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The era of parallel execution is here, at a glance at the MEV landscape on Monad

This article explores the possibility of building a powerful miner extractable value auction infrastructure (MEVA) on Monad. Written by APRIORI ⌘Compilation: Shenchao TechFlow explains that in the process of improving blockchain performance to achieve large-scale applications, Monad effectively optimizes the Ethereum Virtual Machine (EVM) model through a series of low-level optimization measures, such as asynchronous I/O, optimized Patricia Trie, deferred execution, and optimistic concurrency control. These improvements address execution bottlenecks and inefficient state access issues on platforms such as Ethereum without sacrificing decentralization. This article explores the possibility of building a powerful miner extractable value auction infrastructure (MEVA) on Monad, and draws on the valuable experience of Flashbots on Ethereum and the Jito Network on Solana. We want to highlight a few key points: MEV is an inherent characteristic of any blockchain network. A strong MEVA infrastructure is critical to avoid negative externalities and inconsistent incentives in block production. The design of MEVA is closely related to the underlying mechanisms of blockchain, particularly the consensus execution phase. Future improvements will depend on the evolution of these factors and how the network performs under different pressures. Historical trends in block production on Ethereum and Solana can inform MEVA design on Monad. On a high-performance, delayed-execution blockchain like Monad, MEVA may require probabilistic block construction and search strategies similar to high-frequency transactions to cope with time limitations. By exploring these questions, we wanted to provide insight into designing MEVA infrastructure adapted to Monad's unique architecture and performance requirements. MEVA background in Ethereum MEVA under the Ethereum consensus implementation stage In Ethereum, consensus needs to be executed first. When nodes agree to a block, they agree not only on the list of transactions in the block, but also on the Merkle root summarized after the block is executed. Therefore, proponents must execute all transactions in the block before spreading the proposal. At the same time, validators also need to execute these transactions before voting. Figure 1: Builder Workflow for Proposer-Builder Separation (PBS) in MEV-Boost Figure 1 shows a typical builder workflow for Proposer-Builder Separation (PBS) in MEV-Boost. After the builder completes the block construction, it submits it to the repeater, and the repeater then forwards the block to the execution layer (EL) client for simulation and validity checks. Since execution is a prerequisite for consensus, when the builder constructs a block, it is necessary to forward the block to the execution layer (EL) client and simulate the block to check its validity. In addition to being necessary in the consensus-execution phase, the simulation phase also provides benefits to builders and searchers. From the builder's perspective: By simulating every transaction, the builder can accurately estimate the value of the block to itself and the validators. They can also try reordering transactions to minimize rollbacks and maximize gas fees or basic tips drawn from memory pools and bundled transactions. Accurate estimates enable them to pay more for validators. From a searcher's perspective: Since the builder filters out bundled transactions that may roll back before the transaction goes live, the searcher can ensure the execution of the strategy, increasing certainty. Additionally, searchers can access the latest block status. As the consensus layer (CL) propagates a new block, the searcher can use that block's state as a starting point for constructing profitable bundled transactions. At the same time, there are signs that builders now provide more transactions or features outside of the protocol, enabling searchers to obtain information on the status of blocks to be built in order to add runback strategies to blocks that are about to go live on the chain. However, the development of PBS has led to an increase in the centralization of block construction, similar to traditional transactions where companies compete for dedicated microwave network channels to prioritize arbitrage strategies. As the network matures, the product is iterating. We are now discussing how MEVA evolved as Ethereum evolved, as shown in Figure 2. Figure 2: A chronological view of MEVA's evolution with the Ethereum network Prioritize the Gas Auction (PGA) era. As shown in Figure 3, searchers identified lucrative MEV opportunities and submitted smart contract transactions to public memory pools. This public visibility has led to open bidding and one-price auctions on the chain...

780d agody zhang#2023 market #Monad #SOL #Ethereum #Execution layer

Binance Research Report: Top Ten Stories of the Return of the Bull Market

Author: Shivam Sharma Original Article Source: Binance Research Original Article Title: Are We Considering a Bull Market? Compiled by Top 10 Narratives to Follow: Director Neko's full article is divided into 4 parts: main points, foreword, top 10 narratives, and conclusion. Among them, the top ten stories are: return of stablecoin supply, rise in NFT trading volume, rise in project fee revenue, return of DeFi, Bitcoin, other L1, SocialFi, RWAS, ZK, and global central bank interest rates. 1. Key points The total market value of crypto increased by more than 110% compared to the beginning of the year, an increase of more than 870 billion US dollars. The market has risen 55% (approximately $596 billion) since the fourth quarter. Stablecoin supply has returned, and the quarterly net supply of the top five stablecoins has been corrected for the first time since the first quarter of 2022. NFT trading volume broke an 8-month downward trend and surged nearly 200% month-on-month in November. Bitcoin became the most popular chain, with over $375 million in NFT transactions on Bitcoin, and even surpassing Ethereum NFTs ($348 million). The fees for the top 20 crypto projects rose in November, about 84% higher than in October; more than 100% higher than in September. DeFi TVL also showed growth, with DeFi's share of market capitalization rising 18% month-on-month. Bitcoin has had an epic year, including the advent of Ordinals and BRC-20, and revived interest in November. The news of the spot Bitcoin ETF is exciting, the market is expected to approve it in January, and the Bitcoin halving in April is another important point to watch. Some other L1 blockchains have recently outperformed Ethereum, with Solana and Toncoin being particularly prominent. New agreements, such as friend.tech, have also sprung up in the SocialFi space, and platforms such as Farcaster, Lens, and Binance Square have also been updated. The importance of RWA is growing, and currently accounts for more than 49% of MakerDAO's balance sheet assets. Chainlink also hopes to bring the relationship between TradFi, RWA, and cryptocurrencies closer through its new CCIP solution. ZK technology is in its infancy, and various ZK-rollups have recently been introduced, and research and discussion on ZK coprocessors has been added. US interest rates are at their highest level in 22 years, and the market expects to cut interest rates next year. China has already begun to cut interest rates, and falling inflation in Europe has prompted investors to start cutting interest rates expected by the ECB. 2. Foreword After experiencing the climax in 2021, the cryptocurrency market has largely been a construction-centered market for the past few years. As the craze for celebrity endorsements of NFTs, $69,000 in Bitcoin, Dogecoin on SNL, and other narratives subsided, some left the industry while others redoubled their efforts to stick to their vision. In recent weeks, we have seen an increase in market excitement, and some bear market construction results have begun to show, reflected in crypto activities and asset prices. Although it is still too early to assert that we have returned to the bull market, things are definitely much better than they have been in a while. That's why we've prepared this report to provide our readers with some key stories and metrics to follow over the next few months. Figure 1: The total cryptocurrency market capitalization has increased by about 110% from the beginning of the year to date, increasing by more than $870 billion. The market has risen 55% (about $596 billion) since the fourth quarter 3. 10 key stories worth watching 1. The return of stablecoin supply to stablecoin supply is an indicator that measures the amount of capital that can be used to invest in crypto assets at any given point in time. Recent data shows that the quarterly net change in the supply of the top five stablecoins (by market capitalization) turned positive for the first time since the first quarter of 2022. Figure 2: Net quarterly changes in the supply of the top five stablecoins turned positive for the first time since the first quarter of 2022. Given that the increase in stablecoin supply is a measure of cryptocurrency capital inflows and an indicator of potential buying pressure, the recent move can be seen as a positive sign. It's worth keeping a close eye on how this indicator develops over the next few months and whether it's a temporary change or represents a more sustained rise...

987d agody zhang#BRC-20 #DeFi #friend.tech #NFTs #SocialFi #Solana #Uniswap #Ethereum #Binance #Bitcoin

Has Bitcoin been doubly spent?

Bitcoin on the 7th had a temporary fork of 2 blocks at height 788686. The competition took place between Foundry USA and AntPool mining pools. According to ForkMonitor's monitoring [1], Foundry USA reported forked blocks after AntPool. When discussing Bitcoin block generation issues, we should pay special attention to the concept of “time.” For example, in the above statement, the so-called “after” is a concept of time. According to Foundry USA's report after AntPool, it's just the order in which ForkMonitor received block data from both of them. Blocks from Foundry USA were received at 20:47:33, and blocks from AntPool were received at 20:45:24. But that doesn't mean that nodes in other parts of the world first receive data from AntPool and then from Foundry USA. This may be affected by many factors in the Internet connection environment. Therefore, we cannot decide whose block to use based on the order in which block data is received. Because, there is no consensus on this “order”. Some saw Foundry USA first; others saw AntPool first. So what to do? Some readers might say, let's take a look at the block timestamps recorded in their respective reported blocks? Let's take a look. Something interesting has come up. Although Foundry USA later reported blocks, the block timestamps it reported were earlier than AntPool's. Foundry USA's block timestamp is 20:45:10, while AntPool's is 20:45:13. Even our active language to describe this matter distorts objective facts, because the expression “the block Foundry USA reports” (the block Foundry USA reports) suggests what Foundry USA intended, and this level of meaning is subjective, not an objective fact. Thinking inevitably involves using language, and language, in turn, makes thinking misunderstood. Being able to always accurately distinguish between subjective opinions and objective facts is very important, and sometimes difficult. Here, the passive expression might be more accurate, that is, “the block received from Foundry USA” (the block received from Foundry USA). OK, the block timestamp from Foundry USA was 3 seconds earlier than AntPool's, but it arrived more than 2 minutes late! So can we decide whose block to use based on the morning and evening of the block timestamps they each report? Obviously it can't either. Because the block timestamp can be arbitrarily set by the mining pool that generated the block within the scope agreed upon in the code, it is not entirely reliable. It's not a consensus either. We don't mean that anyone is deliberately tampering with the timestamp; we're just saying it's easy to do. For example, Foundry USA created a block at 20:47:00, but the block timestamp was written at 20:45:10. This is something that can be done, and no one can stop it. Therefore, we can't trust the block timestamp recorded by the miner that created the block. Satoshi Nakamoto told us that in the case of decentralization, the only thing we can trust is proof-of-work (Proof-of-Work) calculated by investing computing power. This is the maximum proof-of-work chain consensus principle used by Bitcoin, or the longest chain principle for short. In the case above, in the end, the AntPool fork defeated the Foundry USA fork, received support from the entire network's computing power, quickly surpassed the length of the Foundry USA fork, and eliminated the 2 blocks produced by the latter. Figure: Fork Of course, transactions that are packaged in these two blocks by Foundry USA and are not included in the AntPool fork will be returned to the transaction pool to be packaged and wait for packaging again. Just wait a little longer, and miners will always package it into the blockchain. There were no issues with the whole process, and it's perfectly in line with how Bitcoin works. The only problem is that they may not understand this working principle and mistakenly refer to transactions appearing in two temporary forks as “double flowers” (double expenses, double expenses). This is really a misunderstanding of this concept. The real “double flower” is when the payer issues two transactions and costs the same Bitcoin (same...

1197d ago刘教链#forked #Liu Jiaolian #Double flowers #Bitcoin #mining pool #essays

Jimmy Song: Bitcoin doesn't need NFTs, DeFi, bigger blocks

Compared to Twitter, Bitcoin developer Jimmy Song said on social media that Bitcoin doesn't need NFTs, DeFi, larger blocks, Turing's complete smart contracts, sidechains, or changes in miner subsidies. Bitcoin works great without these things, and anyone who tells you otherwise would do well to come up with proof that they are necessary.

1340d agoLuxurytracy#DeFi #Jimmy Song #NFTs

A complete explanation of blockchain scaling solutions that you can understand at first glance

Author Chasey | Buidler DAO Researcher - WeChat: Chasey1021*This article is for personal analysis only and does not constitute any investment opinion. If incorrect content appears, everyone is welcome to point out that every blockchain faces an impossible triangle composed of decentralization, security, and scalability. Among them, decentralization is the biggest advantage of blockchain technology and requires priority protection; if we want to establish a long-term, sustainable ecosystem, security is also an element that must be achieved to the extreme. This has led to the current situation where the scalability of public chains is generally poor. Source: Looking at it this way is my own drawing on how to improve blockchain throughput = scaling on the premise of balancing decentralization and security. It is a problem that needs to be solved urgently. In recent years, ETH 2.0, as Ethereum's expansion vision, has received much attention and anticipation around the world, even after many ticket hops. It can also be seen from this that capacity expansion has become a group demand for public chain users, and throughput is also one of the essential indicators when analyzing and valuing a blockchain. The purpose of this article is to provide an overall picture of the current blockchain expansion plan to help readers understand the basic concept of the expansion plan more clearly. Full text 8,000 words, estimated reading time 20 minutes Article overview: 01/ Why do you need to expand 02/ Classification of scaling solutions 02/01/ On-chain scaling 02/01/01 consensus layer = BFT; Satoshi Nakamoto; hybrid 02/01/02 data layer = expansion; data reduction; DAG 02/01/03 Network Layer = Fragment 02/02/ Off-chain Expansion 02/02/01 State Channel 02/02/02 Off-chain Computing 02 /02/03 Backlinks 03/ Summary and Future Prospects 04/ References Why Expansion Is Needed Before we begin discussing specific expansion plans, let's first sort out the role and necessity of expansion. The nodes on the blockchain are divided into full nodes and light nodes. In order to ensure the integrity and security of transaction data, all nodes need to store transaction data for the entire blockchain; light nodes only need to store block headers and verify transactions by requesting the corresponding body from all nodes. The higher the number of nodes, the more decentralized the chain is, and the more work it needs to handle to reach consensus, the greater the negative impact on throughput. In addition, as shown in the figure, the maximum block size of Bitcoin is 1 MB, while Ethereum has set a gas limit (to prevent DDoS attacks), so the upper limit of the block size is limited to about 130 KB. Source: Blockchair Due to the limited block size, miners are unable to package all transactions in the same block, so they prefer to rank transactions according to the amount of expected return (Gas Price) and selectively package them according to price from highest to lowest to ensure the highest return. This causes transactions with lower gas prices to be delayed too long. As shown in the chart below, there are approximately 170,000 transactions waiting to be verified every minute on Ethereum. Source: Etherscan Currently, Bitcoin's throughput is as low as 7 TPS (transaction-per-second), while Ethereum's throughput is limited to 15 to 20 TPS. To make it easier to understand, let's compare this with the throughput of traditional online transaction methods: PayPal's transaction processing speed is around 200 TPS, while VISA is about 1,700 TPS, which is quite a big difference. Additionally, increasing transaction data is putting pressure on the storage capacity required to maintain the blockchain. Currently, Bitcoin's storage capacity has exceeded 400GB, yoy 17.4%; while Ethereum is nearly 900GB, with an average growth rate of 64.30%. Source: Blockchair as shown in the picture, posted every day...

1471d agoBuidler DAO#Buidler DAO #Etherscan #blockchain #Extend capacity #Bitcoin

Will there also be MEV in eth2? How will validators' earnings be impacted?

Since the transaction sequencing process in Ethereum 2.0 will be the same as the current PoW Ethereum, we have reason to believe that MEV opportunities will still exist in Ethereum 2.0. Ethereum will soon transition from PoW to a PoS consensus protocol. The developers have been working to achieve this transformation for several years, and it is being carried out in multiple steps. The first step was to launch the beacon chain in December 2020. Currently, the beacon chain is online. At the time of writing, there were more than 160,000 validators (validators) on the beacon chain, which is equivalent to staking about 5 million ETH. The second step, the “big merger,” is likely to happen in early 2022. Although there are many details that need to be addressed beyond this step, enough details have already been resolved about PoS Ethereum (eth2) to allow us to infer what the maximum extractable value (MEV, or Maximal Extractable Value, formerly known as “miner extractable value”) is in eth2. In this article, we'll look at transaction ranking in eth2 and analyze validator revenue growth due to MEV value extraction. We've found that MEV will significantly increase the rewards that validators receive, but it may also increase (revenue) inequality among eth2 participants. We'll also discuss qualitative aspects of MEV in eth2, such as potential dynamics between exchanges and biggest stakeholders such as validator pools (i.e. staking pools). This article was co-authored by Alex Obadia and Taarush Vemulapalli. For the full analysis document, see: https://github.com/flashbots/eth2-research. eth2 Overview Currently, Ethereum's consensus is achieved by miners running mining hardware, which is optimized to better solve PoW challenges. The shift from PoW consensus to PoS consensus means that the Ethereum network will be protected by validators (not miners), and each validator node will need to stake 32 ETH in security deposit and vote to reach consensus on the state of the beacon chain. Validators have a financial incentive to do so, that is, validators' good behavior will be rewarded, while offline or malicious behavior will be punished (penalized). Currently, the beacon chain runs in parallel with the eth1 chain, and the beacon chain has been running successfully since December 2020. The “big merger” will merge the beacon chain with the current eth1 chain. In this article, we'll use “eth1” to indicate the Ethereum execution engine containing blocks and transactions; use “beacon chain” to represent eth2's new underlying PoS consensus mechanism; and use “eth2” to indicate the Ethereum authoritative chain after the merger. This chain includes the eth1 execution engine and the beacon chain used to achieve consensus. eth2 reached consensus in 6.4 minute increments (called an epoch). Each epoch contains 32 slots, each slot lasts 12 seconds, and each slot represents an opportunity for a block to be added to the beacon chain. Under normal operation, each slot will generate one block, but reasons such as when the validator is offline may cause some slots to generate 0 blocks. For each epoch, all validators are pseudo-randomly assigned to propose blocks (proposed blocks) or attest to blocks (attest to blocks) proposed by other validators. The validator of the proposed block is called the “proponent”, and the validator that certifies the block is called the “prover”. There will only be 1 proponent and multiple attestors during each slot, and these provers will be responsible for proving all information in the block, including data from eth1 and data from the beacon chain. Proofers receive rewards by correctly voting on the current values (current values) of the “three aspects” of the beacon chain. These three aspects are: the chain head (that is, the top block) of the blockchain, the proven checkpoint, and the finalized checkpoint. Note: The last slot in each epoch is called a checkpoint (checkpoint). When two consecutive epochs are proven (proven), then...

1895d agody zhang#Coinbase #Kraken #Lido #Metapool #MEV #RocketPool #Ethereum #Ethereum 2.0 #beacon chain #Binance

An in-depth analysis of Star Public Chain NEAR sharding design

How does NEAR's sharding solution address state validity and data availability issues? Original title: “Night Shadow: Shard Design in the NEAR Protocol” Written by Alex and Yilong. As the most widely used general blockchain so far, the main network can only process less than 20 transactions per second. After the popularity of the Ethereum network, this limitation led to high Ethereum gas prices (gas is the cost of executing transactions on the Ethereum network) and excessive confirmation times. Although at the time of writing, Ethereum can produce a new block every 10 to 20 seconds on average, according to data from the ETHgas monitoring station, it actually takes 1.2 minutes for a transaction to be added to the chain. Low production capacity, high fees, and long delays all make Ethereum unsuitable for running large-scale on-chain services. The main reason for Ethereum's low productivity is that every node has to process every transaction on the entire network. The developers proposed a number of solutions to try to solve this problem at the protocol level. These solutions are mainly divided into two categories: one is to hand over all the computational work to a limited number of powerful nodes; the other type allows each node in the network to do only part of all the computational work. An example of the former solution is Solana, where each node in the system supports hundreds of thousands of simple payment transactions per second through meticulous low-level optimization and the use of GPUs. Algorand, SpaceMesh, and Thunder all fall into this category; they surpassed Ethereum's TPS by improving consensus and the block structure itself. Although they have some effect, they are still limited by the processing power of a single machine. The latter solution divides the work among all participating nodes. This method is called sharding. This is also the current expansion plan that the Ethereum Foundation intends to expand. At the time of writing this article, Ethereum's sharding specifications had not yet been finalized. Click to view the latest specifications. The NEAR protocol is built on sharding. The members of the NEAR team include a number of world-class computer competition winners; several former MemSQL engineers responsible for building shards, cross-shard transactions, and distributed JOINs; and 9 former Google and Facebook employees with extensive industry experience in building distributed systems. This article focuses on common approaches to blockchain sharding and the main issues that need to be addressed, including state validity and data availability issues. The paper also proposed the NEAR Protocol's innovative night shadow scheme. The basics of sharding Let's start with the easiest sharding method. For example, instead of running one chain, we run multiple chains, each called a “shard.” Each shard has its own set of validation nodes. In the following, whether it's the mining method in POW or the voting mechanism, we will use the native term “verification node” to refer to those involved in transaction verification and block production. At the same time, let's first assume that the shards don't communicate with each other. This design, while simple, is sufficient to summarize some of the major challenges faced by early sharding. Verify node partitioning and beacon chains assuming a system contains 10 shards. The first problem is that since each shard has its own independent verification node, the security of each shard is now only one-tenth of the original entire chain. If a non-sharded chain with X bits decides to hard fork into a single shard chain, X bit validators will be distributed across 10 shards, and each shard will now have only X/10 bit verifier nodes. Attacking a shard only requires buying up 5.1% (51%/10) of the validator nodes (see Figure 1). Figure 1: Validation Nodes After Splitting Between Shards This brings up a second question: Who is responsible for selecting Validation Nodes for each shard? If 5.1% of the validators are breached, there is only a threat if these validators happen to be in the same shard...

2201d agody zhang#Algorand #Polkadot #Ethereum #Ethereum 2.0 #Public chain

Blockchain: Say goodbye to impetuousness and deeply cultivate applications

“Food traceability, electronic invoicing, logistics tracking, cross-border payments...” In 2019, blockchain's hard-core strengths such as decentralization, traceability, and tamper-proof were gradually exploited. It is no longer synonymous with Bitcoin, but is becoming a “powerful tool” that empowers thousands of industries. Entering 2020, driven by policies, blockchain technology will continue to be optimized and integrated with various technologies such as artificial intelligence and big data as leading technology companies enter the market. At the same time, unified technical standards and perfect governance mechanisms will promote blockchain to create richer applications and achieve healthy and sustainable development. Policies drive “olive branches” everywhere. Currently, countries such as China, the United States, Japan, and South Korea are vigorously promoting blockchain development and are introducing blockchain support policies one after another to guide blockchain to serve the real economy and enhance government governance capabilities. With policy support, local governments will also throw out “olive branches” this year to provide financial support for leading enterprises, industrial parks, talents, etc., to push blockchain development to the next level. In December 2016, blockchain technology was incorporated into the “13th Five-Year Plan” National Informatization Plan and came to prominence. Over the next few years, government departments continued to introduce various policies for blockchain development, providing policy guidelines for blockchain development and promoting blockchain technology to truly empower all walks of life. On October 24, 2019, while presiding over the 18th collective study of the Political Bureau of the CPC Central Committee on the development status and trends of blockchain technology, General Secretary Xi Jinping emphasized the need to use blockchain as an important breakthrough for independent innovation of core technologies, clarify the main direction of attack, increase investment, focus on overcoming a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation. This conference once again injected a dose of strength into blockchain development. Subsequently, various provinces and cities, led by Beijing, Shanghai, and Sui, introduced relevant policies one after another. According to statistics, the introduction of blockchain policies in November 2019 increased 140% month-on-month, and enthusiasm for industry development was at an all-time high. Currently, 17 provinces, regions, and cities, including Beijing, Shanghai, Guangdong, Chongqing, Zhejiang, Jiangsu, and Guizhou, have introduced blockchain-related policies, which are mainly support-oriented. For example, in November 2019, Guangdong Province issued “Implementation Rules on Certain Measures to Accelerate Blockchain Industry Leading Change in Huangpu District of Guangzhou City and Guangzhou Development Zone”, which set up a blockchain industry fund of 1 billion yuan to focus on cultivating 1 to 3 leading enterprises in the blockchain industry every year. Those that invest 20 million yuan or more in annual R&D expenses were determined to provide an additional 10% subsidy for the portion exceeding 20 million yuan or more. Obviously, with a good start, all parts of the country will continue to introduce various policies and increase financial support, and blockchain development will stimulate greater vitality throughout the country. Optimizing performance and speeding up the integration of multiple technologies “Blockchain is still quite idealistic.” He Baohong, director of the Institute of Cloud Computing and Big Data of the China Academy of Information and Communications Technology, said at the 2020 China Academy of Information and Communications Technology's ICT In-depth Observation Conference that blockchain is now “multi-center”; blockchain's tamper-proof properties require external management methods to correct erroneous accounts; current blockchain is no longer a chain structure, but has developed into a block map or block point structure; blockchain technology scalability is poor, and system throughput and node storage capacity are far from meeting the needs of large-scale applications. Sometimes one chain cannot solve the problem, requiring several more cross-chain, on-chain, and off-chain Integration, etc.; the existence of issues such as smart contracts and code bugs has also brought a great crisis of trust to blockchain. Therefore, the key task of blockchain in 2020 is to continuously improve technical issues. At the same time, integration with multiple technologies such as artificial intelligence, big data, and the Internet of Things will also become the main theme for the future development of blockchain. Relevant leaders of the Ministry of Industry and Information Technology said earlier that the Ministry of Industry and Information Technology will clarify the main focus, promote collaborative research, and focus on breaking through key core technologies such as smart contracts, consensus mechanisms, and cryptographic algorithms. Accelerate the deep integration of blockchain with next-generation information technologies such as artificial intelligence, big data, industrial Internet, and vehicle networking, and promote integrated innovation and integrated applications. Expanding applications to the deep-water zone As companies such as Ali, Tencent, and SF Express enter the blockchain one after another, the blockchain coin trading crisis has gradually subsided, and various industry applications, mainly in the financial sector, have been developed. With policy support, blockchain will also move towards deep-water areas, generating large-scale production-level applications with more than 10 million daily active users. At present, blockchain has begun to shine in electronic invoicing, livelihood services, and judicial applications. In terms of electronic invoicing, after the company launched the WeChat invoicing service, users can self-service invoicing and one-click reimbursement through WeChat after checkout. The invoice information is synchronized to the enterprise and the tax bureau in real time, and reimbursement can be obtained online,...

2405d agody zhang#blockchain #financial technology

[Press Release] Can Bitcoin be spent twice or even more when disconnected from the Internet?

Soteria Expert Forum [Summary] Satoshi Nakamoto talked about the Bitcoin network brain split problem. Bitcoin works without the internet. The Internet is only a transmission layer to Bitcoin; satellite signals can replace the Internet. Blockstream's Bitcoin satellites have already launched 5, which is enough to cover most regions. As long as one node imports the longest PoW chain into this large local area network via satellite, then instantly all nodes will begin to recognize this longest chain. This is the characteristic of PoW and the Satoshi Nakamoto consensus. Soteria hardcore tech community2019.12.26. Claire: The Russian government announced on Monday that it has completed a series of tests during which the country successfully disconnected the global internet. Testing began last week for several days, involving Russian government agencies, local internet service providers, and local Russian internet companies. The purpose is to test whether Russia's national internet infrastructure (known as RuNet within Russia) works properly without access to the global DNS system and external internet. Internet traffic has been rerouted internally, effectively making Russia's RuNet the largest intranet in the world. The Russian government did not disclose any technical details about the tests and components of the test system; it only revealed that the government tested several scenarios of network disconnection, including one simulating a hostile cyber attack from abroad. (Excerpt from: “Why are there mixed feelings about Russia's successful disconnection from the global internet?” (https://tech.ifeng.com/c/7siG22lJG0e) Dear gods, is there any difference between this kind of internet disconnection and the current blocking of some websites in China? Ethan Zhang Yi: RuNet is equivalent to all foreign websites being blocked. The main thing is a domain name server problem; the network itself is distributed. Claire: That is to say, all websites that are not registered domestically are outside the wall, right? Ethan Zhang Yi: Understood that way. Claire: So can China do the same now? Today's social network attacks have become a very threatening method. Ethan Zhang Yi: China seems to already have a root domain name server, so I'm not afraid of disconnecting from the Internet, but I'm very afraid of our technology being cut off. Claire: The Chinese government isn't afraid of being cut off from the internet by foreign countries, or are our domestic friends not afraid of being cut off? @Ethan Zhang Yi Ethan Zhang Yi: Most people in China use Weibo, read Douyin, and go to JD Taobao, all on the intranet. Most of the tech players in the group use Stackoverflow, Medium, and Google Search, all outside. Russia is just in case, and they don't want to stop. Disconnecting the internet is equivalent to the Qing dynasty's lockdown. Claire: Russia doesn't have the foresight of the Chinese government. In fact, the main thing is an ideological united battle, which is reflected in the battle over social networks. What opinions most civilians believe is very important; this has a lot to do with what media and opinions they come into contact with. Indeed, Medium, Google Search is an important source of information. Also, Bitcoin miners are particularly afraid of being cut off the internet... haha Satoshi talked about the split question. Also, Bitcoin works without an internet connection. The internet is just a transport layer to Bitcoin. For example, using a satellite. Here is Blockstream's Bitcoin satellite, which has already launched 5, which is enough to cover most regions. Claire: As long as you can connect to a full node that you think is right for you, you can go back to the organization. Claire: @Evan Liu can it be disconnected from the network if it uses a satellite network transmission? Evan Liu: Disconnect the internet and telephone networks; they don't affect the satellite. The satellite signal was received using a large pot lid, haha. Russia's network disconnection is only blocked by edge routers; internal communication is still possible. As long as there is one...

2418d agosoteria#Ming Guo #Soteria #Bitcoin

[Press Release] Soteria Q&A | Min Wu: How to operate and maintain blockchain networks (1)

“Soteria Theme Sharing | Min Wu: How to Run and Maintain a Blockchain Network” https://bihu.com/article/1627472231?i=4Hjv&c=1&s=1M8HS7 Claire: Thank you very much, Mr. Min Wu, for his thorough and wonderful sharing. The content is very hardcore, so I'm sure everyone will take some time to digest it. A group of friends from the “Magic Piper Technology Development Community” raised some questions about this sharing before. Let me ask them one by one, and ask the keynote speaker Min Wu to explain. If you have any other questions, we will also arrange for immediate answers as time permits. Question 1. Tom's question is quite long. The general meaning is summarized as follows: Does the person speaking on this topic know how Double Eleven can achieve 400,000 TPS? I'm assuming that the person speaking first has the ability to handle Double Eleven traffic without blockchain before talking about blockchain in comparison. My opinion: Domestic Ali is similar to our high-speed rail, and has taken application integration to the extreme on the basis of existing theories. Then, the relevant distributed application theory was basically invented by Google. If these two companies can't create a blockchain, it's unlikely that anyone else will surpass it for the time being. Please ask the guests to digest and then comment, haha. Min Wu: Yes, this is a great question. My answer is quite long, please bear with me. This question is for the section above the poster: “[Introduction] How to run a blockchain? What if something goes wrong? Can your network hold up to Double Eleven traffic? Do I need to worship Guanyin in the computer room? Let's just talk about many things we've experienced before.” The first thing that needs to be clarified is that the purpose of the words on the poster is*to attract attention*, so that more people can participate in the live broadcast with curiosity and criticism to discuss issues together. Please don't criticize Xiaobian for not being professional enough, because Xiaobian is me (LOL). Let me share my own views on this aspect. I hope to improve it together. Putting blockchain and Double Eleven together is a false proposition; it's completely false. The problem to be solved by Double Eleven is shopping. This is a seemingly simple problem, but it is also a problem that has been solved countless times by Internet business giants. Over the past 20 years, countless human and material resources have been invested, optimized and restructured, and then optimized and restructured, and I don't know how many times to develop efficiency and scalability to the ultimate solution in practice. Double Eleven is not a problem blockchain needs to solve at all; Double Eleven is not at all a problem blockchain should solve; Double Eleven is also not a problem that blockchain can solve at all. Satoshi Nakamoto drew the world's attention to blockchain through Bitcoin (blockchain existed before Bitcoin). “Finance+transaction+cryptocurrency” naturally became the first application of blockchain, “exchange+coin trading + Ponzi scheme” became synonymous with blockchain in the early days, and xxx on-chain+Defi+Web3 became the next development direction of blockchain. In fact, blockchain is a very slow and inefficient decentralized database. The problems that blockchain can solve are very limited, and what it is best at is decentralized consensus. If you have to use blockchain to solve many centralized problems (for example, finance is a very centralized problem), it's like trying to use an old scalper as the engine for a Mercedes-Benz car. At best, it's just an attention-grabbing keyword on the poster (please don't criticize Xiaobian LOL). Blockchain brings us more of the concept of decentralization. In a decentralized world, many *new* application scenarios will be created, and more value will be generated along with it. Never solve problems that have been solved many times in a centralized world. For more discussion and content, we can draw on SSDE's sharing of “big data.” Back to the specific question of TPS (Transaction Per Second), analyze the specific problem in detail. Never compare cross-industry and cross-system architectures, such as using blockchain and Double Eleven (please don't criticize the editor). In the implementation of Bitcoin (https://github.com/bitcoin/bitcoin)，TPS受到几个方面的限制，比如区块的大小，这也是为啥澳本聪喊着要出TB大小的区块，比如网...

2447d agosoteria#Min Wu #Soteria #blockchain #Blockchain networks