[Reprint] interpretation of central bank "block chain what can and can not do? "Interpretation of the central bank" block chain what they can and can not do? "

Interpretation of the central bank "block chain what can and can not do? "

 

https://www.cnblogs.com/Evsward/p/9929102.html

 

Recently, the central bank issued a long article "What Block Chaining do, what not to do? "I think from a programmer's point of view to talk about in this article.

Perception

Let me talk about perception, this article can really be a very incisive. Strokes objective analysis of enlightenment.

token

• Token is the essence of the state variables defined within the block chain, the transfer process to ensure that both the state and update the total token unchanged, will not form the way funds settlement or settlement risk in the traditional sense.
• Currently, most contracts are complex intelligence operations for the token. Such as the definition, distribution, destruction, voting, transfer, reward, mortgages, freezing and thawing are actually transfer operations.
• Information is divided into blocks with a token chain has a relationship and it does not matter two parts, a relationship is to be examined consensus. The record simply does not matter, only means that the information can not be tampered with, there is no real upgrade the accuracy of information.

For example, credits bit random number test node (the nonce) is a solution of "mining" problem, as well as standard block trading in a predefined data structure, syntax specification of the input and output, and a digital signature. But Bitcoin block the creation of "TheTimes03 / Jan / 2009Chancelloronbrinkofsecondbailoutforbanks", the node will not and can not afford to validate the accuracy of this statement is true.

For example, the bit credits As a consensus decision block, recording the number of bits between UTXO currency transfer and the address corresponding to each address. The information in the block chain such as state or unrelated to the transaction outside the scope Token basic consensus.

Alternative currency

token alternative currency, appears to have been very close distance.

1. Token debt-free property (not over-collateralisation);
2. Token according to the same rule definition is homogeneous, it can be partitioned into smaller units;
3. Token transfer between different addresses need not trusted by the third party;
4. Asymmetric encryption can ensure anonymity Token holder;
5. Block chain consensus algorithms and tamper-proof features guarantee Token can not "double" (doublespending) is;
6. You can define the upper limit of the total amount and speed Token issued by the rules.

But the key point is price stability, improve performance, convenience, will attract more people to use, forming a virtuous circle. Currently, there are two strategies to stabilize prices:

• * Statutory reserve currency is 1: 1 issue stable currency encryption way, the equivalent of a currency board (currency board) system. Practical operation stronger than below, but higher operating costs.
• "Algorithm central bank" model (algorithmic central bank), mimic the central bank's open market operations, money supply through the issuance and recovery of encrypted currency denominated bonds to the regulation of encryption, encryption currency in order to achieve price stability. Other blog in an article devoted to this kind of operation is how the program: "EOS standard monetary system."

Anti-Money Laundering

Another challenge is the token of money laundering, money laundering refers to the encryption application to encrypt the anonymity and global currency, making the source and nature of illegal gains difficult to trace.

1. Placed (placement), converts the acquired legal tender as the illegal encryption currency. Some encryption currency exchange did not take real-name system, will link into great convenience.
2. Shunt (layering), the use of mixed credits (Mixers), together credits (coinjoin) and wash turn (tumblers) technology and anonymity block address within the chain, the encrypted money transfer between a plurality of addresses, making it difficult to source traceability.
3. Integration (integration), the "clean" encryption monetary integration and go to "clean" the address, converted to the lawful currency or commodity. To ZCash, Dash and Monero represented encryption currency using zero-knowledge proof, etc. Anonymous ring signature technology, will increase the difficulty of money laundering. In addition, encryption currency in circulation worldwide regulatory standards for encryption of money in different countries vary, information sharing difficult, will increase the difficulty of money laundering.

token of two roles:

Token platform type in such a project can be both two roles: first, the start of the project financing tool, reflecting the initial token issuance (initialcoinoffering, is referred to as ICO); followed by payment instruments within the platform of economic activity. This resulted in a set of two roles inherent instability.

ICO has been falsified, became harvester speculators. Payment instruments within the platform of economic activity in addition to ensuring platform business process itself also needs token anti-hype, anti-risk mechanism, otherwise the token associated with the more important business, will lead to more thorough attack.

To the center of discussion

Do not superstition to the center, under limited environmental conditions should be appropriate combination of a central system to do, or can not fall.

consensus

Consensus ≠ eliminate asymmetric information or to achieve a common belief

• Machine consensus, consistency of data in distributed computing peer nodes.
• Governance consensus, different interest groups under certain governance rules Negotiate for a final solution. Governance consensus is the consensus, the most important thing is to converge the views, to discuss the results.
• Market consensus, the invisible hand of control, such as publicly available token is often controlled by the market Zhi, others want to cut the leek himself the leeks, not the individual can control.

Market consensus reflected in the market equilibrium price formed in trading.

To trust

≠ to trust no credit risk

Alice pay for goods Bitcoins to buy Bob Bob, this process need not have any understanding between the two men, and without a trusted third party, can be guaranteed to be in the block chain, crunching . This is the real meaning to trust.

However, the block chain can only do paid their dues, "goods" is often outside the chain, if the third party is not responsible for credit institutions, is able to guarantee a big problem delivery. Moreover, there is nothing incompatible with the kind, quality issues, etc., can not be tampered accounts have been resolved, and that confidence has returned to the issue source of the problem and how to write arbitration and execution.

Block chain management

Block chain management through the token can be obtained shares in an organization through transfers of shares to participate in governance, such as voting, dividends, repurchase. Short board is obvious:

• As the price token itself is unstable, it may be derived from the secondary market spoiler, the ability to govern will be greatly reduced.
• Smart contracts (such as loans, bonds and derivatives, etc.) it is very difficult to reproduce the expectations of management tools in the financial sector. Because the monitoring mechanism in the real world is very complex, including bankruptcy proceedings, creditors binding obligation, debt liquidation preference, on gambling terms, etc., to implement complex content. In the absence of effective oracle model, so far it has not achieved by intelligent contract.
• Investment and financing both sides of the governance environment due to the rapid realization of token to break, the equity locked, the lack of exit mechanism of making all kinds of speculation, fraud and speculation ICO chaos frequently.
• The chain management (on-chaingovernance) and an outer chain management (off-chaingovernance) binding problem. In fact, as the literal meaning, the two are in conflict management point of view, such as stress management within the chain of anonymity, to trust and intelligent automatic contract execution, and governance is the true identity of the chain, KYC, wind assessment credit history evaluation and so on. Development block chain of governance will route out of a combination of inside and outside.

Smart Contract

• Oracle program can not be determined unless the contract to interact with intelligent centralized system. I went back to the center of the discussions go.
• Implementation of the debt problem, and the same reality is that when one side of the smart contract breach, even though the machine to perform a breach, the breaching party can not determine whether to provide a sufficient amount of damages or other valid collateral.
• Incomplete Contract, the reality is the same, the contract must not contain all the terms, after all, no one has the ability to know the future, so intelligent behavior arbitration agreement also needs to fall outside the terms of the chain in the trigger blank.

Safety and performance

About "trilemma" block chain, i.e., not a block chain also has system can accurately, and cost-effectiveness to the center of these three features.

• POW behavior considered waste of force to ensure stability, but lost performance, a waste of energy. Although POS improve efficiency, but decreased to the center as well as stability.
• Mining economics, "empty block" for waste physical space, and the "lone block" waste for the operator force. Mining reward to be embodied by what form. Bitcoin miners fees, fees ether Place a gas, the EOS is the number of blocks the block by charging node. No benefit can not afford early, no one wants to calculate the contribution of free power and storage space, this is a game with the user process.
• To skeptical and cautious public chain of large-scale applications, businesses and governments there are cheaper than the public chain of technical data security.
• Performance bottlenecks still evident, even if replaced by a more centralized DPOS, it is difficult to catch up with the average tps visa of 1667.

Application direction

FIG gave a paper describes the current application direction of the chain block.

• No currency block chain, but the public record books, the introduction of third-party accreditation bodies, while ensuring the authenticity and tamper-proof data. This is a relatively simple one.
• * Token no public offering, on behalf of outside the chain of assets or rights. This is the direction I think now with a development potential.
• Is a necessary condition for stable value, the value of a stable price token is enormous, alternative currency risk is not controllable, so the road can be described as fear of wolves ahead and tigers.
• DAO, distributed autonomous organizations, instead of the traditional organizations, institutions, companies mode. This direction is undoubtedly more lofty. But to achieve its premise more, "the foundation" The problem might be mentioned in the text in order to resolve the cover of this "" high-rise. "

The second class of applications on behalf of the outer block chain Token assets or claim registration and transaction processes in order to improve these assets or rights. But Token corresponds with the outside of the block chain assets or rights, and whether the Token status and transaction reality of the world outside the block chain binding or influence, depending on the block outside the chain of legal and institutional whether to confer Token beyond connotation block chain. In such applications, block chain of concern in the application of supply chain finance and digital instruments and other scenes. At this point, Token represents a core creditor institutions and acts as an internal settlement tool in the supply chain. Token after netting on the supply chain, "triangular debts" between the upstream and downstream enterprises replace core institutions liabilities of these enterprises, reduce funds used to improve cash flow efficiency. The core institutions play a similar central counterparty function, responsible and Token exchange between legal tender. These scenarios Token equivalent to the concept of community tokens Wang Yongli (2018) proposed network or district money, Token application value depends on the breadth and depth of the scene.

So, I summarize the point of view is this: first doing the play, second to deep secret agents, the other two do not worry do.

Outlook

After all, the text referred to the market value of all encryption currency of about $ 203.5 billion, objectively speaking, the block chain problems are many, but the face of such a large market, still contains references to the original articles, we need to continue research and testing.

Overall, we block chain applications in the current situation, there are several points not avoid:

• Interaction center system, the service system is connected, DAPP with the central system, the applications are not part of the peeling block chain calculation and storage.
• Third-party credit platform, notary, accountable and execution.
• Entity Arbitration Commission for arbitration incomplete contracts, formulate rules to upgrade.

In addition, starting from the first private chain block chain chain development and alliances, as well as follow-up public chain performance bottleneck breakthrough.

Recently, the central bank issued a long article "What Block Chaining do, what not to do? "I think from a programmer's point of view to talk about in this article.

Perception

Let me talk about perception, this article can really be a very incisive. Strokes objective analysis of enlightenment.

token

• Token is the essence of the state variables defined within the block chain, the transfer process to ensure that both the state and update the total token unchanged, will not form the way funds settlement or settlement risk in the traditional sense.
• Currently, most contracts are complex intelligence operations for the token. Such as the definition, distribution, destruction, voting, transfer, reward, mortgages, freezing and thawing are actually transfer operations.
• Information is divided into blocks with a token chain has a relationship and it does not matter two parts, a relationship is to be examined consensus. The record simply does not matter, only means that the information can not be tampered with, there is no real upgrade the accuracy of information.

For example, credits bit random number test node (the nonce) is a solution of "mining" problem, as well as standard block trading in a predefined data structure, syntax specification of the input and output, and a digital signature. But Bitcoin block the creation of "TheTimes03 / Jan / 2009Chancelloronbrinkofsecondbailoutforbanks", the node will not and can not afford to validate the accuracy of this statement is true.

For example, the bit credits As a consensus decision block, recording the number of bits between UTXO currency transfer and the address corresponding to each address. The information in the block chain such as state or unrelated to the transaction outside the scope Token basic consensus.

Alternative currency

token alternative currency, appears to have been very close distance.

1. Token debt-free property (not over-collateralisation);
2. Token according to the same rule definition is homogeneous, it can be partitioned into smaller units;
3. Token transfer between different addresses need not trusted by the third party;
4. Asymmetric encryption can ensure anonymity Token holder;
5. Block chain consensus algorithms and tamper-proof features guarantee Token can not "double" (doublespending) is;
6. You can define the upper limit of the total amount and speed Token issued by the rules.

But the key point is price stability, improve performance, convenience, will attract more people to use, forming a virtuous circle. Currently, there are two strategies to stabilize prices:

• * Statutory reserve currency is 1: 1 issue stable currency encryption way, the equivalent of a currency board (currency board) system. Practical operation stronger than below, but higher operating costs.
• "Algorithm central bank" model (algorithmic central bank), mimic the central bank's open market operations, money supply through the issuance and recovery of encrypted currency denominated bonds to the regulation of encryption, encryption currency in order to achieve price stability. Other blog in an article devoted to this kind of operation is how the program: "EOS standard monetary system."

Anti-Money Laundering

Another challenge is the token of money laundering, money laundering refers to the encryption application to encrypt the anonymity and global currency, making the source and nature of illegal gains difficult to trace.

1. Placed (placement), converts the acquired legal tender as the illegal encryption currency. Some encryption currency exchange did not take real-name system, will link into great convenience.
2. Shunt (layering), the use of mixed credits (Mixers), together credits (coinjoin) and wash turn (tumblers) technology and anonymity block address within the chain, the encrypted money transfer between a plurality of addresses, making it difficult to source traceability.
3. Integration (integration), the "clean" encryption monetary integration and go to "clean" the address, converted to the lawful currency or commodity. To ZCash, Dash and Monero represented encryption currency using zero-knowledge proof, etc. Anonymous ring signature technology, will increase the difficulty of money laundering. In addition, encryption currency in circulation worldwide regulatory standards for encryption of money in different countries vary, information sharing difficult, will increase the difficulty of money laundering.

token of two roles:

Token platform type in such a project can be both two roles: first, the start of the project financing tool, reflecting the initial token issuance (initialcoinoffering, is referred to as ICO); followed by payment instruments within the platform of economic activity. This resulted in a set of two roles inherent instability.

ICO has been falsified, became harvester speculators. Payment instruments within the platform of economic activity in addition to ensuring platform business process itself also needs token anti-hype, anti-risk mechanism, otherwise the token associated with the more important business, will lead to more thorough attack.

To the center of discussion

Do not superstition to the center, under limited environmental conditions should be appropriate combination of a central system to do, or can not fall.

consensus

Consensus ≠ eliminate asymmetric information or to achieve a common belief

• Machine consensus, consistency of data in distributed computing peer nodes.
• Governance consensus, different interest groups under certain governance rules Negotiate for a final solution. Governance consensus is the consensus, the most important thing is to converge the views, to discuss the results.
• Market consensus, the invisible hand of control, such as publicly available token is often controlled by the market Zhi, others want to cut the leek himself the leeks, not the individual can control.

Market consensus reflected in the market equilibrium price formed in trading.

To trust

≠ to trust no credit risk

Alice pay for goods Bitcoins to buy Bob Bob, this process need not have any understanding between the two men, and without a trusted third party, can be guaranteed to be in the block chain, crunching . This is the real meaning to trust.

However, the block chain can only do paid their dues, "goods" is often outside the chain, if the third party is not responsible for credit institutions, is able to guarantee a big problem delivery. Moreover, there is nothing incompatible with the kind, quality issues, etc., can not be tampered accounts have been resolved, and that confidence has returned to the issue source of the problem and how to write arbitration and execution.

Block chain management

Block chain management through the token can be obtained shares in an organization through transfers of shares to participate in governance, such as voting, dividends, repurchase. Short board is obvious:

• As the price token itself is unstable, it may be derived from the secondary market spoiler, the ability to govern will be greatly reduced.
• Smart contracts (such as loans, bonds and derivatives, etc.) it is very difficult to reproduce the expectations of management tools in the financial sector. Because the monitoring mechanism in the real world is very complex, including bankruptcy proceedings, creditors binding obligation, debt liquidation preference, on gambling terms, etc., to implement complex content. In the absence of effective oracle model, so far it has not achieved by intelligent contract.
• Investment and financing both sides of the governance environment due to the rapid realization of token to break, the equity locked, the lack of exit mechanism of making all kinds of speculation, fraud and speculation ICO chaos frequently.
• The chain management (on-chaingovernance) and an outer chain management (off-chaingovernance) binding problem. In fact, as the literal meaning, the two are in conflict management point of view, such as stress management within the chain of anonymity, to trust and intelligent automatic contract execution, and governance is the true identity of the chain, KYC, wind assessment credit history evaluation and so on. Development block chain of governance will route out of a combination of inside and outside.

Smart Contract

• Oracle program can not be determined unless the contract to interact with intelligent centralized system. I went back to the center of the discussions go.
• Implementation of the debt problem, and the same reality is that when one side of the smart contract breach, even though the machine to perform a breach, the breaching party can not determine whether to provide a sufficient amount of damages or other valid collateral.
• Incomplete Contract, the reality is the same, the contract must not contain all the terms, after all, no one has the ability to know the future, so intelligent behavior arbitration agreement also needs to fall outside the terms of the chain in the trigger blank.

Safety and performance

About "trilemma" block chain, i.e., not a block chain also has system can accurately, and cost-effectiveness to the center of these three features.

• POW behavior considered waste of force to ensure stability, but lost performance, a waste of energy. Although POS improve efficiency, but decreased to the center as well as stability.
• Mining economics, "empty block" for waste physical space, and the "lone block" waste for the operator force. Mining reward to be embodied by what form. Bitcoin miners fees, fees ether Place a gas, the EOS is the number of blocks the block by charging node. No benefit can not afford early, no one wants to calculate the contribution of free power and storage space, this is a game with the user process.
• To skeptical and cautious public chain of large-scale applications, businesses and governments there are cheaper than the public chain of technical data security.
• Performance bottlenecks still evident, even if replaced by a more centralized DPOS, it is difficult to catch up with the average tps visa of 1667.

Application direction

FIG gave a paper describes the current application direction of the chain block.

• No currency block chain, but the public record books, the introduction of third-party accreditation bodies, while ensuring the authenticity and tamper-proof data. This is a relatively simple one.
• * Token no public offering, on behalf of outside the chain of assets or rights. This is the direction I think now with a development potential.
• Is a necessary condition for stable value, the value of a stable price token is enormous, alternative currency risk is not controllable, so the road can be described as fear of wolves ahead and tigers.
• DAO, distributed autonomous organizations, instead of the traditional organizations, institutions, companies mode. This direction is undoubtedly more lofty. But to achieve its premise more, "the foundation" The problem might be mentioned in the text in order to resolve the cover of this "" high-rise. "

The second class of applications on behalf of the outer block chain Token assets or claim registration and transaction processes in order to improve these assets or rights. But Token corresponds with the outside of the block chain assets or rights, and whether the Token status and transaction reality of the world outside the block chain binding or influence, depending on the block outside the chain of legal and institutional whether to confer Token beyond connotation block chain. In such applications, block chain of concern in the application of supply chain finance and digital instruments and other scenes. At this point, Token represents a core creditor institutions and acts as an internal settlement tool in the supply chain. Token after netting on the supply chain, "triangular debts" between the upstream and downstream enterprises replace core institutions liabilities of these enterprises, reduce funds used to improve cash flow efficiency. The core institutions play a similar central counterparty function, responsible and Token exchange between legal tender. These scenarios Token equivalent to the concept of community tokens Wang Yongli (2018) proposed network or district money, Token application value depends on the breadth and depth of the scene.

So, I summarize the point of view is this: first doing the play, second to deep secret agents, the other two do not worry do.

Outlook

After all, the text referred to the market value of all encryption currency of about $ 203.5 billion, objectively speaking, the block chain problems are many, but the face of such a large market, still contains references to the original articles, we need to continue research and testing.

Overall, we block chain applications in the current situation, there are several points not avoid:

• Interaction center system, the service system is connected, DAPP with the central system, the applications are not part of the peeling block chain calculation and storage.
• Third-party credit platform, notary, accountable and execution.
• Entity Arbitration Commission for arbitration incomplete contracts, formulate rules to upgrade.

In addition, starting from the first private chain block chain chain development and alliances, as well as follow-up public chain performance bottleneck breakthrough.