On July 12th, the Bystack Flint Project – Consensus Node recruited the global bank (Shenzhen Station) to open, compared with the original chain CFO Li Zongcheng, than the original chain CTO Langyu introduced the special than the original chain Bystack "one main side" Architecture, Bystack's vision for development, Staking solutions, and node recruitment progress. In addition, Bit Times founder Huang Tianwei, unanimous capital founder Tang Jirong, Hu Fu co-founder Chang An, PCHAIN promoter Cao Feng and Xin Minghua COO Liu Mingxuan were also invited to attend, and talked about Staking ecological construction and investment opportunities.
What is the relationship between Bytom and Bystack? Why does the PoW consensus launch the Staking service under the PoS mechanism than the original chain? What are the requirements and rewards for the consensus node? What pits are there in Staking? How do investors find wealth codes from this round of Staking economy?
If you are interested in this, this exquisite small gathering may give you some inspiration. Babbitt combed the essence of the three-hour discussion and opened the red hijab of the Staking economy.
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Langyu: A master multi-sided architecture is the ultimate solution for the "impossible triangle"
The blockchain has gone through 10 years and has three phases. 2009-2013 is a single chain, namely bitcoin. In 2013-2018, two paths were formed, namely, ETH, EOS, such as high-performance single-chain and alliance chains such as Fabric. Since 2018, multi-chain has been on the stage. For example, Cosmos\Polkdat's extended multi-chain. For example, the status channel of Plasma\LN (Lightning Network) and the side chain system such as Liquid.
From a historical perspective, in the impossible triangle of security, scalability (efficiency) and decentralization, the trend is to find a compromise solution for efficiency.
Compared with the original chain Bystack platform, the ultimate solution of the impossible triangle "one main multi-sided architecture" is proposed. The main chain PoW consensus guarantees decentralization, and the side chain BBFT mechanism pursues high efficiency. The two are superimposed to form a possible triangular model.
Based on a main multi-side architecture, it can communicate with BTC, ETH, EOS and other public chains than the original chain. “So the side chain implements the tool function and has good adaptability.”
Langyu summarizes three characteristics for a main multi-sided architecture:
1. The main side is isolated to achieve risk isolation.
2, side side isolation, to achieve side chain business, privacy, value and other isolation.
3, federal management, to achieve compliance and custom management mode. “Each field (commercial application) can create a side chain based on Bystack, but the side chain must be from the creation and distribution of assets from the original chain backbone, and then through the Federation to the required side chain for trading. The core of the side chain is the communication gateway between the multiple chains. We call it Federation, how it governs, and how to pass the value is very important."
Long said that in the future, Bystack will make the switch of the value channel between the main side chains have more dispersed power and let more people participate. In addition, the main side chain can bypass the Federation to achieve more powerful functions such as atomic exchange and privacy trading.
From the exploration of the original chain, it can be seen that the main-side architecture will be a new attempt to commercialize the public chain beyond the technology such as fragmentation.
Li Zongcheng: Over 60 teams compete for consensus nodes, and the number of early bird votes has exceeded 100 million BTM
There are two types of Bystack consensus nodes. The top 10 votes are formal consensus nodes, and the 11-42 bits are alternative consensus nodes. Currently, more than 60 institutions and individuals have submitted campaign applications and 52 have passed the audit. Participants include Cobo and Coin Wallets, Fire Coin, OK and BTC.com Mine Pools, Bigone and ZB Exchanges, NGC and Danhua Capital and other investment institutions, HashQuark and other Staking agencies, as well as the Trinity Coin Circle. Chain community developer team.
On July 5th, the consensus node opened the early bird voting. The current number of votes has exceeded 100 million BTM, equivalent to about 100 million yuan. Cobo Wallet ranked first with a 16% vote.
Li Zongcheng said that Staking economic design needs to consider three directions.
First, the ecological scale. The EOS annualized return is 1.8%, which is not high, but due to the large scale and total market value, the 1.8% incentive is still very impressive.
Second, the rate of inflation. Small projects have low market capitalization and tend to design higher inflation rates, while CMC's top 50 currencies have a maximum yield of 15%.
Third, the participation rate. The higher the participation rate, the greater the security, and the increase in participation rate is based on scientific inflation design and node governance and promotion. According to the plan, in the first year, 10 million BTM incentives will be provided than the original chain foundation, and ordinary users can participate in the construction of the Bystack ecology and obtain Staking incentives by voting on the nodes.
Cao Feng: Efficiency is the source of the rise of PoS, P2P communication will become the efficiency bottleneck of multi-chain architecture
2019 must be the first year of the PoS and Staking economy. EOS went online, ETH2.0 turned to PoS, and Polkadot, Algorand, and Cosmos star projects were on the stage. According to QKL123 statistics, there are currently 77 Staking projects with a total market capitalization of 139.517 billion yuan, accounting for 6% of the digital currency market. (bitcoin accounts for more than 60%)
Is PoW not going to work?
"PoW has not been able to surpass any algorithm in decentralization so far, and all kinds of BFT will not work. The reason for the rise of PoS is one: efficiency." PCHAIN founder Cao Feng said. At present, entrepreneurs often use third-generation PoS featuring random algorithms and communication compression to try to balance efficiency and decentralization. Both allow the PoS mechanism to have unlimited expansion, supporting the possibility that countless nodes become consensus nodes.
In addition to PoS, the chain, PCHAIN, and Polkadot eventually went to the multi-chain system on the road of seeking landing and efficiency. "Several chains can't be said to be multi-chain, multi-chain can be dozens of hundreds of chains. Multi-chain has two major challenges. One is message communication mechanism, and the other is to achieve a random, fair and verifiable balance. ""
For example, in the former, when the multi-chain architecture reaches 256, P2P communication will become an efficiency bottleneck. “Polkadot recently introduced this as a very heavy issue at the Consensus conference. The interactivity between the main chain and the sub-chain is an eternal topic.” Cao Feng said that although PCHAIN has been modified for P2P, But only support Token-level interactions, there are still many challenges to overcome at the smart contract level.
Xinminghua COO Liu Mingxuan: Investment cash flow needs to be combined with real economy operating cash flow
We all like bubbles, which allow us to get a return on investment in the development of the industry. But in the end, the bubble needs to land. It needs to combine the investment cash flow with the operating cash flow of the real economy to achieve the landing.
We see that PoW is still the best consensus. It can achieve the anchoring and precipitation of the value of the main side chain than the original chain. The side chain can realize the landing in the vertical field and can be in the real economy. Realizing the landing of application products, so that the operating cash flow can flow in the blockchain, so that the value of the entire blockchain ecology can be truly reflected.
Founder of the Bit Times, Huang Tianwei: Staking is a successful combustion aid for the project
Staking is 99% locked and 1% in circulation, and 1% circulation determines the value of that 99% lock. Is this a bit like the real estate market in China?
Staking has created a very stable economic model that gives rise to many tooling products, such as wallets, exchanges, and even some of the tooling products that are determined to do blockchain finance. Because they can build their own revenue around Staking, and then easily expand other financial products, this is a very safe way to manage money.
Staking is a combustion improver for the project, but it is not the core element of success in the end. The core element is the technical strength of the project and the ability to land the business scene. I don't believe that an air project will become the last king.
Tang Jirong, founder of Consensus Capital: Team and risk control are the two focuss of Staking's investment
The core of Staking is whether we are willing to reduce the liquidity of assets for that benefit. Many people are not willing to participate in Staking because of this. Those who are willing to participate are optimistic about the value of a project, the token will appreciate, and thus pledge to get more tokens, looking forward to earning more.
How to choose the Staking project?
First, blockchain technology is still at a relatively early stage. The logic of lifelong white papers is very unreasonable. We believe that a team with technical innovation and endurance persistence is the focus, they can constantly iterate and update the project.
Second, some project revenues may reach 20%-30% annualized or even higher. But its lock cycle is also very long, and liquidity management is very poor. Investors need to take into account the transaction attributes and income attributes, and do a good job of risk control.
Chang Fu, co-founder of Hufu: chaos is not an abyss, but a ladder
Everyone is looking at the public chain now, including consensus algorithms. There are many variants of PoS, DPoS, BBFT, PBFT, etc. We can call it micro-innovation, or it can be combined, it reflects that many teams explore in some details. Because there is no final proof that PoS is the best, or PoW is the best.
Staking itself is also evolving and developing. In the early days, it is necessary to lock the warehouse and sacrifice liquidity. Now it's very interesting to be like Algorand. Anyone who holds ALGO will receive a reward, regardless of whether the coin is in the wallet or the exchange. It is equivalent to doing Staking without sacrificing liquidity. It forces different projects to think about how to incorporate the Staking concept.