A few days ago, Li Lin, the helm of the digital currency group's fire coin, published some information about the fire currency public chain in its public number. It is worth noting that the fire coin chose the Nervos Foundation as its partner and jointly developed by both parties. This strategic project of the fire currency public chain.
As of now, the information released by the two organizations is still very limited. Many friends are very concerned about some issues, such as:
1. Why does the fire coin have to be a public chain?
In this regard, Li Lin Boss gave his four explanations, but they are all more implicit, the most meaningful one is:
“Exploration of public chain technology and business models is both an innovative breakthrough and a strategic defense.”
Interpretation: "Innovation breakthrough" is a good point to understand, and "strategic defense" also shows that the current trading platform has become a trend in the public chain, and the current currency in the market, the currency security public chain is A good proof is that its currency chain can support its DEX decentralized exchange project on the one hand, allowing DApp project parties to build on its public chain, and DEX in turn can enhance the attractiveness of its public chain. Finally, it can form a positive cycle. It can be said that the introduction of the public chain by the trading platform will be an inevitable choice, which is not only the choice of fire coins.
2. Why does Firecoin not choose the mainstream code infrastructure in the market such as ETH, EOS, Cosmos, etc. to build the fire currency public chain, but choose Nervos as a partner?
In this regard, Li Lin simply mentioned:
“1. Mainstream blockchain systems (such as BTC, ETH, EOS, etc.) lack comprehensive support for regulation and compliance, limiting their use in the compliance market; 2. The fire currency public chain will provide compliance on the chain. And a regulatory framework to fully support compliance and regulation;
According to a white paper in the initial version of the Firecoin Public Chain, the Firecoin Public Chain adds a supervisory node that tracks transactions and looks at asset traceability. In addition, the fire currency public chain will implement KYC/AML management in the basic chain. Then, it needs to establish a credible digital identity standard. We can call it H-UID. This digital identity is unique and citizens of all countries. Personal information is registered on the chain after KYC authentication.
This also raises privacy issues because the supervisory node has the right to view all H-UID data. Of course, users cannot view each other's data unless they are authorized.
The reason for choosing Nervos is that Nervos has a more mature digital identity scheme. On the one hand, Firecoin is also one of the investors of Nervos.
The exact answer to this point, we have to wait until the fire coins officially released the project white paper.
3. What is the underlying token of the fire currency public chain, how is it distributed, and what is the total amount?
The answer to this point should be simple, that is, the original platform currency HT of the fire coin will be upgraded to a token based on the fire currency public chain. According to the official data of the fire currency, the total amount of HT is limited to 500 million, of which 300 million has been donated through the point card sales activities, and another 100 million is used for team incentives. The lock-up period is 4 years, and the annual unlocking is 25 million. 100 million for user rewards and platform operations.
(screenshot from: hbg.com)
Then, after the fire coin launches its public chain, will the total amount of HT be adjusted?
According to the white paper of the original version of the fire coin, the coin has considered the option of token issuance. The reason given is that in the traditional financial market, the demand for additional issuance is more common, which helps the enterprise to further expand its business and ease the pressure on funds. However, this kind of issuance plan needs to get community consensus. Will the new plan follow this line of thinking? I am afraid it is still to see the community consensus.
4. What are the characteristics of the fire currency public chain?
In this regard, Li Lin mentioned that the fire currency public chain will provide high-performance chain transactions to meet the high-performance requirements of financial transactions.
Then, this involves the issue of consensus mechanism and network design model. Since Firecoin chose Nervos as a partner, we can guess that the layered model will be the inevitable choice for the fire currency public chain. In this regard, we may wish to first understand the design of Nervos:
Nervos' first layer (base layer) Nervos CKB emphasizes security and decentralization, while the second layer (application layer) Nervos AppChain emphasizes performance.
Formally, the application chain of the second layer is similar to the side chain of the main chain, and they can adopt various forms of consensus mechanism, while the main chain is a hybrid consensus mechanism that selects PoW+BFT. In terms of performance, the Nervos base layer can achieve about 1000 TPS, while the second-tier AppChain can support about 15,000 TPS, which is basically suitable for commercial applications.
Guess: Does the fire coin also adopt this model? The more certainty should be the BFT or its variant consensus mechanism, which is the key to the underlying chain to achieve the basic performance, and the other choice, first We can explicitly exclude the DPoS consensus mechanism (this is also the consensus mechanism of the original fire currency public chain attempt), and the rest is the choice between PoW and PoS, and if PoS is to be adopted, then the fire coin should be on the market. Some PoS public chain project partners, such as Cosmos, Algorand, etc., but they did not do so, and the possibility that Firecoin developed a new PoS mechanism should not be high, and it chose Nervos, then Nervos CKB code The probability of being used as the basis of the fire currency public chain has increased greatly. Of course, the Nervos team should modify it in order to meet the needs of the fire coin.
And Li Lin mentioned the following points: 4) Support different types of blockchain assets and traditional asset chaining 5) Support third parties to develop and operate sub-chains based on the fire currency public chain agreement 6) Support third parties as chain assets Provide DeFi service
These features are all satisfied by the underlying Nervos.
5, the timetable of the fire currency public chain
This point, Li Lin mentioned:
1) Current status: in research and development
2) October 2019: Code Open Source
3) February 2020: Test Network
4) May 2020: Main online line This also means that the fire currency chain will have a longer period of time from the line.
6. Will the fire coin be on the Nervos token?
It is reported that Huobi Capital, the investment arm of Firecoin, is one of the investors of the Nervos project. Together with Nervos, the partner of the fire currency public chain, the answer to this question seems self-evident.
For other information about Nervos, interested friends can refer to their official information.
Note: The above speculations only represent individuals and do not constitute investment opinions. The specific information is subject to the official announcement of the project party.