Comparative article: Bitcoin Circle Sun Zhengyi — Who invests $0.25 in Ethereum? (1)
Editor's note: This is an exclusive interview series about “Coin World Legends”. “Comparative” begins with his participation in Bitcoin mining and the birth of the Ethereum Chinese white paper, focusing on Guru's experience in the cryptocurrency field, reviewing the twists and turns that the Ethereum community has experienced, the pitfalls Guru has stepped on his way to starting a business, and sharing his layout and prospects in the cryptocurrency field. I hope everyone can enjoy business opportunities everywhere in the cryptocurrency industry.
Guru translates Ethereum into “Ethereum”
“The name Ethereum gives people the feeling that they are roaming in space,” Guru told “Bitu”. “The symbol of Ethereum is an element. The Chinese word for ether is ether, which is an organic compound. If translated directly into Chinese, it seems too dull. The word “square” plays a finishing role in the Chinese translation of “Ethereum.”
Gulu believes that the blockchain smart contract platform is like a city. The city has interlaced transportation networks, and there are also many communities that form a small ecosystem. They interact with each other and are well connected to form a large ecosystem with network effects. The design and infrastructure construction of this city is very important. Specifically, blockchain is its throughput (TPS). Only large throughput can accommodate more Dapps, and the interaction between Dapps can form a synergetic effect.
Gollum, real name is Lu Bin. The name Guru is inspired by “Lord of the Rings.” Gollum in “The Lord of the Rings” is relentless in her pursuit of the Lord of the Rings, even if it shatters to the bone. Gollum in the blockchain field has the same obsession with the pursuit of blockchain technology as Gollum in “Lord of the Rings.” Guru believes that the energy of blockchain has no less change and impact on the real world than the Demon Realm. What we have discovered now is only the tip of the iceberg of the energy that blockchain gives to the world...
(Picture source:Sohu Entertainment）
Gollum is a legend in the blockchain space. He has a lot of aura: Masayoshi Sun from the cryptocurrency community, translator of the Chinese version of the Ethereum and MakerDAO white papers, blockchain fund manager, blockchain columnist, founder of several blockchain projects, the most famous of which are “Binance” and “MYKEY.” Gulu is also the CEO of Shanghai Xindi Information Technology Co., Ltd., the founder of the Bitcoin Blockchain Research Club, the founder of the Blockchain Venture Capital Alliance, and the co-founder of Babbitt. Guru hasn't posted a column in a long time. Recently, his article “Guru Stepping on Lightning” instantly made headlines in leading blockchain media. Guru has an outstanding record in investment. He participated in Ethereum's ICO fundraising with a purchase price of about $0.25 back then. The fund he is in charge of has outperformed Bitcoin's rise in the same year in terms of return on investment.
After graduating from Zhejiang University in 2007, Gulu went to the US to study for a doctorate degree in mechanical engineering. As a science and technology guy, Guru is actually curious about the field of economics and finance. In his spare time, he teaches himself a lot of knowledge about this. Gollum is a Chartered Financial Analyst (CFA) level. This is a very difficult and high-value financial license. As we all know, Bitcoin is a new thing that is very difficult to grasp. A thorough understanding of Bitcoin requires strong economic, financial and technical knowledge. Some Xiaobai, like me, felt in the clouds after hearing the concept of Bitcoin; some experts in economics and finance were able to understand the subtlety of Bitcoin's design and understood that it was an attack on banks, but lacked execution to buy Bitcoin or participate in Bitcoin mining; others started Bitcoin mining a long time ago, but the hard drive that stores Bitcoin was actually thrown in the trash, becoming historical data describing Bitcoin.
In October 2010, Guru first met Bitcoin. Like most people, it takes time for him to understand and digest this new thing, like alien technology. In 2011/6, Guru began mining Bitcoin and has been following the latest trends in the Bitcoin and crypto industry in his spare time. As you can imagine, Guru has a very good understanding of Bitcoin's hard core technology and economic and financial knowledge, and has strong execution ability. Many people had tens of thousands of bitcoins in the early days; however, some exchanged these bitcoins for 2 Pizzas, some exchanged them for a pleasant trip, and others lost their Bitcoin due to speculative gains in the volatile market where it was like a roller coaster.
Since 2011, Guru has been working as a Bitcoin miner while insisting on spending an hour every day studying the latest information on the blockchain industry and grasping the pulse of the blockchain industry. According to Guru, blockchain applications represented by Bitcoin are a paradigm shift. Once you understand this, you won't hesitate or doubt when winter comes. Bitcoin's exponential rise in price over a decade is not an accident; it is a paradigm shift. It's no use running fast if you don't choose the right direction to invest. However, if the general macroeconomic situation is judged correctly, it is like sitting on the ground and traveling 80,000 miles a day. If you have stocked up on bitcoins for the past ten years, you can enjoy a quiet time.
Satoshi Nakamoto wrote the following sentence in the Bitcoin Genesis block:
The Times 03/Jan/2009 Chancellor on Brink of Second Bailout for Banks (On January 3, 2009, the Chancellor of the Exchequer was on the verge of implementing the second round of emergency bank aid.)
Many people, including God V, think that since blockchain can issue money and account, then Bitcoin's blockchain should also be used for other applications, so color coins came into being. Color coins are a concept built on top of the Bitcoin protocol layer. By carefully tracking the circumstances of some specific bitcoins (also known as tokens), they can be distinguished from other tokens, and are aimed at creating a series of new information for the bitcoins being traded. They have some special properties and have value unrelated to the face value of Bitcoin. Color coins can be used as alternative currencies, commodity certificates, smart property, and other financial instruments such as stocks and bonds. The goal of color coins is to establish a distributed asset management system on the underlying architecture of Bitcoin. However, because the Core team adheres to the characteristics of small blocks, some programmable languages were cut, causing color coins to gradually decline. People interested in developing in this area, such as God V, have started Ethereum research and development with like-minded people to establish their own portals.
(Image credit: ethereum.org)
At the end of 2013, the English version of Ethereum's white paper came out.
In 2013, Guru's keen sense of touch told him that information in the blockchain industry began to explode, and the blockchain industry entered a small explosion. At the beginning of 2014, when Guru saw the English version of Ethereum's white paper, his eyes lit up. As a result, he and Cancer spent a week dividing the white paper into the upper and lower parts, translating half of each, collaborating to translate the English version of Ethereum's white paper into Chinese, and named it “Ethereum.”
So why is the word “square” used? Guru said that because one of the “squares” in Chinese is a handicraft workshop that requires everyone to collaborate, the other explanation is that the city will be divided into several blocks, which are connected to each other. Therefore, the word “square” is synonymous with the essence of collaboration in interlinked blockchains and communities. Therefore, “Ethereum” means an intelligent blockchain network leading to the future, interlinked, and collaborating with each other.
When Guru first saw Ethereum, I was very shocked and excited, and thought it was a star project. Because Ethereum is a qualitative leap compared to Bitcoin and BitShares. So now everyone's consensus on Ethereum is Blockchain 2.0. Guru believes that Bitcoin is actually a calculator, and BitShares, one of BM's projects, undoubtedly has more functions. For example, it has an account system and stablecoins (bitUSD, bitCNY), but its functions cannot be expanded because the functions are all written at the bottom. This is very similar to previous Nokia phones. It also has a calculator, phone calls to play games, and listen to music, but it can't be expanded, and all the functions are written down to the underlying operating system. Rune Christensen, founder of the MakerDAO project, had the idea of collateral to generate stablecoins for a long time, but he had to work closely with the BitShares community to develop the project.
However, Ethereum's underlying operating system and upper application are separate, just like iOS and Android. Programmers can develop different Dapps on it, just like Apple's App Store, which will form a very large ecosystem. As a result, MakerDAO founder Rune Christensen was finally able to independently create her own project on Ethereum. As a result, Guru also became a translator of the Chinese version of the MakerDAO white paper and participated deeply in this project.
According to Guru, the smart contract platform on Ethereum is more like a city. The city has interlaced transportation networks, and there are also many communities that form a small ecosystem. They interact with each other and are well connected to form a large ecosystem with network effects. The design and infrastructure construction of this city is very important. Specifically, Ethereum is its throughput (TPS). Only large throughput can accommodate more Dapps, and the interaction between Dapps can form a synergetic effect.
Author: More than Twitter writer Claire Wu. This article is a comparison of the original work. Reprinting requires authorization and consent, and violators must be investigated.
