, not necessarily the optimal database. The combination of cryptography, distributed systems, and economic incentives is the true intersection of a powerful blockchain network: it is this intersection that heralds the greatest innovation in the future. A public blockchain with a local store of value (encrypted assets) can redesign the future of application development, organization design, and governance.
With the advent of the universal blockchain network, blockchain use cases have expanded to the past money/value transfer, and we have seen a large number of awesome technicians challenging the limitations of Bitcoin's original design. In the cryptography layer, database layer and economic incentive layer, many interesting models are emerging, trying to create a stronger and more general blockchain network. In future articles, we will explore some of these new trends.
For those entities that should be worried about the dangers of unregulated crypto assets, we recommend careful classification of various crypto assets (utilities, securities, currencies/commodities, governance/voting), and active supervision of exchanges, trading It is a centralized conversion point between encrypted assets and other assets. Once these entities are regulated, and once the government is aware of the various identification, analysis, and tracking methods available to public blockchain networks, they may not be so eager to separate "blockchain" from "encrypted assets" in one fell swoop.
"Blockchain without encrypted currency" or "blockchain without encrypted assets" is a position that we can understand but have strong reservations. The importance of building an incentive mechanism in the blockchain network is the core of the technology itself. Such incentives usually require native value units, mainly at the basic protocol layer. We must be careful not to target the "blockchain without cryptocurrency" and to misunderstand, ignore or hinder the true development of this basic technology.
We believe that such an era is the best for education and real technological development. The purpose of this series is to study the actual technological development in the blockchain space starting from general education. Our goal is to resolve some common misunderstandings about blockchain and start a real conversation about blockchain: its history, its current development, and its future potential.
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