In one year, billions of dollars were earned. The extortion of virus makers declared “retirement”.

“We have proved that evil does not necessarily have bad news, but also proves that a year can earn a lifetime of money.”

Recently, the GandCrab ransom virus declared “retirement” in the form of a winner. Before that, it had been raging for over a year in Brazil, the United States, India, China and many other countries, and extorted more than 2 billion dollars (about 13 billion 400 million yuan) ransom.

[deep chain originality]

Wen Men

After extorting $2 billion, Jin basin washes his hands.

Does evil do not suffer retribution?

After more than a year of global abuse, computers in many countries such as Brazil, the United States, India and China have been infringed. In June 2nd, GandCrab ransom virus developers posted in Exploit.in (underground hackers and malware forums) to announce “golden basin wash hands”.

GandCrab developers say that by working with them for a year, people (buying blackmail hackers) have earned over $2 billion (about 13 billion 400 million yuan) in revenue, accounting for an average of $2 million 500 thousand a week, and GandCrab is also famous in this field.

GandCrab developers revealed that they had earned $150 million in personal income, and had successfully washed the money through entities and Internet industries, and are preparing to retire.

“We have proved that evil does not necessarily have bad news; it also proves that in a year it can earn a lifetime of money; it also proves that it is possible to become the first person in the eyes of others, rather than in the mouth.”

In addition, GandCrab also announced that they would suspend advertising and information flow of virus software at the next time. For the extortion virus victims, if they do not buy the unlock tool now, the data will not be recovered after that, and the key will also be deleted.

In March this year, the news that “government departments were blackmailed by viruses and demanded payment of digital money” was widely disseminated, and the prime culprit behind it was GandCrab.

“Since March 11, 2019, a hacker organization outside China has launched a blackmail virus attack on the relevant government departments in China. The mail theme is “you have to report to the police at 3 p.m. on March 11th.” The attachments are called ’03-11-19.rar’. Technical analysis shows that the version of the ransom virus is GANDCRAB V5.2, the latest updated blackmail version of the virus in February 2019.

A number of agencies such as the Yiling district government in Yichang, Hubei province have issued a notice to prevent GANDCRAB attacks on the official website.

After the software is run by users who do not want to click on GandCrab, the extortion virus will encrypt the data of the host’s hard disk completely. Only when the access Web site provided by the attacker is downloaded, download the Tor browser, and pay a certain amount of encrypted currency ransom, can the key be unlocked.

Because technology is hard to crack and spread widely, GandCrab has become the most influential extortion virus software in 2018, just like what GandCrab developers say, becoming “the first in the eyes of others”.

“Rogue”, selling the virus, collecting Commission, extorting the world currency.

Unlike other blackmailing software notoriously different, because of the previous “Syria key event”, GandCrab acquired a title of “rogue virus” with aura of color.

In October 16, 2018, a father of Syria sent twitter for help, claiming that his children died in the war. The only thought left behind was the video and photos stored in the computer, and the GandCrabV5.0.3 virus locked his computer.

“They need 600 dollars to give me my child. I have no money to feed myself and my wife. Where do I pay them?”

After seeing the Syria father’s Twitter, GandCrab developers quickly apologized at the forum, saying that it was a mistake not to include Syria in the attack free list, and said that all the keys needed by Syria victims had been released.

Subsequently, GandCrab carried out the V5.0.5 update, and other areas of war, including Syria, were listed in the “white list” of extortion virus.

As a matter of fact, GandCrab has been updating its iterations since its inception, and its encroach ability has been enhanced, so that many security personnel are helpless, calling it “unbreakable virus”.

Some netizens said that their computer infected with GandCrab virus, because it could not be cracked and did not want to pay ransom, finally had to format the computer, emptied all the contents.

At the end of January 2018, foreign security researchers discovered the first version of the GandCrab virus. According to analysis, GandCrab is mainly disseminated through a malicious advertising software called Seamless. Attackers used the top-level vulnerability tool kit to find software vulnerabilities in computer systems and install GandCrab without user permission.

In the following February, another network security researcher found that GandCrab was being sold through the Ransomware-as-a-service (RaaS) platform.

That is to say, developers of GandCrab blackmail software do not intend to spread the virus ransom by themselves, but rather benefit from selling the virus software.

It is understood that when infected users are paid to ransom by attackers, GandCrab developers will charge about 30% of the rankings.

However, for buyers, GandCrab has strict restrictions: purchasers should not target computer users located in the Commonwealth of Independent States (Azerbaijan, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Uzbekistan and Ukraine).

Some experts have speculated that such restrictions may be due to the fact that the developers of GandCrab are Russians.

By selling publicly on RaaS, GandCrab spread rapidly and attacked computers in Brazil, the United States, India, Indonesia and Pakistan.

In March 2019, GandCrab began invading China, and thousands of governments, enterprises and related scientific research institutions were infected with computers. For a while, a number of agencies including the Yiling district government of Yichang, Hubei, the Institute of Metal Research of the Chinese Academy of Sciences and Yunnan Normal University have issued a notice to prevent virus attacks on the official website.

Compared with other ransomware, GandCrab has some differences.

When most extortion software chose to use bitcoins or Monroe coins as ransom, GandCrab chose DASH, which had never been ransom before.

It is reported that the first generation of GandCrab extortion amounted to 1.54 TSE (about $1200 at that time), perhaps because of the relatively small number of world currencies. After that, GandCrab increased bitcoin as a means of payment for ransom.

At the end of 2018, GandCrab developers said at the forum that the total number of coins and bitcoins earned was over $2 million 850 thousand.

The mutual relationship between encrypted currencies and dark industries

In the week before GandCrab announced the gold basin wash, in May 26th, it was easy to release the official WeChat to the vehicle. It said that it was easy to encounter a continuous attack on the vehicle server, and the attacker demanded a huge number of bitcoins to threaten him. The attack led to the core data being encrypted and the server down.

In May 7th, the Baltimore municipal government server was attacked by “Robbinhood” blackmail software, and the services such as real estate transaction and online payment were affected. The attacker asked for 13 bitcoins from the Baltimore municipal government.

Earlier in 2017, the WannaCry ransom virus, which was also ransom with bitcoin as a ransom, ravaged the world, causing 300 thousand users of more than 150 countries and regions to suffer from computer attacks and attacks, and spread to many industries such as finance, energy, education and medical care, resulting in huge losses of about 8 billion dollars.

Until 2018, the remaining WannaCry remained. In August, the three production lines of TSMC were attacked by WannaCry variant virus. This is the first time that TSMC has been invaded by the virus, and the estimated loss is about 1 billion 150 million yuan.

In fact, since the birth of bitcoin and other encryption currencies, it has maintained an ambiguous relationship with the dark industry. In a sense, it can be said to be mutually successful. Extortion virus software, black market transactions use bitcoin privacy, anonymity to protect their own security, but also for bitcoin and other provide a circulation scene, supporting its value.

If Lassler Haunets made ten thousand bitcoins for two pizza in 2008, he gave the bitcoin price for the first time. Then the dark industry is to some extent “bitcoin” this means of payment to carry forward. Even in the bitcoin market value of more than about 140000000000 U.S. dollars today, many people still believe that the black market is the value of bitcoin support.

The GandCrab extortion virus declared “all good things will be over” in victory. But in fact, no matter whether or not there is money encryption technology, as long as there is the temptation of wealth, this evil behavior will continue.

This article is original for deep chain Deepchain (ID:deepchainvip). Unauthorized transfer is prohibited.

Exclusive secret, the next big chess of Wu Chi Han.

Wen Jie Xue Jiao, Lu Xiaoming

Operation cover

Wu Jihan, the leader of the mining circle, will eventually extend his hand to finance and trade.

In the evening of June 5th, a report gave us a glimpse of Wu Chi Han’s new work, the digital monetary and financial project Matrix, which will be formally launched in July.

According to The Block, the project was originally a “trading and trusteeship Department” within the bit continent, which was transformed into an independent company in February of this year through a business opportunity.

Gu Li, a large mine owner who has long worked with Bitan mainland, also told the Odaily daily newspaper that “this project has been brewing for a long time, and that the team before Wu Chi Han’s departure from the CEO is already there. Preparations for some time ago (that is, February to date) should be done for product polishing and capital preparation, and the market side should also do some basic communication.

Odaily Star daily confirmed its headquarters, personnel and business to Matrix. Matrix official response: the headquarters is indeed outside; the president is Ge Yue Sheng, and Wu Mengxia, the chief investment officer of the original bit mainland, has joined the Matrix; the specific business includes digital money custody, asset management, mortgage lending and OTC transaction services, similar to digital money banks.

Bit’s mainland prospectus shows that GE Yue Sheng is 27 years old. He joined the bitch mainland in December 2014. He is a member of the founding team of bit mainland. He is also one of the shareholders of Bitan mainland, holding 4.6%. He was senior investment director and executive director in bitland, and he was responsible for investment activities. Before joining the bit continent, he was an analyst at an investment management company in Shanghai.

 Exclusive secret, the next big chess of Wu Chi Han.

Closely related “cold’s gold suit”

Matrix was dubbed “cold gold clothing” inside bit continent.

“Cold’s gold clothing” is exactly what Wu Jian is the helm of Matrix.

The Block said, “at this stage, it is not clear what the role of Wu Chi Han will play in Matrix, but his current position is said to be president.” Matrix official has not disclosed the relationship between Wu Jian Han and Matrix.

According to earlier news, Wu Jihan officially stepped down as a joint CEO in the end of March this year, focusing on the Matrix project, and Matrix will also independently raise foreign funds. According to sources close to the management, Matrix has directly identified several investment giants in the circle.

Before this big exposure, Matrix has been quite mysterious. According to people interviewed by Matrix, Matrix did not explain the detailed business of the company when recruiting, but also disclosed the post information much more than the financial company. The interviewer didn’t even reveal his name to the interviewer.

Odaily daily understands that the Matrix team is mainly distributed in Hongkong and Beijing. The business will be geared to global users (excluding US users), providing digital money hosting, asset management, mortgage lending and OTC trading services, similar to digital money banks.

“Capital management is similar to the savings and interest earning function of banks.” A digital money management industry who has communicated with the Matrix team said.

Mortgage lending is the rise of digital money and financial business in the past two years. When the bear market is long, the users who are bullish on the market for a long time are not willing to sell the coins in their hands, but they need cash turnover, so they pledge the money to the encryption lending platform and institutions so as to obtain liquidity. The borrower can earn interest, and the loan platform can also extract fees and profits.

The largest customer is bit continent.

A digital money custodian told Odaily planet daily that the target users of Matrix are mainly miners in bitland. The reason why he cut into this field is that he has accumulated some bits here.

As the largest producer and pool investor, miners’ resources are the advantages of bitland.

According to Odaily planet daily, in the past few months, Matrix has been looking for a lot of mine owners, encryption lending platform and large capital side, and began to talk about cooperation.

Gu Li, the owner of the mine, said that he was in contact with Matrix and worked on mortgage lending. The interest rate given by Matrix was below 12 points.

As for the capital side, other encrypted currency lending platforms may be one of the sources of Matrix funding. “The financial industry is an industry that needs cooperation. When we lack bitcoin or other stable currencies, we will also borrow money from other platforms.” Li Ming explained to Matrix about cooperation.

Li Ming understands that when Matrix talks with partners, interest rates are very low. He disclosed that the interest rate offered by Matrix was only 12 points, when the industry level was at 14-18 points, and the currency of the lender’s pledge was also kept by Matrix. “Equivalent to no wind control. Money has also been borrowed. The currency has not been mortgaged. What is the difference between this and the credit loan? ” So Li Ming finally gave up working with Matrix.

Another industry insider who had contacted Matrix, Xu Ke told the Odaily daily, “initially thought it was serving the miners group. Later, it was discovered that bits of mainland made it possible for internal executives to borrow money to find this platform, and they all called it” cold’s gold clothing “. However, Odaily asked a bit of mainland internal staff to verify the matter. The latter said no similar request was heard.

The Block’s report also shows that Matrix’s biggest customer is bitland.

There are many lines of business under bit continent, which will inevitably generate demand for capital lending, plus the fact that bit mainland has its own mining business, and it is also reasonable to become a client of the lending platform.

A Sichuan mine owner described the relationship between bitland, bit deer and Matrix:

“The mainland has a son, the matrix (Matrix). Then there’s a little three, called bit deer. The son will not be obedient, but he has to keep it. We need resources to give money to our resources, and there’s nothing wrong with it. “

However, as mentioned in the foregoing, as Matrix follows the style of Wu cold, mysterious and low-key, and how it relates to the bit continent, there is no official caliber at present.

A person close to bit mainland said he did not understand the situation of Matrix. Matrix and bit continent are two independent companies after all. Even if Wu Jihan was founded, a certain business cooperation is normal.

What is the pros and cons of Matrix?

Whenever the giants enter, the players in the track are afraid.

The B terminal of the digital currency is very popular. Hosting, mortgage lending and OTC are very imaginative in every business. Especially now, the digital money industry, which is still in the initial stage and scattered everywhere, is still in a period of wilderness. This is probably the time that Matrix grasps.

As The Block has said, Matrix may do business through an offshore holding company. Odaily planet daily learned to an insider, “Matrix is located in Hongkong. “

Speaking of the attraction of Matrix for OTC, a mining personage said, “mining is the source of white money.” This will make big money very exciting. ” White money refers to coins that have just been dug up. There is no transfer record before the ore pool / miners’ account. This will greatly reduce the risk of money being involved in money laundering.

Matrix, which hatched on the mainland of China, is rich in resources from mines and miners.

In anticipation, The Block quoted a close Asian investor saying: “Matrix will become the world’s largest OTC platform and Asset Management Co. If liquidity is in place, it will be followed by lower transaction prices.”

Gu Li also believes that Matrix is promising. “If the scale of this matter is large enough, this potential energy target must be the largest BTC transaction and storage platform. If they do, bit mainland will have great pricing power on the issue cost of BTC coins, depository interest rates and so on, which is the role of the central bank.

Of course, the business of Matrix is really strong, and it is necessary to enter the Anglo American regional exhibition industry. Here we will encounter Circle and Coinbase, who are the most impeccable opponents in the OTC trading and regulation.

It is very interesting that in May last year, bit continent invested $110 million in Circle E financing. How the two will compete in the future is also a great expectation.

Back to now, Matrix should not worry about Circle, but the fire money and OKCoin. These two big exchanges have been working on OTC business for many years, and are competing with Matrix in a competitive market. Several people in the industry believe that the exchange of technology such as fire currency is very deep in this aspect.

“As soon as we get out, there will be large users.” The founder of a wallet company believes that customer resources are the advantages of Matrix, but competition with existing peers may be a little harder. “The exchange can’t play the mine, and vice versa.”

Gu Li also pointed out the risks faced by Matrix: “it is difficult to do research and development, sales or information management transactions. Product experience, capital cost, compliance risk and exchange competition are all challenges.”

“About one billion of the money market is now almost the same.” A large mine owner in the industry is more direct. “OTC is everywhere. It doesn’t seem particularly necessary.”

“They have done everything now, and they have eaten all the risks.” A practitioner who provided financial services to miners suggested.

The practitioner’s “doing everything” is not Matrix, but bit continent.

Even though Matrix is independent of the bitland architecture, the outside world has already labeled “Wu Chi Han” and “bit continent”.

This is bound to give it the advantage, and it also disputes it.

(Gu Li, Li Ming and Xu Kejun are pseudonyms).

The price of the Wright will soon be cut and prices will soar?

Friends of the note circle must know the upcoming events in the second half of this year. It is estimated that in August this year, Wright will have its second reduction.

Many investors will also cut the production into their own investment plans, want to advance layout, and even think that the reduction of the Wright currency may open the bull market.

Now let’s look at what the meaning of lett’s currency reduction is and what the real impact it will bring.

What does it mean to reduce the yield of Wright currency?

Friends who know the Wright coins should know that Wright coins draw on the idea of bitcoin, similar to bitcoin in operation and follow the rule of halving every four years.

The total volume of the Wright coin is 84 million, and every 2.5 minutes a block is generated. The block reward is 50 at the beginning, and 840 thousand pieces of Wright coins are generated each time. The reward of the block is reduced to half until the output reaches 84 million set.

Up to now, the half price of the Wright coin has been halved. In August 26, 2015, the award of the block was halved from 50 to 25. What will happen next August is the second halving of the Wright coins, and the block rewards will be changed from the current 25 to 12.5.

So what does it mean to reduce the yield of the Wright currency? In fact, the system was designed at the very beginning and everything was running according to the design at the beginning.

Then why design half the rules? In order to control inflation. Imagine that if the Wright currency can be dug out indefinitely, then as the number of Wright coins increases and the volume of circulation increases, it will become cheaper and cheaper according to the supply and demand relationship.

This principle is also referred to as gold, the total amount of gold on the earth is constant, and the exploitation of gold requires a lot of manpower and material resources, production is difficult and rare in quantity, so gold is very conservative.

What will be the impact of the reduction?

Next is the question we are most concerned about. Will the price of production cut up?

First of all, forecasting prices is a very unreliable thing. But we can make more reasonable predictions based on economic principles and historical data.

First of all, in theory, the reduction of production means a drop in supply in the next period of time. According to the relationship between supply and demand, when the demand growth rate is constant, the growth rate of supply will decrease and the price will rise.

Then we’ll look at the trend of bitcoin that has gone through 2 halves.

The first half reduction in bitcoin took place in November 28, 2012.

 The price of the Wright will soon be cut and prices will soar? After half the price, the price of bitcoin increased by more than 80% in one year.

The second half reduction in bitcoin took place in July 9, 2016.

 The price of the Wright will soon be cut and prices will soar? In the first 1 months of the rise, bitcoin showed a slight increase. During the year after half a reduction, bitcoin increased from $651 to $more than 2500, 3 times.

Finally, let’s take a look at the first half price change of Wright coins.

The last half of the Wright currency was August 26, 2015. The price of the Wright will soon be cut and prices will soar? In the first 3 months of the reduction, the price of the Wright coins rose sharply, and the unit price rose from $1.3 to the highest of $8.96, nearly 7 times.

Therefore, we have reason to predict that after the second reduction of Wright’s currency, the market will probably rise due to rising expectations, and the price will rise steadily as a result of changes in supply and demand.

PoW vs PoS: who can maintain a long life?

Author: Jan

Cost paradox

The value provided by block chain technology is centralization security, and security can be measured by attack cost. How high is the cost of a chain attack and how safe it is.

The product provided by the consensus node of the block chain is secure, and the consensus node is the producer of the network service. We also know that there is a basic law in economics. In a perfectly competitive market, the marginal revenue of producers in equilibrium is equal to marginal cost. That is to say, if the consensus algorithm of block chain creates a perfectly competitive market, how much production cost will it provide?

Attack cost = safety = production cost

How much marginal cost does it require to provide marginal safety? Now PoS tells us that we can provide the same amount of safety, but it costs only 10% or even 1%, wouldn’t it be strange for you? Why did PoS break the economic rules so easily?

One case is that the actual cost of PoS of the same security level is the same, but only part of it is hidden. Take DPOS as an example. If you want to do Validator, you need to collect enough votes for yourself by some methods and enter the list of the first X Validator. What is the cost of collecting enough tickets? Is the cost the same for different people / organizations? If not, is it a good thing or a bad thing? Is the cost a public information? If it is not a public information, is it a good thing or a bad thing?

I like the saying:

Financial institutions make people feel safe by hiding risk behind layers of

It is the PoW’s characteristics to expose costs in the clearest way to everyone.

PoS is not a real Permissionless.

Another case is that PoS did not create a fully competitive market.

In PoS, the consensus group in the future is determined by today’s consensus group. Any new node who wants to participate in a consensus needs to be realized through at least one transaction (e.g. mortgage, vote, etc.), and whether the transaction is processed is determined by today’s consensus group. They can handle the transaction or not deal with the transaction. If we do not deal with this transaction, the new node will never be able to participate in the consensus. At the same time, “not dealing with transactions” is a disguised and difficult punishment. I have not yet seen a solution to this problem in a consensus agreement. PoS often assigns block proportions (not related to the number of nodes) according to the weight of Stake. Taking into account the concentration of stake in most systems, this is a very practical problem.

PoW is a thorough Permissionless. Whenever you like, you can buy mines and power to join the blocks, and no need for any kind of permission from today’s miners. You may say, I still need to buy mines and electric power. Is this a form of license? Yes, from a lower level, this is also a license. Unfortunately, in all Proof of XXX, this is the most decentralized form of license. After all, the degree of de centralization of mine production and power resources is much higher than that of Tokens. We should always try to centralization as much as possible, otherwise we can use the centralized system.

Someone may ask: if you design a transaction that you don’t need to send to the chain, if Token puts it there, you can participate in the consensus PoS. Do you solve the problem?

This brings about two problems:

1, if Token can be put there to participate in the consensus, it means that users have no commitment to participate in the consensus, do not participate in the consensus, there is no cost and punishment (users may not have been on-line at all), such a consensus is very difficult to design.

2, there will be the problem of Nothing at Stake. There will be no more words here.

Layer 1 must use PoW

Layer 1 is the foundation of the encryption economy, and the block chain that bears the role of Layer 1 must be a network without permission, because Layer 1 must be a shared and neutral facility all over the world, just like the Internet, and “needing permission” means that it is controlled by a certain group of people and is fundamentally conflicting with this goal. From the above analysis, we can draw a conclusion that if we want Layer 1 to be centralized and secure as much as possible, Layer 1 will have only one option for PoW. PoS is not useless, but just not suitable for Layer 1.

For PoW vs. PoS, the discussion continues: https://talk.nervos.org/t/pow-vs-pos/1732

When the flood season was hit by drought, 70% of the mine was vacant and 20 million evaporated daily.

Editor’s note: This article is from DeepFlow (ID:deep-flow), authorised by Clyde, the Odaily Star daily.

 When the flood season was hit by drought, 70% of the mine was vacant and 20 million evaporated daily.

In June, the entire mine circle was waiting for a rain.

Drought in Leshan. Drought in Liangshan. Xishan, drought. Aba Prefecture, drought. Muli County is seeking rain.

Ganzi is the hardest hit area.

The rain falling from the sky at the end of April and early May was choked by heaven for 1 months.

Affected by lack of water, bitcoin miners were in a state of panic.

The industry generally recognized that the world’s 70% bitcoin was produced in China, while China’s 70% mine was in Sichuan, especially in the Dadu River Basin. The 4~10 month is the flood season in Sichuan every year. The electricity price in the flood season can be as low as 20 Fen per degree. Compared with the electricity charges of three or four or so in Xinjiang and Inner Mongolia, many miners have been moved to Sichuan, Yunnan and Guizhou.

“Water and electricity itself is for heaven’s sake.” Miner Yang Haolin told DeepFlow (micro signal: deep-flow) that in the middle of May he moved from Xinjiang to more than 10 thousand mines in Ganzi, Sichuan. If last year, it was already running at the time of January, and the roaring of the rich began. Now, less than 1000 stations are starting.

Before the flood season, the miners would guess what kind of pit they would encounter, but guess the beginning did not guess the outcome. Some people say that the regulatory trend is complicated and uncertain. Some say that the price of money is volatile and the position is dissatisfied. But the only thing that did not expect is that the biggest hole will come from the sky.

Yang Haolin told DeepFlow that at present, about 70% of Sichuan’s mines are idle. Once these mines are fully activated, they will at least account for 20% of the total net power, and they can dig up bitcoins that can be converted to a market price of not less than US $2 million 800 thousand (about 20 million yuan) per day.

The battle of the flood season has not yet started, and it has already been half fire, and the opponent is unknowable and invincible – God.

Rain seeking ceremony

The sun, the sun, and the sun, for several days, can not bear the sun without a hydropower station.

“God, hurry up and make a heavy rain.” This month, bitcoin miner Zhou Tong’s most frequent move is: look up at the sky, look at the phone’s weather forecast software, murmuring the curse and curse of heaven.

Zhou Tong concluded that “Ganzi always rains locally”, and another conclusion is not to believe in the weather forecast without “egg balls”, which will lead to his continuous failure to customers.

“Wait till you get on the plane, say April 20th, then 25, say No. 30. Is this kind of mine low or moderate?” In April, coal miner complained.

He was comforted by the fact that there was little rain in Sichuan this year, and that the power generation of the hydropower station was closely related to the weather.

Affected by the weather, a large number of mines have been transported to Sichuan from Xinjiang, Inner Mongolia and other places since the end of April.

Yang Haolin told DeepFlow that only about 70% of the mines in Sichuan were idle. Once these mines are fully activated, they will at least account for 20% of the total net power, and they can dig up bitcoins that can be converted to a market price of not less than US $2 million 800 thousand (about 20 million yuan) per day.

The machine that makes the rich is now in a long-term indefinite stop. The mine without operation has virtually increased the sunk cost per second. The miners have to look at the heaves and sigh, complain and laugh at themselves in the circle of friends.

 When the flood season was hit by drought, 70% of the mine was vacant and 20 million evaporated daily.

Some people say take the people of Sichuan to pee.

“The beginning of this year is bad. We should ask the Taoist priest to practice it.” The miners are laughing hard, not only his family, but many mines have quietly reduced their load: “the load on the Dadu River will be better on the side of the load. The most dry thing this year is Xishan, and some of the burden is directly cut.”

The term “flood season” means running at full load. 10 thousand machines, only 2000 are running. Jiaming estimates that the rain will be less than 30% this year, and the load will decrease accordingly.

Jia Ming looked at the sky. He had a feeling of sighing and sighing. He went on 3 years, and experienced several events such as flash floods, landslides and power cuts, and 1 people waiting for the mountains.

The original and the customer said that the beginning of May can be on the shelf, tens of thousands of machines long towed up, the freight spent millions, the result is slow, this can blame? Is it the “irresistible factor” mentioned in the contract?

In March 30th, at the Fung Shui mobilization meeting hosted by the coin printing pool, many mine dealers said that they would be able to get electricity at the end of May and the electricity price at 2 by 2 at the end of April.

At the moment, the machine that built the night is still silent. Millions of mines in the new good quarries, mixed with fresh cement, waited quietly for God’s arrangement.

The miners had no alternative but to call for help from heaven.

It is interesting to note that rain was originally an ancient ceremony that has been going on for thousands of years, even accompanied by a memorial ceremony. Now it appears in the most advanced and advanced block chain technology in another aspect.

The miners showed their powers in search of rain.

Someone played a joke in the jitter video. “Wudang Wang also called Zhang Tianshi” to ask for rain.

There are also miners said, Microsoft is not doing a seabed server, bubble in constant temperature seawater, bitcoin mining machine can learn from?

And the miners said it was because Jam Hsiao didn’t come to the concert.

New miners trapped in the pit

“I have been waiting for this power for half a month, and if I do not come, I will go to the power station to die.” A customer who found a hydroelectric Trust said, “do you know the feeling of watching the currency price jump up and down but powerless?”

In mid May, it rains every day in downtown Chengdu, but there is no rain in the mountains. The customer was deceived by the mine, and the result was a trip to the mine and found that there was no water.

 When the flood season was hit by drought, 70% of the mine was vacant and 20 million evaporated daily.

It was raining 1 days in June, but it didn’t come down.

The natural disasters are all new people in the pit.

In May 15th, Zhou Tong agreed to give the client the last time to get on the plane.

“A lot of poor water has moved the machine over for 1 months, and the market has been suspended for 1 months.” Yang Haolin said to DeepFlow deep stream.

The large-scale relocation of machines is concentrated in early May. From the calculation of bitcoin, we can see that in the half month of May 2nd, the power of bit dropped by over 20%. This is a time period for the centralized relocation of the machine, that is to say, “the thermal power machine goes down to the Fengshui hydropower station.”

 When the flood season was hit by drought, 70% of the mine was vacant and 20 million evaporated daily.

In the first half of May 2nd, the power of bit dropped by more than 20%.

Those who can’t wait to pour into the Sichuan nuggets are mostly new members of the mine circle. Yang Haolin said that these novice were heard by the weather.

There are two reasons: first, the new miners are not familiar with the site or the bargaining power of the power bureau is weak. Most of them are located in the far distance from the Dadu River (as early as April 29th, Luding and Lancang River). Two, the new miners lack the anticipation of natural disasters. They copied the experience of previous years (they went to Sichuan in the dry season) and moved the mine to Sichuan earlier, which caused the miners to suffer losses for at least 1 months.

The old miners were quite experienced.

“(we) Xinjiang Inner Mongolia machine did not move, because the situation is not implemented before it will not move, it can be late later.” Zhou Zijian, an old miner who has worked for 5 years, said, “I have to wait until I confirm it and move it again. There is water on the other side. I will not declare the load back.”

In addition, miner Tucson said that this may be too low pre electricity prices, the new miners choose to default.

On the other hand, God heard the new miner; on the other hand, the novice heard the customer.

“One of my previous clients did not choose to come to my place, and went to a low price area. As a result, no electricity was available now, and I was ready to come back to find me, but I didn’t have a seat.” a miner said that this year there was not enough water in Sichuan.

Many customers have decided to re choose the mine, but they always suffer from a wolf’s mouth and a few problems. They also need to pay the cost and time cost of the two move.

“Spend hundreds of millions of dollars and smash them in order to cheat you for 15 days in advance. It will not be so silly.” A miner introduces that the responsible mine owner usually puts forward two solutions, such as refund, withdrawal or compensation.

“The mine is not electrify, it’s normal, not every miner speaks integrity, especially those new mine owners.” The miners said that many new miners were not honest, but with little experience.

In addition to those who go underground, the cloud computing platforms have suffered considerable setbacks.

This year, we began to make cloud computing power bit deer put forward a set of flood season packages and 2 Gross 2 electricity price at the money printing summit, so that many miners on the spot were stunned, calling competition.

Why did the deer have such a low price? A person familiar with the matter told DeepFlow that bit mainland talked about 100 thousand seats in Kowloon Valley in 2016, and 6 cents per naked power. Jiulong ditch is also a severe drought area this year.

Bit deer is a cloud computing platform hatched by bit continent, and this year officially entered the cloud computing power mining platform.

In May 21st, the official of bit deer said: during the flood season, the package is normal at the time of power failure, and it will probably get better next month.

“Originally 5 months of abundant water, must sell according to 6 months.” A bit deer complained to customers.

Whether the mine owners, mine hosting clients or cloud computing platforms are all hit by this drought, there is a real drought and waterlogging occupation in mining industry: Mine dealers.

The battle has not yet started, and a group of miners has fallen.

“This year is very strange. On the other side, the miners can not find the mines.” Yang Haolin said there was still a lot of venues outside.

The miners’ sense of superiority has disappeared in recent months. The Mavericks started in April this year, not the new miners who fight for the flood season, but the mine resell.

“Now mining is obviously not as good as selling coal mines and planes to make money, the most profitable mining machine, basically 0 risks.” Zhou Tong sighed deeply.

A mine dealer who admitted last year said that a S9 mine had undergone tremendous changes in the first half of the year, from 700 yuan to 2600 yuan, and the current price is 2070 yuan.

This year, the new miners saw a disorderly mining site late and did not move. They hit the pit and watched others drink and eat meat. It was hard not to leave a shadow behind.

In the flood season, the battle has not yet been officially launched, and a group of miners have fallen down. Even the miners have abandoned their duties and left the field.

In March 30th, at the summit of the Yin Yin pond, Chai Hua, the founder of mining industry every day, said that in the 2019 year, the flood season will be a big reshuffle of the mining industry. She expects Sichuan to add 500 thousand seats this year compared with the same period last year.

How much of the 500 thousand new seats will be reduced to cannon fodder?

Prelude to power struggle

In the flood season, the force station has not yet started, but the sound of guns has already been heard at the front.

In June 6th, bitcoin computing power showed 61.63 EH /s, which has surpassed the new high – 60.4 EH /s in November 1, 2018.

The new height of computing power tests everyone’s nerves in the mine circle, and war arrows are ready for release.

On the eve of the war, old miners recalled that one of them said last year that Sichuan had been raining for too long, mudslides and floods, and that the two sites he participated in had been closed down for half a year. These are lessons learned.

Yang Haolin always takes heart in his heart of awe. Because you never know what flag is under heaven. This can not help but think of an old saying: “when people think, God Laughs.”

“Doing business and starting a business is a test of all aspects of you. Your personal abilities, emotional intelligence and intelligence quotient are all tests.” Zhou Zijian added, “shall we die long enough to live to this day?”

According to conservative estimates, it is normal to increase the bitcoin by 30% in August. How many surviving soldiers were there then?

The industry generally recognized that this year will be the last year of the ant miner S9’s appearance. If the currency price continues to rise, the ant mine will be eliminated in October. If it remains unchanged, it will be the end of the year.

Now, when the time comes into June, there are reports of electricity coming from all over Sichuan. On Monday, June 3rd, there were reports from miners that the Dadu River and Luding were basically powered up.

After many delays, in the evening of June 5th, at the foot of a remote mountain in Ganzi, the sky finally began to rain.

Many miners predict that the time of rain in Sichuan will be 15.

After the Dragon Boat Festival, tens of thousands of streams will be gathered again. The water fills up the miners heart and reconnects the blue shed mine in the mountains. At that time, the water power war will be officially opened.

This drought has wired the patience of the miners, depleted the credibility of some miners, and proved who is wise, who is brave, but all these are just the prelude to the battle of strength.

“Stock god” Buffett meets “coin net red” Sun Yuchen, who will brainwash to whom?

Following the launch of the EOS 1st Anniversary product, a major news of the currency circle is that Sun Yu Chen, founder of the wave field, took a record high price of 4 million 567 thousand and 888 yuan (about 31 million 540 thousand and 300 yuan) for the “Buffett charity lunch”. This topic also boarded micro-blog hot search, also affected by the news, TRX on the day soared 6.51%, hitting a maximum of 0.040 dollars.

Sun Yuchen, who has always been a high-profile, seems to have arranged detailed marketing and dissemination points in the auction process, and “squeezed toothpaste” has been spoiled. Many netizens have guessed that Sun Yuchen is the winner of the auction two or three days ago, but still does not affect the intensity of the news. After all, one is the stock god, the other is the coin ring red.

Next, let’s look at the whole story first.

The about 30000000 most expensive lunch in history

The twentieth Buffett charity lunch auction ended in May 31st. The winning bid was much higher than last year’s $3 million 300 thousand, which is also about 1000000 dollars higher than the record high of 3 million 460 thousand US dollars in 2012. It is called “the most expensive lunch in the world”. In June 2nd, the 2019 auction of “Buffett” charity lunch was announced at eBay, an e-commerce website. The transaction price reached $4 million 567 thousand and 888, about 31 million 540 thousand yuan, breaking the highest bid record in 20 years. From the eBay display results, the final bid was an anonymous account S***5 bidders.

Shortly after the auction results were released, Sun Yuchen hinted in his circle of friends that “a major event was made, announced three days later”, and a friend circle was issued the next day: “let the bullets fly for a while.” The news spread rapidly in the currency circle. We all speculated that Sun Yuchen might have photographed Buffett’s charity luncheon, or even called “Sun Ge wants to pull the plate.”

Until today, just after the zero hour, Sun Yuchen announced that micro-blog had officially captured the Buffett charity luncheon. He wrote: “I officially announce to you that I won the Warren Buffett 20th Anniversary Charity luncheon with a record $4567888. I have always been a long-term believer in Buffett’s value investing philosophy. At the same time, I hope to invite people from the chain chain industry to communicate with Buffett, so as to enhance the understanding and friendship between top traditional investors and digital money, so that the whole industry can really benefit from it.

Sun Yuchen will be able to bring 7 friends to lunch with Buffett in New York. Buffett also commented in his assistant’s mail, “I am glad that Sun Yuchen has won a charity auction lunch, and I look forward to meeting him and his friends.”

Not only will this expensive lunch be captured at the highest price, it will also be the first post-90s entrepreneur to go to luncheon with Buffett in the world. This is nothing more than the high light moment of Sun Yu Chen’s life. “Post-90s entrepreneurs”, “disciples of Ma Yun” and “Coin Ring Red”. Today, spotlights are on Sun Yuchen. What on earth is he?

The controversial winner of life

If we get to know Sun Yuchen from Baidu entry, we will probably get the information: he was born in July 30, 1990, headed by “the 90’s entrepreneurial leader”, the first GPA of History Department of Peking University, the first student of Ma Yun lakeside University, and many auras of outstanding young people such as the Davos forum in 2014. It seems that it has already been the winner of life, but people in the currency circle know that there are also many controversies on him. He is the founder of TRON, Bittorrent CEO. It is also known as the “Coin Ring Red”. Once around him, the doubts of “cash in the way”, “plagiarism” and “air currency” have been heard. Even some people have given him the title of “Coin Ring” Jia Yue Ting, because their routines are “high-profile public relations, but the company is running short of progress”.

So what are these questions about?

In July 2017, Sun Yuchen created the wave field TRON project, aiming to become a global centralization free content entertainment system. Then its white paper was questioned by V God “copy paste”, and there was no visible product in the project, so it was labeled “plagiarism” and “air currency”.

At the end of 8 in 2017, a wave of about $400 million was raised on the wave of “air currency”. From the middle of December 2017 to the beginning of January 5, 2018, the price of wave field has risen from one or two cents to 2 yuan in just a half month, which has risen 100~200 times. When leeks thought they wanted to become rich, they broke the news online in April 2018, saying that Sun Yuchen had sold 6 billion wave money and fled to the United States 12 billion. Since then, wave field money has gone down all the way. We all accuse Sun Yuchen of being a liar, and he was at a high position to cash in and cut the leek. But Sun Yuchen also responded to the question on the day he broke the news.

In short, in the more than one time after the birth of the wave field, Sun Yuchen and the wave field were not favored by many people. Until mid 2018 to the second half of the year, Sun Yuchen launched a 2 billion dollar PG plan, a super 100 million node super award, programming contest, and so on, and established his own DApp business unit, and completed a series of actions such as team expansion, heavy gold acquisition, virtual machine TVM on-line, and so on. The wave field, like a black horse, stands out in the competition of the public chain. It has become one of the three major public chains. Its DApp ecology has surpassed EOS and Ethernet. In addition, the most global attention is the wave field TRON to buy BitTorrent at a high price of 140 million dollars. With the empowerment of BitTorrent, the development of TRON ecosystem has entered the fast track beyond expectations.

Sun Yuchen is such a person who can not get rid of controversy and use action to refresh people’s cognition.

Can the Buffett lunch bring good money circle?

Then, what’s the purpose of this Sun Yu Chen taking such a lunch at such a high price? Is Buffett simply learning the value investing strategy?

Many comments on the network said that this time Buffett lunch for Sun Yuchen, more like a company’s price publicity, Sun Yuchen is just want to borrow the potential publicity, for the wave field name. According to the past progress of Buffett’s lunch and his company, this lunch will be a great advantage for the wave field project.

But Sun Yuchen’s purpose is far more than that. He said on twitter that this will be an excellent opportunity for mutual understanding and knowledge exchange. This is not only a new era for TRX and BTT, but also an important step in the history of the whole block chain. And Sun Yuchen told Bloomberg interview that he would choose the most persuasive friend and the most influential person in the field of encrypt to attend luncheon. After all, it’s not easy for Buffett, 88, to change his mind.

Therefore, the outside world also called Sun Yuchen should take the mission of popularizing digital currency knowledge to Buffett to photograph this charity lunch.

As we all know, Buffett has always held a negative attitude towards digital money, especially bitcoin. In February, Buffett told the financial media CNBC that the underlying technology block chain of bitcoin has good prospects for development, but the success of the block chain does not depend on bit encryption digital currency. He also said more than once in media interviews or shareholders’ meeting that “bitcoin does not produce any value”, bitcoin is likened to “mouse feces” and “gambling equipment”.

So if Sun Yuchen wants to persuade Buffett to believe in encrypted currencies, the task can be very arduous.

But Sun Yuchen seems to be very confident, he said in an open letter to the encrypted currency published today. “The most successful investors in the world will inevitably miss the tide of the times. For example, Buffett has never realized the value of Amazon, apple and Google.”

So netizens also filled various dialogues between Sun Yuchen and Buffett, one of which was:

DCG CEO Barry also commented on twitter that it was funny to think Buffett started to spray.

On the one hand is the netizens brain supplement Buffett people scene, and netizens questioned, “Buffett is 88 years old, and Sun Yu Chen to eat, do not worry about late night is not guaranteed?” “Does Buffett refuse to go to a dinner party after he knows the history of Sun Yuchen?”

On the other hand, Sun Yuchen has also been confirmed by insiders. “Ran”, an analyst with CNBC, a Ran analyst, said that most people go to lunch with him, so that they can listen to his wisdom and want to swallow every word he says. Few people can do so much for the industry as Sun Yuchen did. This is a great job. This is the genius of the whole world to talk about encrypted currencies.

In any case, as many netizens have said, I hope Sun Yuchen can take this opportunity to name the currency circle and let top traditional investors understand and believe in digital money, which symbolizes the victory of the entire block chain community. As for the final result, we will wait and see.

OK Jumpstart three phase project En-Tan-Mo, Nobel laureates, to achieve SHD completeness.

Author Qin Xiaofeng

Editor Lu Xiaoming

Produce Odaily planet daily

 OK Jumpstart three phase project En-Tan-Mo, Nobel laureates, to achieve SHD completeness.

According to OKEx official announcement, the OK Jumpstart phase third project is En-Tan-Mo (ETM). It will be sold at 12:00 on June 10th (HKT) and 13:00 (HKT) for two rounds of sales, with 12 million 500 thousand ETM for each round of sales, and ETM/USDT and ETM/USDK transactions on June 10th.

According to official introduction, ETM is based on Nash equilibrium and value transfer theory, the first new generation of block chain projects to achieve SHD completeness.

The so-called “SHD completeness” mainly refers to the three important indexes of the block chain: Safety, High-performance and Decentralization. There are three problems existing in the existing block chain system. How to solve the completeness of SHD is the main problem faced by block chain 3.

One of the highlights of ETM is the advisory team, the two Nobel prize winner. Professor Nobel, winner of the 2011 Laureate in economics, provided guidance and suggestions for the construction of ETM economics. Professor Nobel, who won the Nobel prize in physics in 1979, combed the structure of ETM’s mathematical algorithm model.

In June 5th, the core member of the ETM project, Dr. Aaron Yuan of University of Maryland, visited the planet super language community to explain the “UPoS consensus mechanism” to make participants more equitable.

In the super voice question and answer session, Aaron Yuan first affirmed the star projects such as Nervos, Conflux, Celer Network, Cosmos and so on, indicating that they solved the dilemma of the public chain in a certain way. But he also pointed out that these projects did not achieve the compatibility of the three elements of safety, efficiency and centralization.

“Our biggest advantage is that we are rarely seen in the market to solve the block chain application” balanced and complete “project. Aaron Yuan said.

For investors worried about the problem of project side smashing, Aaron Yuan also gave its own view. He said that after the exchange of the project, whether the price is going up or down, it is all the market behavior. As a project side, the best thing to do is to live up to the support of the community, and the price and value will be reflected in the time.

The following is the question link of the community.

Q1: what advantages do you think the ETM project has compared with the star projects such as Nervos, Conflux, Celer Network, Cosmos?

These star projects such as Aaron Yuan:Nervos, Conflux, Celer Network and Cosmos are excellent, and the technical team behind them is also very strong, which has solved the predicament faced by the public chain in a certain aspect.

Nervos focuses on the encryption economy instead of the infrastructure around the block chain; Conflux solves the problem of the throughput of the public chain system; Celer Network solves the expansibility problem; Cosmos solves the cross chain problem by building block chain framework and module.

But they did not pay attention to a very important problem, that is, the compatibility of the three elements of security, efficiency and centralization, especially the essence of the chain of the world.

The value of ETM lies in the adoption of a new hybrid consensus and multi chain structure, which can substantially increase throughput on the basis of ensuring safety and de centralization, thus providing the possibility for landing and landing of massive applications. Our biggest advantage is that we are rarely seen in the market to solve the block chain application “balanced and complete” project.

We do not pursue the so-called “high TPS” of the book number, but on the basis of the unique publicity mechanism UPoS (PoW&DPoS), taking into account safety, high performance and de centralization, this is one of our uniqueness.

Q2: you just mentioned that the consensus mechanism of ETM is UPoS and UPoS. How does it differ from Dpos and POS?

Aaron Yuan: in the face of defects appearing gradually on the safety of bitcoin, people take PoS as an iteration of force proving method. But what we can’t ignore is that, under the PoS consensus mechanism, the degree of centralization is damaged.

So EOS and other players take DPoS as an improvement on the PoS mechanism, which is to select 101 super nodes as a voters’ community election. But DPoS can not stop some destructive nodes in time and effectively, and this can cause the network security risks to be predicted.

In the face of such a situation, ETM scientists creatively improved and combined DPoS and PoW algorithms to maximize the advantages of the two mechanisms and form a bistable UPoS consensus mechanism.

Based on game theory mechanism and Nash equilibrium, we can maximize the compatibility of security, efficiency and centralization, so as to solve the problem of “Impossible Triangle”. This is the uniqueness of the UPoS consensus mechanism.

Q3: how to achieve SHD completeness and solve the Impossible Triangle is a false proposition?

Aaron Yuan: in my opinion, in the block chain world, there is a lot of “Impossible Triangle”, but the most discussed value is the CAP theorem of the distributed system. It means that distributed system can not ensure consistency, availability and partition tolerance simultaneously.

Similar to the CAP theorem, there are security Security and high performance High-performance\.

De centralization of Decentralization three compatible SHD completeness.

As a practitioner of the block chain and a centralization of believers, we have been exploring the SHD completeness by designing a consensus mechanism based on UPoS.

Therefore, I think that as a completeness of SHD, the CAP theorem can not and can not be a false proposition. It is also solved by technical polishing.

Q4: can you tell me about the development and roadmap planning of ETM project?

Aaron Yuan: at present, our test network has completed three public beta tests in October, December and April this year, further improving the main network performance and mining mechanism. The ETM v1.0 version has been completed and the consensus mechanism has been perfected.

Next, we will develop ETM v2.0. On the basis of v1.0, we reconstruct the framework, improve the overall performance, complete the cross link, intelligent contract related content and economic construction.

In addition, our comprehensive security audit has been passed by slow security companies and security companies. The main network will be launched soon, so please take an active part in our community activities.

Q5: you mentioned the community just now. How does ETM conduct community governance?

Aaron Yuan: regarding community governance, I think there are four very crucial points.

First, the spread of ideas. We continuously input the values of “returning to centralization” and “returning to the masses” into the community. In the community diffusion content articles, through different forms of community activities to deepen the sense of community users. I think this is very important.

Second, interactive discussion. We create the soil of discussion in the community, through the fixed time topic discussion, the daily community activity, the idle time discussion and so on interactive form, satisfies the different attribute user’s exchange demand.

Third, incentive mechanism. A series of activities we conducted in the community, in addition to providing quality content, will also give users incentives to encourage users to become sticky and identify.

Fourth, efficient service. For example, ETM’s customer service staff will actively interact in the community. At the same time, we are also starting to recruit community ambassadors, who will become community volunteers outside ETM’s little assistant.

We hope to build a highly autonomous, more equitable, spontaneous and orderly community.

Q6: what kind of governance mode do you prefer? Complete centralization, semi centralization and complete centralization? Why?

Aaron Yuan: our original intention has never changed, that is to build a truly centralization of block chain network world. Therefore, complete centralization is our ultimate goal.

Of course, as an ideal of ETM, complete de centralization still needs to be achieved through continuous technical polishing. In order to achieve the goal of de centralization, we propose the UPoS consensus mechanism.

In this mechanism, UPoS node participation in competition is a probability event, and no matter how many votes it is, it is possible to get elected. In addition, the threshold of UPoS to nodes is very low. We are hoping to achieve the centralization of SHD completeness through such a consensus mechanism.

What is the organizational structure of Q7:ETM? What are the roles and roles of the founding team in the whole ecosystem? Will the founding team consider phasing out?

Aaron Yuan:ETM is mainly divided into three parts: foundation, global scientific advisory committee and developer team. The foundation is registered in Singapore. The foundation has a global scientific advisory committee. We also actively support the establishment of a developer team. Our global scientific advisory committee is responsible for building the top-level architecture and guiding the developer team to build technology products.

The founding team plays the role of ecological architects and implementers in the ETM ecosystem. In the future, we will gradually withdraw, making the ETM community a self-organized, self running and self evolving new ecosystem.

Q8: we notice that the ETM consultant team is the two Nobel prize winner. What interesting stories have happened between the two Nobel laureates and the ETM project? What is their role in the team?

The Aaron Yuan:ETM research and development team is composed of professors, academics and doctorates. The team has a strong academic atmosphere, so the project team has many interactions with many Nobel laureates.

Interestingly, because members are all academics, everyone is very serious, so they often quarrel with each other because of a certain problem.

In addition, the Nobel laureates are deeply involved in project design and research and development, such as professor Sargent’s revolutionary integration of game theory research into the block chain. They are ETM’s think-tank, providing many support for team polishing technology.

Q9: since the core members of the team are famous doctors, can you give a detailed introduction to the background and the respective responsibilities of the main members of the team?

The core team members of Aaron Yuan:ETM, apart from the two Nobel prize winners advisers, are all academic backgrounds in computer science, mathematics and economics.

For example, I have published 12 papers on SCI in distributed system. The other members of our team, like Daniel Wang, have more than 100 international and domestic patents in the field of distributed network transmission and data storage. And Thomas Tang, a Ph. D. in mathematics from University of San Diego in Spain, who studies partial differential equations and game theory. Other project members are university computer R & D and financial background.

It can be said that the academic background of team members has laid a solid foundation for project deep tillage technology.

Q10: on line OKEx, many people worry that the project side will smash the plate. How do you respond to the query?

Aaron Yuan: I must say that we do not have any circulation at present. All the tokens are circulated through the channels of exchange. No matter the team or the cornerstone or the foundation, there are locking mechanisms.

Generally speaking, after the exchange on the project, whether the price rises or falls, it is market behavior. As a project side, what we can do is to make our technology and services the best and live up to the support of the community. As for price, I think value will be reflected in time.

What are the plans for Q11:ETM private placement?

Aaron Yuan: the private placement lock is written in the bulletin of OK, and it can be viewed by itself. But I can simply say that starting from fourth months, it will be unlocked one after another.

Does Q12:ETM have a market value operation team?

Aaron Yuan: we invited the highest value management team in the industry, signed a two-year long contract, and also reflected our project team’s determination to city management.

Q13: can you tell me about ETM’s financing plan and partners?

Aaron Yuan:ETM completed two rounds of 70 million financing in July 2018 and early January 2019 respectively, including eight dimensional capital, Bitlink, consensus lab, encryption vision, JRR Capital, Ke Yin capital, and four-dimensional magic cube (alphabetical order).

How to solve the three bottlenecks?

In May 28th, “GBF” was held at the Guiyang International Eco Conference Center.

2019 the global block chain Technology Development Forum (GBF) is hosted by the 2019 China international big data Expo Organizing Committee, hosted by China information and Communication Research Institute, and co sponsored by Teleinfo and Odaily Star daily.

At the forum, Wang Menghan, director of product chain and product director of Ping An financial group, published the theme of “block chain from concept to mass production”.

She said there are three bottlenecks in the application of the block chain application: data privacy, system dominance disputes and performance decisions.

In view of data privacy problems, one account chooses to encrypt and upload all data, and has made two technological innovations: field level can authorize encryption and decryption, and 3D zero knowledge proof. Encrypted uploaded data can not be used efficiently, and field level can be authorized to add or decrypt, which can make a specific field visible to a specific person and guarantee authenticity. 3D zero knowledge proof can be done, data is encrypted, and all relational checking of the result can be carried out under ciphertext, with a delay of 3.5 milliseconds.

In terms of system dominance, Wang Menghan said that he is doing a network safely, and is only responsible for linking all sides. At the same time, enterprises can deploy their nodes in the local area to ensure their own data dominance.

Finally, the problem of performance and throughput can not be concurrently. That is, the size of the block can be adjusted intelligently, and any one or several transactions can be packed at any time, no longer limited by the number and time limit of the transaction.

The following is a speech by Odaily planet daily.

Hello, everyone, I am Wang Menghan, from the Ping An finance one account chain block. Ping An Zhang Tong is one of the 32 subsidiary companies under Ping An group. The financial account is a carrier for Ping An Group’s external output.

I am from the block chain team. Here I would like to introduce to you.

Our next contents are mainly divided into two parts: first, the technology of the safe block chain, and second, the application of the safe block chain.

It has been 11 years since we first published the first paper in 2008. The block chain, whether BATJ or safe, is in the layout block chain. There are hundreds or thousands of start-up companies. So many people are ploughing deep in this field. But let us consider carefully, is there much less value and large-scale application of the block chain? In fact, there are few.

In the process of the application of the Ping’an block chain for so many years and the market expansion process, we summed up the following three points, which hindered the large-scale application of the block chain: data privacy, system dominance disputes and performance choice dilemma.

Privacy protection means your data is actually the lifeblood of an enterprise. Why should I share it with others? The block chain is a shared account, which involves privacy. This is the first one.

The second one is who will build the system, who will have the right to the system, or the dominant power.

The third question is whether performance can really be applied to real financial and enterprise applications.

Next, I would like to talk about why we think privacy is the first problem to be solved.

That’s because most of the business level and enterprise level applications are alliance chains. They must be used in a particular business scenario.

That involves a problem: the participating enterprises are either cooperative or competitive. How do we pull together the competitive firms and let them share the same account book? In fact, it is a difficult problem to solve.

It is very difficult for us to pull the 12 banks into the network through a cross-border trade financing network that we have done with 12 large banks made by the Hongkong monetary authority. Because those big banks, including Standard Chartered, HSBC, etc., in fact, everyone has a perfect mechanism for privacy protection of their data and ownership of customer data. Therefore, in the era of big data, even if you are not a competitive relationship, you do not have any relationship with the enterprise. I also do not want to say that I would like to contribute my data to you. Everyone is very taboo about their privacy protection.

So what did the safe block chain do? Ping An block chain has done a relatively extreme thing in the field of technology. We uploaded all the data and all the data in the security block chain. All data is encrypted, rather than that I can choose part of encryption, select part not encrypted, all of our data is encrypted.

At the same time, we made two technological innovations: field level authorization, encryption and decryption, and 3D zero knowledge proof.

If encrypted data can not be used, it is a bunch of random codes, or something that can not be understood by people in the chain. Is that not the result of larger data islands or more unavailability?

We made an advanced cryptography scheme called field level authorization and encryption. For example, we implemented it in a cross border trade block chain led by the Customs General Administration of China, which was implemented at Tianjin port. At that time, we selected all the participants in the chain of cross-border trade on 16 themes.

At that time, for example, foreign export enterprises, he would send my goods to the country, he would look for his carrier or freight forwarder, to find these logistics companies to transport goods to the country. There will be a question at this time: shall I supply all of these contracts, invoices, the total amount and information to the logistics providers?

Others do not want to, but there is no way to solve it. The technology of block chain can solve this problem. How to solve it? I can hide the price information and the total information at the field level. I just tell him what my quantity is, because you are only responsible for the transmission of my logistics information. All you need to know is what you should know, all of which you should not know is in the form of ciphertext. At the same time, it must be true.

Zero knowledge proof is to verify your data without decrypting it. The safe block chain has made a 3D zero knowledge proof. What is this concept?

Zero knowledge is proved in a book, if I have multiple accounts. If trade books, logistics books and enterprises may not have their ERP accounts, how do they relate these data? How to apply it in ciphertext?

Our 3D zero knowledge account is not only encrypted by me, but also can be calculated in the case of encryption, and at the same time, it can check the relationship of the result of operation, that is to say, greater than, less than or equal to, all relations check can still be verified in ciphertext. At the same time, after performing all the addition and subtraction multiplication and division, my performance is less than 3.5 milliseconds, so my performance is available.

Of course, another international company that can compete with our technology is Zcash. His delay performance is at the minute level. What is the concept? 3 milliseconds with minute level, simply speaking, one is available, one is concept, and one is not available. This is the question of digital privacy protection.

The second is the problem of data dominance.

As we all know, the traditional platform, or a large application system, is done by some big companies. For example, does your block chain system use Baidu or ant, Tencent or safe?

In fact, everyone is at the top of the mountain. Why? Because these platforms or applications, in the case of asymmetry or information asymmetry, I will have a lot of interests. If I dominate the platform, I will benefit from it.

If you use his platform, or if you use the platform of a big company, your data will become his data.

I may give you an example that is not particularly appropriate for you to understand. For example, when I went to an e-commerce platform to buy something from UNIQLO, I became a customer of UNIQLO, but when UNIQLO registered on the electronic business platform, did the customers of UNIQLO become the customers of the e-commerce platform?

If for any enterprise, why should I contribute my customers to you? Any company will have this plan. So who will dominate the block chain network?

We have put forward another concept: we have been talking about the security block chain, we are not doing the platform, we are doing the network. How to understand this? That is, peace is not simply collecting data, or pulling everyone together to make an application so simple. But your application is your application, the safe block chain does only one thing, that is, I chain everyone together, and I let data flow. All my nodes are located in your local area or I use all encryption technologies to encrypt you. Your data can not be seen by anyone except you. This is our technological innovation and application.

At the same time, we managed to cooperate with some government financial background enterprises in Hongkong Supervision Bureau or Tianjin port, so we will have very perfect governance structure of block chain alliance and rich experience in construction. This is the problem of system dominance.

The last question may be more technical, that is, my system throughput and latency.

How to understand this? In the block chain, such as 1000 transactions, a package, and then to do transactions and consensus, the throughput may go up, but when I go to some low frequency enterprises to apply, my performance will definitely decrease. Performance and throughput is also a must for both fish and bear’s paws.

We propose a concept called intelligent block. What is the concept of intelligent block? Any transaction can be packed at any time, or any transaction will come and I will always pack it for you, no longer limited by the transaction number and time limit, so that it can be applied quickly.

We can give you a data. We said before that it is irresponsible not to mention the hardware environment or the performance of the network environment alone. Because you run on a PC computer, you still run on one server, actually the performance gap is very large. We have an average TPS of more than 1000 in the 2.3Ghz8 nuclear CPU national dense environment, and the delay is less than 0.001s. This is a delay for us.

In addition to the above three bottlenecks — the core advantages of Ping An block chain: full encryption framework, 3D zero knowledge proof, intelligent block, the last problem is CA authentication.

Now you can guarantee that the data on your chain is private, and the data on your chain is yours. But can you guarantee that this behavior is your own occurrence, or that you must be your identity? This involves a problem of identity authentication – the specification of CA.

Behind us is a cryptographic team, a team that is restricted to not going abroad during the secrecy period, and is very expert in the domestic CA authentication and the block chain encryption algorithm. He helped us create a set of National Security Bureau’s CA specification system, realized in peace, will prove that it is your behavior, your data must be your data. This is the biggest difference between Ping An block and others.

In terms of technology, what aspects of safety are applied?

As we all know, there are a lot of safe plates. We have 32 subsidiary companies, which have deployed five plates in the block chain industry: finance, medical treatment, automobile, real estate, and smart city.

As the only bottom block chain of Pingan group, we also undertake the needs of all chain blocks applied by Ping An Group, including medical, electronic medical records, drug traceability, and automobiles. Last year, we bought a car home, made a car home of the vehicle management office; real estate we have mortgage, safe and good housing; smart city wisdom, environmental protection, intelligent transportation.

As for the financial sector, Ping An is a company with strong financial attributes. This project is a project led by the General Administration of Customs of China in the pilot project at Tianjin port. In August 30, 2018 last year, the General Administration of Customs launched the project. We used it for half a year to link it up. Now it is a real business running scene and is deployed in the customs production system.

In fact, just now, as I recall, Deng always said that it is a very difficult process for you to deploy your block chain to a production link of others. I very much agree with this concept. We have deployed it to the real production link of customs. The clearance system has been applied in the verification results of our block chain.

There are 16 participants, all the import and export enterprises, the participants in the import and export trade links, we all have, if you are interested, you can pay attention to this report.

This is a project we did at the beginning of 2018 when the Hongkong monetary authority was in 2018. At that time, the HKMA joined 12 large international banks to make a trade finance network. A terrible financial systemic risk occurred in 2012. This case is to solve this problem and prevent duplication of financing.

The last one was my IFAB trade and financial network, which was done in Hongkong and in Singapore.

So what did we do in China? IFAB based on our safe transportation, there are also 40 city commercial banks. We have all these banks as the capital chain to our trade and financial network. At the same time, we can get through all the logistics links, business links, transaction links and payment information, and we can verify the information to ensure that this is true.

It is the biggest with traditional supply chain finance or trade financing network, and what I mentioned just now is that your data must be your data. I am not a platform, I am just a network, I am just a third party to bring everyone together, I provide a place for everyone to exchange, do not do any processing of your data, any control.

At the same time, after so many trade financing networks, we are still walking out safely in Hongkong, Singapore, Thailand, Malaysia and Europe.

In the foreseeable future, it is possible that at the end of this year, we may have a larger trade network in the second half of next year, and we will hear the news.

My speech will be here. Thank you!

Polkadot failed to become the “chain unicorn” of the block.

This article is from CoinDesk, the author of the article: Leigh Cuen & Wolfie Zhao.

Odaily planet daily translator Moni

The block chain project Polkadot may not be able to achieve the expected value of 1 billion 200 million dollars.

Since January of this year, Web3 Foundation, a Swiss nonprofit organization behind the Polkdot project, has been trying to raise funds through private placement sales. According to people familiar with the matter, the project wants to raise $60 million, and three Chinese funds have agreed to invest $15 million in their DOT tokens.

However, according to sources, the three Chinese funds agreed to invest under the condition of lowering the valuation of the project to below US $1 billion, which is in conflict with Polkadot’s expectations because the latter has been seeking the threshold of “unicorn”. (agreed prices may be determined by investors).

Although it is not clear how many tokens purchased from three domestic funds, it is not known how many other investors are involved besides them, but there is news that Polkadot can only sell 70% of 500000 DOT tokens. According to sources, Polkadot will continue to sell the remaining tokens to authenticated investors or distribute them to community contributors free of charge, rather than close the private placement now.

Assuming that other investors want to buy the DOT token just like the valuation given by the three funds, the remaining 30% tokens will not be able to meet the original financing target set by Polkadot even if they sell them all. In other words, if Polkadot wants to raise $60 million in capital, they may need to increase the number of tokens sold.

According to a statement issued by Web3 Foundation, the foundation said it would not comment on any private placement at present, but they look forward to making it public as soon as possible. According to sources, Polkadot has three main purposes to raise funds through token sales.

1, test Polkadot main network;

2, encourage developers;

3, funding for research and operation of Web3 Foundation.

Chain of block chains

In fact, Polkadot is one of the most anticipated block chain projects at present, though they have not yet been officially launched.

Polkadot was created by the co-founder of the Ethernet workshop and also Gavin Technologies, founder of Parity Technologies. He hopes to build a block chain network that enables other block chains to work together. Polkadot’s biggest competitor is the Cosmos launched in March. Their goal is to achieve cross chain interoperability.

In another statement, Parity CEO Jutta Steiner said the company was excited about the new possibilities of Polkadot for the block chain industry, he added.

“Scalable and controllable protocols provide real interoperability, and it is possible to promote the dream of opening the Internet. In the past year, we have been working hard to build customized block chain platform Substrate, Polkadot has also made good progress.

However, the statement of Jutta Steiner did not solve the problem of Polkadot token sales.

In recent months, with the revival of the price of encrypted money, market demand for such sales is increasing. For example, Blockstack plans to raise $50 million through its regulated token product, while other small encryption start-ups are raising money (though not large enough).

In October 2017, Web3 Foundation raised $145 million by half of the total public sale of 10 million DOT, when the price of each token was about 30 dollars. These tokens are currently running on the Ethernet workshop. Once the Polkadot project is formally launched, it will switch to the new block chain. In addition, Web3 Foundation has recruited about 37 employees to support the development of lucrative cross link technology.

Web3 Foundation said they also plan to re distribute the tokens publicly when the Polkadot block chain is released (or near this time), with the aim of ensuring that DOT token can be held by those who are actively involved in helping build Polkadot networks.

According to the white paper disclosed by Polkadot, the supply of the 30% DOT tokens mentioned above is reserved for Web3 Foundation, and another 20% tokens will be distributed before the main network is released, but the time remains to be determined. According to sources familiar with the situation, Web3 Foundation has already spent half of its funds, accounting for 15% of the total supply of DOT tokens.

OTC problem

In the latest financing transactions, Polkadot will allocate 5% of the total supply of DOT tokens. They hope to set the price of each token between us $100-120, so that we can raise about $60 million. The problem is that these tokens will not be on any of the encrypted currency exchanges, because Polkadot does not encourage them to trade.

However, according to a staff leaving Web3 Foundation, the OTC platform is trading DOT tokens at the price of $75-120 per token. The employee said that contributors of Polkadot projects usually sign and participate in governance after the token is issued, and are obligated to hold a token for at least one year, but investors can immediately sell the token to the clearing fund.

For the OTC problem in the market, Ryan Zurrer, head of Web3 Foundation, said:

“We have not authorized them to do so, so the risk of OTC DOT tokens is great.”

In fact, some members of the Ethernet community are critical of Polkadot because they believe that the project is quite similar to the credit block chain, because when the project is released, it is finally decided by the parliament to decide the network governance. It is not clear who will join the “rotating seat” Parliament.

The former Web3 Foundation employees expressed their concerns, they said:

“Polkadot is basically a credit authorization block chain operated by Gavin, Ryan and their friends.”