0.32 dollars to buy 40 bitcoins: the currency exchange will not work hard, the regular army will come

Summary

Event: On August 23, the Amazon AWS cloud service failed, causing many currency exchanges such as the currency security to be affected, and even some data confusion. The gray rhinoceros that is regulated by the currency exchange and safe for asset custody is urgently needed to be resolved. The country will launch a digital currency research pilot in Shenzhen, which means that the regular army is getting closer and closer, and the currency exchange must work hard to face up to the security and supervision of IT systems.

Amazon AWS service failure, multiple digital currency exchanges are affected, and even transaction data is confusing. The Amazon AWS Cloud EC2 service failed at around 13:00 on August 23, causing the communication part of the Asia Pacific server (ap-northeast-1) in Tokyo to fail, triggering a series of cloud service problems. This failure affects multiple cryptocurrency exchanges. The Announcement issued by the Currency Exchange has suspended the replenishment of all currencies. Chan Chang’s CEO Zhao Changpeng said that the Amazon server AWS encountered some problems, mainly in terms of caching services, which led to the impact of some users around the world. KuCoin official Weibo also said that due to the high temperature of some racks in AWS Tokyo A, it may affect the exchange services. Currently, the operation and maintenance team is preparing to deploy high-availability related resources across regions to cope with possible situations. Some services may be affected during deployment. Other exchanges also had problems such as instant needles, inconsistent transaction price data, and even the case where the exchange had a price of $0.32 for 40 bitcoins. The cloud services provided by AWS and other large cloud vendors are quite reliable. The sporadic failures will not have a fatal impact. Of course, the premise is that the user deployment should make full use of the platform resource performance provided by the cloud service provider.

The preparatory ringtone of the regular army has already sounded. On August 18th, the CPC Central Committee and the State Council issued the "Opinions on Supporting Shenzhen's Pioneering Demonstration Zone with Chinese Characteristics". The opinion pointed out that the state will carry out innovative applications such as digital currency research and mobile payment in Shenzhen. This is the first time that digital currency has become the focus of central documents. Shenzhen, on the other hand, has become a test field for digital currency innovation. The data of the financial system has extremely high security requirements. On the one hand, it tests the performance of the underlying platform, and more importantly, the problem of the user deployment strategy. The traditional financial system invests heavily in IT, because once the problem of data confusion occurs, the consequences are unimaginable.

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We still believe that the internal and external regulation of the exchanges that grow up in the currency circle, the security of asset custody, and even the reliability of IT systems are gray rhinoceros in front of the public. Admission to the Compliance Exchange carries not only a huge amount of capital, talent, but also reliable IT system experience and system deployment management strategies. The currency exchange, no longer work hard, the regular army is coming!

Last week's market review: Chainext CSI 100 rose 4.35%, and the business finance category in the segment was the best. From the perspective of subdivision, the Internet of Things & Traceability, Entertainment Social, Storage & Computing segment performed slightly better than the Chainext CSI 100 average, which was -1.32%, -0.59%, 3.26%, respectively, payment transactions, commercial finance, and basic enhancements. The basic chain, pure currency, and AI sectors underperformed the Chainext CSI 100 average, -5.24%, -2.46%, -2.43%, -2.93%, -2.54%, -2.72%, respectively.

Risk warning: regulatory policy uncertainty, project technology progress and application landings are not as expected, and cryptocurrency-related risk events occur.

1. Hotspot tracking: the currency exchange: no longer work hard, the regular army is coming

Event: On August 23, the Amazon AWS cloud service failed, causing many currency exchanges such as the currency security to be affected, and even some data confusion. The gray rhinoceros that is regulated by the currency exchange and safe for asset custody is urgently needed to be resolved. The pilot of digital currency research in Shenzhen will mean that the regular army is getting closer and closer, and the currency exchange must work hard to face the issues of IT system security and supervision.

Amazon AWS service failure, multiple digital currency exchanges are affected, and even transaction data is confusing. The Amazon AWS Cloud EC2 service failed at around 13:00 on August 23, causing the communication part of the Asia Pacific server (ap-northeast-1) in Tokyo to fail, triggering a series of cloud service problems. This failure affects multiple cryptocurrency exchanges. The Announcement issued by the Currency Exchange has suspended the replenishment of all currencies. Chan Chang’s CEO Zhao Changpeng said that the Amazon server AWS encountered some problems, mainly in terms of caching services, which led to the impact of some users around the world. KuCoin official Weibo also said that due to the high temperature of some racks in AWS Tokyo A, it may affect the exchange services. Currently, the operation and maintenance team is preparing to deploy high-availability related resources across regions to cope with possible situations. Some services may be affected during deployment. Other exchanges also had problems such as instant needles, inconsistent transaction price data, and even the case where the exchange had a price of $0.32 for 40 bitcoins.

The cloud services provided by AWS and other large cloud vendors are quite reliable. The sporadic failures will not have a fatal impact. Of course, the premise is that the user deployment should make full use of the platform resource performance provided by the cloud service provider. The AWS Multi-AZ structure ensures that users avoid single-data center dependencies and achieve high availability. Although cloud services occasionally have various problems, overall availability is high. AWS provides an area of ​​cloud services that is designed to allow users to access nearby and reduce network latency. Usually a city's AZ (Availability, AZ) constitutes a region. AWS cloud services have data centers in different parts of the world. The AWS Cloud operates 66 Availability Zones in 21 geographic regions around the world. Each data center, Availability Zone, and AWS Region is interconnected through a purpose-built, high availability and low latency private global network infrastructure. The network is built on a global, fully redundant, parallel 100 GbE metro fiber network that connects across the Atlantic, Pacific and Indian Oceans, as well as transoceanic cables across the Mediterranean, Red Sea and South China Sea. Each Availability Zone has its own electrical infrastructure, and there is a certain distance between the Availability Zone and the Availability Zone, but within 100 km of each other. All Availability Zones are interconnected by a high-bandwidth, low-latency network with fully redundant dedicated metropolitan fabrics to provide a high-throughput and low-latency network between Availability Zones. Network performance is sufficient to complete synchronous replication between Availability Zones. This ensures that customers avoid critical services relying on a single data center. AWS can perform maintenance activities without affecting any customer's use of any critical services. Based on such a highly available platform, Internet users will not experience too much poor experience from frequent failures of various types (some bugs in the Internet and computer systems are not uncommon). The US Pentagon plans to move all data to the cloud, and AWS is also a strong bidder. It is impossible to imagine that the data of financial institutions and military management agencies will have a fatal impact. Therefore, this kind of failure leads to data price confusion, which is obviously unacceptable to users. After all, this is related to real money.

The preparatory ringtone of the regular army has already sounded. On August 18th, the CPC Central Committee and the State Council issued the "Opinions on Supporting Shenzhen's Pioneering Demonstration Zone with Chinese Characteristics". The opinion pointed out that the state will carry out innovative applications such as digital currency research and mobile payment in Shenzhen, and the internationalization of the RMB and cross-border Financial regulation has also become a key word alongside digital currency research. This is the first time that digital currency has become the focus of central documents. Shenzhen, on the other hand, has become a test field for digital currency innovation. The data of the financial system has extremely high security requirements. On the one hand, it tests the performance of the underlying platform, and more importantly, the problem of the user deployment strategy. The traditional financial system invests heavily in IT, because once the problem of data confusion occurs, the consequences are unimaginable.

We still believe that the internal and external regulation of the exchanges that grow up in the currency circle, the security of asset custody, and even the reliability of IT systems are gray rhinoceros in front of the public. Admission to the Compliance Exchange carries not only a huge amount of capital, talent, but also reliable IT system experience and system deployment management strategies.

The currency exchange, no longer work hard, the regular army is coming!

2. Relevant news of various governments: The People's Bank of China issued the "FinTech Development Plan (2019-2021)" mentioned the promotion of technical verification pilots such as distributed ledgers and research and development.

The US Financial Supervisory Authority approves the application for membership in the IOICM blockchain securities trading platform . The US Financial Supervisory Authority (FINRA) has approved a membership application for IOI Capital and Markets (IOICM), which plans to act as a placement agent for private equity digital securities on the licensed Hyperledger Fabric blockchain. Since July 2017, their co-founders Rashad Kplanov and Hamid Gayibov have been developing a platform called iownit. The approval of FINRA means that the company can now issue securities and is likely to enter the secondary trading business. Kplanov said it plans to launch early next month. According to Kplanov, its Houston-based company took 18 months to get approval, while traditional broker dealers typically take six to nine months because it must prove to FINRA that IOI's business practices are in compliance with regulatory requirements. However, Kplanov claims that iownit's technology does not handle cryptographic assets, but digitizes securities issuance, asset lifecycle management, and secondary transaction processes to create a more efficient private market for institutions and certified investors.

The People's Bank of China issued the "FinTech Development Plan (2019-2021)" mentioned the promotion of technical verification pilots and research and development applications such as distributed ledgers. The "FinTech Development Plan (2019-2021)" issued by the People's Bank of China was released. The plan proposes: setting a timetable and road map for the application of financial technology, and exploring innovative models such as setting up financial technology subsidiaries in compliance with laws and regulations. Promote technical verification pilots and R&D applications such as distributed ledgers.

3. Industry chain related dynamics: BTC miners' revenue decreased by 3.4% from the previous month

(The following source website data is updated to August 24)

Last week, BTC added 2.22 million new transactions, a decrease of 2.3% from the previous month; ETH added 4.97 million new transactions, an increase of 4% from the previous month.

Last week, the average daily income of BTC miners was US$19.47 million, a decrease of 3.4% from the previous month. The average daily income of ETH miners was US$2.71 million, a decrease of 1.9% from the previous month.

Last week, BTC's average daily computing power reached 74.6EH/s, up 2.5% from the previous month; ETH's daily average computing power reached 176.8TH/s, down 3.7% from the previous month.

Last week, the difficulty of mining the entire BTC site was 10.18T, an increase of 1.7% from the previous month; the next difficulty adjustment date was on September 2, the expected difficulty value was 10.41T, and the difficulty increased by 2.23%; the average mining difficulty of the ETH whole network last week was 2.24T, a decrease of 3.2% from the previous month.

4. Last week's market review: Chainext CSI 100 decreased by 1.95%, and the storage & calculation performance was the best in the segment.

We introduce the professional index product of the token market, the Chainext CSI series index, in which the CSI 100 index [1] represents the overall trend of the market; the CSI 5 index [2] represents the trend of the market oversized currencies; the CSI 21-100 index [3] Represents the trend of small caps in the market. The market continues to adjust this week. As of last Sunday (August 25th), the Chainext CSI 100 index was 893.42, down 1.95% from the previous week, and the total volume of 24 hours on Sunday was 9.142 billion US dollars; among them, the global average price of BTC was 10138.52 US dollars, compared with the previous period. The decrease was 2.37%; the global average price of ETH was US$186.84, a decrease of 4.43% from the previous period.

From the perspective of subdivision, the Internet of Things & Traceability, Entertainment Social, Storage & Computing segment performed slightly better than the Chainext CSI 100 average, which was -1.32%, -0.59%, 3.26%, respectively, payment transactions, commercial finance, and basic enhancements. The basic chain, pure currency, and AI sectors underperformed the Chainext CSI 100 average, which were -5.24%, -2.46%, -2.43%, -2.93%, -2.54%, -2.72%, respectively.

risk warning

1. Regulatory policy uncertainty;

2. The technical progress and application of the project fell below expectations;

3. A cryptocurrency-related risk event occurs.

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