Block chain annual report – (seven) smart contract


5.1 Introduction to Smart Contractsn
nA smart contract is a set of automated computer programs that can facilitate, validate, or enforce a contract by controlling the transfer of money or assets under certain conditions. A smart contract can ensure that a specific result is obtained. In this process, an asset or currency is transferred to the program, then the code is run and the condition is automatically verified, and then it is automatically determined whether the asset is transferred to the other party or whether to continue Money returned to the sender and so on. An intelligent contract based on a chain chain can validate contract conditions by running a specific set of nodes in the system, which is an advantage that traditional contracts do not have. This method can automate the digital business and speed up the transaction, complete the automatic remittance, while ensuring asset security. Smart contracts can be used to capture the relevant obligations of financial institutions, thus ensuring that the transfer of funds is no problem to reduce operational errors.n
nIntelligent contracts based on block chains can be used in a variety of industries, such as the automotive industry, tourism, and media and entertainment. In the car rental and sales process, you can automatically create an order through the smart contract to achieve “click – signature” easy car rental. Visa and electronic signature company DocuSign is also working together to develop a simplified car rental platform. In the online music industry, block-chain technology allows consumers to pay directly to the artist’s fees without having to go through any intermediaries. The smart contract will advance the process of “main delivery of the main delivery”, that is, the audience successfully remitted to the music after listening to music.n
nThe figure below shows the market size of smart contract applications by vertical industry, which is expected to rise from $ 40 million in 2016 to $ 447 million in 2021 and a compound annual growth rate of 62%. The government and public sector applications will become market-driven and are expected to increase from $ 16.1 million in 2016 to $ 162.4 million in 2021, representing a compound annual growth rate of 58.7 percent. Media and entertainment compound annual growth rate is highest, is expected to reach 70.3%.n
nThe size of the market is marked by the vertical industryn

nThe figure below will mark the size of the market for smart contract applications, which is expected to increase from $ 40 million in 2016 to $ 447 million in 2021 and a compound annual growth rate of 62%. North America is expected to be market-driven and its market size will rise from $ 18.8 million in 2016 to $ 169.4 million in 2021, a compound annual growth rate of 55.1%. While the Asia-Pacific region is likely to hit the highest compound annual growth rate, that is, from $ 6.1 million in 2016 to 2021 $ 95.7 million.n
nThe table is marked by the size of the market for smart contract applicationsn

nSource: Auxiliary Literature, Wall Street Block Chain Alliance, R3 CEV, Expert Interview and MnM Analysisn
n5.2 Application cases of intelligent contractsn
nIntelligent contract based on block chain can be used in various industries, including financial (such as payment, clearing and settlement), energy, supply chain, intellectual property and other fields.n
n5.2.1 Paymentn
nPayment refers to the process of shifting the value from the process of the individual or organization to the other for the goods, the service, or the fulfillment of legal obligations. Global payments are an extension of this concept, and payments can be made in a variety of legal currencies in countries around the world. With the help of block chains and smart contract technology, the global payment process is presented as follows:n
nGraphical block chain technology supports the global payment operation processn


n5.2.2 Insurancen
nInsurance is a financial risk management product that an individual or entity can obtain from the insurance company for loss protection (eg property, assets, casualties and health). Commercial assets and casualties (P

Today, Blockstack: Five applications have been developed on a centralized network

nnStreets comment: Block chain architecture Entrepreneurship company Blockstack With a truly free and open Internet vision, its platform has become the basis for many other areas of the project. Because the platform can defend against network attacks, providing developers with technical and financial support.n
nnTranslation: Annie_Xun
nBlock Chain Architecture Venture Company Blockstack’s vision is truly free and open to the Internet.n
nThe idea behind this vision is that users should not be trapped in a particular application, but should be free to choose from a variety of applications and not at the expense of control.n
nCo-founder Muneeb Ali recently discussed that large Internet participants exercised too much power on the user, which is the area where Blockstack wanted to change.n
nAlthough the vision sounds utopian, the company has let developers believe that developing applications on its platform to solve the problem can solve this problem. In other words, reliable storage of a large number of customer data, enough to protect the traditional digital services inherent network vulnerabilities.n
nBlockstack development partner Patrick Stanley said:n
nn”Now the application is much faster than we expected, and we have 200 applications on the platform, so there is a lot of interest in the development of the platform, especially the investment in these applications.”n
nnPart of the reason is that the platform allows developers to move between different chain chains, but the infrastructure also requires a lot of work, from security mechanisms to future payment plug-ins, the company is already building, allowing developers to focus on core business Then
nAnother reason is that Blockstack has recently tried to provide development funds for entrepreneurs.n
nIn August, the company announced a $ 2,500 financing, supported by companies such as Lux Capital, Rising Tide Capital, to support developers and plans to launch a series of “XPRIZE” projects to reward developers who provide transformational chain services.n
nAlthough the company is not ready to disclose the use of incentive projects and investors to use the object, the current developers in the Blockstack platform to let us see what the platform will complete the project.n

n n
nOne of the most well-known projects related to Blockstack, going to the center of the market OpenBazaar is not built on Blockstack, but one of its main features depends on the platform.n
nSam Patterson, co-founder of OB1, which established OpenBazaar, said OpenBazaar used the Blockstack platform to name its merchant store, marking user-friendly identifiers.n
nn”Just like the Bitcoin address is a random string, the OpenBazaar store is a random string. This is not user friendly and nobody can remember the string.”n
nnBut with Blockstack, businesses can turn strings into user-friendly names, such as Ski Shop.n
nPatterson also said that other options were considered before OpenBazaar chose Blockstack, but all options were limited. The market is not only considering building its own system, but also tried the etherbox naming system and some other.n
nPatterson said,n
nn”The final conclusion is not enough to go central or not user-friendly, or the existence of time is not long enough, inconvenient to use.”n
nnPatterson said that the most financing of $ 4.2 million OB1 in the preparation of the 2.0 version of the market, will be “fully adjusted”, allowing users to start by the end of August beta test. The development process uses IPFS to limit the adjustments made to the store off the assembly line and will include the Tor function.n
nCasa, which is built entirely on Blockstack, is a centralized housing sharing agreement that allows users to book rooms through Bitcoin.n
nFounder Jeremy Welch said, Casa decided to use Blockstack because of its scalability, compared with other networks, the platform is more suitable because it can handle millions of users.n
nn”The Blockstack team is designed and built to upgrade applications and serve hundreds of millions of users, which are unmatched by other block-chain technologies, and the ICO network is very congested and simply does not have a full-fledged application program”.n
nnAnd Blockstack’s existing user base includes early adopters.n
nBedkin’s company has already invested in early investment companies such as Precursor Ventures and will release the agreement next month.n

n n
nThe Afia platform helps people better manage personal health data.n
nIts founder said that the application allows individuals to better control medical data and save medical records in personal encrypted cloud storage.n
nAfia’s Ani Agajanyan said, “Because users have their own storage space through Blockstack’s Gaia storage system, we do not have to worry about losing public information or being taken by a third party.”n
nCloud storage can only be decoded using the Blockstack Personal ID private key to comply with the US Health Insurance Portability and Accountability Act regarding medical data data security and privacy terms.n
nThe platform also eliminates the need to fill in the same information for each new service provider, giving the user more control over the time and manner in which information is shared.n
nBecause Agajanyan hopes that the app will “be forever”, Blockstack and its virtual chain technology can make app not dependent on a single block chain, so it is the perfect choice.n
nGuild envisioned the future is the server less, completely to the center of the open source blog, eliminating the restrictions imposed by other centralized blog networks.n
nIt’s like going to the central version of Medium, this item seems to attract Blockstack’s XPRIZE supporters (Guild will participate in this award item).n
nUnion Square Ventures partner Albert Wenger confirmed that he will invest in this project based on the block chain based on the blog platform, early Twitter Investor Naval Ravikant also interested in investing in the popular microblogging site block chain replacement project.n
nGuild developer Jay Hwang believes that the company’s choice of Blockstack, the decision to build a centralized application is to give users more control.n
nn”Create a decentralized blogging platform that allows users to publish their favorite blogs, even if the content is controversial.”n
nnn”Because the content is stored in the place specified by the author, not on the Guild server, Guild has no right to remove the blogs they do not recognize, and it transfers the rights from the hands of today’s Internet dictators to the hands of individual users.”n
nOngaku Ryohon

n n
nThe centering media player Ongaku Ryoho also follows the trend, allowing the user to control all personal data.n
nThis app connects music and user-selected cloud storage, allowing artists to upload music at zero platform fees and download it.n
nThe music industry and its numerous brokers have become the target of chain-chain entrepreneurs, and Slovenia’s start-up company Viberate is trying to draw the attention of well-known investors such as Charlie Shrem and Pinterest chief scientist Jure Leskovec.n
nBut Steven Vandevelde of Ongaku Ryoho said the company distinguishes this control with other companies.n
nn”There are very few music books that allow users to control all the data, and I say all the data is really all the data, such as playlists, favorite music and music folders.”n
nnAs to why Closed Blockstack, Vandevelde:n
nn”I like their idea of ​​data and identity, and the way they turn these ideas into reality, although it is very early, but it is easy to integrate the authentication layer into the app.”n

Former financial technology regulators help block chain innovators develop lawyers’ thinking

nnnJeffery Bandman was a former financial adviser to the Commodity Futures Trading Commission (CFTC) and has left the organization to set up his own consulting firm to help financial innovators collaborate with legislators and ultimately development of. He suggested that these innovators actively communicate with regulators, the two sides understand each other’s needs in order to better achieve orderly development.n
nnTranslated by: Inan
nIf you are considering financial technology or digital money business in the US market, then Jeffery Bandman is to help you realize the dream of the elegant. Until recently, he was a financial and technical advisor to the US Commodity Futures Trading Commission (CFTC) in Washington, DC, and the LabCFTC, a pioneer in innovation management in the United States. Then, Bandman left politics in June and returned to his hometown of New York City to set up a consulting firm Bandman Advisors. Now he is eager to enter this field.n
nBandman and the International Business Times talked about the block chain:n
nn”I am very excited because there is so much to do in this area and I want to be more involved in more depth and more directly.”n
nnThe advisor from the regulatory body to the business world is determined to help financial technology innovators and legislators work together, especially when dealing with difficult financial and technical fields such as digital money.n
nAt present, most legislators do not know how to deal with digital money. Innovators, while taking into account state and federal laws, are waiting for the latest guidelines and pray that the next regulatory bill will not make their efforts gone. This uncertainty makes many block chain start-ups no longer directly involved in the US market. Bandman said:n
nn”I am very interested in helping them to eliminate differences and achieve business development.”n
nnIn addition to consulting work, he is also writing articles, elaborate “real-time supervision” potential. Some companies in Israel, the UK and South Korea have begun to use software tools for real-time regulation in financial markets such as stock trading and banking. These tools often combine block-chain networks with artificial intelligence, enabling real-time monitoring with large data sets. This concept is still in its infancy. However, it can ultimately help solve one of the biggest challenges that plagues US financial technology, that is, technological development is too fast and the legislative process can not keep up.n
nBandman never thought he would be doing this work when he was young. Many of the most enthusiastic block chain advocates have discovered the community by encrypting the bitterness of an anarchists and anti-capitalists, and Bandman is different from them, and he is in the “dangerous” (Jeopardy) program After losing streak fell in love with financial technology.n
nAt that time, Bandman had just graduated from Stanford Law School, won five rounds in this game and spent about $ 50,000 on travel to Africa, Asia and Europe. He said:n
nn”I am fortunate to have another way of going to some countries that are now harder and harder to visit.”n
nnThese unique markets and different cultures have inspired Bandman’s different thinking about economic law. “Regulatory changes could be a catalyst,” he said, adding that by the end of 2014, he met David Rutter, a chain blocker of the R3 organization, and then fell in love with digital money.n
nThe relationship between Bitcoin and the Black Market has damaged its reputation, for example, people can use Bitcoin to buy drugs on Silk Road. Bandman recalls:n
nn”I understand that some of the general misconceptions about Bitcoin are incorrect, and I immediately realize that this may have a transformative impact.”n
nnSince then, Bandman has begun to study the popular financial sector, such as digital money and insurance technology, and the rapid development and urgent need to monitor cooperation to become mainstream things. Bandman said:n
nn”On the block chain regulations, I think it is important to remember that regulators can not or should not regulate the technology itself.We regulate the application of technology, that is, activities, services or entities in this field. practice.”n
nnNow, Bandman is actively working with companies in the field of financial technology and regulatory technology, but he declined to disclose the names of these companies, hoping to help innovators and regulators understand each other’s needs. Bandman said:n
nn”I believe we are in a transition, and all of us need to keep pace with these transformational changes, including regulators.”n
nnHe suggested that the chain chain innovators strive to negotiate with local and federal regulators. He suggests that start-up companies that can do this will take into account existing regulations when starting to develop new technologies. He said:n
nn”If you can find your own regulatory category, you have a passport for your business.”n
nnBandman said that it is the best way for all to talk to regulators that financial technology innovators are moving forward in an unclear regulatory environment.n
nBandman said:n
nn”If I am in Illinois, I will talk to Jennifer O’Rourke of the Illinois Block Chain Initiative, which is now a good time to deal with regulators because they are still organizing their own ideas. If you go to explain you What to do, why do you do it, and how it fits in the regulation … I think it really can help myself.n

Gold exchange may adopt an autonomous regulatory model

nnnRampage comments: gold spot transactions involving a wide range, so the relevant supervision has been a major problem. The Indian government has decided to spot the gold exchange to take self-regulatory model, the use of block-chain technology for transaction records and gold transfer. And the transaction information is encrypted, only the regulatory authority can determine the access rights. Each transaction has a unique identification code, the transaction side has ID, so the transaction can guarantee true and reliable.n
nnTranslation: Annie_Xun
nThe spot gold exchange, which was proposed two years ago, will soon become a reality because the government plans to adopt an autonomous regulatory model.n
nA source familiar with the project said the government could introduce the basic rules of the gold exchange in early November. The discussion of this issue has already been carried out, and all the rights and interests of the government and the composition of the Standing Committee have been carefully examined to consider this issue.n
nThe regulation of these exchanges has been unresolved because the spot exchange is a national issue. And gold has currency characteristics, or industry investment and investment tools.n
nThe government is not in a hurry to supervise, and bank regulators Reserve Bank of India (RBI) and market regulators (Sebi, Securities and Exchange Board of India) also try not to monitor. However, when the government received advice on the self-regulation of these exchanges and the use of block-chain technology, the government recognized it.n
nThe idea of ​​self-regulated exchanges and the use of block-chain technology was first presented by Sudhesh Nambiath, principal analyst at GFMS TR, at Indian Merchant Chambers in India.n
nBlock chain technology is the key to the success of encrypted currency bitcoats. Although the bitcoin is unregulated in the currency, the gold exchange’s supervision will ensure that the government agency needs when the block-chain data can provide the details of the exchange.n
nIn the gold exchange, gold transfer to the exchange of each transfer can be registered in the chain chain, including the subsequent transfer and sales. Each exchange can create a new entry in the block chain public record, but the exchange’s supervision can determine the record’s access.n
nGold can only use block-chain technology, which is similar to China’s gold exchange model, if it sells only on the spot exchange platform. The use of block chain can be a small amount of gold records, and even individuals can also buy gold on the exchange platform. However, the subsequent stage can be achieved. In the early stages, banks and institutions such as India’s gold-importing banks and refineries will be traded on exchanges, and traders can also buy them here. The exchange will be an electronic trading platform, both the exchange and the treasury, are part of the chain.n
nAfter a large number of large gold bars converted into small gold bars, will be mandatory in the BIS authorized refinery to extract, these gold bars are also added after the registration in the block chain platform. Each retailer will purchase from the same platform for a long time, and each spot will be recorded on the chain.n
nBlock chain registration will not allow anyone to tamper with records, each buyer and seller have a unique ID, are anonymous.n
nInformed people talk about anonymity, and other identified issues include the Indian delivery standards and the London Bullion Market Association (London Bullion Market Association) to develop standards, are adjusted according to the situation in India, while the use of codes of conduct to ensure that the exchange is responsible for the transaction Then
nIn addition to the spot exchange, NIIT Aayog’s former finance minister, Ratan Watal, chairman of the committee will hold its first meeting next week to discuss a comprehensive gold policy, in addition to the Gold Exchange, as well as delivery standards and responsible gold monetization programs.n
nAt present, only BSE and Indian Gold and Silver Jewelry Association (Indian Bullion and Jewelers Association) jointly proposed the establishment of spot gold exchange.n

The block chain opens the financial life of the refugees

nnnIn the event that the Finnish immigration authorities have provided a prepaid MasterCard for refugees who have no bank accounts within two years, there are thousands of active cardholders. Finnish start-up companies MONI offers card-like services that are also associated with unique digital identities on the chain. The use of block chain integrity of the preservation of refugee status, to provide them with financial services. The company’s goal is to extend these services to Europe, and ultimately to achieve Pratt u0026 Whitney Finance.n
nnTranslation: Annie_Xun
nFor a new country’s refugees, identity is the most difficult to recover, at least in the official sense. There is no official ID to make people in the community almost impossible.n
nLike other European countries, Finland has recently poured in a large number of refugees and began to use encrypted books, that is, through the chain of chains to make them faster foothold.n
nFinnish Immigration Service has already provided a prepaid MasterCard for refugees who have no bank accounts for two years, rather than traditional cash outlays, and now there are thousands of active cardholders in the project. Helsinki start-up company MONI developed a card that is also associated with a unique digital identity on the chain chain, which is the underlying technology of digital currency bitcoats.n
nBitcoin shows how block-chain technology transfers value between individuals in the absence of a businessman. The core of the technology is the software protocol, which creates a permanent record of each bit currency transaction. Anyone can access these records and access the block chain by downloading Bitcoin software. The computer running the software is spread all over the world, preserving the block chain and using it to validate new transactions.n
nBlock chains are seen as channels for people who have no access to financial services to open new financial opportunities. In addition to eliminating the reliance on traditional financial institutions’ transactional intermediary services, they can also create secure digital identity storage that can not be tampered with and accessible worldwide. So the United Nations explores how the chain-chain technology provides legal status for more than one billion people who do not currently have official archives.n
nFinnish immigration director Jouko Salonen said Finland’s MONI card could solve some of the challenges of the refugees. Most importantly, the MONI account functions like a bank account, thus removing some of the specific application barriers. People can use the account to shop, pay, and even can be used to pay wages. At the same time each transaction records in the public can not be tampered with the database, the database is maintained by the computer network. So that the USCIS can track the cardholder and its consumption situation.n
nSalonen said the technology could help refugees without bank services because the lack of a certified identity for refugees who can not get a bank account and work is missing.n
nn”We found a way to solve this problem.”n
nnMONI’s technology uses a public chain for value transfer, but for the user, this approach is similar to a debit card. The cardholder can pay at the MasterCard terminal, or enter a number in the page form to make an online payment. MONI is responsible for performing digital currency transactions and digital currency conversion required for encryption operations.n
nIn addition to the refugee card program, MONI’s services can also be tested in Finland, the company plans to quickly release consumer products in Europe. Account monthly cost of 2 euros, the company only in the purchase of each user to take a small part of the cost.n
nMONI founder and chief executive officer Antti Pennanen compared the block-chain technology to the early Internet, where the Internet was only accessible to a small number of people who could use the methods and skills. He said that MONI’s technology is similar to allowing more people to access the Internet’s modems.n
nPennyen said MONI’s statement has spread to refugee camps in Europe, and once the service can be applied in multiple countries, the needs of these refugee communities will be high. The company eventually wants to help everyone who can not enter the modern financial system.n
nn”Our aim has always been Pratt u0026 Whitney Finance, especially to help people in developing countries.”n

Canadian financial regulators are concerned about the anonymous characteristics of the chain

nnnIt is worrying that the Canadian Financial Transactions and Reporting Analysis Center (FINTRAC) suggests that the anonymous features of digital currency trading may contribute to money laundering and terrorist financing, according to the Globe and Mail. The agency spokesman also said it would conduct research to deal with this threat to protect the security of the Canadian financial system.n
nnTranslated by: Inan
nAccording to a recent report, the Canadian financial intelligence agency, the Canadian Financial Transactions and Reporting Analysis Center (FINTRAC), is concerned about the role of digital money in crime and policing issues because the technology has anonymous features.n
nThe Globe and Mail quoted the FINTRAC documents and statements in the report, noting that officials had repeatedly said that the agency needed to develop new technologies to better analyze the financial data generated by the application of block-chain technology for more applications – both Is in the encrypted “anonymous” circumstances.n
nMoney laundering is a region of particular concern, and reports that Canada’s anti-money laundering system has been criticized by the Canadian Senate Committee and the FATF Task Force.n
nHowever, FINTRAC said that by analyzing the digital currency address and other traces, you can also analyze the transaction to some extent.n
nThe agency’s report wrote:n
nn”In these systems, the user alias operation with a pseudonym, which left a variety of data (such as digital currency address), especially in their own did not pay attention to hide the identity of the data left, can be used to link the transaction and individuals Then
nnAccording to reports, FINTRAC spokesman Darren Gibb said the agency will take action to address the new threats posed by digital money.n
nHe wrote in the message:n
nn”Our research will confirm the need to cover new entities or adjust reporting requirements to address any threat to the Canadian financial system by money laundering or terrorist financing through these new entities and transactions.”n

Mining giant Bitmain raised $ 50 million

nnnRampage comment: China’s mining company Bitmain mine computing power of the world’s second, from some venture capital companies to obtain 50 million US dollars investment. Investors include Sequoia Capital, ING Capital and some other undisclosed investors. And these investors will provide management advice for Bitmain.n
nnTranslation: Annie_Xun
nBloomberg reported that China’s mining company Bitmain from some venture capital companies to obtain 50 million US dollars investment.n
nBitmain is one of the world’s largest manufacturers of bitmember mining and mining software, and said financing participants include Sequoia Capital, ING Capital and some other undisclosed investors.n
nBloomberg also said the company plans to expand the manufacturing of artificial intelligence chip, set up mines in the United States.n
nThe anonymity said the investment company also plans to provide Bitmain management advice.n
nLet the miners co-deal with blocks and get Bitcoin’s Bitmain mine pool is currently the second largest in the world. At the time of the report, Antpool controls the total hash of the 15.3% network.n

This year the cybercriminals stole $ 225 million through fishing

nnnIn 2017 cybercriminals have stolen $ 225 million in digital money through phishing scams, mainly by transferring money to the virtual currency’s network address on the chain of fake Ethernet blocks. More than 30,000 investors were victims of cyber-related cybercrime, with an average loss of $ 7,500, while ICO accumulated $ 1.6 billion in revenue over the same period. So New York research firm Chainalysis said it should be built from infrastructure to protect the interests of these investors.n
nnTranslation: Annie_Xun
nIt is reported that in 2017 cybercriminals stolen $ 225 million in digital money through phishing scams, and the deceived potential investors transferred to the network address claiming to be the virtual currency on the chain of the tower.n
nNew York research firm Chainalysis data show that more than 30,000 investors have become victims of Internet-related cyber-related victims, with an average loss of $ 7,500, while the ICO has accumulated about $ 1.6 billion in revenue.n
nJonal Levin, co-founder of Chainalysis, said the cybercriminals were huge.n
nn”In such a short period of time to produce so much money. Encrypted money phishing scammers than other types of criminals do better.”n
nLevin says hackers have created websites or social media accounts that imitate real ICO projects. They then pick potential investors to transfer to their fake account. Other ways to lure victims include Twitter articles, Slack news and targeted emails.n
nLevin said cybercriminals could use the project loopholes to steal funds. He referred to the Center for Self-Government (DAO) project, which aims to make the capitalization of the project. Internet criminals use system vulnerabilities to steal $ 5.5 million in ether.n
nAs a result of the large losses suffered by investors, Levin suggested creating infrastructure to help the affected people.n
nn”The overall data show that we need to build infrastructure to prevent people from suffering.”n

Nobel Prize winner explains the irrational prosperity with Bitcoin as an example

nnnJudge Robert Shiller pointed out that Bitcoin is now the most suitable example of irrational exuberance. Because he is the authority to study the bubble market, its view of the prosperity of the digital money market participants should be inspired. But some people do not agree with their point of view, saying that his traditional method may be flawed, Bitcoin and other bubbles are not the same.n
nnTranslated by: Inan
nRobert Shiller, a professor of economics at Yale University, won the Nobel Prize for his research on the bubble. In his book entitled “Irrational Prosperity”, he explained the growing and rapidly collapsing market with Bitcoin as an example.n
nShiller’s identification tools play an important role in resolving the bubble market. He created a measure of real estate prices, stock market valuations and cyclically adjusted CAPE ratios.n
nShiller gave a straightforward answer when asked about a real-world example that represents an irrational boom or speculative bubble today: Bitcoin.n
nShiller said in a dialogue with the Quartz platform that it was the example of a bitcover that convinced him that the theory.n
nThe prosperity of Bitcoinn
nShiller said he often heard people talking about Bitcoin in Yale and confirmed that it was really a bubble.n
nn”Now, the most obvious example of irrational exuberance is Bitcoin, and I think it’s related to the stimulus effect of Bitcoin, which I saw from Yale’s students, and when they talk about Bitcoin, they are excited. It is curious, what is the excitement that you have to think from the perspective of the humanities.n
nnn”It was created by Nakamoto, and nobody could find the man, which made the story mysterious, and he came up with a great idea about encryption, block chains and distributed books. , The government can not stop it, can not be regulated. It seems very suitable for the current age of this anxiety.n
nn”By the way, it is so right that people feel that they are given the right: I understand this thing! I can become rich! This seems to be able to alleviate people ‘s anxiety.n
nMainstream speculationn
nShiller commented that the perception of things is the real starting point of the bubble, but he does not refer to the spread of knowledge through the Internet, but through the paper media.n
nShiller said:n
nn”This major event was not the emergence of the Internet, but the press that Gutenberg invented in the 14th century, it was not used until the 16th century, and people began to see the bubble.n
nnHowever, many people also believe that the mainstream of Bitcoin and its more mature forms of investment have benefited from the media attention. In addition, it is this popularity that makes digital money growing, rather than contributing to the bubble.n
nThe growth of Bitcoin is also unparalleled for most other bubbles, so some people think that these traditional methods proposed by Shiller may be flawed.n

Historic quarterly: CoinDesk released the second quarter block chain status report

nnnIn the second quarter of 2017, CoinDesk released a report on the chain-chain status of the second quarter of 2017, which summarizes the major trends, data and events in the public sector and enterprise chain chains in the second quarter of 2017. The main contents of the report include: the second quarter of the encrypted currency valuation hit a record high; ICO become industry forces; asset category diversification, the overall advantage of bitcover weakened. At the same time, according to CoinDesk to its global readers to carry out the point of view, for the ICO’s view is also full of contradictions.n
nnTranslation: Clovern
nCoinDesk The second quarter of 2017, the block chain situation report summarizes the main trends, data and events in the second quarter of 2017 in the area of ​​public and enterprise chain chains.n
nTo download the full quarterly chain report for the second quarter of 2017, please visit CoinDesk Research.n

nList of the second quarter:n
nEncrypted currency valuation hit a record high.n
nICO becomes industry power.n
nVariety of asset categories, the overall advantage of Bitcoin weakened.n
n1. Encrypted currency prices reboundn
nThe second quarter began at a price rally, and the overall value of all the encrypted currencies rose from $ 25 billion at the beginning of the quarter to $ 100 billion.n

nIn other words, the total market value of the block chain tokens surged four times, reaching a record high of more than $ 100 billion.n
nAt the same time, the industry search query also attracted wide attention, Google search volume also hit a record high in the second quartern

n2. ICO becomes a “killer application”n
nIn the second quarter, ICO helped drive this growth and formed a strong trend.n
nThe new tokens supply was explosive growth, all with the return on investment to shock the world. (To keep track of the ever-increasing amount of money, CoinDesk has even introduced a dedicated ICO tracking system, which is a free tool to raise funds through a mechanism inventory).n

nA useful indicator of ICO’s advantage is how successful ICO is compared to traditional venture capital funds in the chain chain industry.n
nAs a result, ICO became the world’s most important tool in the second quarter, surpassing Kickstarter and any other platform, and achieved historic success.n

n3. On the ICO point of view contradictionsn
nAs part of the RCZ report, CoinDesk conducted a point-of-view survey with the insights of its global readership.n
nA total of more than 1,300 respondents participated in the quarterly survey, helping to get some uneasiness when investors came out of the block chain.n

n4. Market diversificationn
nIn 2017, Bitcoin’s overall dominance of the ecosystem was greatly reduced.n
nAt the beginning of the year, Bitcoin accounted for almost 90% of the total value of the encrypted currency. By the end of the second quarter, the figure fell to nearly 41%.n

nWhile the market is more diversified, the growth of Bitcoin is still impressive and all the indicators we follow are on the rise. As the block chain status reports a sudden increase in trades, hash rates, block chain sizes, and all the different addresses, the entire network of the Etherstore continues to grow.n