Golden Morning Post | V God: Basic technology improves scalable blockchain, but blockchain scalability is still limited

Headlines ▌V God: Basic technology improves scalable blockchain, but blockchain scalability is still limited On May 24, V God published an article discussing "The Limits of Blockchain Scalability". According to the article, there are two ways to try to expand the blockchain: basic technical improvements and simply increasing parameters. Unfortunately, there are many subtle reasons why the method of increasing parameters is fundamentally flawed, while fundamental technical improvements are feasible. Currently, the main bottleneck in Ethereum is storage capacity, statelessness and state expiration can solve this problem and allow possible increase to 3 times, but not more, because we want to run nodes easier than it is now. A sharded blockchain can scale further because there is no single node in a sharded blockchain that needs to process every transaction. But even then, there is a limit to capacity: as capacity increases, so does the minimum number of secure users, and the cost of storing the chain increases. But we needn't worry too much: these limits are high enough that we can process over a million transactions per second using the full security of the blockchain. But without sacrificing the decentralization that makes blockchains so valuable, some work will be needed. As of press time, according to Huobi global data: BTC’s latest transaction price is US$346,678.501, with an intraday increase or decrease of +4.05%; ETH’s latest transaction price is US$2,099.98, with an intraday increase or decrease of +9.09%; golden search-zce list: ONG tops the list: According to Jinse Finance ranking data shows that in the past 24 hours, the search-zce volume of ONG topped the list. The specific top five list is as follows: ONG, BHD, CMT, HT, BTT. [2021/5/22 22:32:42] The latest transaction price of BCH is US$522.48, with an intraday increase and decrease of +5.77%; the latest transaction price of BSV is US$148.70, an intraday increase and decrease of +3.95%; the latest transaction price of EOS is US$4.30, an intraday increase and decrease of +3.95% Increase or decrease +4.77%; LTC's latest transaction price is 144.11 US dollars, an intraday increase or decrease of +6.13%; DOT's latest transaction price is 17.85 yuan, an intraday increase or decrease of +7.08%. Policy ▌Central Bank of Nigeria: We are not banning cryptocurrency transactions The Central Bank of Nigeria (CBN) clarified a statement it issued last month. According to reports, the statement appeared to order financial institutions to close all accounts related to cryptocurrency transactions. Still, the country's central bank official said the directive cannot be mistaken for an outright ban, according to a report on Sunday. Deputy Governor Adamu Lamtek, speaking on behalf of the bank’s president, Godwin Emefiele, said the bank has never banned domestic cryptocurrency activity. Lamtek said, "CBN did not restrict the use of cryptocurrencies, and we did not prevent people from trading cryptocurrencies." "What we just did was ban cryptocurrency transactions in the banking sector." Golden Finance mining pool data broadcast: Jinse Finance reported that according to the data from Spider Pool: there are still 69 days before the BTC halving; 37 days before the BSV halving. The computing power of the ETH network is 178.812TH/s, the mining difficulty is 2243.8T, the current block height is 9595011, and the theoretical income is 0.00762257/100MH/day. The computing power of the BTC network is 115.57EH/s, the mining difficulty is 15.49T, the current block height is 619911, and the theoretical income is 0.00001623/T/day. The computing power of BSV network is 2.977EH/s, the mining difficulty is 0.43T, the current block height is 624550, and the theoretical income is 0.00060459/T/day. [2020/3/3] ▌Member of the Advisory Body of the Financial Services Commission of Korea: Regrets that the cryptocurrency market cannot be supervised first. The Korean Financial Commission held a policy evaluation seminar on May 20. At this meeting, a member of the Financial Development Review Committee, a policy advisory body of the Financial Commission, and the chairman of the Industry and Innovation Subcommittee said: "The losses of young investors related to cryptocurrencies are expanding, but we have not pre-emptively regulated the market. A bit regrettable." The Financial Commission has previously maintained its position that cryptocurrencies do not fall under the jurisdiction of financial goods. Blockchain application ▌ Li Lihui, former president of the Bank of China: Make the digital renminbi the best central bank digital currency in the world. Golden theory of relativity | , Sun Zeyu, founding partner of Genesis Capital, pointed out in his speech: In this epidemic, the demand for blockchain applications may be more in public services, but from a broad perspective, this "battle" has made everyone more aware and Knowing the value of the blockchain, combined with the instructions given by the General Secretary on October 25 last year to learn and develop the blockchain, will be of great help to the development of the blockchain. Entrepreneurs in this area may They will spring up like mushrooms after rain, and I believe traditional VCs will also pay attention to this step. [2020/2/13] Li Lihui, the former president of the Bank of China, said at the first "2021 West Bund Financial Technology Frontier Forum" a few days ago, "We should make the digital renminbi the best central bank digital currency in the world. Large-scale and reliable applications in the concurrent market, on the other hand, speed up the construction of digital financial systems, pay close attention to the formulation of financial systems such as digital financial supervision, digital currency supervision, and legal digital currency issuance, and actively participate in the construction of global digital financial systems and rules. And actively strive for the right to speak." ▌Li Lihui: Global legal digital currency research and development and upgrading of digital renminbi is expected to reshape banking competition "Digital renminbi is the biggest bright spot in the field of financial technology in the past year. With the advancement of pilot projects in various places, it is expected to continue to improve consumers. Experience, it is expected to have far-reaching impacts in many fields in the future, especially in the field of commercial banks. At the same time, the recent sharp rise and fall of virtual currencies has also highlighted the importance of legal digital currencies." Li Lihui, former president of the Bank of China, held the "2021 West Bund Financial Frontiers of Science and Technology Forum” stated. Jinse Finance live report Minister of the core strategy department of South Korea’s Money Today: should accurately judge the value of the blockchain project: Jinse Finance live report, at the 2018 Global Blockchain Elite Summit, carried out the "From the perspective of the media to see the development trend of the blockchain industry" In the roundtable discussion on the topic, the head of the core strategy department of Money Today in South Korea pointed out: Blockchain is an emerging industry, and the chaos will continue in the initial stage of the industry. Blockchain is Internet 2.0, which is characterized by multi-centralization. In the process of globalization of the blockchain, due to the different responses of each country and its own environment, it will also lead to industry chaos. I have interviewed blockchain project founders from various countries in the past one or two years. They have three things in common: they all emphasize that their products are unique, their own blockchain projects will be successful, virtual currency The bubble must burst. But I personally think that blockchain technology has great development prospects in the future, but in the process of growing the blockchain market, many projects will be eliminated; secondly, whether blockchain-related projects are valuable requires accurate judgment. If we can find businesses of real value, then we can get through tough times. [2018/4/28] Cryptocurrency ▌JP Morgan Chase Global Research Director: Bitcoin has fluctuated too much to discourage institutional investors May 24 news, JPMorgan Chase Global Research Director Joyce Chang said that Bitcoin volatility is four times that of gold or stocks times, which would discourage many corporate treasurers and institutional investors, who typically manage much larger positions. Compared to other asset classes, Bitcoin's volatility is excessive for most institutional investors. Golden Finance News: Bank Negara Malaysia pointed out that Malaysia is a "test bed" for the development of financial technology solutions. [2017/10/13]▌Huobi Mall’s mining machine hosting service has been suspended for users in mainland China. According to official news, Huobi Mall’s mining machine hosting service has been suspended for users in mainland China. Huobi said that in order to concentrate on expanding overseas business, Huobi Mining Mall decided to suspend the provision of relevant services for users in mainland China. The solution to the mining machines held by old users will be notified to customers later. ▌Goldman Sachs: Ethereum may replace Bitcoin as the dominant store of value News on May 23, the investment banking giant Goldman Sachs recently stated in its "Global Macro Research" report that given the importance of practical use in determining the value store , Ethereum is likely to replace Bitcoin as the dominant store of value. The Ethereum ecosystem supports smart contracts and provides a way to create new applications on top of its platform. Most DeFi applications are built on the Ethereum network, and most non-fungible tokens (NFTs) issued are purchased using Ethereum. Ethereum has a larger number of transactions compared to Bitcoin, an advantage that is more reflective of dominance. ▌Justin Sun tweeted that he was “buying the bottom” again On May 23, the founder of TRON, Justin Sun, tweeted again that he had “buy the bottom”. Previously, on May 20, Justin Sun bought $153 million in Bitcoin at an average price of $36,868 and $135 million in Ethereum at an average price of $2,509. ▌Greyscale founder: Many cryptocurrency traders have become long-term investors On May 24, Grayscale founder Barry Silbert tweeted: "Many cryptocurrency traders have become long-term investors, which is healthy. ▌Founder of Morgan Creek: New Bitcoin holders are selling Bitcoin to long-term holders Holders are selling bitcoins to those who have been in the bitcoin space for years. Weak newbies are selling (bitcoins) to strong long-term buyers." ▌MicroStrategy CEO: Bitcoin being regulated is beneficial to the entire industry Benefits On May 24, MicroStrategy CEO Michael Saylor said that recent criticisms of Bitcoin, including heightened government scrutiny and violent volatility, are not a problem. Saylor explained: "Bitcoin is regulated as an asset and taxed as an asset. Banks just don't want to challenge currencies like the U.S. dollar and want users to pay taxes when they transfer assets. For the U.S. Treasury vs. Taxing bitcoin transactions, which is not a big deal at all because that's always been the status quo of every asset in the country. It's just making bitcoin the top asset and the best asset. I think it's good for the industry as a whole There are benefits.” ▌North American miners are teaming up with oil drillers to exploit excess natural gas to mine bitcoin North American bitcoin miners are teaming up with oil drillers to exploit excess natural gas to mine bitcoin. Since oil and gas often come from the same well, when drillers extract the oil, the gas is wasted in the combustion process. Steve Degenfelder, manager of Kirkwood Oil & Gas in Wyoming, explained that natural gas is a by-product of oil extraction. Additionally, Mark Le Dain, vice president of oil and gas data intelligence firm Validere Technologies, said an alliance of crypto miners and U.S. oil companies could take bitcoin away from Chinese miners that primarily use non-renewable energy. ▌Data: The total number of Bitcoin ATM installations worldwide has exceeded 20,000 CoinATMRadar statistics show that since May 1, a total of 1,122 Bitcoin ATMs have been newly installed around the world. So far, the number of Bitcoin ATMs deployed worldwide has reached 20,446. ▌WinShore founder: The biggest threat to Bitcoin is not regulation or Musk The founder and chief investment officer of WinShore Capital said that the biggest threat to Bitcoin is not regulation or Musk. The largest energy pipeline in the United States was hacked, causing gasoline shortages, and the ransom was paid in Bitcoin. It was the worst terrorist attack on US soil that I can remember, and it was funded by Bitcoin. If Bitcoin can facilitate movement around the U.S. dollar banking system, what else is impossible? This is a subversive force for money laundering and a new solution for criminal forces, so Bitcoin must "die". ▌Nobel Prize Winner in Economics: Bitcoin has yet to play any meaningful economic role On May 24th, Paul Krugman, a Nobel Prize Winner in Economics and a well-known American economist, said, Bitcoin faces the same problem as gold, which is that people think that Bitcoin is money, but it is not used as money. The economist went on to suggest that governments could crack down on cryptocurrencies more than they have cracked down on gold in the past, while bitcoin and its related products have yet to succeed in any meaningful economic role. Important Economic Trends ▌Analysis: Strong Bullish Sentiment on Gold, Volatility in Cryptocurrencies Drives Investors Out of the Market Kitco's latest survey results show that the gold market continues to see strong bullish momentum as volatility in cryptocurrencies drives investors away from the market . Previously, analysts expected the price of gold to rise back to US$1,850 per ounce. Wall Street analysts and retail investors interviewed this week said they were still bullish on gold, and the next target was expected to be US$1,900 per ounce. Golden Encyclopedia What is layer2? An article to understand the expansion plan of Ethereum Ethereum sharding is a performance solution for expansion within Ethereum, while Layer 2 is a solution for expansion outside the Ethereum blockchain. So far, the most discussed Layer 2 expansion solutions are ZK Rollup, Optimistic Rollup, Validium and Plasma.

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