Bittrex launched OTC OTC, why such a strong demand?

Editor’s note: the bravenewcoin Kieran Smith Odaily, author of the translator; the daily planet editor Lu Xiaoming Qin Xiaofeng.

 Bittrex launched OTC OTC, why such a strong demand?

Recently, Bittrex announced the launch of over-the-counter (OTC) platform, provide OTC nearly 200 encryption currency, this figure far exceeds other OTC exchange (Coinbase, Circle and Bitfinex).

We can not help but have a doubt, OTC transactions demand really so strong? Where these needs come from?

Back in history – OTC strong demand

In the encrypted currency exchange before the first bitcoin transaction is directly between individual and individual, this transaction is called “OTC”, because it is without the aid of an exchange.

Subsequently, the OTC from an early point to point (and individuals) become professional brokers and dealers trading platform. As the 2 version of the OTC OTC trading platform, emerging can reduce counterparty risk, reduce costs and avoid slippage (fall or rise), which makes them attractive to those who are rich people.

With encryption market matures, more experienced investors to enter, over-the-counter (OTC) development platform. Although the exchange trading volume has fallen sharply, but the volume of transactions OTC platform is still a high.

In January 8th, OTC platform Cumberland trading company released a report on Twitter said, due to the lack of the seller, sale ratio has risen to 60%:

Update: history, our OTC transaction is relatively balanced. In the past week, our OTC ratio (value) increased to 60%, the main opponent is to buy the disc.

Such reports are not uncommon, earlier this month, by Goldman support claims and encryption financial company Circle in 2018, a total of 10000 times the OTC trading cumulative amount to $24 billion, “new institutional clients” record again be refreshed.

According to Tabb Group Research Report last year research and consulting firm, in April last year, BTC foreign trade day has reached $12 billion, equivalent to $12 billion per day trading volume at the time of encryption exchange; by August, the OTC market BTC (OTC) is two to three times the exchange trading volume.

All these data are confirmed to us, OTC demand is very strong, and more.

Where is the demand?

According to Dow Jones market theory, the classical interpretation of such a high level of turnover, when the market fell, insiders — hedge funds, high net worth individuals and institutions are called “whale” — are quietly accumulated, preparing for the next rise.

However, OTC not only by institutional investors welcome, some other sources of demand can also explain the reasons for such a high volume of transactions.

In India and Chinese government pessimistic about encryption currency country, OTC is often the only way to buy bitcoin encryption enthusiasts, whether they are big or small.

LocalBitcoins data show that in September 2017 the announcement of the ban, China OTC activities increased significantly, more than the global exchange trading volume growth.

 Bittrex launched OTC OTC, why such a strong demand?

Exchange trading volume: data from CoinCheckup

 Bittrex launched OTC OTC, why such a strong demand?

Bitcoin and RMB transactions: data from Coindance

India’s data and the data show that Chinese is similar to that of a part of the global OTC demand may be unable to use the exchange from traders.

Point to point bitcoin platform Paxful CEO Ray Youssef said the state regulated OTC may become hot:

These customers and others buy, ranging from the amount of encryption currency, to wealth storage or transfer to their living state can’t control.

According to DRW CEO Bobby Cho said, in addition to a ban on trade, there is another factor to promote OTC demand in Asia, this factor also accounted for DRW trading volume 1/3.

In order to get a better price advantage, China mining company has also established its own OTC business. This “clean bitcoin” by institutional investors, because it is not possible to participate in money laundering activities. Ikigai hedge fund founder Travis Kling said the bitcoin premium can be as high as 20%.

Although the OTC market booming, but some trading platforms (Circle and Coinbase) the minimum limit of between $100 thousand and $250 thousand, which discourages outside institutions and high net worth individuals in retail. Youssef said that although this limitation may violate the bitcoin freedom, go to the center of the property, but bitcoin purchase at least with the ideology behind the bitcoin password:

OTC bitcoin is more in line with the traditional ideology. The capacity problem has forced many transactions to transfer from the chain to the private and the center of the exchange, however, because the center is likely to cause corruption, the development of bitcoin future will always depend on the otc.

In 2019, a coin ring in side chain

The hash sent (ID:hashpie), author: not broken, the daily planet authorized forwarding.

 In 2019, a coin ring in side chain

In the block chain, a term called ICO phenomenon. But ICO is already 2017 years hot things, starting from 2018, bitcoin prices collapse, industry regulatory policy continued to tighten, the amount of financing to ICO monthly decline, more and more researches began to point out, 80% or ICO is a scam. Capital enthusiasm faded, many projects started selling had raised to ETH, ICO in the prosperous have more brilliant, the bubble burst when there is more awkward capital at low tide, the coming.

The 2018 coins ring no legend.

You know, after a bull market boom is the largest source of power “to send money”. In November 2015 the advent of ERC-20 standard Ethernet square, laid the foundation for the rise and fanaticism ring ICO days after the coin. ERC-20 as a standard Token interface, which provides the basic function of tokens, and convenient for third-party developers to use, according to the online tutorial, create a simple ERC-20 token to only 10 minutes. Convenient operation, prompted a large number of original and block chain technology is not much related to the project also began its own enterprise integration, equity and credit originally by ERC-20 token issue, the sudden influx of uneven project industry, ICO has become people who sought wealth means.

However, when the bubble begins to dissipate, ICO the effect of making the rich become a thing of the past, after ERC-20 which technology may lead the blockchain glory of the potential?

All the signs from the currency circle development over the past year, the “side chain” is a.

The side chain of 2018

At the end of 2017 to 2018 at the beginning of the year, the rise of the blockchain Shirupozhu, investors in the capital Carnival tide, and possible changes to the blockchain and air rush about telling the news around spreading to 2018 at the end of the year; however, 2019 at the beginning of the year, currency circle almost all people live in fear of unemployment and currency price control, the tide receded, once the preacher remain silent. In the analysts, 2018 is bitcoin in the history of the worst year.

This year, people in depressed about the price and market value of the disappointment, makes them on the development of technology is increasingly concerned about the low, even the use of segwit was great in strength and impetus within a year grew by more than 300%; the number of bitcoin lightning network nodes more than 5000 such messages are not market waves.

But even if everyone on the block chain technology attention straight down, the pace of development has not been stagnant. To the last day of 2018, the number of lightning channel bitcoin network for the first time exceeded 20 thousand, network capacity more than 500 BTC; the launch of the RSK side chain bitcoin project grid in 2018 January, the combined mining bitcoin hash rate increased from 5% to 43%, the net capital is about 250 BTC; and although the Liquid network is only three months old, but by the end of September 27, 2018, the capital of network capacity has more than 25 bitcoins, chain channel number of transactions also have 100+; in December 23rd, the etheric Fang chain expansion scheme of lightning network the first version of “Red Eyes” has also been deployed in the main square of Ethernet online.

In fairness, side chain technology than most people expected in 2018 the pace of development.

  • In January 2018, Fang began to implement the Callisto classic ether side chain integration, so that ETC can also have a smart contract, and they will also enhance the scalability of the side chain for one of the short-term goal of 2018 to 2020;

  • In March 2018, the headquarters is located in Bangkok block chain startup Loom Network released the first Ethernet square side chain platform that allows developers to use SDK to direct the deployment and operation of large-scale games and social networking applications in the etheric workshop;

  • In July 2018, blockstream announced the launch of a custom token creation platform, allows users to create their own currency bitcoin assets in the side chain of Liquid;

  • 9 months to 2018 years, company Tierion announced the launch of its idea of the bitcoin side chain project TNT test network for three years;

  • 2018 10, aelf officially announced the completion of the development of side chain, and said in its main line before, they will also realize the inter chain interaction;

  • 11 months to 2018 years, than the original chain CTO announced at the Worldwide Developers Conference officially released and the source of their side chain VAPOR; in the same month, the developers of Cardano IOHK unveiled its side chain chain block technology, designed to achieve interoperability.

In addition to these projects, the major public building chain side chain was also in like a raging fire based on. At present, the side chain project based on EOS is committed to solve financial compliance problems, WORBLI can realize the inter chain exchange was born DAPP BOS, DAPP ONO and supporting large cross chain assets in exchange for EOCS etc.. Including the end of July last year, a large block of expansion of the primary supporter of BCH to launch a wormhole protocol, actually belongs to the side chain, it set up the contract in the second layer network intelligent platform, brings more application scenarios for the BCH backbone network on the issue of ecology, wormhole tokens WHC by the combustion proof to the wormhole the address has been burning for 2300 BCH, offering hundreds of tokens.

From the point of view of development, build a side chain infrastructure to promote the acceptance of the popularity, and its application in practice and promote the improvement of infrastructure construction. With lightning network and RSK for example, last year 3 month, support bitcoin prepaid mobile phone recharge service provider Bitrefill began processing network lightning orders, to the end of 18, Bitrefill treatment, 2170 conventional lightning lightning network network orders, orders accounted for 2.5% bitcoin total orders; in addition, crypto currency payment gateway BTCPay and CoinGate respectively in the last 7 months and 9 months integrated lightning network payment function; in the scenario of the stimulus, the number of lightning channel network after mid month last year, 11 developed rapidly in recent months, the increase was more than 78%.

 In 2019, a coin ring in side chain


Only last January, dug creation block RSK, as early as in 2016 November with the crypto currency wallet Jaxx cooperation, won the wallet frame from third parties, Jaxx users can use light client storage, sending and receiving RSK network SBTC tokens. RSK is a Turing complete bitcoin intelligent contract side chain, and BTC 1:1 anchor, last July they officially launched the DAPP infrastructure service platform, RSK founder Diego Gutierrez Zaldivar said in an interview: “RSK will usher in the outbreak in 2019.” At that time, the number of DAPP RSK in the chain has more than 100 kinds.

In the bear market “side chain” of the block chain expansion and fusion technology is crucial, investors ignore the quiet corner of the power savings, waiting for the arrival of spring. V is God known as the originator of the currency competition developers father of POS Sunny King in an interview with Babbitt also said: “I think we can see the mature operation mechanism in 2019 side chain.”

Expansion is the primary function of the side chain

I want to get a side chain in addition to the development of technology in 2018, prompted the Sunny King so full of confidence in the side chain or side chain mechanism, first technology is in the aspect of improving the block chain performance demonstrated the enormous potential.

Long side chain has always been regarded as the main chain is to improve the block extension of one of the. Popular speaking, the “side chain mechanism” is a main chain by anchor, make the backbone encryption currency could flow between the main chain and another block chain. At first, the concept of “side chain” is composed of members of the bitcoin core development group in 2013 to address the bitcoin bitcoin chain expansion, to ensure security issues such as proposed; by April 2014 was officially approved by the core bitcoin developer Adam Back and Matt Corallo et al. Common establishment of blockstream company in R & D.

At present, most of the side chains are anchored by two-way mechanism to achieve the transfer of assets in the two back and forth on the chain operation, so they can not destroy the backbone structure at the same time, the small transactions or new functions transferred to the side chain of without compromising the token value chain. The side chain is an independent chain block, with nodes of the network’s own code and data are relatively independent, so it is in the process of operation does not increase the backbone burden, thereby expanding the scope of application of the blockchain.

The core bitcoin developer Jimmy Song that will add to the side chain in the bitcoin protocol, will provide the best way to bitcoin expansion; God will also V side chain project Plasma as the expansion of the etheric Fang next steps.

For after the public have ushered in the rapid development of the chain line DAPP, in the role of side chain expansion is not important. According to stateofthedapps statistics data show that from the beginning of 2018, the number of monthly new DAPP has increased, the number of applications to the center of the newly created in December 2018 hit the highest level in history, a total of 179 new DAPP line within a month.

 In 2019, a coin ring in side chain

Data source: stateofthedapps

So far, the number of DAPP, EOS, POA and Ethernet square Steem chain for 2432, which accounted for more than 83% square DAPP ethernet. But in contrast to the rapid growth of the number of DAPP, Ethernet square network capacity in 2017 was more fragile, a cat in the etheric paralysis by 2018 Fang still congestion, even when last August, a game application called LastWinner network congestion caused by the Ethernet, Fang trading in the pool of funds down not until the end of time, which won the ultimate prize the most profitable fund game FOMO3D.

The facts tell us that the blockchain expansibility is not only caused by the network congestion so simple, it is also likely to affect the operation of the DAPP rules and fairness. According to the problems caused by the expansion of DAPP solutions, many side chain projects are given, each application is added to the side chain alone, each DAPP is a separate block chain. As a result, no matter how to increase the number of DAPP, he will not affect the operation of the backbone network will not increase the burden; at the same time, between different DAPP will not affect each other. At present, as the side chain of Loom, Lisk, AELF, chain and etheric Workshop on the use of such solutions.

In addition to facing usability challenges, in terms of application in the commercial block chain is difficult to break through the bottleneck. Although the side chain has a huge potential in the block chain expansion, but the current situation, to be sure, the development of the blockchain cannot reach the degree of large-scale commercial.

The commercial side chain chain on demand

From the beginning of the second half of 2017, the price of money in the catalytic hot, block chain industry has enough capital to make its rapid application and landing. During this time, the industry emerged in a number of specific business scenarios based on the combination of block chain chain and the application of public project. Especially to the known as “the 2018 year public chain”, the world has hundreds of public chain in their respective fields of staking, in addition to the original block chain team, digital currency exchange, the traditional Internet companies, and even the capital side began the layout of their own ecological chain.

But most of these items can be found, most of the current public chain is the block chain vertical field established based on relatively simple functions; at the same time, they may also be built using different underlying technologies, to achieve interoperability between value and function; as a result, the formation of islands of information between different blocks of the chain will inevitably the. How to realize the value chain in these blocks in the system of circulation, promote its large-scale application has become an urgent need to solve the problem of block chain.

At this time, the “cross chain” has become a word first appeared in our minds. The so-called cross chain, is actually achieved between two or more block chain assets, transfer function and state of each other and switching solutions, as early as August 2017, Wright currency bitcoin by lightning network and realize the cross chain exchange atomic level, the true sense of complete circulation of value a leap two block chain; EOS is insisted by multi chain parallel and cross link communication way to achieve unlimited expansion.

With the perfect characteristics of cross chain the chain system faced difficulties in the expansion, breaking the block and closed chain system is of great help in simplifying the operation process between different chain etc.. The side chain as one of basic means of cross chain, the double anchoring technology can do to make it one of the side chains can also bear the cross chain function; therefore, we often hear that technical scheme of side chain is essentially a cross chain block.

With the public ecological chain gradually establish and perfect, the DAPP scale continues to expand, in addition to scalability pursuit, block chain project more or more will seek a substantial fall. With the Internet industry giants monopoly mode, forming a connecting a plurality of side chain backbone through the community ecological system seems to be more in line with the spirit of the chain block. In the next period of time, breaking the barriers between the chain and chain operation, reduce user admission threshold is probably a feasible means of project marketing. In view of this, the blockchain commercial development demand for side chain technology is the real existence.

In the block chain expansion and commercial floor show the potential pain points in front of the two industries, confirms the maturity and popularity of the side chain or will detonate the blockchain again.

The side chain of the 2019 will be good?

And if single from a technical point of view, the side chain can go far even the developers are difficult to give an exact answer in 2019. After all the difficulties of the side chain and the cross chain scheme and a lot of technology on how to ensure no break between the two block chain books data synchronization, how to avoid double pay and the value loss problem, how to ensure that no danger of anything going wrong lock and unlock cross chain process tokens, these technologies are still not mature examples to verify.

Bitcoin network lightning from birth to the main line for more than three years, but by six months of this year, more than $50 of transactions on the network than the success rate of 10%, the success rate of more than $200 of transactions is only 1%; side chain Liquid project started 2017 years to showcase the experienced internal test nearly two years from the end of 2015; RSK technology development for three years, has experienced two times of delay line. Another example tells us that the development of technology is slow.

 2019, a coin ring in side chain


But if from the point of view of the Survival Logic currency circle, especially the bear market, side chain technology accelerate progress in 2019 years only. Why do you say that? It is because of the side chain project understands the law of survival of the coin ring, all side chains are anchored by a main chain is established, and the familiar coin circle of people know, the anchor chain to build their own well-known public community projects easily gathered popularity, the recruitment of technical personnel, one reason for this is probably RSK, Liquid other popular project. In the industry downturn, all development seems to have stalled in the background, a turning point, this is the side chain technology broke out earlier, on currency coins and EOS bifurcation bifurcation of this trick to fire up a bitcoin.

Honestly, 2018 really disappointing. The reason why we are depressed, because of the block chain industry development in some aspects, advancing faster than we imagined slower. In 2018 the industry after the pain, anxiety and disappointment, pragmatic and calm will return money ring; the beginning of the 2019, hot money is no longer, the whole financial market calm a lot. This winter may be tough, but we should look forward to the emerging technology industry, quicksand dispersed, it is time to shine the real technology.

2018 there is no legend, 2019 side chain will bring us a surprise?

Bo chain “financial CBBC Apocalypse” Yang Linke: CBBC’s history repeats itself

After 2018 10 launched the high-end video chat show “face” gangster interview bitcoin renowned investor Li Xiaolai, Bo chain finance and strategic Associated Media to 36 krypton “Odaily|” Daily Planet launched the depth of interactive online interview column — “CBBC Apocalypse”, aimed at through and across the CBBC’s mind dialogue. With “elegant” through the coin circle long bear.

Fifth guests:

Yang Linke, founder of bitcoin China, Ledong capital founder


Liu Sha, [Bo] content partners, financial chain chain technology founder

The following is the interview record:

Bo Chain Finance: you are the first person Chinese bitcoin, will share how you come into contact with bitcoin? And that is how to understand bitcoin this new species? Of course, the bitcoin circle of those things and fun?

Yang Linke: (Chinese bitcoin) the first person is Huang Xiaoyu, he took me to, I am very grateful to him. I am Chinese bitcoin second.

At that time, few people know bitcoin in China, only a few geeks know. We first do the exchange (bitcoin China) is also very cautious, not registered company. (until 2013) the company began.

Second thank my another former partner Li Qiyuan, he eventually led bitcoin Chinese success.

(Huang Xiaoyu and Li Qiyuan) they are good partners, so we choose a partner when the character is very important.

Now they are both retired, I still choose to continue the fight!


From left to right are: Yanglinke Huang Xiaoyu and Li Qiyuan

Bo Chain Finance: in 2011, you and Huang Xiaoyu founded the earliest China bitcoin exchange, then you and Huang Xiaoyu are going to think? Why do think this is a worthwhile to devote business?

Yang Linke: at that time did not think so much, think it is a good business, open dry.

Sometimes when you are a good thing, think too much is not necessarily a good thing, it is important to start again in the process of adjustment.

Bo Chain Finance: compared to this wave of people to talk money, 2011 to 2013, China bitcoin circle is very small, you and your team to do anything worth mentioning?

Yang Linke: I remember (Qinghai) after the Yushu earthquake, we and the one Foundation launched bitcoin donations, the time that bitcoin really can be used in some places, I feel very good.


2013 in the garage coffee “bitcoin China” Beijing Railway Station

There is our treasure sponsored two bitcoin Chinese, then ran dozens of city, have certain significance for the popularization of the bitcoin.

In 2013 we made a bitcoin payment products, also received a number of businesses, because the year 12.5 files and finally stopped, so in the end can only be used for payment industry media advertising.

Bo Chain Finance: bitcoin has created too much wealth myth, such as rumored “middle-aged Uncle Lee to rely on bitcoin currency China circle’s richest man, you have much wealth in bitcoin above accumulation?

Yang Linke: Tun some bitcoin, EOS, wave and other various coins.

This industry is still in the early (people), most should not how the money.

Of course, in the bear market can persist are believers, “left for the king”.

Bo Chain Finance: in 2013, bitcoin Chinese has just got the light $5 million equity financing not long, just have a national policy regulation, then bitcoin China and how you deal with and spend?

Yang Linke: when the melt end capital have survived, including OKCoin and fire coins.

At that time the market is still very small, is now 10 times the time.

2014 and 2015 are all trying to live OKCoin, Internet banking, currency, money do fire, we do mine pool.

No matter how to live, hope alive.

Bo Chain Finance: we know that in 2014 experienced a slump in 2015, why you will “get off”? At that time, have a kind of mentality?

Yang Linke: when you leave and come back a lot of things are not the same, many people have left, many also finally came back, will this wave. Don’t get off so easily!

If you are optimistic about the industry, is determined to go on.

Bo Chain Finance: the first “get off”, you have to do what? It was prepared to go back, still on the coin ring reluctant to part?

Yang Linke: while leaving the industry for a long time, but still bitcoin China shareholders and directors, but it is still in the concern of the industry trends, I C O the initial outbreak, also voted several projects, the performance is very good.

Bo Chain Finance: we all know that a wave of currency circle earliest bitcoin exchange — China, OKCoin, fire currency, and the rise of the past year’s money, how to evaluate the other 3 business style, if the next time you see Li Lin, Xu star and Zhao Changpeng, you most want to say what to them?

Yang Linke: they each have their own light, we are all good friends, now may have their own stalls (things), long time no see, looking forward to meet again.

Bo Chain Finance: over the past year, the most satisfied with your personal and Ledong capital investment have? What are the missing investment opportunities?

Yang Linke: in 2018 more than 95% of the Token Fund are losses, we are glad that the investment is relatively small, so it’s okay.

Bo Chain Finance: listen to bitcoin China insider, many long before follow you, bitcoin investment also have a lot of accumulation of wealth, this time you return, they are you to call back, you are a nostalgic feeling of the people?

Yang Linke: in 2017, together with my friends really make a lot of. Including a lot of people buy early coins in bitcoin China are good, I think this is the biggest value of bitcoin Chinese, everyone mutual achievement is fun.

BTCC also sold many of his colleagues to make before a lot of money. So, welcome to join the bitcoin Chinese.

Bo Chain Finance: currency circle today many couples are very pessimistic, this time with the 2015 similar?

Yang Linke: history always repeats itself!

This market has been a long cattle bear short, do not dream of bull market will be very long.

Bo Chain Finance: over the past 2 years, although you also in the coin circle, but compared with Zhao Changpeng, Li Lin and Xu Mingxing et al., does not seem to you in the spotlight of the time, if you give 90, even after 95 currency circle practitioners to introduce yourself, you want to how to introduce yourself, and you want them to you what kind of label?

Yang Linke: This is not important, (brief introduction: I am a bitcoin China Yang lynco).

Bo Chain Finance: we have this column called “cow bear Apocalypse”, the starting point is hope interviews can lead you through the long bear market, the new currency of your circle through the winter capital what advice?

Yang Linke: keep on keeping on. (hold on, try not to get off.)

Bo Chain Finance: why choose to return at this time? This does not seem to be a better time? (the bear market bleak, low popularity.)

Yang Linke: I have been in 2018, we are also in the work. Bear more work, more harvest bull.

I’m pretty sure the blockchain will become better and better, the global stock market capitalisation of 80 trillion (US $), block chain 1000 billion (US $). When all the assets are Token, you want to have much chance.

Bo Chain Finance: according to relevant national laws and regulations, the current bitcoin China compliance plate is the block chain technology related business. So, in addition to the investment of ZG exchange, in the winter, you will be how to layout, and has a kind of logic behind?

Yang Linke: bitcoin is like 2G, Ethernet square is 3G, EOS is 4G, with the time go on, there must be 5G.

We (bitcoin China) or focus on technology exchange.

Bo Chain Finance: the next exchange competition pattern will be changed? In your opinion, what is the biggest digital currency exchange moat?

Yang Linke: the exchange of core competitiveness is still the most safe, most exchanges will die.

Bo Chain Finance: in the winter, we found a lot of people to leave, but there are many like you, “the old man” in return, what do you think about this phenomenon?

Yang Linke: everyone’s cognition is different, so different, it is important to have no understand.

Bo: as one of the earliest financial chain bitcoin investors and industry participants, after other digital currency bitcoin has experienced 2 wave bull bear market, whether the current price can be considered hunters?

Yang Linke: have to buy at the bottom.

Bo Chain Finance: if three people let you Liebite coins and block chain favorite, you will train who, why?

Yang Linke: Huang Xiaoyu Li Qiyuan Li Lin.

Huang Xiaoyu and Li Qiyuan are fighting alongside partner, Li Lin, play pattern.

Bo Chain Finance: if you let you recommend three guests to attend Bo “financial chain Niuxiong Apocalypse” column, who would you recommend? Why?

Yang Linke: God fish star Li Lin xu.

Thank the support more media on this column

Brush brush volume in prison, South Korea bitcoin exchange Komid CEO was sentenced to 3 years in prison

According to South Korean media reports, South Korea in January 18th, the Komid two bit encryption currency exchange platform for company executives scalping (fake transactions) and sentenced to imprisonment.

The chief executive officer surnamed Cui (CEO) was sentenced to three years in prison, while another does not specify the duties of the company executives allegedly because of fraud, corruption and misconduct and was sentenced to two years in prison.

According to the submitted in connection with the report, Komid transactions brush 5 million transactions, forged the transaction amount of approximately $45 million, which makes the exchange trading volume on the surface is very attractive to customers.

In the past year, we have seen many industries and the exchange was broke and the amount of brush news. As competition intensifies, more and more exchange attempts to brush the way, to win more customers, which has become a very serious problem which often exists in industry.

Just last month, another from South Korea’s encryption currency exchange Bithumb also face the same charges. Encrypted Currency Exchange Statistics website CER claimed that Bithumb exchange forged trading volume, although Bithumb denied the trading fraud, but now what about this problem become more serious, still worthy of our attention.

In fact, according to the research data in December last year the blockchain Institute transparency disclosure shows that there are many problems of the amount of brush exchanges in the industry, and the situation is very serious.

Because many of the top encryption currency exchange transactions are forged, therefore, a thorough investigation suggested that the user system in the choice of exchange before, avoid to be deceived.

Why PoS can avoid the 51% attack than PoW?

Note: recently 51% ETC attacks, PoW security issues are hot, etheric Fang founder V God said that from PoW to PoS is the right choice. The daily planet Odaily invited Shanghai Jiao Tong University associate professor Fan Lei, why he thought that PoS may be a better choice for our analysis.

This paper starts from the Odaily daily planet, author Fan Lei, Shanghai Jiao Tong University School of cyberspace and associate professor Fractal Platform CTO, the security and development direction of the block chain consensus protocol of original title “.

 Why PoS can avoid 51% attacks than PoW?

Recently, in the crypto currency appeared in the field of an important attack. The etheric Fang classic (ETC) encountered 51% force double attack in January 8th, according to the calculation of different caliber, the attack caused tens of millions of dollars of losses. This is the first successful attacker according to the top of the mainstream password monetary 51% attack, relative to the calculation of the loss of reality, deep security problems facing money behind should pay more attention to the encryption.

What is the 1. 51% attack

At present, bitcoin digital currency (Bitcoin) as the representative of the majority of passwords based on the proof of work (Proof of Work, PoW) of the consensus protocol, in the proof of work miners by calculating the new block makes the growing chain block. Because of the block chain is a decentralized system, anyone can attempt to generate a new block from any location. If the attacker have less computational resources, the attacker generated new growth rate will slow to open branch block chain growth rate, it will not be accepted by the formation of honest users long branch. But if the attacker mastered the computing resources more than honest users, while the growth rate will be a new bifurcation attacker generated faster than the growth rate of the open chain block, block chain branch he is easy to form a new longer to replace the longest open chain block. Specific processes see Figure 1 and figure 2.

 Why PoS can avoid the 51% attack than PoW?

Figure 1. the attacker is less

 Why PoS can avoid 51% attacks than PoW?

Figure 2. is the dominant force of the attacker

The computing resources dominant attackers, simple mathematical description is that the attacker mastered the calculation capacity of more than 51%, which is the origin of 51% is the name of the attack force. When the attacker mastered the computing resources of more than 51%, his attacks will be successful. In fact, when computing resources, the attacker mastered enough proportion such as 40%, if the 6 blocks as he can confirm the length, with relatively large probability of the successful implementation of the bifurcation of the attack.

Once the successful implementation of 51% force attack, block chain will switch the longest chain, the consequences have been confirmed the transaction data may be erased in the area. If the attack is intentionally, the attacker can withdraw has been confirmed in high transaction data blocks, and then the digital currency can be used again. This attack is what we often say that the double attack, apparently this attack behavior has seriously damaged the password security and credibility of digital currency.

2. why can successfully attack

Different from the general network security attacks, 51% force attack is already known as the method of attack, the attack behavior and process the attacker does not have any new ideas.

Generally speaking, PoW is the overall password monetary system based on the stronger, which control 51% of the calculated force required higher cost. Because most of the PoW algorithm has the same core computing structure, computing power can be easily in a different password switch directly or even a currency, in accordance with the time is convenient rental resources. Crypto51 website ( statistics for different digital currency for 1 hours to 51% attack costs (excluding block reward) and can borrow from NiceHash is the ratio of force. For ETC, 1 hours 51% attacks only need to spend $5116, and the loan to 80% of the calculated force from the NiceHash (continuous change, the data to the site can view real-time data), the possibility of attacks can not be ignored.

Another factor that can not be ignored is that the PoW algorithm needs a lot of energy driven mining operations. When the password money market value less than mining income, driven by the interests of the machine will stop off. This will cause a sharp decline in the resources, which will make 51% attack more easily. The ETC implementation of the 51% attack is the use of this opportunity. But for the emergence of new PoW based password money, because the whole network is low, so the attack cost lower.

The possibility of ETH suffered 51% attacks to less than ETC, because ETH and ETC use the same ETH mining algorithm, but the whole network is about 20 times ETC. Nevertheless, the founder of Vitalik Ethereum in the wake of the attacks still sound said the incident proved that he was ready to shift from PoW PoS’s decision is correct.

3. PoW block chain based on still safe

There is no doubt that in the past 10 years, the encrypted digital currency bitcoin represented a huge success, its security has been testing the real operation of the network. Not only that, cryptographers also theoretically proved the safety chain based on block PoW. People believe that mathematics is the foundation of block chain security, which is also called the In Math We Trust. But in recent years the development of technology and research show that based on the PoW block chain is also a safety hazard.

1) is the stress concentration problem

In fact, in the bitcoin digital currency system password, because the super pool exists, people of long-standing concerns focus. The ore mine pool and large pool of stakeholders which might be close to or even exceed 51% is. We cannot say that these large hashrate group will launch 51% system to calculate force attack, but at least they have the ability to launch such attacks.

2) is a black swan hidden

In the current technical conditions, is the password digital currency depends on the hardware operation speed and energy supply. There is always a danger is that when there is the leaping progress, the security of the system may face a major threat. As a result of replacement of the invention or chip process of fast algorithm, a new computing resources may be overwhelmingly more than the original resources, in this case the security system will be completely destroyed.

The above analysis shows that the PoW block chain security is not built on the basis of mathematics, mathematics is only the adhesive between the physical resource and the blockchain. Once the security assumptions of physical resources is not established, the safety block chain system are under threat.

From the system level, the PoW block chain is selected to rely on competition is based on block producer, accounting people. Is to block chain ecosystem itself belongs to external resources, a user can rent is the size of its holdings of chain assets / interests are not necessarily related, and counting the force that is rental site use right transfer. For example, mine owners or machine manufacturers own hashrate owners’interests and main chain security binding, but is not the rental. How much stress is the only factor to attack, if the selfish mining strategy can not reach to the current public chain attack force of 51%, produced honeysuckle.

Therefore, in the PoW block chain system, the value system of foreign investment by an attacker can compute resources threaten existing digital currency. Due to the existing PoW algorithm, a high degree of homogeneity, a large amount of computing resources in the system can be user completely unaware of the case injected in this process, any user can even do not have any involved in the ecological system. Use “body” in a sentence: “I destroy you, has nothing to do with you.”

4. we have no better choice

In recent years, more and more block chain system and distributed consensus protocol is presented. One important direction is the interests based on the consensus (Proof of Stake, PoS).

PoS originally proposed is mainly to solve the existing problems of energy consumption PoW. PoS and PoW are essentially the same, in order to participate in the block chain network node randomly selected a node to account. The word “random” appears to be simple, that is fair, unpredictable, not by the malicious nodes, but in a decentralized network is very difficult, because there is a God to throw the dice. The principle of random PoW is owned is more likely to become more functional, the principle of random PoS is more stake have more likely to become accounting people, both look very similar, just for the election of the “certificate”, but according to their design and attack their faces are very different.

PoS relies on stake to select accounting people, to participate in the election of people who have stake are recorded in the block chain, a proportion of stake – a user holds the stake block chain accounted for the proportion of the total number of stake. For the PoS to 51% attacks, need to hold a chain of 51% stake, and stake obtained only from the existing user to buy investment in production system. It launched 51% attacks on the PoS system cost is equal to the cost from the market to buy stake.

In the case of ETC, the total issued ETC is 107514088 ETC, if the consensus algorithm is PoS, the 51% attack needs to hold ETC on the 53747044, equivalent to the market value of about $229542578, while in the case of PoW by renting only about $5000 of work force. Other digital currency funds required for PoS 51% attacks against PoW and contrast 1 hours 51% attack cost as shown in the following table (data from Crypto51 data, real time changes, the following data from the time of writing). Hold stake and more people in the legal chain more inclined to maintain the chain, if the stake transfer leased to the attacker, the risk is much greater than the rent is, so the attacker is difficult to get enough stake through the rent. So the 51% attacks, PoS has more advantages than PoW. This is also an important reason for the evolution of ETH to PoS consensus.

 Why PoS can avoid the 51% attack than PoW?

In short, compared to PoW, PoS there are two biggest advantages, one is to avoid the waste of energy, but also reduces the cost of nodes participating in the consensus, the other one is that it can produce 51% attack threshold, in the current calculation of stress concentration under the situation of PoS relative to PoW to more security. But, as some of the whole network is smaller emerging digital currency like PoS digital currency consensus algorithm in the initial phases of the 51% are also vulnerable to attack, because the initial chain total stake small, 51% attack the funds needed for the corresponding is relatively small, so the need to strengthen security during the initial startup good coping strategies, prepared in advance.

Worry and deal with the 5. PoS consensus protocol

Compared to PoW has been more than a block chain project has been successfully applied in the PoS protocol, consensus has not been large-scale application, so many people are on the PoS consensus protocol concerns. In view of our attack and the weakness of PoS may exist are analyzed.

1) PoS is a centralized system

In the study of PoS algorithm at the beginning, many researchers naturally inspired by distributed computing theory and cryptography. The Byzantine fault tolerance protocol (BFT) is a classical algorithm for consensus in a distributed environment, so PoS consensus algorithm has been proposed for most BFT can be seen as a kind of deformation form. The advantages of BFT algorithm in the ideal network environment to confirm the time delay is short, but it is because of the high communication complexity limits the number of nodes participating in the consensus, so the public in the world in the chain can not be used directly. In EOS (DPoS), Algorand and other systems, by selecting the representative part of achieving consensus implementation of Byzantine agreement, so to bring PoS is a subjective impression of centralized protocol. In real time, the present study has also made a similar PoW competitive PoS agreement, do not have to worry about is the centralized PoS system.

2) PoS new chain cold start is not safe

One idea is that due to the PoS system of consensus node is determined by Token, and the system must have the prior distribution of token before the cold start, so the control of the PoS system belongs to a small amount of these early participants, in order to obtain excess interest and monopolist may even destroy the whole evil system to achieve double attack. In practice, these concerns are not exist, the reasons are as follows:

A) the current ecological development block chain has been more mature, the new block chain backbone before the line often after several rounds of fund-raising activities, so even the founding team could not control the excessive Token share. And the rational team would not be too much to share control, only Token system is safe enough to disperse.

B) in the PoS system, Token has the rights of fully reflected in the value of Token in. Which have greater power to maintain the safety of the system, and therefore more difficult to participate in malicious action. But in the PoW system, the attacker attacks can obtain short-term interests will be transferred to other investment force hardware block chain system, so take the possibility of malicious behavior is higher.

C) in the start-up phase of new block chain, if using PoW protocol, external computing resources can be poured into the uncontrolled system. At this time due to the whole system’s power is not high, the attacker uses fewer resources to complete the attack, so the cold start phase of PoW block chain more secure. In fact, in addition to bitcoin, Ethernet square has gathered PoW block chain is the new force, the block chain are facing this problem. The first stage is to bring the BCH bifurcation competition reflects the risk of new chain starting, in order to avoid being attacked is often the center of the pool to maintain the safety of early, so concentrate on more than PoS.

3) PoS concentration of wealth is serious

In the preceding discussion, we have analyzed the start-up phase in the PoS block chain often has achieved the initial allocation of Token. The initial Token growth in the subsequent block chain process will indeed bring further investment returns, there is concern that the rich get richer by centralization of wealth. To solve this problem, we analyzed as follows:

A) in any economic system will be a wealth concentration phenomenon in the PoS system and no more serious. Economic research has shown that even in the most equitable economic system will also appear in the phenomenon of concentration of wealth. Reflect the fortune 28 distribution phenomenon we often say that the formal wealth concentration. The initial Token distribution PoS system than most equity allocation giant listed companies in the initial stage of more dispersed and transparent.

As long as b) provides a fair and transparent trading environment, wealth centralization phenomenon does not magnify without fear. If Token can in the two free market circulation, Token will naturally get a fair market price valuation. If you get enough benefits to attract, the original investors will sell; if the good of prospects, later investors are rational purchase. So don’t worry about that later do not buy, or wealth fully centralized.

In fact, due to the participation of PoW system needs a large number of mining investment of hardware and power input, scattered participants from a cost point of view is far less than the large pool, when the price of currency market volatility is often the small scale miners first exit, so centralized wealth in the PoW system and the force will be more obvious.

4) PoS will be attacked by Nothing-at-Stake

Nothing-at-Stake is in the PoS system, the attempt to produce a block does not consume a large amount of hardware resources, so the attacker can not abide by the agreement and has produced a new attempt to block behind different blocks. This gives us a clear intuition, PoS system is more prone to bifurcation. But the design of a good PoS system can resist Nothing attack at Stake.

An essay written in [1] we put forward a new PoS iChing protocol, this protocol is competitive consensus protocols like PoW. The Greedy Attack (an attack strategy based on Nothing-at-Stake) is analyzed, results show that the attacker greedily try to scale at any position of the chain does allow an attacker to profit, but the profit is not infinite. If an attacker and its performance in the honest nodes hold the same proportion of stake, e times generated by the attacker chain growth rate will reach the most honest chain (E is a mathematical constant, about 2.71828), so PoS can tolerate malicious stake ratio does not exceed 30% (see the calculation process). In view of this situation, this paper gives a new strategy, in the strategy of encouraging moderate greedy honest nodes, can tolerate malicious stake ratio can reach more than 43%. So Nothing at Stake is not an insurmountable attack.

5) PoS will be attacked by Long-Range

Long-Range attack refers to the attacker through the long-term accumulation of the attack on the PoS system means that the concrete forms may vary. The most direct Long-Range attacker to collect or purchase of a large number of stake accounts available at some time in the past, which began to diverge from the earlier point in time. This paper presents a [2] belonging to the Long-Range attack strategy, called Stake-Bleeding attack. In this attack, the attacker through the branch mining long time secret, accumulated enough reward after token launched the attack bifurcation.

The Long-Range attacks we made a classified summary of overall Long-Range attack takes a long time to implement the preparation and operation. According to the characteristics of Long-Range can adopt corresponding technical means to avoid or eliminate, including setting up a regular detection point (check points). In fact, in order to improve the blockchain verification speed, detection technology in PoW block chain is often adopted. Therefore, Long-Range attacks on the real PoS block chain system does not have a serious threat.

The characteristics of the block chain 6. next generation should meet

In order to support more practical application of floor, block chain in addition to the basic requirements to meet the characteristics of safety, to the center, but also solve the throughput rate is not high, confirm the delays.

Low throughput is mainly due to the traditional structure of block chain and network transmission delays, so recently proposed DAG structure, transaction mode, transaction processing chip package are studied in order to improve the throughput and make the chain block.

Confirm when the extension is competitive blockchain consensus algorithm has problems to solve this problem can be improved by rapid confirmation in the upper protocol stack.

We believe that the next generation must meet the following characteristics of block chain can really support the safety, efficient and flexible landing:

1) PoS algorithm based on consensus, to avoid security dependence on external resources, to eliminate the threat of attack from the outside of the system.

2) adhere to the center of the design, will be entrusted to avoid system consensus right for a small node, otherwise it will fall back into existing center system.

3) the design of distributed data compact, avoid transaction data in broadcasting and storage network to support the application of high throughput.

4) high speed algorithm to achieve fast superposition confirmation, confirmation of the normal business, to support the application of the scene in real time.

Reference material:

[1] Fan L, Zhou H S. iChing: A Scalable Proof-of-Stake Blockchain in the Open Setting.

[2] Ga P Kiayias A, I Z, Russell A. Stake-bleeding attacks on proof-of-stake blockchains. Crypto Valley Conference on Blockchain Technology 2018 (CVCBT). IEEE, 2018: 85-92

The daily planet | Wyoming case will be defined as the new crypto currency intangible personal property; Constantinople was postponed to February 27th. Hard bifurcation

 The daily planet | Wyoming case will be defined as the new crypto currency intangible personal property; Constantinople was postponed to February 27th. Hard bifurcation

The headlines

Wyoming will launch the bill, crypto currency is defined as intangible personal property

Wyoming introduced a bill, the bill will encrypt the assets into three categories: digital consumer digital assets, securities and currency. The bill will belong to the definition of assets of any kind of these three categories as intangible personal property, and virtual currency currency equal treatment.

Ethernet square core developers in February 27th to determine the hard bifurcation of Constantinople

Beijing time on January 18th night at 22:00, including Vitalik Buterin, Martin Holste Swende, Afri Schoedon and Peter Szilagyi, Ethernet square core developers conference call on matters discussed hard bifurcation of constantinople. According to the P ter Szil Ethernet square developers, gyi said, Constantinople hard forking will be delayed six weeks in 7280000th blocks, the specific time for the Beijing time 16:56 on February 27th; it is also worth noting that this will be the “double bifurcation bifurcation”. Peter Szilagyi proposed “double Ethernet Fang bifurcation”: first established in Constantinople bifurcation, then carries on the revision, add a disable, remove the problem EIP – 1283 proposals. Odaily Martin Holst Swende to the daily planet exclusively learned that “the only function of Constantinople revision is to disable the bifurcation of EIP – 1283.”

Digital currency

Baidu search index: Ethernet square overall index fell 43%, Grin search overall rose 166%

According to Baidu index data, nearly 7 days (1 12 -18 June) ethernet square search index overall mean value is 4163, the overall fell 43%, a decline of 20%; nearly 7 days of chain block search index on average is 3846, the overall fell 91%, the overall decline of 19%. Nearly 7 days Grin search the overall average of 1135, the overall rose 166%, overall rose 93%.

TZERO security tokens are discussing issue token trading platform with 60 companies

TZERO type securities trading platform in addition to security token processing tZERO tokens, in addition with 60 companies to discuss the issue of security tokens, including the Elio Motors car venture enterprise, Chinese fund GSR Capital. According to earlier news, the platform will be launched next week in January 26th.

Media: Turkey encryption currency exchange Sistemkoin or serious security vulnerabilities

According to the users and security researchers report, Turkey encryption currency exchange Sistemkoin serious security problems. Because others can view your requests for help (support ticket), and according to the sources, most of the requests are related to withdrawal problems see. The user said: “when you browse the, I found some key vulnerabilities, I can view and comment on the exchange of any user requests for help…… Because they did not reply, I read some, found that the majority of users complain about because unable to extract the contents of tokens.” The CCN said it had contacted Sistemkoin, is now waiting for a reply. (CCN)

Report: Grin can choose XRP and XMR as reference, the corresponding valuation range of $1.89 to $33.14

January 20th, Tong card Research Institute released the blockchain weekly, the team believes that the Grin valuation should take into account its current total growth and economic characteristics of early high inflation, so inflation will be reduced to 5% as a sign to enter the stable state. Grin is the main settlement and privacy properties are two essential characteristics, ideally can refer to XRP valuation, and considering the robust XMR can refer to. The ideal standard of XRP, Grin in the end of the first year of the estimated market value of $1 billion 45 million, $33.14; robust hypothesis under the XMR standard, the estimated market value of $59 million 490 thousand with Grin, the corresponding price of $1.89.

Block chain industry

Including the Oracle block chain will become the cornerstone of trust to predict 10 cloud technology in the future”

Recently, Oracle announced on the 10 forecast, the future of cloud technology including: block chain will become the cornerstone of trust. Oracle is expected in 2019 will become transparent, block chain technology trusted technology, because it has been recognized that the use of block chain technology far beyond the verification of currency trading so simple. This year, it will be used more widely in the industry: from the scene to verify the authenticity of the gem, to track food sources, to confirm whether the drug supervision strictly in accordance with industry production etc.. Then, the block chain technology will also be like artificial intelligence, quietly into the daily business environment, and integrated into commercial applications. (Tencent Technology)

Changsha launched block chain retail industry based on cloud wisdom, wisdom to build blocks

1 June 20, electric cloud wisdom cloud publishing and retail industry Tianxin wisdom new retail Construction in Changsha held the signing ceremony. China electronic assistant general manager, electrical interconnection chairman Zhu Lifeng introduction, launched the blockchain wisdom retail industry based on the cloud, is a key link in Tianxin District and electrical interconnection work together to create the first block Changsha wisdom City, is an important measure to implement the interconnection of electric Changsha municipal government “thousands of people for thousands of enterprises”. (

Based on the blockchain “waste battery circulation management system” was selected as the South Korea Jeju public pilot project

In January 20th, South Korea Jeju government announced it will invest 36 billion 600 million won ($32 million 503 thousand) for the construction of information technology in the field of big data analysis model. In addition, public utilities raised in the pilot demonstration, “blockchain waste battery circulation management system based on project” was eventually chosen to block chain public pilot project. (Korea Central Daily)

Media: a new technology block chain transformation and upgrading of the role in the retail industry is increasing

In January 20th, sponsored by the Federation of Chinese business “in 2019 Chinese commercial hot ten” released in Beijing. The “digital accelerating retail supply chain efficiency, leading the formation of new momentum of economic growth on the list. In order to seize the digital retail heights, 2019 will have more technology is being applied to the retail sector. At present, the new technology of artificial intelligence, networking, AR and VR technology, 5G communication technology, map technology, indoor positioning technology, block chain transformation and upgrading of the role in the retail industry is increasing. (United Business Network)

Dark network supplier claims to have an exchange of currency from the top KYC file access to user data and sale

In the dark network market “Dread”, a “ExploitDOT” supplier attempts from jurisdictions require the KYC head of currency exchange in access to user data encryption and sale. It is reported that the hackers have a month since 7 2018 has been online advertising, which he claimed to have attack and get the identity card, driving license and KYC for examination of documents, and these documents from Bittrex, Poloniex, Bitfinex and other top users exchange currency. (CCN)

PeckShield:EOS idicefungame was a fake EOS attack game

1 20 pm, PeckShield security shield wind control platform DAppShield monitoring to hackers launched continuous attacks, guessing games to EOS idicefungame success and profit, has been transferred to the bitfinex exchange, the game has been suspended. PeckShield security staff analysis found that the hacker is used fake EOS attacks. PeckShield security staff to remind developers in the contract should be done before the on-line safety test, especially to exclude known attacks and threats, when necessary to seek third-party security assistance, to help them complete the contract on the line before the attack test and basic security defense deployment.

Global policy

The office of the Sichuan provincial government issued opinions to guide the development of high quality state-owned enterprises, mentioned active layout block chain of digital economy

Recently, the office of the Sichuan provincial government issued the “guidance” on the high quality development of state-owned enterprises in Sichuan Province, which mentioned the need to optimize the capital structure, focusing on the layout and structure of state-owned capital and problem, promote the state capital to actively integrate into the “5+1” of modern industrial system, the layout of the fifth generation mobile communication technology, big data block, chain, artificial intelligence, digital economy, financial development, trade, logistics, culture, tourism and other modern service industries, realize the strategic adjustment of industrial layout and asset structure. (Sichuan daily)

Singapore “Payment Service Act” through Parliament a read, is now entering the two stage of reading

Recently, the “Payment Service Act” by the Singapore parliament read, Singapore Minister of education Wang Yequan (Ong Ye Kung) Deputy Prime Minister and representatives of the monetary authority of Singapore (MAS) director Tharman Shanmugaratnam made two reading speech. It is reported that the wallet and OTC platform this bill will directly affect a large number in the Singapore market in digital currency exchange, and from the risk control and compliance in two directions of the relevant business to conduct a comprehensive supervision. According to earlier news, “bill payment service” draft submitted to Parliament in November last year. (Singapore HKMA website)

Malaysia has issued 15 encryption currency regulatory rules

1 15, Malaysia, the implementation of the new provisions of 15 on encryption currency industry. Encryption and encryption token money, assets will be classified as securities, the securities will be governed by the Malaysia securities commission. Any unauthorized encryption currency transactions or ICO will be sentenced to 10 years in prison and up to 240 million dollar fine. Malaysia’s finance minister said that the introduction of new regulatory measures to improve the transparency of the industry, in order to improve the level of trust of investors. (BitcoinNews)

Figure – voice

Ethernet square core developers: Constantinople hard will not affect the process of Casper/Sharding/Serenity bifurcation

Star daily news, January 20th, Fang Ethernet core developer Afri Schoedon said in the Reddit, quiet, proof of interest (Serenity) (PoS) and slice (Sharding) – all with Ethereum 1 on the chain protocol is completely independent. Hard or delayed bifurcation of Constantinople Never mind. No matter when, as long as ready, all involving the “quiet” milepost everything will be carried out as usual. Research and construction in second iterations on the Ethereum team is independently developed Ethereum 2, and will not be delayed because we left on the chain and delay PoS protocol. In addition, PoS, which is called “phase 0” / “beacon chain” and the other is not hard milepost, bifurcation. We will launch in a few weeks or months of beacon chain test network. Optimistic to say, I hope we can achieve “quiet” within a year milepost. But please understand this, and the current network is happening (or not happen) is almost irrelevant. Then God V on twitter forwarding and summary: from the Afri Schoedon to remind: Constantinople will not affect Casper/Sharding/Serenity hard bifurcation stability and sustainable development.

Jimmy Song: bitcoin is the production of products and services in the absence of any central coordination case

In January 20th, the core bitcoin developer Jimmy Song tweeted that bitcoin has a go to the center of the ecological system, is the production of products and services in the absence of any central coordination case. The copycat coins are the center of the ecological system, almost every project from the central fund some form of subsidies. So, what kind of vulnerable?

YAHOO co-founder Yang Zhiyuan: block chain must have solid foundation of trust can live longer

Recently, in the innovation forum of Asia of group discussion, YAHOO co-founder Yang Zhiyuan said he believes the blockchain technology and encryption currency change potential, but do not think they can survive for a long time, unless there is a solid foundation of trust, because only in this way, the block will chain around the world bank and the financial industry has become an important ace. (BTCwires)

Beijing Municipal People’s Congress Bi Wensheng: I hope that the procuratorial organs to use block chain and other high-tech term illegal fund-raising and early warning

1 19, the Beijing Municipal People’s Congress, Beijing Jia view firm Bi Wensheng lawyers said in an interview, prosecutors hope do P2P warning. Bi Wensheng, AWACS for the traditional field of crime is well made. “Such as telecommunications fraud, prosecutors will summarize various criminal law, to remind people. But like under the P2P banner of illegal fund-raising crime, more is the use of high-tech and high-tech term, such as block chain, Internet plus, which actually implied something very simple, is gregory.” Bi Wensheng said, for some of the new crime is lack in supervision, the procuratorial organs should summarize these problems in the process of handling cases, make effective early warning, to prevent further deterioration of the case, to protect the property interests of the masses. (Beijing Youth Daily)

MIIT chief economist Wang Xinzhe: block chain technology is the depth of restructuring the global industrial model, enterprise form and value chain division

In January 20th, Chinese information industry innovation development conference opened in Beijing. The Ministry of industry and information technology chief economist Wang Xinzhe pointed out in his speech, the world is entering the information industry as the leading economic development period, with artificial intelligence, mobile communication, Internet industry, quantum information, block chain as the representative of a new generation of information technology to accelerate the application of breakthrough, is the depth of restructuring the global mode of industry and enterprise form and value chain division. (

Bitcoin prices fell to $3550, the day fell more than 4%

Today, the market value of the top 20 encryption currency appeared to significant decline. According to the technical data block chain network, bitcoin prices again close to $3550.

As of press time, bitcoin day fell more than 4%, the transaction price of about $3587. From the weekly chart, the current price is lower than last Sunday bitcoin price of $3673.

The reboxetine currency fell more than 3%, at the time of the transaction price of about $0.321. On the weekly chart, the current price is less than $0.332, XRP this week the price of less than $0.337, the January 14th report of the week highs.

The value of the etheric Fang in the last 24 hours fell more than 4%. As of press time, the ETH trading price of nearly $119, the day of the opening price of about $125. On the weekly chart, the etheric square currently worth less than $125, which is seven days before the price.

In the first 20 encryption currency, the same day suffered the most significant loss is IOTA (7%, NEO, down nearly) and Cardano (BCH) (bitcoin cash fell more than 6%).

The total market value of all encryption currency currently about 1197 billion dollars, less than $1225 billion, which is reported to the value of a week ago.

As the blockchain technology network recently reported, 1 18 April in Wyoming introduced a bill aimed at clarifying the classification of encryption currency.

In addition, the recent news that Wyoming has passed two new housing bill, to create a favorable encryption monetary and regulatory environment innovation chain block.

Bitcoin latest price plunged 4%, the price touched $3500, the future is considerable?

Bitcoin prices plummeted again the latest 4%, the price touched $3500, the future is considerable?

Look at the bitcoin latest price, we can see that bitcoin fell 4%, the current price is $3500 price to touch. This decline in the process of falling bitcoin is not surprising, because bitcoin each rise decline is very large, so much, now fell 4% words is also very mediocre.

Some time ago, if bitcoin is still the price of $6000, but now fell down, fell to the lowest price of $3200, began to pick up after falling again, this trend seems bitcoin future will become how? In fact, many people still have some idea of the future of bitcoin can rise to a higher price, we can compare the 2017 bitcoin price but it can be said that the real price, the price has fallen to $20 thousand now, a lot of money inside the circle of people are therefore by the very big injury.

In fact, bitcoin itself is of no value, but with more and more people involved, bitcoin prices on the way to the top of the rise, but why will rise? Is that there are people who want to make money through bitcoin, so he didn’t have a very high price, but gradually we found that digital currency on the market is more and more, and other digital currencies relative to the price of bitcoin is very low, so the reason for the impact will bitcoin is very the large, because in the investment point of view, the degree of risk of other digital currencies without bitcoin, bitcoin because the original price is very low, then rose to a very high price, began to fall madly.

It seems to bitcoin now trend, so in the future it is possible that the price will be fixed at a very low price, but not crazy to top up, because in the digital currency bitcoin circle, so it is not the only future prices will not become very crazy, even more it was crazy, but also because the coins are fewer, but there are a lot of people are able to control the price of bitcoin virtual currency, in fact this sector has become a speculative product in the present, not the future trend, so in the future, until the real center of the digital currency the appearance, for now, to the center of the digital currency impact will become very large. For the future of bitcoin, you have what kind of view? The comments below express your views, make complaints about it!

The use of digital currency under the guise of deception, can be successful, because the price of bitcoin exists

The use of digital currency under the guise of deception, can be successful, because the price of bitcoin exists

For bitcoin or digital currency, I believe we are not unfamiliar, because now the market a lot of digital currency in the market, and now there are a lot of people are involved in the digital currency. But often there is such a group of people, they use bitcoin and block chain technology, or the concept of digital currency, on the outside but can often succeed deception.

In fact, both the block chain technology or concept of digital currency, are very good, but if they hit the digital currency banner outside the hype. The purpose is to cheat some money from your hand. But they also tend to be successful, the reason why?

In fact, since the birth of bitcoin, a digital currency is more and more in our field of vision, these people use digital currency to defraud, the reference object is the best because the price of bitcoin, bitcoin has always been a great controversy, but it’s not worth a hair has been crazy prices from rising to the highest price of $20 thousand, even now fell very miserably, and also the price of $more than 3000, so that many people think they are digital currency for gospel truth, the future can become the price of bitcoin such existence.

In fact, the so-called digital money cheat people what they do, and not to block chain technology to do things out, but simply build a website or APP, began their deception from the overall situation, the purpose is to believe them, but who cheat money only, because a lot of people on the block chain or a digital currency, simply do not understand, but to see that they give out the welfare policy, or some blueprint for the future prospect that rely on these so-called digital money can get rich, to the last words often stepped into is a scam.

They use is all yearning for wealth, think small investment can get a high return, so it can often succeed, and these so-called digital currency, and they block the chain or bitcoin, without any relationship, just to build a platform or system start to cheat, to a certain extent if they absconded. Now many people are so deceived, this would advise you, if you feel that you put money on your fine, then you can go to investment, but the 99% are in the deception, the final purpose is to let you pay to realize their dreams of wealth. Fraud based on digital currency, you have what kind of experience? The comments below, and share your experience, make complaints about it!