Where is the thing in the ether?

In the last article, we were concerned with the intelligent contract and future prospects of the ether mill. At the end of the article, we mentioned that the promotion of intelligent contracts is at the present stage and faces fierce competition. ADA, EOS, AE and other competitors are also trying to surpass their efforts.

In this long process, it may not be clear who may be a survivor, but we can stand on the ground to go beyond the scope of the etheric, or even replace the bitcoin.

Philosophical thinking about the future monetary form

As we have mentioned before, a transaction usually contains the following two information:

1. who is the person for money, who is the person who receives the money, how much is it, and when?

2. why to give money, how to give, under what circumstances, and under what circumstances

The information in the sequence number 1 is a surface phenomenon, and the information in the sequence number 2 is a deep logic. They all exist at the same time. Therefore, the record of the sequence number 1 and the sequence number 2 information is essential, so the bitcoin of the record number 1 and the improved sequence number 2 are also created, but in real life there are some interesting differences in the information. In sequence numbers 1 and 2, the information of the sequence number 1 always exists, and the information in the sequence number 2 does not always exist or does not need to be totaled. It is clear that, at the same time, the information in sequence number 2 is often more complex, more changeable, and more flexible.

For example, we take the food purchase mentioned above as an example. We need to find the food for the restaurant owner to buy dinner. When we pay, we don’t say, “Oh, I need this vegetable, when you put vegetables.” When I give it to me, I exchange my money and form a currency exchange contract. ” Obviously, it’s superfluous, although it’s really true, but we don’t have to say it’s a simple deal. Enough to cope with this situation.

But let’s continue to tell the story. For example, you want to buy muskmelon, but it’s a little new to watch, but you can’t see it inside. The boss said, “you buy it, it must be delicious. If it’s not fresh, you’ll come and get me back or change. All right. ” At this time, you’d better want a smart contract to ensure that the boss fulfills his promise. If so, then we use the information in sequence number 2 to sign a contract with the boss. When you get home, the winter gourd is really bad. We took it back and went to the boss to change it, because the contract was the first, so the boss agreed to change it, but if the wax gourd didn’t look fresh or we suddenly wanted to eat potatoes, we would say, “ah, the price of the potato is almost the same, and the melon is afraid that he is not good, and it gives me the equivalent of potatoes.” This simple sentence changes the content of the previous contract, but if it is based on the block chain and information, there will be a few small problems.

What are the problems of the current block chain accounting and intelligent contracts?

Most current digital encrypted monetary contracts, including bitcoin and the ether workshop, are either not written, such as bitcoin, or write the transaction information together, and then send it to the entire network to verify, such as the ether Fang, which is feasible, but in the above example, an intelligent contract aimed at improving efficiency makes the situation complex.

Because the block chain has the characteristics of open, transparent and tamper proof, the intelligence contract information contained in each transaction and transaction is consistent throughout the network, but inevitably there will be some unpredictable possibilities or new situations when signing. Contract. For example, the change in the potato’s above melon may be a case of no agreement between the parties in advance. We can only replace a melon or revocation by executing the previous contract, then set up a new contract and replace it with a potato, because it has been verified by the whole network. Transactions and terms are difficult to change and roll back, and the consequences of mandatory changes may even lead to the bifurcation of the currency (the details of the fork will be described in a later separate space), which can be simply understood as the value of the currency. And consensus group’s consensus. So that’s why we just say that the information in the serial number 2 is more complex, flexible and changeable, so we need the flexibility and flexibility of the smart contract to be high enough, which is basic.

Other important issues to be solved

Because of the limit of length, this is the simplest introduction to the concept. The system of the mint, that is, the way to issue new coins, should be as fair and safe as possible. This bit of the PW consensus mechanism (see our second articles) was done very well, but the lack of beauty was a great waste. The problem of wasting power, computing power and hardware equipment must be solved. After all, digital money should be a tool for optimizing the world, not the extra burden of the world. New consensus mechanisms are constantly emerging. We should choose the most. Excellent, safest, and minimum consumption of resources.

At the same time, the sustainable development of money is also a problem that must be taken into consideration. The open source digital currency must be able to ensure the sustainable development of the founders’ turnover, including the continuous absorption of new technologies to enhance their own complexity. Adapt, continue to improve self improvement, create an active community that constantly creates new values. At the same time, we will reward the new value of the harvest to the community to achieve endogenous self development and improvement.

In addition, regulators, interoperability and rigorous academic spirit need to be considered, because the correct consideration of the block chain should be to create a tool to enhance the world, not in electronic cash. At the most original level, please forgive us for not repeating them in this passage. However, it is gratifying to see that many excellent digital currencies stand out and express their understanding of the future world. In their pursuit, they have their own advantages in all fields, but there are still few leaders who have full consideration in all fields. Cardano may be one of them, all of which let us go to the next time.

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